Chitra

Recently came across a project called Fountain Square to be located at Oshiwara - pretty close to Mega Mall. Possession in 3 years from now. Rate quoted was unbelievably low for that area - they said 5500. There has to be a catch there since other builders in that area are quoting more than double that amount.

Any inputs on the above would be highly appreciated.

veeemkay

You mean 11,000 in Oshiwara... that is the rate in Andheri Lokhandwala. Oshiwara cannot be 11,000.

VK

shaikh_nisar

Maximum rate in that area for an under construction premium building should be around 6500 to 7000. Check for 1) cash and cheque ratio. It may be very high. 2) check for floor rise increase and 3) Three years is a long period. Normally rates become realistic for construction projects which are nearing completion. 4) carpet area to super built up area ratio. 5) whether the rate is for full payment or payment according to construction schedule.

kayush

I checked out this Property. Location is between link road and SV raod, pretty close to mega mall on link road (2 mins). Seems good to me, seeing oshiwara railways station coming up.

As per my agent, It's a all check deal. 5500 per sqr feet. 2100 per sqr feet needs to paid upfront. Rest as and when construction is done. (Though I came across on magic bricks rate of 5100 per sqr feet).

2BHK is available in 940 & 988 sqr feet.
940: C.A. 580 SQ.FT, ELE. 128 SQ.FT
988: C.A. 612 SQ.FT, ELE. 132 SQ.FT
C.A. is carpet area, not sure what ELE. means...

Construction is not yet started. construction of Plinth is approved from Municipality. Rest will be approved once NOC is taken from electicity, water department etc.

Builder are Shree Shubh & Sonata Realty. Any inputs on the builders will be appreciated.

3 years is pretty long time. Should we go for it. What all should we verify, before going ahead. Please suggest.

shaikh_nisar

The booking amount of Rs 2100/sq ft is pretty high as it is 38% of the total value which comes to around Rs 20 lacs investment for three years for a 2bhk project which has not even started. Only attraction here is the rate of Rs 5500.

Second thing by approaching an agent for a new project, who end up paying agent commission charges of 2% or 1% minimum and at the same time builder cannot offer you the lowest price as he has to share a small portion to the agent as well. Agent should only be approached for re-sale properties.

kayush

Hi all, any suggestions on this?

veeemkay

ELE is important here...Need to get that clarified.
580 carpet seems very small and charging 940 sq feet effectively means the rate might become the same. Builders oftern play gimmicks like this to post lower rates but then cover up with manupulations like above.

VK

kayush

ELE. stands for elevation. Its consists of flower bed, dry area (outside kitchen). As I understand any thing you can include inside once OC is granted.

As I am considering the 988 sq.ft. flat

Elevation = 132 sq.ft.
Carpet Area = 576 sq.ft. (excludes Elevation)
------------------------
Total = 708 sq.ft.
-----------------------

Walls = 36 sq.ft.
Rest (lobby, lift etc) = 244 sq.ft.

So I will have to pay for 988 sq.ft., I will actually get 708 sq.ft. (includes 132 sq.ft.)

Please comments on carpet/super build ratio. Is it like standard or below that.

Also appart from builder reputation, property location, flat area, price what else should i consider.

Construction is not yet started. construction of Plinth is approved from Municipality. Rest will be approved once NOC is taken from electicity, water department etc. What do say on this??

Thanks
kayush

kayush

Pls approve my post

veeemkay

If you really want to compare..
Per sq ft rate quoted by Builder is a bad measure as builders can manipulate in a lot of things...

Better to check the PSF rate using the carpet area. So better divide the complete cost of owning a flat by the carpet area of the flat and then compare if the builder is comparatively expensive or cheap.

VK