I need some guidance from the experts on this project as i am looking to book a 3 BHK apartment. I feel location and cost wise, it is a good option. once the Pallikaranai road is made 6 lane, cost in this area should go up even more like Velachery. they have linked the payment schedule to the overall progress of the project. the phase 1 is supposed to be completed by March 2014. It is now CMDA approved project and they provide a DVD with all approval docs once you booked the flat. they are planning to start construnction next week. Could you highlight the issues i should be aware of before booking. if any one has already booked, could you let me know the issues.
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  • Poor track record of the builder in Chennai
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  • I am interested to buy through homekonnect. can you give your contact number?


    Originally Posted by Amruth
    I compared the 2 projects and have booked with Purva Windermere for the following reasons:


    Purva Windermere



    Positives:

      Approved plan
      Better appreciation potential by virtue of close proximity to the
      Velachery-Tambaram route
      Higher UDS %
      Great functional balconies
      Attractive price
      Pet friendly
      Power backup & Good quality fittings/fixtures and a shower cubicle in the master bedroom attached toilet
      Negatives:

        No piped gas when smaller communities are offering
        No school in the premises

        IndiaBulls Greens


        Positives:

          Road access is wider and the ambience is comparitively better than Windermere
          Power backup and decent fittings/fixtures
          Negatives:

            No approval yet for Phase 2 (higher floors) and 3
            The current price seems a little steep at Rs.3600 (without approval) for Phase 2 and Rs.3500 for Phase 3 (without approval, expected Dec 2011)
            No transfer of apartment possible in case of delays (only cancellation at 2% of total cost price)
            Low UDS %
            Multi-storeyed (personally, I do not prefer 19 storeys)
            I’ve been shown that the carpet area comes to 69% which is in line with most other projects nearby such as DLF, Hiranandani, Opaline, etc. which also I have visited.


            I recently booked a 3 BHK-L size apartment in Purva Windermere (Block B2 - 404) through Home Konnect as I did not get any price discount from Puravankara.

            Home Konnect gave me a bulk discount on the price and their service was professional. If interested, reach out to me for further queries.
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  • What do expect the date of possession? What would be the tentaive rental income for 2000 sf aptt
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  • i guess it to be around 25-30 by the time you get possession (sometime 2015) but then again subject to supply, demand and lifestyle option / choice
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  • Pallikarani is a very good locality to invest within 4 yrs of time your amount will be double only in purva windermere, you can see the varoius reports for that, ....Those who wants to know about phase 2 or 2bhk, leave your email id & number, within a day you will get reply
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  • I think You can expect rental income of 25000/month with normal furnishing for 2000 sqft flat in pallikaranai. This is based on my experience.
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  • We did take a look at this property and dropped out this for following reason. Hope this helps people who are looking to buy at windermere.'

    The project is definitly promising and located strategically btw pallikaranai and kovilambakkam. However the phase 2 which is launched is facing kovilambakaam i,e the other end of the project. if you get a flat in this end, you will be taking the other route which is not where you actually came to see this site. But yes, there is a interconnection to pallikaranai as well but I feel the phase launched is too behind and I might as well prefer to purchase a flat in kovilambakkam where the cost is around 250 rs/sqft lesser.)
    But if you get a flat in front facing pallikaranai, I think it wld be a better buy..
    Also, I was not comfortable with 3500 flats in a single community.. But thts my personal opinion.

    Anyone visiting the site, I would advice to go and see the kovilambakkam route as well to get an idea..

    Hope this helps.. All the best to all for your search..
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  • But all Purangara projects are delayed beyond couple of years,
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  • If I am not wrong, there was only one project which purvankara launched in chn befiore this one which is swan lake. Tht was quite a delay i heard but they are reputed builders and has successful projects in other parts of the countries.

    But I agree, tht was one of the factor tht i too considered. Added to this the cancellation charges in 1 lakh .. OMG ;( I cldnt afford tht risk.. its quite an amount
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  • Their IT park project in Karapakkam is also abandoned and getting restarted now
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  • IT park project developed by Purva @Karapakkam?? could you please elaborate?
    Just for clarity, the total no.of aprts in the projects is 2700 and not 3500.
    2700 aprts in 55 acres is not too bad. Regarding delays, they goofed up the blore and Chennai projects started in 2007/2008. So far, they are on track to complete windermere phase 1 by end of 2014.
    Only time will tell whether they can deliver it as committed.
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  • An investment arm of J P Morgan has extended about $70 million (Rs 375 crore) funding to listed Bangalore developer Puravankara Projects for developing a 4.2 million sqft premium residential project in Chennai, said people briefed on the matter.

    The project, Purva Windermere, is coming up on a 54-acre land parcel along Chennai's Old Mahabalipuram Road. Financial investors, more specifically private equity firms, have increasingly opted for debt financing through their NBFCs or structured equity deals in real estate investments. This insulates them from execution, marketing and demand-supply risks.


    Source:
    The original article
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  • Well I always knew that Windermere was in financial stress , which was evident from the stagnant pricing and Cash back on Booking amount offer. Why wud anyone ask us to pay 4 L now and return later, unless in dire need of money.

    Well this article now confirms my stand of staying away from this project! becos Puravankara always manages to get into trouble and then hurriedly finishes off with raw finishing and incomplete amneties.
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  • The funding from Wall Street's most profitable bank is in the form of senior debt to a special purpose vehicle executing the project, with an assured return of 18%. The deal was completed in recent weeks.


    Nice find, VP.

    Purva guys have gone crazy, instead of going for 18% loans, why not price the project low and get the inventory out.

    Borrowing at such rates, means they have to shell out 2-3 years of interest, which could be 40-60%.

    They could have raised 375C easily by selling 500 apts at 25-30% below market cost and raised enough money. Sell it at 2.9-3K instead of 3.9K, they will get 1000 bookings in 6 months. Builders would rather lose money than give discount to customers and get rid of inventory.

    Height of ridiculousness.
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  • Originally Posted by k11
    Nice find, VP.

    Purva guys have gone crazy, instead of going for 18% loans, why not price the project low and get the inventory out.

    Builders would rather lose money than give discount to customers and get rid of inventory.

    Height of ridiculousness.


    Well said. Its like our old thot of "Kadan vangi Peela kaattu". If they sell at lower rates, they feel they will lose respect in RE due to distress sale. Reputation and all that crap! Like the Royal families with empty treasure box :)

    The rich taking loan, defaulting on it, fighting cases, paying penalty and legal fees seems to be the way of life of the rich people.

    If only the builders wooed the buyers and not the Govt/Banks/Agents, they would rake in the required moolah and wud have been high on goodwill.

    Ironical that Customer Service and Customer happiness is worst in India in every line of business, where as that's what they study/ teach /train/ print for their whole life.
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