|October 28 2013, 09:32 AM||#1|
Soft Launch in Rajarhat-"Panache" by PS Group - Your opinion please
I got this information from ICICI Home Search that PS Group is soft launching a new project in Rajarhat. The location is in Mahisbathan very near to the NIPS School of Hotel Management.
1) Total land area 6 acres.
2) Total 6 towers ranging from 17 to 25 floors.
3) Phase wise launch for 2 towers now.
4) Flat sizes 1032 (2BR) to 1550 (3BR).
5) Just 4 apartment in a floor per tower.
6) About 750 units in all.
7) 2 towers are now offered for the soft launch.
8) Soft launch price Rs.4100 psf with Rs.20 escalation per floor onwards 4th.
9) Covered Car parking Rs.400,000
10) Completion 3.5 years after launch.
11) Expected launch after 3-4 months from now.
12) Soft launch opened from 24th October and expected to be for a week.
13) Soft launch booking condition - Developer wants booking amount of Rs.7,00,000 and Rs.900,000 for 2 and 3 BR respectively. BUT paid in HARD CASH, no receipt will be given just an acknowledgement in a kacha paper about the flat allotment no.
14) When the project will be launched officially the agreement amount will be shown without the "black" amount. This would mean that if your 3BR flat cost comes to 60 lakhs your agreement will show 51 lakhs.
Here's the exact location I downloaded from Google maps. The PS Group's "Panache" project site is encircled in RED.
The right side of this project is taken by Ideal group and they also will be launching sometime later...I found the same from their website Ideal aqua view - offering the most premium residential properties in Kolkata
Yesterday I visited the site and tried to form some analysis of the same. Here are my perspective.
1) Good location - Near yet free from pollution. I visited the site from both the new town MAR. The site is about 2 Kms from the New Town Bus terminal (backside of the VIBJYOR project). Also 2 Kms from the road at the side of Technopolis.
2) Abundance of water bodies look good for the eyes. Not to mention the Bengali opportunity to get fresh fish from the Bheris.
3) Being near to Sector V, Technopolis, NIPS, DLF can give a good rental income.
4) The proposed ring road from silver spring connecting new town will pass near the site main road.
5) PS Group seem to be a reputed developer.
6) As I came to know from my ICICI Home search source out of 160 units offered for soft launch 110 snapped up by investors. All the south units gone for the 2 blocks launched.
This don't seem to be an exaggeration since I have seen lines of cars visiting the site. I have seen at least 20 cars visiting the site during my 30 mins stay there. So there's seem to be a lot of investors interest.
7) The apartment plans are also nice with no common walls and like 3 sides open.
8) Abundance of Buffalo milk - As the name of the location (Mahishbathan) suggest it is a place of buffaloes and I saw a huge tinned cattle/diary shed opposite to the project site which can supply pure milk for your family.
1) The site location is not developed. Out of the 2 KM stretch from the Technopolis. 1KM is completely village and at certain position the road is narrowed to 25ft. About 200 meters of the approach road connecting the main road to the site is being laid with rubbish.
2) Same applies from the approach from New Town. Just crossing the new town the stretch of 1KM is completely village atmosphere. Roads are not good. Being in the panchayat area not sure if this can be an issue in future.
3) Soft launch Price - I'm not sure about the price at Rs.4100 and then floor escalation clause does it make a good investment proposition at this time? Say for example a 9th floor booking will be Rs.4200.
4) Car parking price - Rs.400,000 isn't this sound toooo high?
5) Paying Rs.900,00 in CASH and no receipt....Are we good to risk or trust this?
6) What can be the expected launching price and how the market will react, will there be genuine demands? Uncertainty...
7) The big cattle shed in front of the site. Not sure how will you feel with your neighbours are helpful buffaloes.
For the 2 blocks opened for soft launch, all the premium south facing units are already snapped up in past 3 days. I understand that a new tower is also going to be opened today (28th October) for this soft launch.
Kolkata property hunters please do you due diligence and let me know if:
a) This is can be a good investment proposition a
b) If at least 20 of us some of us can join quickly for a Group buy negotiation and flat selection with the builder.
Here's the artist's impression of the project. No, the surrounding doesn't look so neat and clean as being seen in the artist's impression.
Guys, if you think this can be good let's catch up quickly...
We have to be quick....
|October 28 2013, 10:19 AM||#2|
I also have heard about this property thru one of my friend who works at NK realtor . I am also trying to accumulate some more info on this . I will try to visit the site once this week .
I should really give a big thanks to Saikat for investing time to write such a big post with details analysis. I am ambitious to get another G'Bhai or Jaydeep in nascent Saikat after seeing his expert analysis :-) . Good sign for the forum .
|October 28 2013, 03:38 PM||#3|
I agree. Very well written analysis, my friend. Lets take a cue from here only. To me,
1. it appears the deal breakers are heavily loaded against makers.
2. Too risky for my comfort level while I understand it is person specific considering age/income etc.
3. And more significantly, I have real doubts ( say 60-70 % or so) at the moment for this location falling under EKWMA. May be that it is just outside the dreaded zone. Nevertheless, it should be verified and since the first cash installment is too large an amount, it gives some credence to my doubt.
|October 28 2013, 07:22 PM||#4|
Really appreciate the stalwart views. Yes, I spoke to many today and I think we need to pass this project at least for now.
But one thing good is that we are able to create a core group.
@Joy appreciate if you may please PM me your contact details so we can touch base together.
|October 29 2013, 05:28 PM||#5|
The soft launch price seems high IMHO..
And taking the whole booking amount in cash .. that is something quite risky specially in the current scenario..
Not sure whats the appreciation opportunity considering the final price paid after factoring in the opportunity cost..hmmm...
|October 30 2013, 06:14 PM||#6|
Actually we are passing this project and now looking into another one coming up just beside the PS site, it is expected to be launched after Diwali. It's called "Ideal Aqua View". Much bigger than the PS Panache with more facilities.
Yours truly and "Khan2012" visited the site yesterday and we are very impressed about the location and it's prospect.
We did a good recce of the area talking to the locals. The location is just adjacent to the AA1, falling under the Saltlake address adjacent to Hidco acquired site (but Mahisbhatan village).
We heard from the Ideal office and one marketing guy named Ravi Dwarka informed that they have not yet decided the launch rate but it will be around Rs.3900-4000 plus PLC.
Six towers in all and 2 will be launched now with 3.5 years completion for the 2 towers with all facilities.
This might be a good idea again is some of us can join together and group bargain with them.
Personally am pretty bullish about this location.
|October 30 2013, 11:40 PM||#7|
Hi, Before going for Ideal Project, please read this thread from IREF.
That area is under Kolkata Wet land, lots of issues can be there, ever HIDCO is very carefully dealing with for the connecting flyover over the bhari, connecting New Town and EM Bye Pass.
Ideal Aqua Project initiated 2 years back on paper but not started yet.
|October 31 2013, 10:52 AM||#8|
Thanks for the heads up. Yes, I heard that Ideal group is infamous about in ordinate project delays.
About the "wet land" I also do agree with you but none of us is committing before the due diligence. This is only to agree in principle for a GB for negotiation.
The below are the due diligence required for this project before one should be committing:
1) Environment Approvals - We need to verify if the project is having all clearances including the environment. This is very very important.
2) Land nature - With the DAG No. and verify from the HIDCO office about the land nature and it's approval. We inquired from the locals and understand the land is in nature of "Shali" which is agricultural. We also heard that the current state government is not approving the conversion of "shali" to "bastu". Hence it will be interesting to see the approval.
3) Plan sanction - This area is falling under the Mahishbhatan panchayat. Hence they might be trying this route to sanction the plan bypassing HIDCO.
4) Approach road - The project is having a pucca road at the side which is 25 feet. We find that they also made a road to the side cutting across a site which we heard from the locals to be HIDCO acquired plot. We really need to find out from HIDCO if they have sold this road are to this project.
5) Builders Payment terms - I heard the builder asks time based payment and not construction linked. If we join together and form a group then we can be in a position to force the builder to agree to our terms which is construction based payments and also incorporate adequate penal clause in the agreement.
Hence there are a lot of leg work which need to be done for our due diligence and give us that comfort to sleep well at night after the investment commitment.
But it make good sense to first agree on principle if we can do a group buy and then share the responsibilities ourselves or hire a lawyer to do this due diligence for all of us and share the cost.
Not necessarily for this project but this group can do the same for any other projects if all of their priorities remain for sometime going forward.
|November 1 2013, 10:57 AM||#9|
Do Not Buy Ideal Aqua View Project at Rajarhat Kolkata
Yesterday I managed to get the details of the Ideal Aqua View Project. I deliberated all aspects about this project and I think I personally will pass this too.
I will not suggest to invest in this property. Unscrupulous builders like these need to be taught good lessons.
Here are the deal breakers:
1) Price - The main point for me to select this project is the water body facing views. But the price escalation with the Preferred Location Escalation (PLC) plus the compulsory Centralized AC cost added as sq ft rate.
Example: A flat at 10th floor is coming to Rs.4500/sq ft. This rate I think is atrocious and a deal breaker for the present location and the prevailing prices in Rajarhat, this do not make any investment point.
2) The plan - The plan for the B type apartment in Block F (the one I liked) is horrible. They could have done much better with literally 3 sides open position in this vast expanse of land (8.5 acres). But with 3 toilets it sheer waste of space and they compromised on the drawing room size which comes to less than 8 feet wide.
3) The carpet area - The carpet area of the said apartment is coming to 950 sq ft while they are selling 1510 sq ft. This means an yield of 63%. Shady ways of screwing customers!
4) Builder's payment terms - It is not construction linked. As I can see that they want 20% money literally before staring the project and then 7% every 3.5 months. They say that they will start from 1st Jan 2014 but they want our 20% money by then and in another 3 months 7% more. To me this is a also a real deal breaker especially when the builder is having a pretty bad name in delivering projects in time.
5) Builder's grace period - Atrocious! 12 months as grace period after 3.5 years is ridiculous. We can agree for 3 months at most but 12 months is ridiculous!
I enclose the project sales details for your views.
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