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Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

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Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

Last updated: June 16 2016
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  • #31

    #31

    Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

    For big ongoing townships in several phases, Deed of Indemnity with all statutory charges variation clause is a must and it is being practiced by Hira and Olympia . We all signed at the time of possession but here before Regn.

    Exact VAT and Service Tax will be known only when the project is completed ,Returns filed and clearance is obtained by splitting Total materials cost and Labour ans service costs though they collect now on Adhoc basis either on 60:40 basis or at 10% on total cost based on the declaration given to local TN Govt for VAT and Central Excise for ST. Some builders charge 3 and 1% for standalone projects where value of materials and labours are prefixed based on Total project cost and some charge NIL by adding in base rate to avoid the confusion .


    Originally posted by freaky123 View Post
    Hello All,

    I had booked an 2BHK apt in Sapphire-I, My UDS registration is going to happen next week. But before that I had been asked to Sign up the Deed of Indemnity in order to increase the service tax, as well as, I had to register the General Power of Attorney in the name of Olympia for the period of next 10 years, like a no objection, with respect to TNEB, Panchayat, etc., so that they can construct a next phase of development.|

    The following are the mail content:

    "This is a standard document which we are providing to all.

    The Deed of Indemnity is for covering the SERVICE TAX and the Infrastructure & Amenities Charges which have been increased.

    The power of attorney is to ensure that when the phase II construction starts we can co ordinate with DTCP, TNEB, CRZ authorities, local panchayat etc. also on a need be basis co ordinate with TNEB enhance power requirement for the project, to co ordinate with DTCP for the master plan approvals etc. The power of attorney is for this purpose only."

    Please let me know is this the common practice, they are following or is it newly introduced. Also what are the practices in other OMR builders.

    They didnt tell me this while booking the flat.

    Share your inputs pls.
    Last edited October 8 2012, 06:38 AM.

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    • #32

      #32

      Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

      Can someone please tell me what happened to the protests that were planned in Feb 2012. I am planning to buy an apartment on resale, from Olympia. but I do not have in information about the builders. Does any one know about the construction quality?

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      • #33

        #33

        Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

        Please do not spam every thread.

        Originally posted by sakheee3
        "Hello Karthick,

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        • #34

          #34

          Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

          Any developments regarding Olympia Opaline? Are investors safe?

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          • #35

            #35

            Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

            Originally posted by radnats View Post
            Any developments regarding Olympia Opaline? Are investors safe?
            Why would investors not be safe.

            Olympia township is like any other in OMR.

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            • #36

              #36

              Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

              Opaline is executed by Khivraj Automobiles Management and they have got more acumen, money power and deliverable quality in all fields

              Nothing is to be feared in and questioned .

              Originally posted by k11 View Post
              Why would investors not be safe.

              Olympia township is like any other in OMR.

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              • #37

                #37

                Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

                This is news to us. A new builder to complete that Project?

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                • #38

                  #38

                  Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

                  nope...Project owned by Olympia...Owned by Khivraj group...
                  construction executed by CCCL ...
                  Experience in construction industry for more than 20 years. Chennai based... Notable govt projects in Chennai are Chennai Metro, Airport and the BSNL office (the recent building behind the new building) on greams road
                  CCCl are renowned for their superior quality and sticking to specs...

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                  • #39

                    #39

                    Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

                    Hello Rednats

                    This is not NEW to us in fact though it is NEWS to many . They built Olympia IT parks before entering into Reality and expanded to Olympia Honda from Khivraj too and roped in Singapore Architects and Good Civil sub contractors like all builders to build High rise towers.

                    They entered into Premium Spec Skyline too .A trip to this model flat will throw more lights than seeing from outside

                    Originally posted by radnats View Post
                    This is news to us. A new builder to complete that Project?

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                    • #40

                      #40

                      Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

                      Opaline is the worst investment you can make

                      Based on the reputation and marketing promise, I booked a flat in opaline and it is already delayed by 2 years and the worst part is this might take another 1 year to complete. Their sales team is full of liars and this team do not have the ability or commitment to execute this project.
                      They have invested a lot in club house to attract customers, but the construction for completed blocks is below par.

                      Never make the mistake of investing in their phase 2 or new project 'Olympia Grande' in Pallavaram.

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