Hi all,
I am considering to invest in a 2BHK apartment at the Mantri Serenity
apartments coming up on Kanakapura road, Bangalore
Details:
Cost: Apprx 63 lacs
Super Built up area: 1025 sq ft
Carpet area: Apprx 750 sq ft
Possession: Dec 2015

Pros:
- I was told my them that the Bangalore Metro station would come up very
near to the location
- Supposedly, there is a Mantri mall coming up right next
- The Mantri brand name, which I feel would make a difference in case I
need to sell the flat later

Cons:
- The size seemed a little less at 750sq ft
- No model flat for me to have a comparison

Most importantly, there is a scheme being offered by Mantri where-in during
the pre-emi period they would be reimbursing the interest part of the emi.
So for a 50 lac loan, if I pay an emi of 50k for the first 3 years with fixed
interest part of 43k and principal of 7k, Mantri would be re-imbursing 43k to
me every month. If I could use this money to pre-pay the principal part of
the loan during this period, I would have paid back 18 lac of the loan in the
first 3 years right before the possession itself. I felt this would make a lot of
difference.

This is my first ever investment in an apartment and I have hardly any
knowledge on what to look out for, etc. Could you please consider the
above points and let me know if this would be a good buy.

Also,
- Would the quality of the construction be better since its a reputed name?
- Would the amenities provided as per their initial claims?
- Still unusure if 750 sq ft would be a little congested

Any pointers here would be of great help!
Regards,
Sudeep
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  • Hi Sudeep,
    Any update on this? Were you able to find out more about the pre emi scheme? Did you finally go ahead with Serenity?
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  • The pre emi scheme has been now withdrawn.
    Possession date for block 4 & 5 is now Oct 2016 but pre emi will be paid by mantri till mar 2016 only.
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  • Thx jre. Not sure i understood the contradictory statements in your post. Are you implying that the pre emi scheme has been "partially" withdrawn and that it will still be paid till mar 16 for the new blocks, but not after that?
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  • Mantri has now confirmed that the scheme has been stopped, obviously due to the rbi diktat
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  • So all "investors" are trapped. Who pays the money now? Seems like the super crash has already started.
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  • Nice. Ultimately the common people become victims and end up with heavy outgo.

    Originally Posted by Somashekar
    So all "investors" are trapped. Who pays the money now? Seems like the super crash has already started.
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  • Originally Posted by Somashekar
    So all "investors" are trapped. Who pays the money now? Seems like the super crash has already started.


    The Pre emi scheme with PNBHFL is still available. Investor to pay 20% of aptm vaue and balance 80% he applies for a loan and upon his request the loan is released to Mantri(full 80%)
    And mantri reimburses the investor with the pre emi(interest) each month. No principal repayment starts till possession.

    No investor is "trapped" as even if the scheme is withdrawn at any later stage, mantri will still reimburse existing clients whose loans may already have been released.

    In short, the investor gets to hv the property with just 20% invested and does not hv to pay anything else till march 2017.
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  • Hi,

    I am new here. I am looking to buy 2/3 BHK on Kanakapura Road (looking at the Metro that will be starting soon and extension till NICE road should finish in 2-3yrs). My budget it around 1Cr. I came across this project Mantri Serenity. Project looks very good about ~2000flats in 20acre. Phase I is completed already. Phase 2 is going on. The construction (done by TATA company) seems to be going on with good pace. Location is very good, amenities are good it seems.

    Currently Mantri is quoting 6590 psqft price. For 3BHK of 1520 sqft SBU area, it comes out to be 1 Cr + other charges + registration = 1.25Cr approximately. Best thing is they are offering 25-75 deal where one have to pay 25% of the price upfront for agreement and remaining 75% to be paid at the time of possession. No installments in between. Due to this I can stretch a bit beyond 1Cr. The possession is promised by Dec-19 for some blocks and June-19 for some. Carpet area is claimed to be 76% of SBUA.

    It all makes sense. Mantri seems a good choice from all perspectives. But I am little apprehensive due to past record of Mantri specifically with respect to Mantri Tranquil and Mantry Alpyne. Both the projects seen lot of delays, issues - legal and other. This doesn't really inspire a lot of confidence. Another thing is issue with the land. The land on which Mantri Serenity is being build was Industrial land and was bought by ISCON to make temple or something in 2004. But later they got into a JV with Mantri to build this residential complex. I have seen claims from news item or residents from nearby area that there used to be a lake there which was reclaimed and there was a raj-kaluve passing through as well. Though the BLR CDP shows it as a Residential are and revenue maps do not show any stream passing through. Mantri claims to have A-Khata. The property seems clean as far as govt records are concerned. But there could be issues in future, the way BBMP pulls out old maps all the time. I am confused, how secure this property is.

    Also how about construction quality of Mantri Developers..?? Considering this one is being built by Tata Construction company..??

    How good a quality Mantri's amenities are typically..??

    Is it worth buying in Mantri serenity at the mentioned rate..?? How much appreciation can be expected in 10yr horizon.

    If someone has bought property there, any feedback would be very helpful.

    Thanks in Advance.
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  • If your budget is 1 crore better go for a ready to move in flat. If I remember correctly you have Brigade then Brigade meadows, Chartered beverly hills. etc around that area. But why Kanakapura road ? If you are techie you had better search after silkboard junction or around Hosur road---Shobha silicon oasis, salarpuria cadenza, Purva westend, Five summits, brigade lakefront, Durga petals, brigade cosmopolis, sumadhura lakebreeze, sumadhura silver ripples, parimala sun ridge , mahaveer maple etc. A couple of them are nearing handover and the rest are ready. then Brigade meadows, Chartered beverly hills. etc around that area. But why Kanakapura road ? If you are techie you had better search after silkboard junction or around Hosur road---Shobha silicon oasis, salarpuria cadenza, Purva westend, Five summits, brigade lakefront, Durga petals, brigade cosmopolis, sumadhura lakebreeze, sumadhura silver ripples, parimala sun ridge , mahaveer maple etc. A couple of them are nearing handover and the rest are ready.
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  • @rambler Thanks a lot for the response. I will take a look at some of the projects you listed.

    We have been over many areas from East and South BLR in last 1yr or so. We zeroed on to Kanakapura road for following reasons:

    - We have lived in that area for 2yrs previously. We like it better compared to anything east of Silk board on ORR or Electronic city. We have not been to north and West much which we feel little too far. I did consider RR Nagar, but then Kanakapura Road has all the advantages RR Nagar has, though its expensive.
    - We cannot afford in areas like Jayanagar, Kormangala, better part of Old Airport Road or such areas.
    - Water is one big factor. There's Kavri water in Kanakapura Road area. The boring water is also not so hard. We are having health issues due to too hard bore water of East BLR currently, even though we use it only for bathing etc.
    - Metro. Its very convenient to travel using Metro from Kanakapura road to our offices. The Reach 4 should start within few months now. And the extension to NICE road is also getting constructed quickly.
    - I omitted some areas considering impending construction work of Phase 2 in coming years, which will be pain in the a$$ for quite a while.
    - With current development going on, it seems Kanakapura will have decent face in coming future. I expect better appreciation in this area.


    My requirement, apart from others, is that the apartment should be walkable from nearest metro (say within a km). I have considered few projects on Kanakapura road itself. Some are too far down the road (Brigade Meadows), some are too inside (Mantri Alpyne, Rohan Akriti), Some we didn't like that much, Mantri Tranquil is having lot of issues. Prestige Falcon City is little over-priced. His land is shown as Industrial in CDP and has a Raj-Kaluve passing through as per Revenue map. May be he has got it all sorted. But we also not very keen on floor plans so I am not taking it too seriously currently. Mantri Serenity OTOH fits all the bills. Though its little late in possession but by that time Metro there should be functional or nearing completion. And with his 25-75 scheme, I don't have to pay any EMI right now. So no double whammy on EMI + Rent. I could wait till then, save some money and reduce loan needed 2yrs down the line.

    But I have read whole lot of negative reviews of Mantri, particularly with Mantri Tranquil and Alpyne projects. His other projects in BLR seems to have finished alright. So its a mixed bag. Thus a little hesitation.

    But I am also looking for resale properties in the area. We actually started with preference for resale property. But we have not seen anything so far that we like. We do not want to buy >5yr old property. But Mantri Serenity makes quite a lot of sense. Thus I posted a query here to get some more opinion.
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    1 Comments
    • deepali.012 years ago
      Hiii... @janmejay. I have noticed that your concerns and doubts about serenity are same. I wanna know what is the outcome of your research and findings. Did you booked with 25:75 scheme with no bank loan involved. We are also planning for it. Pls reply with your findings. Thanks in advance.
  • Beware of this 25:75 Scheme on Mantri serenity ! Many people complained about this scheme from Mantri. Are you sure you don't have to apply for the bank loan now? It used to be that you pay 20% now + Bank loan approval. Bank would disburse the money. Builder would pay the EMI for you for three years with the promise that possession will be given at the end of three years. The catch is that The builder will delay it indefinitely and you get screwed by paying EMI and rent! Many people suffered on this scheme. In your case, it looks like no bank loan or what so ever. You pay 75% when you get the possession. It looks to me too good to be true. Also you are paying only 25% which makes it enticing. But, what if the possession gets delayed for another 5 years or 7 years? Are you ok with locking the 25-30lakhs? For many folks that's the down payment. I guess the builder is smart in taking all your down payment and he thinks that you won't go anywhere! It looks to me too good to be true !
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    1 Comments
    • SuriTV2 years ago
      Kindly suggest PRESTIGE Projects Bangalore SOUTH . Also what rate per sq ft is best for Project suggested. Prestige Tranquility Budigere Cross road also delayed delivery
  • Few more points to you : kanakapura road is a good choice. Any project close to metro is the going norm as best location. My pick would be prestige falcon city. Your point about the industrial land - I would not worry about it too much. All older manufacturing factories in the hot areas of Bangalore are being encashed for the land value ex: Brigade Gateway, Godrej woodsman estate, etc. You would pay more for prestige. But you will make more in the long run. Not with Mantri. Also 2000apts in 20acres is too crampy. 6590 is too much for Mantri - after few years Mantri tend to look pretty old. OTOH prestige is on 48acres, 2500apts + Commercial developments. Even if you struggle now to afford prestige, you will be happier in the long run as your investments would grow once prestige completes developments including commercial building.
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  • In real estate, everybody thinks about having lost on low prices, but I would say that it's the time that's lost is the worst. If a builders screws it up by delaying the possession for long time, even if he is paying you back all your money, it's the worst experience as a buyer. If you want get a sense of it, talk to the owners of DLF new town.

    I am not trying to scare you. Also I am not a agent or any affiliation with prestige. I am not even a current owner of prestige apts. just sharing my thoughts!

    OTOH Prestige seems to have delivered many large projects on time or with little delay. Decent build quality if not perfect. But great landscapes/ amenities, great location, big clientele that makes it easy to sell or buy!
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  • Did you look at Sobha park and plaza, godrej and also prestige new project bannerghatta road next to meenakshi temple
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  • Originally Posted by InfraLover
    Beware of this 25:75 Scheme on Mantri serenity ! Many people complained about this scheme from Mantri. Are you sure you don't have to apply for the bank loan now? It used to be that you pay 20% now + Bank loan approval. Bank would disburse the money. Builder would pay the EMI for you for three years with the promise that possession will be given at the end of three years. The catch is that The builder will delay it indefinitely and you get screwed by paying EMI and rent! Many people suffered on this scheme. In your case, it looks like no bank loan or what so ever. You pay 75% when you get the possession. It looks to me too good to be true. Also you are paying only 25% which makes it enticing. But, what if the possession gets delayed for another 5 years or 7 years? Are you ok with locking the 25-30lakhs? For many folks that's the down payment. I guess the builder is smart in taking all your down payment and he thinks that you won't go anywhere! It looks to me too good to be true !


    Well, since I know about that pre-EMI scheme, I double checked with the sales person about the scheme. Looks like they indeed do not want any payment from loan now. Of coarse I will take all project documents from him and agreement draft before booking for verification. If agreement mentions payment at the time of possession, then it should be fine I suppose. Yes, its too good to be true. Particularly when Mantri has been cash-strapped in past few years and have offered many schemes for cheap capital, it looks little suspicious. He was also offering 10:90 scheme but with 200/sqft higher rate. It was valid till April end, but I guess he might give that one even now.

    I ain't buying if its pre-EMI reimbursement scheme. Its too much risk.

    There is always a risk on delay, but the way currently work is going on it seems delay will not be too much. HE has already completed Phase I and possession given.

    Prestige is much faster in construction, in comparison.
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