newmumbaifan

Hi All,
Thanks for sharing the information and helping out the community. I am also interested in buying 2BHK in panvel area and have short listed
Marathon Nexxone, IB Greens and Hiranandani, not necessarily in that order.
Given the 99 years of lease for Hiranandani, that has put me off. I understand, I would not live that long but just personal preference/opinion so not interested in hurting anybody's sentiments.
Given IB is freehold and Marathon is 999 years lease, I am fine with either one. I read somewhere that IB is running some heavy promotions and financial incentives but yet to get the complete details.
If you guys can share your opinions and insight, that would be helpful as I am new to this area. Please also correct if I am wrong in my research as all this information is gathered through other forums.

I appreciate the help in advance as these forums has been truly helpful and the insights are invaluable!

Thanks!
newmumbaifan

JMANALYST

From what i know all buildings in Navi Mumbai are on lease from CIDCO for 60 years. This should not be a problem if the lease is with govt agencies like cidco,bmc,mhada,sra etc..since the lease is always extended and you can sell and do modification. Also in case of leased lands from govt. the conveyance is immediately done in the name of the society. even after 60 years society wants to redevelop the building they are allowed to do so. so no issues as long as with govt. The rentals for lease is Rs 67 per year as per govt. It was less than this previously. Have you not seen all industries in lease land from BMC resold the land to private builders.
Also if the lease is between builder and soc. then its an issue. However all societies in mumbai have buildings in the builder name even though society is formed since conveyance was never done. Ajmeras which buit Yogi nagar in borivli did not give conveyance. Now after 32 years they are planning to redevelop the entire area ..the soc has no choice ..obviously the existing buyers will get flats again. so the so called 999 or 99 years is only for your mind..the builders will be back when you redevelop. At least in case of govt agencies they will never trouble you. pls correct me if i am wrong.

newmumbaifan

Thanks JMANALYST for your answers. I have not done any research in this area so I am very naive. Your insight is quite interesting and helpful. I invite other members also to share what they know/found out on this topic so we can create a shared knowledge repository. I guess we are deviating from the topic but it is an important aspect of owning a flat in such properties so it is very relevant to figure out what is the right choice.

Thanks

lucky_123

Does that mean when Yogi nagar or any such place re-develops only Ajmera (original builder) can do the re development work. There will be no choice for flat owners. What if the soc. decides and gives it to some other builder of redevlop

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sandesh98

Hi Members, I have been following this project since 2 years (before the soft launch of 3250 psf in Oct 2010).

Visited the site today. I would say "good location" - better than IB & Hiranandani, but Kalpataru is right in the heart of Panvel ! The rate of Kalpataru is min. 1500 psf higher than Marathon Nexzone and is 1 km from Panvel station. Marathon quotes 3.5 km.

Today Marathon is quoting rate of 4350 psf + floor rise varying with the floor but max. 50-60, which is reasonable. But, mind you - the launched buildings are alomost sold out ! So, its not really a question of rate but of choice of flat location !! What I understood from them after today's visit:

1) It is on a 999 year lease.
2) About 7 kms from new airport
3) About 17.5 kms from Chirle village (where it MTHL sealink would be ending, starting from Sewree. So, it should ne 17.5 + 22.2 = 40 kms from your home to Sewree in South Mumbai, cool...but might take 10+ years to travel thru this route ):

Cons:
1) Higher floors are still awaiting permission due to the AAI issues of flight paths ?
2) Location at the moment is empty !! Nothings much nearby except the famous "Dutta Snacks" for its world famous vada-pav and other value addess products !
3) Rate is higher for that area but it may not go down, given the future of that area.
4) They are charging many addtional amounts like 125 psf for development of area, 75 psf for some other devlopment, club house membership (Rs. 1 lakh - NON TRANSFERABLE, so that new buyer has to pay again). Also club house usage charge 1400 per month for a family of four, strange given that it's not a premium project of an A-Class builder, which is also not heard).
5) 33-34% loading, which is steep for that area (537/819 and 632/949 for 2 BHK)
6) Cluster development - they say in their promos as an advantage but I feel is a disavantage, because 32 mala bldgs in just 26 acre plot which has demarketed commercial development also- too congested !!

At the moment, it might seem that I am highlighting only the cons. But, I suppose the pros would be visible once the rate reaches beyond 10,000 which I suppose could be a reality 4-5 years from now! Probably, people who have already booked could highlight them now as they have probably a larger/wider vision. Cheers anyways...

jainsandesh at gmail

mayekar

Dear All:
What is your purpose of booking in Marathon NExgen?

Is it purely for investment reasons or a home to live after few years?

Thanks

Shariq317

Hello alll recently i have booked a flat in marathon nexzone, 2 weeks after paying 25% they also asked me to sent them pass book xerox copy for them. So any idea why they need pass book copy for them and do they asked anyone of you before.

donkeykong

hi shariq, what rate did u book the flat for? thanks !

donkeykong

can someone confirm the rate? also the passbook issues seems a little too strange..

rockvilla

Yes please someone can confirm the on going rate now? and flat availability now?
Thanks in advance