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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Gurgaon > Puri Diplomatic Greens, Sector 111
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Old April 11 2013, 09:49 PM   #451
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Gabar - earliernu were all praises for puri. From then last few weeks you have been pointing all possible negetives about the project.

Have u sold your unit in the project?

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Old April 12 2013, 01:24 PM   #452
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Originally Posted by Bala2107 View Post
Hi Ashu I dont think its like that. If you go through their Builder buyer agreement, they have mentioned various conditions such as Dollar price fluctuation (due to imported stuff being used), cement bag price (they have taken a base value), steel price etc. any fluctuation of over 10% will be pased on the to the client. Thats what the BBA says. I hope you have gone through that. So this has nothing to do insulating the paid up portion of your house value. So its good that pace of construction is fast (atleast for the structure) so price escalation does'nt hit very hard. Because of this they are also keen to deliver this fast. In contrast Pranayam didnt have the escalation cluase intitially in 2009 which they added only later.
What do the other guys invested in DG feel about this
Sir didn't get your point. I am thinking.....builder absorbs 10% increase in input costs and when 10% limit is breached, the Customer will be charged. But why should that happen retrospectively for the payment which has gone?
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Old April 12 2013, 01:27 PM   #453
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Originally Posted by Gabarsingh View Post
guys one big thing u r misising is puri use lot of imported stuff ..sculpures...because of rupees falling this will hv a big impact on price..
Gabar sahab...aap input costs main fanse hue ho and the resale prices are going up... Got unsolicited offer of 7700 today. Investment cost might or might not go up (only time will tell), but potential returns have definitely gone up
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Old April 13 2013, 05:04 AM   #454
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Originally Posted by ashu_sharmaa View Post
Sir didn't get your point. I am thinking.....builder absorbs 10% increase in input costs and when 10% limit is breached, the Customer will be charged. But why should that happen retrospectively for the payment which has gone?

Well, its like this - say the builders BSP is 5500 PSFT with the following conditions : US$ Rs 50, Cement 150 per bag and Steel Rs. 30000 per MT (examples) so construction is happening and we have paid 85% of the price, and the builder has been buying these items at various prices say sometimes more and sometimes less. at some point things shoot up big time and prices go 15-20% more than planned. Now at the end of the project he does a calculation and his cost has gone up overall by 20 crores over and above his budget calculated with the above baseline assumptions (for the whole project). This 20 crs. will be devided among the overall square footage sold say 2 million sq ft and recovered 100 per sqft. as escalation. this has nothing to do with paid up proportion. by means of the escalation clause the builder makes the BSP a floating number as against a firm bid or fixed price. so by paying the instalments we are only giving on account payments on a floating BSP.

So the quicker the builder builds the escalation is likely to be low, but the way the US$ is headed, I am pretty sure that we will be faced with a escalation demand to the tune of 3-5% of BSP (may be more). Becuase most of the imported materials are coming later for finishing (imported marble, kitchens and white goods, security, pre-fitted wardrobes - all of which they claim as imported). So taking an assumption of 25% of BSP as component of imported goods and assuming that $ price shoots up by 15% during this period I would put that the effect of this on BSP would be 3.75-4% (15% of 25% of BSP).

Well only time will tell, how this pans out, but as you say things are definitely positive about the project (I had an offer for 7800 only this week). With some positive news - around or before the election, there is a possibility we get 8000. But the Dway status is a big bummer. With all my heart I am optimistic, but with my brains I am realistic. Frankly looks like it would take 3 years minimum for the Dway to get sorted. Also the RTR flyover would take the same amount to time. Puri would also take that kind of time to finish and handover. Also there are conditions about liveability, neighborhood, security etc. So for me it doesnt look practical before 2016 or so. (if all turns out well). fingers crossed.
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Old April 13 2013, 08:49 AM   #455
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Originally Posted by Bala2107 View Post
Well, its like this - say the builders BSP is 5500 PSFT with the following conditions : US$ Rs 50, Cement 150 per bag and Steel Rs. 30000 per MT (examples) so construction is happening and we have paid 85% of the price, and the builder has been buying these items at various prices say sometimes more and sometimes less. at some point things shoot up big time and prices go 15-20% more than planned. Now at the end of the project he does a calculation and his cost has gone up overall by 20 crores over and above his budget calculated with the above baseline assumptions (for the whole project). This 20 crs. will be devided among the overall square footage sold say 2 million sq ft and recovered 100 per sqft. as escalation. this has nothing to do with paid up proportion. by means of the escalation clause the builder makes the BSP a floating number as against a firm bid or fixed price. so by paying the instalments we are only giving on account payments on a floating BSP.

So the quicker the builder builds the escalation is likely to be low, but the way the US$ is headed, I am pretty sure that we will be faced with a escalation demand to the tune of 3-5% of BSP (may be more). Becuase most of the imported materials are coming later for finishing (imported marble, kitchens and white goods, security, pre-fitted wardrobes - all of which they claim as imported). So taking an assumption of 25% of BSP as component of imported goods and assuming that $ price shoots up by 15% during this period I would put that the effect of this on BSP would be 3.75-4% (15% of 25% of BSP).

Well only time will tell, how this pans out, but as you say things are definitely positive about the project (I had an offer for 7800 only this week). With some positive news - around or before the election, there is a possibility we get 8000. But the Dway status is a big bummer. With all my heart I am optimistic, but with my brains I am realistic. Frankly looks like it would take 3 years minimum for the Dway to get sorted. Also the RTR flyover would take the same amount to time. Puri would also take that kind of time to finish and handover. Also there are conditions about liveability, neighborhood, security etc. So for me it doesnt look practical before 2016 or so. (if all turns out well). fingers crossed.
Boss, I had clarified this escalation thingy in the beginning, as escalation was not part of Buyer's agreement of Phase 1 Launch, and introduced later. Cement, steel and value of USD are the only escalation factors. Rest (labour, fuel etc) will not count. Thus if basic structure is ready and these factors (Except USD) are more or less out of the way, application of USD on the rest of the imported components will have smaller effect and will possibly not breach the 10% limit on overall cost (As you say that it is only 25% of the overall cost)...I am not saying that escalation will not happen for sure. It can. But speed of construction will bring the possibility of escalation down due to the included factors

You have opened my mind to possibility that escalation will apply for overall cost and not just to the out go. But it can also possibly be for future payments only. Depends on how the clause is applied

I have also clarified recently with Puri Mktg- Puri will probably deliver by end 2015. Which works well for me for taxation (I have to hold for 3 yrs for avoiding Capital gains). And hopefully DEW will get resolved by then, and factored into the price. From investor perspective (Though there is a possibility that I will be an end user) DEW doesn't have to be built by the time Puri is ready, just the issue needs to be resolved to get some of the benefits factored in the price. So, I am not worried about the timing as long as Puri possession is after DEW is resolved on paper, which is a strong possibility
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Old April 13 2013, 04:19 PM   #456
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Good Day guys i want to sell my unit in diplomatic greens Tower A-2nd floor garden facing
whats the prevailing rate of 2200 sq ft size
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Old April 13 2013, 07:42 PM   #457
 
 
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Originally Posted by ANKITSANDHU View Post
Good Day guys i want to sell my unit in diplomatic greens Tower A-2nd floor garden facing
whats the prevailing rate of 2200 sq ft size
Hi
Greetings

Seth Ji, Kitna maal daba rakha hai!!!

Godrej 2 Unit
Puri 2200 sq ft
BPTP Centra one
BPTP Park Generation
PARAS Trinity
PARAS Irene
DLF Regal Garden ( Gurgaon Projects Where People Got Stuck- No Resale / Construction / Approvals etc.)
IREO WATERFRONT and RAHEJA (http://www.indianrealestateforum.com...tml#post802406)

etc etc.

Cheers
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Old April 13 2013, 10:27 PM   #458
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BlessU,
Boss i salute you sir,i loved reading your post and the depth of knowledge you have in RE.
Now i see you have knowledge of each members details also,where he invested,what he mentioned few months back.All IREF members should be proud of you including myself.
I made one mistake by using your name few weeks back and got suspended by you.
I want to apologize for that.
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Old April 14 2013, 01:39 AM   #459
 
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Quote:
Originally Posted by BlessU View Post
Hi
Greetings

Seth Ji, Kitna maal daba rakha hai!!!

Godrej 2 Unit
Puri 2200 sq ft
BPTP Centra one
BPTP Park Generation
PARAS Trinity
PARAS Irene
DLF Regal Garden ( Gurgaon Projects Where People Got Stuck- No Resale / Construction / Approvals etc.)
IREO WATERFRONT and RAHEJA (http://www.indianrealestateforum.com...tml#post802406)

etc etc.

Cheers
Sir ji, you seem to have missed baap of all towers, Michael Schumacher tower, and check for TATA housing project in sec 113.

(I hope my mind is not playing tricks on me because I seem to recollect his comments from the relevant posts)

Anyway, maan gaye Sandhu saab Wish you many more investments that give you great returns.
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Old April 14 2013, 01:56 AM   #460
 
 
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Originally Posted by Harpreet1 View Post
Sir ji, you seem to have missed baap of all towers, Michael Schumacher tower, and check for TATA housing project in sec 113.

(I hope my mind is not playing tricks on me because I seem to recollect his comments from the relevant posts)

Anyway, maan gaye Sandhu saab Wish you many more investments that give you great returns.
Hi
Greetings

Sara kaam main thoda karta hoon IREF pe??

ha ha.

Yahaan thoda zyaada ho gaya tha..

Waise he was also planning some plots for 4-5 yrs perspective.. any suggestions??

Cheers
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