Beyond the glossy brochure, real data on Noida extension projects - Page 2 - Indian Real Estate Forum

ashokyadav · 06-01-12

you mean PLC, IFMS etc got 10.3% tax??

FieldWorker · 06-01-12

[Tip 1A]

PLC - Yes
IFMS - No.
Club membership, Maintenance - Yes

Checkout the thread
Service Tax

nalinc · 06-01-12

why some users are differnt coz they see, think and act differently....WC eye opener

gharondabhai · 06-01-12

Fully agree with Field Work, you can not blindly compare rates of two projects.

Identify only useful areas for YOU. Your useful areas may be different from Sharmaji's useful area as he enjoys his balcony and you think your balconies are sheer wastage of space.

Total Cost divided by your useful area will give you your EFFECTIVE RATE per sqf. Compare that so that it will be an a.pple to a.pple comparison.

Now, buying a house is not so simple. It all depends on YOUR PRIORITIES. The order of priorities and significance are different for different people. Location, orientation, school, your work place, public transport and many many more factors.

Be assured that you will never get a house that satisfy all your requirements and fits in your budget too ... you have to make a compromise based on your own priorities. What is the right compromise, no one knows.

It is very simple process if your mind is clear ... or else you emphasize on wrong priorities and end up in a 'PINK' color flat with FREE WI-FI in an awful location.

FieldWorker · 06-01-12

[Part 3] Noida & Greater Noida builder plots were given by BMW to builders on very easy terms of 5% payment per 6 months. With dark clouds again over Noida extension – Land acquisition in SC and high possibility of hostile government after election. High chances a number of builders will be washed out (run with your money) after the storm abates.

So, question arises, which ones are least likely to run away with your money. The answer I think is
A. those with deeper pockets
B. those who wants to remain in business
C. those who have already invested so much, that only completion will give them handsome returns

How can an average Joe get to identify them: [my take, looking for more points?]

Category A:
• Has delivered projects with “acceptable” delays in past.
• [HIGH] Have NO Stalled projects.
• Not impacted by earlier government change.
• Has not expanded too fast. [Else will burst with little or no effort].

Category B:
• Not closely associated with BMW/BSP.
• [HIGH] One of their last project was at least (1/4)th size of their current NE project.
• First time builders – BIG NO.

Category C:
• Has complete possession of land at least from authority – completed fencing on circumference of the plot. Farmer would not allow land in his possession to be fenced out by the builder.
• Have at least first floor built for most of the towers.
• [HIGH] The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED.

More ideas most welcome.

MANOJa · 06-01-12

FieldWorker, great approach, away from the hype & looking things with an clean & clear vision.

humble_guy · 06-01-12

this is an insightful thread with very good analysis! thanks Fieldworker!

ankitmittal14 · 06-01-12

Quote:

Originally Posted by FieldWorker

[Part 3] Noida & Greater Noida builder plots were given by BMW to builders on very easy terms of 5% payment per 6 months. With dark clouds again over Noida extension – Land acquisition in SC and high possibility of hostile government after election. High chances a number of builders will be washed out (run with your money) after the storm abates.

So, question arises, which ones are least likely to run away with your money. The answer I think is
A. those with deeper pockets
B. those who wants to remain in business
C. those who have already invested so much, that only completion will give them handsome returns

How cans an average Joe get to identify them: [my take, looking for more points?]

Category A:
• Has delivered projects with “acceptable” delays in past.
• [HIGH] Have NO Stalled projects.
• Not impacted by earlier government change.
• Has not expanded too fast. [Else will burst with little or no effort].

Category B:
• Not closely associated with BMW/BSP.
• [HIGH] One of their last project was at least (1/4)th size of their current NE project.
• First time builders – BIG NO.

Category C:
• Has complete possession of land at least from authority – completed fencing on circumference of the plot. Farmer would not allow land in his possession to be fenced out by the builder.
• Have at least first floor built for most of the towers.
• [HIGH] The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED.

More ideas most welcome.

EXCELLENT JOB..very useful for new buyers..I also did something like this one year before before booking my flat..keep on guy..looking more data..

FieldWorker · 06-01-12

[Part 4] Project is bankable. So what, I require is my flat to be bank loan disbursable.

After everything goes well on farmer and political front, in my assessment, the tower (not project) will not become Bank disbursable, until at least ground floor slab is there for tower. Reason, bank also needs guarantees, with no land to guarantee (why, stupid, land is still owned by authority), at least basic structure should be there. So, I not expect any disbursement from banks until some structure is out of ground.

Approved vs Disbursal.
1. Bank can approve 1000 projects, but does not release/disburse loan for even one flat in 1000 projects. Why would bank do that – processing fees goes to bank, isinted.
2. Approved project is “FRAUD” played by banks and builders
3. There is only one milestone for loan – FULL DISBURSAL.

Some basic situations:

Situation 1:
Builder/Broker says: Project will be bankable in one week.
What I listen: Payment to authority in incomplete, no plan approval is there, will takes months to bankable.

Situation 2:
Builder/Broker says: Project approved by Bank ABC. Gets nod from Bank ABC representative sitting in builder office.
What I listen: Bank ABC representative is just a commission agent and not an employee of the bank.
What I ask: Can you get me in touch with someone whose loan is DISBURSED from Bank ABC. [If bank agent does not give names and numbers immediately, I think you got the “bankable” status.]

Scenario for those who want to book now in current situation.

Builder/Broker says: Sir, pay 10% now book flat. Pay rest on project bankable.

What I did: I believed and paid 10%.
[1 year hence, project is bankable, got loan paid the rest].
[5 year hence, with possession letter what I got.] Late payment fine with 36% interest on that.
[Happening now to CR guys who missed bank loaned payment by few months, what will happen to NE with 2 years of delay – Late fee fines exceeding the BSP]

What I should have done originally: Get written in BBA & LoA that no further payment is due to me now. Next payment when the Bank DISBURSES my loan.

SMJ2011 · 06-01-12

This is best thread with top quality posts in recent times. Hats Off FieldWorker. A must read for all flat buyers.

Deserves to be a Sticky in Noida Forum.

06-01-12	#12
FieldWorker Member Join Date: Jan 2012 Posts: 328 My Mood: Thanks: 13 Thanked 157 Times in 78 Posts	[Tip 1A] PLC - Yes IFMS - No. Club membership, Maintenance - Yes Checkout the thread Service Tax Last edited by FieldWorker; 10-01-12 at 08:07 AM.

06-01-12	#15
FieldWorker Member Join Date: Jan 2012 Posts: 328 My Mood: Thanks: 13 Thanked 157 Times in 78 Posts	[Part 3] Noida & Greater Noida builder plots were given by BMW to builders on very easy terms of 5% payment per 6 months. With dark clouds again over Noida extension – Land acquisition in SC and high possibility of hostile government after election. High chances a number of builders will be washed out (run with your money) after the storm abates. So, question arises, which ones are least likely to run away with your money. The answer I think is A. those with deeper pockets B. those who wants to remain in business C. those who have already invested so much, that only completion will give them handsome returns How can an average Joe get to identify them: [my take, looking for more points?] Category A: • Has delivered projects with “acceptable” delays in past. • [HIGH] Have NO Stalled projects. • Not impacted by earlier government change. • Has not expanded too fast. [Else will burst with little or no effort]. Category B: • Not closely associated with BMW/BSP. • [HIGH] One of their last project was at least (1/4)th size of their current NE project. • First time builders – BIG NO. Category C: • Has complete possession of land at least from authority – completed fencing on circumference of the plot. Farmer would not allow land in his possession to be fenced out by the builder. • Have at least first floor built for most of the towers. • [HIGH] The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED. More ideas most welcome. Last edited by FieldWorker; 07-01-12 at 02:29 PM.

06-01-12	#19
FieldWorker Member Join Date: Jan 2012 Posts: 328 My Mood: Thanks: 13 Thanked 157 Times in 78 Posts	[Part 4] Project is bankable. So what, I require is my flat to be bank loan disbursable. After everything goes well on farmer and political front, in my assessment, the tower (not project) will not become Bank disbursable, until at least ground floor slab is there for tower. Reason, bank also needs guarantees, with no land to guarantee (why, stupid, land is still owned by authority), at least basic structure should be there. So, I not expect any disbursement from banks until some structure is out of ground. Approved vs Disbursal. 1. Bank can approve 1000 projects, but does not release/disburse loan for even one flat in 1000 projects. Why would bank do that – processing fees goes to bank, isinted. 2. Approved project is “FRAUD” played by banks and builders 3. There is only one milestone for loan – FULL DISBURSAL. Some basic situations: Situation 1: Builder/Broker says: Project will be bankable in one week. What I listen: Payment to authority in incomplete, no plan approval is there, will takes months to bankable. Situation 2: Builder/Broker says: Project approved by Bank ABC. Gets nod from Bank ABC representative sitting in builder office. What I listen: Bank ABC representative is just a commission agent and not an employee of the bank. What I ask: Can you get me in touch with someone whose loan is DISBURSED from Bank ABC. [If bank agent does not give names and numbers immediately, I think you got the “bankable” status.] Scenario for those who want to book now in current situation. Builder/Broker says: Sir, pay 10% now book flat. Pay rest on project bankable. What I did: I believed and paid 10%. [1 year hence, project is bankable, got loan paid the rest]. [5 year hence, with possession letter what I got.] Late payment fine with 36% interest on that. [Happening now to CR guys who missed bank loaned payment by few months, what will happen to NE with 2 years of delay – Late fee fines exceeding the BSP] What I should have done originally: Get written in BBA & LoA that no further payment is due to me now. Next payment when the Bank DISBURSES my loan. Last edited by FieldWorker; 07-01-12 at 04:09 PM.

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06-01-12	#11
ashokyadav Member Join Date: May 2011 Posts: 309 My Mood: Thanks: 0 Thanked 11 Times in 6 Posts	you mean PLC, IFMS etc got 10.3% tax??

06-01-12	#13
nalinc Member Join Date: Oct 2010 Posts: 58 My Mood: Thanks: 0 Thanked 2 Times in 2 Posts	why some users are differnt coz they see, think and act differently....WC eye opener

06-01-12	#14
gharondabhai Veteran Member Join Date: Nov 2010 Posts: 2,270 My Mood: Thanks: 72 Thanked 274 Times in 173 Posts	Fully agree with Field Work, you can not blindly compare rates of two projects. Identify only useful areas for YOU. Your useful areas may be different from Sharmaji's useful area as he enjoys his balcony and you think your balconies are sheer wastage of space. Total Cost divided by your useful area will give you your EFFECTIVE RATE per sqf. Compare that so that it will be an a.pple to a.pple comparison. Now, buying a house is not so simple. It all depends on YOUR PRIORITIES. The order of priorities and significance are different for different people. Location, orientation, school, your work place, public transport and many many more factors. Be assured that you will never get a house that satisfy all your requirements and fits in your budget too ... you have to make a compromise based on your own priorities. What is the right compromise, no one knows. It is very simple process if your mind is clear ... or else you emphasize on wrong priorities and end up in a 'PINK' color flat with FREE WI-FI in an awful location.

06-01-12	#16
MANOJa Moderator Join Date: Jul 2010 Location: Shimla Posts: 15,712 My Mood: Thanks: 581 Thanked 1,171 Times in 885 Posts	FieldWorker, great approach, away from the hype & looking things with an clean & clear vision.

06-01-12	#17
humble_guy Member Join Date: Sep 2011 Posts: 144 Thanks: 263 Thanked 16 Times in 14 Posts	this is an insightful thread with very good analysis! thanks Fieldworker!

06-01-12	#20
SMJ2011 Member Join Date: Jan 2011 Posts: 390 Thanks: 21 Thanked 19 Times in 16 Posts	This is best thread with top quality posts in recent times. Hats Off FieldWorker. A must read for all flat buyers. Deserves to be a Sticky in Noida Forum.