FieldWorker

The stories so far, in my search for a flat in Noida area for self-use. Target size – 3+1BHK. So landed in Noida extension (needless to say this is the only area where I can afford one).
However one thing stands out during my search - people of my profession ( engineers) are probability the easiest target of glossy brochure and salesman talks. Just imagine guy holding Engineering degrees made fools by eighth fail sales guys on regular basis.
Therefore I decided I will just ignore all sales talk as if I am deaf. I will concentrate only on hard facts and data. Which I want to share with all guys in IREF now.

FieldWorker

[Part 1] First criterion, size of the flat : My conclusion – Super area is the biggest joke on flat buyers. Simply, because I am not at all interested in area outside the four walls of my flat (even balconies to a certain extent).


Mahagun Mywood - Gaur City GC16 - RG Luxuary Homes
Super 1545 1600 1661
Carpet 984 979 912
Carpet/Super 0.637 0.612 0.549
Carpet+Balcony 1152 1162 1117
CR+BL/Super 0.746 0.726 0.672


Arihent Arden - Earthcon Casa Royal - Gaur City GC 6
Super 1750 1690 1560
Carpet 1044 1027 933
Carpet/Super 0.597 0.608 0.598
Carpet+Balcony 1278 1138 1073
CR+BL/Super 0.730 0.673 0.688


Amarpali Golf Homes - Supertech Eco Village - Stellar Jeevan
Super 1595 1750 1694
Carpet 928 1088 1035
Carpet/Super 0.582 0.622 0.611
Carpet+Balcony 1088 1233 1163
CR+BL/Super 0.682 0.705 0.687

FieldWorker

Analysis:

1. Super Area is not your flat area – your flat area is covered/carpet plus balconies. So a Mahagun Mywoods 1545 sq ft flat is actually a 984 sq ft flat with 168 sq ft balcony. So you are buying a 984 sq ft flat not 1545 sq ft flat. (Yes, 984 is not even 1000, wherein make belief world of builders it is more than 1500).

2. Every builder has different ratio (called loading) for carpet area / super area. Every flat size has different loading.

3. If two projects has same per square price (or commonly “rate”). The “real” rate will differ due to loading.

4. In general loading increases as flat size decreases. ie 2BHK will have more loading than 3BHK.

5. At delivery, you can safely assume you will get lesser size than shown on brochure. So the brochure size is just a façade, real size will always be less.

FieldWorker

Just realized that IREF is not “data” friendly. So, I will take time to put all I have got – data is mostly correct, Analysis needs more heads.

fatichar

Good work, friend.

Yes, I have personally verified that actual size is less than that shown in the brochure in my project sunshine helios.

FieldWorker

[Part 2] Flat buyers’ obsession - RATE.

With each builder having different charge structure, how to compare “rate” then. Considering, the uncertainty over land acquisitions only plan is Construction linked plan. For risk takers it could be Flexi plan. I could not comprehend, why anyone will go for Down payment or time linked plan in current scenario.

Prices are as per current website rates, possibility of huge discounts is there. Anyways instead of absolute numbers I want to highlight something else.

I have taken a standard – 4th floor, park facing, covered parking, club membership, 3KVA backup

Construction linked plan
Basic Price - Height PLC Park PLC - Other Charges - Total - Carpet Price - Carpet+Balcony Price
Mahagun Mywood 2675 210 90 149 3124 4906 4190
Gaur City GC16 Not Available 110 75
RG Luxuary Homes Not Available
Arihent Arden 3010 110 75 300 3495 5857 4786
Panchsheel Green 2300 90 50 128 2568 4022 3319
Gaur City GC 6 Not Available
Supertech Eco Village 2900 80 50 307 3337
Stellar Jeevan 2550 70 100 115 2835 4641 4129

Flexi Plan
Basic Price - Height PLC - Park PLC - Other Charges - Total Carpet Price - Carpet+Balcony Price
Mahagun Mywood 2525 210 90 149 2974 4671 3386
Gaur City GC16 Not Available
RG Luxuary Homes 2700 100 160 155 3116 5672 4635 With Furnishing
Arihent Arden 2840 110 75 300 3325 5572 4553
Panchsheel Green 2162 90 50 128 2430 3806 3806
Gaur City GC 6 Not Available
Supertech Eco Village 2755 80 50 307 3192 5134 4530
Stellar Jeevan 2450 70 100 115 2735 4477 3983

KABTAK

Hello FieldWorker,
Good analysis and effort on the right direction.
Now big question , how to tackles this situation and insure to minimize it. How can we trust builder then?

Thanks,

FieldWorker

Analysis

1. First and foremost, “rate” = total flat cost divided by carpet area of the flat. [carpet area may or may not include balconies, your choice]. Calculate yourself; do not believe builder/broker.

2. Builders (eg Gaur) can have only Time based plan. [shut-up guys (with common sense)]

3. Projects can have high PLCs. [Mahagun – 210 for 4th floor]

4. Project can have high other-charges, so always consider all inclusive. [Yes, parking and club charges are in all inclusive]

5. Now consider the five projects, whose data I have given for CLP & carpet area (without balcony)

Arihant 5857 > Supertech 5367 > Mahagun 4906 > Stellar 4641 > Panchsheel 4022.

[Arihant Arden 45% more costly than Panchsheel, really a Harvard Case study is in offering if Arihant can sell at this price]
[Supertech is more costly than Stellar, maybe huge broker discount is in offering from Supetech].

ashokyadav

Excellent work...FieldWorker

FieldWorker

[Tip 1] And yeah, do not forget 2.575% service tax on Basic Sale Price and 10.3% on almost every other charge (except parking). [I personally thank Mr. Mukerjee for not taxing parking.]