Hi Frnds,

Royal park avenues is gated communited (plots) by Aishwarya Estates. Phase 1 price quote is about 1050 psft. But its almost sold out. Phase 2 pre-lunch quote is around 950.

Anybody aware of this builder, any suggestion please? What would be th ideal price of land there? It around 4.5 kms from chandapura circle and 1.5 kms from Marsur gate.

Regards,
Manas007
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  • There are two builders here :
    Aishwarya
    OR
    Aisshwarya

    If it is the Aishwarya ( with single 's' ) hope he did some fraud near devenahalli... If anyone know about it please update here
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  • I bought a plot in phase-1 of this project in April 2012. The people who committed fraud were apparently a different group operating under a similar name. I reviewed their firm deed documents with my lawyer and met both their MDs (DV Suresh and G Natraj) before being convinced that they were genuine.

    The project, I thought was pretty well planned except for the approach road. The marketing person with whom I was interacting with, said that phase-1 plots (less than 10 were remaining 3-4 weeks ago) were being sold for 1000/square.

    Considering that the JR projects in the vicinity are going for above 1200, this project seems likely to appreciate as well.

    Let me know if you need more details.
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  • Thanks Ashwinr! As there are no plots available in phase 1, the sales person asked me to take in phase 2 which is not yet approved(pre lunch), price 950 psft(slightly negotiable).

    He says I can give some 25-30% of the total amount and go for Sale agreement. once the layout is approved(3-4 months and further 9 months for development) I can opt for bank loan and go for reg.

    Please let me know if it is suggested to do that. Also let me know what are the other charges they ask. Thank you in advance.
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  • Hi Manas007, have you been shown the layout plan for phase-2? What you need to ascertain is that the site you plan to book comes under the 60% that are not held back by BMRDA i.e. the released quota.

    In terms of the added charges, they quoted an exorbitant amount for registration and company development costs (cash only). Why a private company asks for company development charges when I am paying a premium for the site anyway was beyond me. I did haggle quite a bit on this.

    For the sale agreement bit, since you might be availing a bank loan, make absolutely certain it will be a "white" deal despite what the sales guy says. This will get in your way otherwise, since banks insist on showing 25% of the registered cost in legal transactions (read as cheque/bank proof) prior to disbursing loans.

    PM me - we can talk in more detail.
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  • Thank you so much for clarifing the qs! Tried the PM, but it seems I do not have privileges.

    How do I make sure that the plot I am booking is not coming under 'released quota' as the layout is not yet approved by BMRDA?
    The sales guy just show me the plan which is available in their website and it exists behind the phase 1.
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  • Manas, did you find any additional info on this? I am also looking to invest in this. Pls let me know if you find any info.
    Thanks
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  • Hi,

    I am kind of holding on this, as the developer is not reputed and investing in pre-lunch involves risky.

    I'll wait for sometime until they get approval, and I did not like the entry road.
    Meanwhile I am checking other prj.
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  • I heard that they recently got approval for phase 2. Are you sure they dont have approval?
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  • I visited the site a month back and the sales person said approval is expected in next 3 months and development in further 6 months. you may check their approval copy.
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  • Originally Posted by ashwinr
    I bought a plot in phase-1 of this project in April 2012. The people who committed fraud were apparently a different group operating under a similar name. I reviewed their firm deed documents with my lawyer and met both their MDs (DV Suresh and G Natraj) before being convinced that they were genuine.

    The project, I thought was pretty well planned except for the approach road. The marketing person with whom I was interacting with, said that phase-1 plots (less than 10 were remaining 3-4 weeks ago) were being sold for 1000/square.

    Considering that the JR projects in the vicinity are going for above 1200, this project seems likely to appreciate as well.

    Let me know if you need more details.


    Hi ashwinr,

    Approach is a concern, I fully agree. But they say 80/120 ft roads will come-up and approach will be better. Not sure how genuine the facts are & timeline for the same.

    What was the price you paid for PH1 plot?

    All - Any one interested in group buying?
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  • Hi ambal77, the price was Rs.810 psft
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  • Originally Posted by ashwinr
    Hi ambal77, the price was Rs.810 psft


    Thanks Ashwinr for the input. I Could not send the personal message
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  • Originally Posted by ambal77
    Thanks Ashwinr for the input. I Could not send the personal message


    I was interacting with a promoter who was marketing the landowners share. The best price I got was 975/- and this was almost a month back. Not sure about the scenario now.
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  • Booked the phase2 property 4mnths back,still no update....those executive r telling this mnths that mnth .....property will be approved.....cant believe their words....any one has purchased d same n waiting for apporaval..so pls suggest if u hav any info....
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  • Hi lijotv,

    How much did u book it for? I am also planning to invest in the project. As of today, they have not received the approval for the project. They were saying that it might take another month or two. Now they are asking for 40% payment for the agreement to be done & the rest can be paid at the time of registration. I want to make sure these are not some fraud guys as Aishwarya Homes has a bad reputation already.

    Tutu
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