Guys, looking for the feedback on new prelaunch and on following investment option:

Skylark group has prelaunched a new project Skylark Ithaca. 2700 apartments in 24 acres.
1) No-Pre Emi option available:-
Pay 2 lacs for booking and then 20% of basic amount which includes 2 lac as well in 3 months and then no Pre-EMI till possession in 2016 end.
2BHK around 1000sqft. Basic price for no pre-emi is Rs3800/-. So a 2BHK will cost around 46-48 lacs all inclusive. But currently only 20% of basic have to be paid i.e. Rs 7.6 lacs.

2) With pre emi option price is Rs 3500/sqft.

Now this is how I am looking into this option:
Total investment is 7.6 lacs for next 3.5 years. Even if the price increases by Rs 700 i.e. to Rs 4500/- in 3.5 yrs from now. One can earn Rs 7 lacs return. So 100% return in 3.5. yrs.

Risk:
Not a big builder so timely constructions will not be guaranteed.
Approach road is not great but a bridge is coming up on railway line after hoodi. ITPL is only 3 kms from here. SaiBaba ashram road is only 1.2kms.
Seems to be too much crowded but it is for investment and not for end use so I should not be worried.

Cons:
2 BHK in less than 50 lacs. So this is not highly priced right.
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  • Now as the Real Estate Regulator Bill is passed and soon it will become Law. Good news for buyers. Buyers could be some what relieved from stress.
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  • Originally Posted by pramakar013
    Now as the Real Estate Regulator Bill is passed and soon it will become Law. Good news for buyers. Buyers could be some what relieved from stress.


    There are laws and rules since beginning. There is no explicit need for another law or bill. The real estate bill is an eye wash! These are just clever tactics from CREDAI to increase interest in the falling real estate. It's an old wine in a new bottle.
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  • haha. Might be partially true. But the formation of an authorized regulatory body might just give an extra cushion when it comes to flirting with subvention schemes.

    Although it is interesting to see how long does it take for the regulator to be formed once the bill gets past LS.
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  • Might want to read this

    The Real Estate Bill Sees Some Light, But Buyers Will Not See Immediate Benefits – Capital Mind

    The bill will take 3-4 years for any kind of implementation. Buyers will actually get harassed during the first few years as courts refuse to admit pleas and there are no tribunals to take the cases.
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  • Mantri WEB CITY project they are not paying EMI and now all the investor loosing their CIBIL score as well.

    BE AWARE OF MANTRI PROJECTS IN FUTURE
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  • I have got a call from broker saying that they are changing the loan provider to ICICI from Indiabulls as India bulls is not ready to sponsor the project. Those who have processed their loans needs to start their loan processing again with ICICI. Anyone have more information on this ?
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  • Is this not Skylark Ithaca thread - other than the subvention / preEMI scheme, there is no similarity.

    Ithaca is progressing nicely - expect 6 to 12 months delay (over & above grace period) - then expect a grandest complex in that area.

    Worrying factor = Nothing comparable is coming up in the area ---- this is driving down the prices and preventing the area to be a classy area.
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  • Hi .. I am interested and going to visit the place today. I wanted to know the prices prevailing now... The websites are quoting 4300 psf.. It shouldn't be more than 3500 i recon ... Is the approach road near now from 2013... ?
    1RealEstate;
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  • They are quoting 4800 now. They say 4300 is 6 month old price
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  • Originally Posted by shivamsinha
    They are quoting 4800 now. They say 4300 is 6 month old price


    They are quoting 4300 now (May 2017). They say 4800 is 1 year old price.
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  • that includes elevation charge and free parking?
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  • Originally Posted by shivamsinha
    that includes elevation charge and free parking?


    Not sure about that. But for builders like this, the elevation charges is a sham. This is not mumbai and there should not be much hype about these charges.
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  • Originally Posted by montysaini


    They are quoting 4300 now (May 2017). They say 4800 is 1 year old price.


    That seems to be the right direction. That area does not command such price. Ulysses/ Odysseus is needed to prop up the price. is needed to prop up the price.
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