Oshiwara - Page 3 - Indian Real Estate Forum

sattebaaz · 31-01-10

Never heard of the builders. But I dont understand how come retail/end-users are investing in properties of builders they have got no idea about.

Usually, investing in projects that dont have any permission in place is done by folks who have some sort of understanding with the builder.

But the fact that agents are involved in bringing in clients (investors) for this yet to be approved project makes me believe that the builder did not get access to the traditional initial-investor junta, which would usually imply that its quite risky.

geeee · 31-01-10

Quote:

Originally Posted by fountainsquare

Hi

Recently I offered token for the new coming tower ( possesion dec 2012) Fountain Square Oshiwara Jogeshwari-Mumbai by Shubh Builders, I came to know about this property through Regal Estate in Andheri- Lokhanwala, they are investors/builder agents. I have offered token on 1st Jan 2010, for 940sft 5500. I am advised by the Regal Estate agent to pay 50% right now and rest of the amont as per slab wise starting after one year from now. I am yet to receive allotment/confirmation of flor number/flat number, for which my agent is working with builder for allotment letter confirmation. Once he is confirmed I have pay 50% including cash 1000 sft ( around 10 lac) right now total 25 lac appox (agreemnt will show 4500sft). Any body who is sailing in same boat:::

If things don't work out and the builder doesn't give you your flat for whatever reason, you will not be able to get the 1000 psf you paid in cash even after going to court.

geeee · 06-02-10

Quote:

Originally Posted by sattebaaz

Never heard of the builders. But I dont understand how come retail/end-users are investing in properties of builders they have got no idea about.

Usually, investing in projects that dont have any permission in place is done by folks who have some sort of understanding with the builder.

But the fact that agents are involved in bringing in clients (investors) for this yet to be approved project makes me believe that the builder did not get access to the traditional initial-investor junta, which would usually imply that its quite risky.

ur right... The project is being built under the SRA scheme I think. And as far as I know under SRA scheme the builder can get approvals for flats to be sold in open market only after he completes the SRA building and those flats are allotted to the slum dwellers. Only then can he start building the buildings meant to be sold by him and that's usually when bookings should open. Also, I read about some SRA scheme (in Worli) that has been delayed for years because of some issues. So, booking a flat in this project before if gets all approvals is quite risky.

fountainsquare · 12-02-10

Yes I have made payment for 2bhk(990 sft)/15th floor.

fountainsquare · 12-02-10

I wonder how do you know this building (Fountainsquare) is being constructed under SRA scheme. Why then Hafeez Contractor is being hired and it should need then MHADA proof to get SRA allotment.

geeee · 12-02-10

Every SRA scheme has two parts. One for the slum dwellers who get free flats of about 300 sq ft. And based on the area allotted to slum dwellers, the builder can develop and sell flats on the same plot upto an FSI of 1.5 (some other factors can increase the FSI). So, being constructed under the SRA scheme has nothing to do with who the Architect is and MHADA does not allot those flats. They can be sold by the builder for profit at whatever rate he decides.

fountainsquare · 14-02-10

Thanks , .You may be right as long as SRA Schemes go. But one quick question , does Fountain Square Building has also 300 sft flats too, it will be 38 floors, first 10 floors are commercial.. I didnt see 300 sft on the floor plan. I would appreciate if someone has already made payments and is an investor/owner of any flat soldout in Fountainsquare/Oshiwara/Shree Shubh Builders.

Regards,

Investor

Gangaram · 15-02-10

Don’t go for this builder they don’t have permissions from BMC and if they get permission for construction it may take 1-2 years just to start the construction. 90% chance the builder will disappear and agent will get his commission and you will be unable to recover the money forget the flat. No permissions, no background of builder and they are just collecting 50% before the construction is started and without any permissions. If you talk to your lawyer for the “Search report” you will find it seems to be Scam.

chaitalsa · 26-02-10

Hi ALL,

What is the status of this project now? Last heard piling had started...does that mean all required permissions have been received? Also heard the booking amount has moved up to 6500...is that true? Has anyone of you surveyed the area lately for any activity?

chaitalsa · 26-02-10

Hi ALL,

Would appreciate if any one who has invested could keep me posted on the development of this project on chaitalisagmail.com.

12-02-10	#24
fountainsquare New Member Join Date: Jan 2010 Posts: 17 Thanks: 0 Thanked 0 Times in 0 Posts	Yes I have made payment for 2bhk(990 sft)/15th floor. Last edited by fountainsquare; 15-05-10 at 09:47 AM.

14-02-10	#27
fountainsquare New Member Join Date: Jan 2010 Posts: 17 Thanks: 0 Thanked 0 Times in 0 Posts	Fountainsquare/Oshiwara/Shree Shubh Builders. Thanks , .You may be right as long as SRA Schemes go. But one quick question , does Fountain Square Building has also 300 sft flats too, it will be 38 floors, first 10 floors are commercial.. I didnt see 300 sft on the floor plan. I would appreciate if someone has already made payments and is an investor/owner of any flat soldout in Fountainsquare/Oshiwara/Shree Shubh Builders. Regards, Investor

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31-01-10	#21
sattebaaz New Member Join Date: Dec 2009 Posts: 34 Thanks: 0 Thanked 0 Times in 0 Posts	Never heard of the builders. But I dont understand how come retail/end-users are investing in properties of builders they have got no idea about. Usually, investing in projects that dont have any permission in place is done by folks who have some sort of understanding with the builder. But the fact that agents are involved in bringing in clients (investors) for this yet to be approved project makes me believe that the builder did not get access to the traditional initial-investor junta, which would usually imply that its quite risky.

12-02-10	#26
geeee Member Join Date: Jan 2010 Posts: 171 My Mood: Thanks: 0 Thanked 1 Time in 1 Post	Every SRA scheme has two parts. One for the slum dwellers who get free flats of about 300 sq ft. And based on the area allotted to slum dwellers, the builder can develop and sell flats on the same plot upto an FSI of 1.5 (some other factors can increase the FSI). So, being constructed under the SRA scheme has nothing to do with who the Architect is and MHADA does not allot those flats. They can be sold by the builder for profit at whatever rate he decides.

15-02-10	#28
Gangaram Member Join Date: Nov 2009 Posts: 65 My Mood: Thanks: 0 Thanked 18 Times in 12 Posts	Don’t go for this builder they don’t have permissions from BMC and if they get permission for construction it may take 1-2 years just to start the construction. 90% chance the builder will disappear and agent will get his commission and you will be unable to recover the money forget the flat. No permissions, no background of builder and they are just collecting 50% before the construction is started and without any permissions. If you talk to your lawyer for the “Search report” you will find it seems to be Scam.

26-02-10	#29
chaitalsa New Member Join Date: Jan 2010 Posts: 3 Thanks: 0 Thanked 0 Times in 0 Posts	Hi ALL, What is the status of this project now? Last heard piling had started...does that mean all required permissions have been received? Also heard the booking amount has moved up to 6500...is that true? Has anyone of you surveyed the area lately for any activity?