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Old July 5 2009, 09:26 PM   #11
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Thanks Realacres for very useful information. Can you or someone also give credibility of MontVert Developers ?

Moreover, I would like to know whether the ownership of common amenities like garden, club, gym etc. remains with developers , as normally stated in the agreement clauses ? I used to think that all common amenties are transferred to Society after completion of project.

 
Old July 6 2009, 10:38 AM   #12
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Originally Posted by realacres View Post
Iris:-

="http://www.skyi.com/iris_gallery.html"]www.skyi.com/iris_gallery.html[/url]

Location:- (Baner-Balewadi, Behind Amar Mall).

="http://www.skyi.com/iris_location.html"]www.skyi.com/iris_location.html[/url]

Total buildings = 2 (A & B).
Actual building for sale = 1 (B).

The builder states 'A' was sold out in 2 weeks after launch. He did not even publish any brochure (nor is it there on the website).

Proposed total no. of floors = 11
No. of flats per floor = 6
Total No. of flats = 132; (2*6)*11

Revised status:-
total no. of floors = 9
No. of flats per floor = 6
Total No. of flats = 108; (2*6)*9

Current status [Sanctioned]:-
total no. of floors (A) = 9
total no. of floors (B) = 6
Hence, total no. of flats
= 54+36 = 90
Builder waiting for FSI for rest 3 floors (18) flats for wing B.

Here are some facts:-

1.) The additional FSI was expected by mid Oct-2008, then by Nov 2008 later by Mid Dec 2008.
Current Status:- FSI still pending.

2.) 'A' wing was largely sold to the plot owners. Hence, builder tried to get profits from 'B' buyers alone.

3.) Builder has 2 separate contractors for A & B. Now why is this is anybody to guess.

4.) Sample flat got ready almost after 2 years!! What's more if builder states that the project has been over 90% sold out, why sample flat at first place then??:p

5.) The pace of construction is slower than even snails pace.

6.) Several purchases here were made by NRIs & investors. Several fell for the hype of this project & their wonderful website (of which some links don't work)!
These bookings now stand canceled.

7.) The possession date of Dec 2009 is simply impossible at current pace.

8.) In 2008, quoted price was INR 4200/sq ft. It has been reduced to INR 3200/sq ft nego. & will easily go below INR 3000/sq ft even today.

Conclusion:- Builder is not reliable. Status of project still not confirmed in terms of sanctions etc.

Worst possible scenario:- This project may not be completed at all & even if does, definitely not before 2 years seeing current situation.

Infact, the builder (Mr.Patil) himself wanted to meet me at his Law College rd. office to negotiate the price.
However, when I told him that bookings won't be done for those floors (read floor 7 & above) which are yet to be sanctioned at any rate, the meeting was canceled.

This builder is running out of funds & hence may not complete the project. Required sanctions are yet to be received from PMC. Best thing to do is to stay out of this so called premium project 'IRIS'.

Thanks for this analysis .... I am impressed.
Today morning I thought about this project. Wanted to know the status .. but found this instead.. well done.
 
Old July 6 2009, 05:13 PM   #13
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Quote:
Originally Posted by sdjq8 View Post
Thanks Realacres for very useful information. Can you or someone also give credibility of MontVert Developers ?

Moreover, I would like to know whether the ownership of common amenities like garden, club, gym etc. remains with developers , as normally stated in the agreement clauses ? I used to think that all common amenties are transferred to Society after completion of project.
MV are big crooks. Read here for more:-

]http://www.punescoop.com/story/2007/3/5/5211/73725[/url]

The entire project including amenities lie with the society residents & not builder once co-operative soc. is formed.
 
Old July 6 2009, 11:10 PM   #14
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Thanks Realacres for very valuable information. Most developers write in the agreement that purchaser will not object to any additional construction in open space etc. if additional fsi is sanctioned. Is it possible that one purchaser insists that the clause be deleted but others might have overlooked and signed. I see all agreemnts drafts given by developers are highly one sided and it appears that you think you have all amenities but it is only your falt/unit which is yours. Developers also write that that the club is run as commercial activity and the developer has right to decide the fees and enriol members. With inclusion of such clauses it appears though you pay premium price for amenities they come as option and at addl. cost which is not known at the time of agreement.

You appear to be expert in the RE market can you please guide what one should look in the agreemnt clauses.

Once again I really appreciate that despite your being member on this forum only recently you have posted highly factual details and guiding prospective RE buyers.
 
Old September 15 2009, 11:26 PM   #15
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hi...any latest updates on Iris...I had med Mr. Jagtap the other partner....and he seemed to be a resonable person...he had some financial issues during May/June but those seem sorted out...any idea on water and proposed roads in this part of balewadi where the project stands?
 
Old September 15 2009, 11:49 PM   #16
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hi...any latest updates on Iris...I had med Mr. Jagtap the other partner....and he seemed to be a resonable person...he had some financial issues during May/June but those seem sorted out...any idea on water and proposed roads in this part of balewadi where the project stands?
Don't expect that road i.e. from Amar Paradigm Mall to Iris come up in next few years. As there is no project nearby, I don't know about water. The pace of construction is highly unsatisfactory. Have you inquired the current status about higher floors whose sanctions are pending? Before going here, ask about the mess which the builder has created in Elite Empire. The only good thing about this project:- It's website.
 
Old September 16 2009, 12:18 AM   #17
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Hi...he had mentioned that both towers will be of 9 floors now...Elite empire now sure abt the mess you are referring to...also, Prospera from Nandan is coming nearby which is a huge project...so if not the road over the next 1 year...I feel may be the roads shud come up in next 2 year..and this location should develop on par with rest of the strech around baner road...as in close proximity with the star rated hotels on the other side of the highway...

The other good part of the project is excellent quality of work, no beams within the house, people seem to be quite transperent, the office staff /folks the site (SkyI) are very polite and not arrogant/rude as at some of the other builders....
 
Old September 16 2009, 12:37 AM   #18
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so if not the road over the next 1 year...I feel may be the roads shud come up in next 2 year..and this location should develop on par with rest of the strech around baner road...as in close proximity with the star rated hotels on the other side of the highway...
Don't you think you are becoming speculative? Man, the DP is yet to be sanctioned, even the PMC guys can't give you firm commitment, let alone builders. If for end use, make sure infra is in place even if it means sacrificing a bit of specs as these can be added later but you can't buy roads, can you?
 
Old September 16 2009, 10:56 PM   #19
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I agree that basic infra is a must but then you either cannot afford to buy in ideal localities (e.g. Kothrud/Erandwana etc)....or one does not like all the projects in developing localities like Baner, Balewadi.....or donot want to get into a resale apartment....so then one to an extent is forced to wish that after some time basic infra will be in place....I am not trying to speculate but u have have limited choices left after one applies one's own set of filters...based upon budget, personal choice etc....hope you got my point....
 
Old September 19 2009, 09:13 PM   #20
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Quote:
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I agree that basic infra is a must but then you either cannot afford to buy in ideal localities (e.g. Kothrud/Erandwana etc)....or one does not like all the projects in developing localities like Baner, Balewadi.....or donot want to get into a resale apartment....so then one to an extent is forced to wish that after some time basic infra will be in place....I am not trying to speculate but u have have limited choices left after one applies one's own set of filters...based upon budget, personal choice etc....hope you got my point....
Aren't there projects in Baner-Balewadi having roads? Infra at Baner-Aundh is nowhere less than Kothrud. Infact you will find things here than Kothrud.
Be it Kothrud or Balewadi or Talegaon, I can't travel almost an kilometer on dirt track. Hence, no to Iris. I also see no reason why Iris should be bought for around 3k/sq ft, when you have better option available in ready poss at this price.
 
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