Kunal sharma

And i am sitting with cool 250 of gain on day one !!! I am liking it Got a good location also!!!

investgreat

me too. You went through channel partner then.

Many people got it at 5550.

Kunal sharma

No i approached Godrej directly. they generally dont like brokers which actually is good for genuine buyers like us. Eliminates the scope of price reduction by bulk buyers.

Masque

Godrej Properties open to go minus brokers for new Gurgaon project
Real estate analysts say, it?s a bold step by the company in promoting transparency in dealings and sales
Dilasha Seth / New Delhi Sep 11, 2012, 18:06 IST
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NCR-based developers sell majority of their units through brokers, however Godrej Properties, which launched its second project in Gurgaon today – the 21 acres ‘Godrej Summit’- is open to going solo, that is, selling directly to the buyers. Pirojsha Godrej, MD and CEO of the company said that its reliance on brokers is less since it is an established brand. “Moreover we want to have a direct relation with our customers”, he said.

According to sources, the realty player is not giving any special incentives to the brokers. The brokerage firms in the past week quoted t he price of Rs 5300 per square ft to the probable customers, as they expected discounts from the realty player. However, on realizing that Godrej Properties will not be providing any special incentive to them, they revised the price to Rs 5550 per sq ft, which was declared at the launch today by Godrej.

Real estate analysts say, it’s a bold step by the company in promoting transparency in dealings and sales, but the role of a broker cannot be ignored.

“DLF’s project Park Place and Belaire were sold 89% by brokers and just 11% directly to the customers”, said an NCR-based analyst.

Godrej Properties will invest up to Rs 600 crore in developing a residential complex in Gurgaon over the next five years. This is more than the average time of 3 years suggested generally by developers. “We can say it is a more realistic target, as developers are definitely not delivering in 3 years time”, said an analyst.

The project will be developed in partnership with Zara Sanya under an area agreement, in which GPL will hold 65% stake stake, said Godrej. The land is being provided by Zara Sanya, an infrastructure company. The company is expecting a total revenue of Rs 1,200 crore from the project. Real estate investor Sun Apollo is the financial partner in the new project.

"We will construct about 1,200 flats in 11 towers. The price of the flats will start from Rs 75 lakh," he added.

Godrej Properties contributed 5% to the total revenue of the Godrej Group.

GPL had earlier launched its first project in Gurgaon, Godrej Frontiers, in 2010.

investgreat

only 25% went for 5300 rate. Others for 5550.

FindFlat

Are there people who are selling off their flats ? What is premium being asked ?

Masque

Selling will start around diwali....when godrej would launch at 5900 and then people will start selling at 5600 or so...

khanna77

I have an offer to buy a 2 bedroom flat launched during phase 1 for < 6K psf. However, due to the clause that forbids any buyers from selling before 1 year, the actual transfer will take place only 8-9 months after the money has changed hands.

Hence, should I take that risk now (given the attractive price) or wait until September/October 2013 when many of the original allottes are expected to look for buyers?

Will appreciate any help.

chiragn

Hi Khanna,
In my view there is no point in taking a risk unless you know the seller quite well which again does not guarantee that you might not face any problems later as the underlying funda of these kind of agreements is that you have to completely trust the seller,which according to me is not advisable. You could wait till Sept/Oct 2013 to pick up a unit ,but then obviously the price could me higher.Alternatively you could pick up a unit from the builder directly@ RS 6750/-. I believe they still have a few units left. Or if you feel the price is high please look at some other project where you get into a completely clean deal. Thre are enough projects being launched every other day.

Masque

I don't think there is a big risk.......You may go for it. Just make sure you get the transfer set signed without any date.
You may get ATS done in today's date. That is not a big problem.
I have done this quite a number of time.

If you'll wait, you shall get the same deal +Rs500....realty market is supposed to recover in next few months.