Hi,

I had recently visited Marg's site in Seekinankuppam which is nearly 70 kms from their office at OMR. The place looks good; clean air; open and unpolluted environment; close to the sea face however, the distance from the city is the main concern here. The Marg reps claim the need for going out as minimal after the whole township which will contain everyting from grocery stores to hospitals; is built. The price(10 lacs for a 1bhk) looks mouth-watering but at the same time I'm also doubtful about the appreciation of the land value solely attributing to it's distance from the city. They also said that the MRTS is eventually gonna expand to that neighborhood which clearly is a marketing gimmick.
What would you guys suggest me to do? Go for it or pass?

Thanx,

ne0sphere
Read more
Reply
90 Replies
Sort by :Filter by :
  • Congrats!

    Originally Posted by he2007
    i just received my first assured rental cheque from marg. been a long time 4 and half years but at least at the end the product is good and delivering some returns

    Good! 4 1/2 years is too long ofcourse, but a silver lining indeed at the end.Did you furnish the apt., I mean woodwork etc...?
    CommentQuote
  • arecekay,

    The rental was without any work whatsoever. they just took it . i understand that they are likely to give it for the fashion students of limkokwing univeristy which is to open a branch from this academic session.
    CommentQuote
  • hi

    Originally Posted by he2007
    arecekay,

    The rental was without any work whatsoever. they just took it . i understand that they are likely to give it for the fashion students of limkokwing univeristy which is to open a branch from this academic session.


    I presume that the rental value of Rs.7000 was the amount assured when you opted for that scheme.When we raised the matter of furnished or unfurnished apt. for rent, while making the deal, the marketing person said that a furnished apt would fetch more value.

    And sorry for being inquisitive, when did you actually made the final payment?
    CommentQuote
  • I had given my final payment of 10 % in jun 2012 and rental started wef oct 12.
    have you also booked a flat there.
    CommentQuote
  • Originally Posted by he2007
    I had given my final payment of 10 % in jun 2012 and rental started wef oct 12.
    have you also booked a flat there.

    Yes, have booked one in N block and have made 4 instalments, the apts which they have said that would be ready by June this year.....!
    CommentQuote
  • utsav or maha utsav ? have been there lately to see the developments ? any other news on swarnabhoomi?
    CommentQuote
  • Hi

    It is 'utsav' which we booked in April, 2011.After the booking fee and the first slab payment, there was a very long gap when they didn't ask for money at all.Now there has been 3 quick consecutive payment requests, and we wanted to go and see the development, which has been going on to our satisfaction.There has a vast improvement from our last visit some 4 months back to now.

    We also had to buy snacks for a child accompanying us, so the person who escorted us to the site, also took us to the complex, may be phase 1 where the apts had been handed over, which had a shop too.It was a good feeling to see a few people sitting casually huddled over a laptop outside the apt.It was a welcome scene, a sense of normal life, after seeing only cement, sand etc and construction work everywhere.

    We also came to know that there is power cut for 6 hours, but they have their own back up.
    CommentQuote
  • I have booked a 2 bedroom flat in navratna PII in october 2010 and flat was handover in Jan 2012. I have took the homeloan from hdfc and started paying emi. from Jan 2011. The guy who do the sale to us, left Marg within two months, and he played game, assured us that he will arrange to include in assured rental, but later, i was informed by other people in customer service that i was not included. Ihave tried much to include in rental scheme, but failed. My flat was vacant for last one year.

    Now i have second thought ,that i can sell this even for lesser price and get the worthy one in city
    CommentQuote
  • Hello

    "I have booked a 2 bedroom flat in navratna PII in october 2010 and flat was handover in Jan 2012. I have took the homeloan from hdfc and started paying emi. from Jan 2011. The guy who do the sale to us, left Marg within two months, and he played game, assured us that he will arrange to include in assured rental, but later, i was informed by other people in customer service that i was not included. Ihave tried much to include in rental scheme, but failed. My flat was vacant for last one year.

    Now i have second thought ,that i can sell this even for lesser price and get the worthy one in city"


    Hello,sorry to hear that.It is really scary when you have to pay EMI but the investment is locked up.I am retired, so, I have not taken any loan, but pay from my own sources.
    We always interact with the marketing guys, at the initial stage, who leave the org.with the drop of a hat.Did you opt for rental scheme at the time of booking?If so, they don't have any reason to not to include.
    Yes, I have another customer, referred by one of the marketing guys,(who also has left marg:(), who has decided to pull out.We had taken their contact number, so that we could discuss and update each other.If you live in Chennai, you can take it up in their office in tharamani.
    Hello,sorry to hear that.It is really scary when you have to pay EMI but the investment is locked up.I am retired, so, I have not taken any loan, but pay from my own sources.
    We always interact with the marketing guys, at the initial stage, who leave the org.with the drop of a hat.Did you opt for rental scheme at the time of booking?If so, they don't have any reason to not to include.
    Yes, I have another customer, referred by one of the marketing guys,(who also has left marg:(), who has decided to pull out.We had taken their contact number, so that we could discuss and update each other.If you live in Chennai, you can take it up in their office in tharamani.
    Hello,sorry to hear that.It is really scary when you have to pay EMI but the investment is locked up.I am retired, so, I have not taken any loan, but pay from my own sources.
    We always interact with the marketing guys, at the initial stage, who leave the org.with the drop of a hat.Did you opt for rental scheme at the time of booking?If so, they don't have any reason to not to include.
    Yes, I have another customer, referred by one of the marketing guys,(who also has left marg:(), who has decided to pull out.We had taken their contact number, so that we could discuss and update each other.If you live in Chennai, you can take it up in their office in tharamani.
    CommentQuote
  • I am in not living in chennai, it was referred by our relatives who bought there. Same marketing guy who did for them, also made for us. They are included in the assured rental, and for me, the guy informed that he will do it. After, he left the company. My father was the one did the site visit and all discussions. Even we have visited their office in OMR and discussed with many guys, all of them telling iam not in rental scheme, but we can give reference. What i realize after visit during this new year, many flats are vacant and few tenenats and few the owners itself , staying there. I feel that they are misusing the flats also. We have seen somebody have used the flats for few months. Strange!!!!

    These things...make more panic and to get second opt. If someone knows from the start, have noticed, they have cancelled many projects inside. This is not as a successful, what marg thought.
    CommentQuote
  • For one thing, we interact with the marketing guys initially, till the booking, and then on-ward only the customer care people should be assisting us.As for as we are concerned, one Mr.Magesh was with us during booking and a little afterwards, when he left he had already given another contact no. who briefed us about happenings there.Once during a site visit he also was on leave so, one Mr.Jagadeesh helped us, and for the past 6 months or so, he is the one whom we contact.This time when we were there for the latest site visit, we met one Mr.Hari, , who seems to be well informed.

    I don't know actually what happened in your case, but if you can Pm your booking details we can enquire, or I can send you the contact numbers.
    CommentQuote
  • IT IS TRUE THAT SOME PROJECTS ESPECIALLY RESIDENTAIL HAVE BEEN KEPT AT SLOW MODE. I HAVE BEEN WATCHING MARG SWARNABHOOMI SINCE INCESPTION IN 2008. CONSIDERING THE DISTANCE AND THE BUILDING OF THE MINI CITY WHICH IS A MASSIVE TASK I THINK THEY HAVE DONE WELL. FOR 1500 PER SQ FT YOU WILL NOT GET SIMILAR CONSTRUCTION ANY WHERE IN CHENNAI EVEN FOR 3000 PER SQ FT. THEY ARE TRYIN A LOT OF THINGS BUT UNFORTUNATELY DUE TO GLOBAL SCENARIO THEY HAVE NOT BEEN FULLY SUCESSFUL. THEY HAD TIED UP WITH VIRGINA TECH OF USA BUT DUE TO GOVT POLICIES THEY HAVE NOT BEEN ABLE TO START DESPITE CHAIRMAN MARG VISIT TO USA WITH KAPIL SIBAL. THIER MD RECENTLY WENT TO AUSTRALIA FOR DISCUSSIONS. THINGS WILL DEFINITELY GET BETTER FOR MARG SWARNABHOOMI

    they ARE PRESENTLY LEAVING THE HOUSE ON RENT TO MUSIC AND ARCHITECTURE COLLEGE STUDENTS FOR 3 MONTH TO SIX MONTHS AND HENCE ONE MAY FIND A DIFFERENT SET OF PEOPLE IN THE SAME HOUSE AFTER SOME MONTHS. NOTHING TO WORRY
    CommentQuote
  • Be care ful of ICICI , HDFC and AXIs BANKS. tHEY GIVE EASY LOANS BUT AT THE LONG RUN THE CHARGES ARE EXPLOITATIVE. MANY BUILDERS HAVE TIE UP WITH THESE BANKS AS THEY GIVE GOOD COMMISSION TO BUILDER RS AND RECOVER THE HEFTY COMMISSION FROM THE CUSTOMER IN THE LONG RUN. SBI IS THE BEST AND CHEAPEST
    CommentQuote
  • Originally Posted by he2007
    Be care ful of ICICI , HDFC and AXIs BANKS. tHEY GIVE EASY LOANS BUT AT THE LONG RUN THE CHARGES ARE EXPLOITATIVE. MANY BUILDERS HAVE TIE UP WITH THESE BANKS AS THEY GIVE GOOD COMMISSION TO BUILDER RS AND RECOVER THE HEFTY COMMISSION FROM THE CUSTOMER IN THE LONG RUN. SBI IS THE BEST AND CHEAPEST


    Even SBI offers commission to builders, the commission is probably smaller than Private banks.

    Please don't write everything in capital letters, it's similar to shouting to the person next to you.
    CommentQuote
  • well said he2007, and redblue.This is an unfortunate situation i.e. construction stalled, and recovery of the loan commencing, which can happen with any builder or to the buyer.HDFC cannot be compared with the other private multinational banks, but the interest rates are high, I agree.
    CommentQuote