good builder



There is another good and decent builder Ru..... Bui.... in Tambaram-Selayur area. Timely delivery and good quality, but prices are a little high. Even at this downtrend, he has not reduced the rates?

ks2071746

A different experience from an well known builder

Hi,
This my experience with G*N builder based out of T.Nagar. I booked a 3BHK flat at the rate of 3950 psft in an upcoming project at sixth main road nanganallur. I paid advance in feb 2008 and also got the receipt.Since I was away from the country , couldn't do the sale agreement immediatley after my booking.
After 6 months i.e July 2008, the builder said that flat price is now increased to 4500 psft bcos of the costing issue with the land owner and forced me to agree or get the advance money back. I have been rigorously following up with the builder at regular intervals for registration of the flat since feb-march 2008 and I was always informed that the project is getting delayed because of the tenant clearance. Not once was I informed that there was a costing/price issue with the owner. Otherwise I would have pulled out from the project much earlier.
Since sale agreement /land registration didn't happen, I have no hold to pursue a legal battle . With lot of humiliation ,quit the deal. To my surprise , the very flat was sold within few days of my exit.
Even at the times of economic downturn and gloomy future, people are senti with particular area and pay any price for getting a flat. Genuine first time buyers like me are not able to judge the fair price and Even a reputed real estate co doesn't have basic business ethics.

NR

KS. I dont have a clean thumb rule for this number (carpet/superbuilt) in Chennai. I have no flats in Chennai and I always tell people to buy land or house. However in Bangalore the rule changes with builders. Your number of 75% is a good one. However if you go by the CMDA rules builders can always create a much bigger value for super built area than the FSI based value.
For example in the old system of 1.5FSI on a simple non multi storey building on a less than 10m road in Chennai. The builder can build 1.5FSI legally but this does not include Toilet for watchman, Landing, Lift etc etc. ANd the tank and other areas that u mentioned are not counted in FSI. Infact even a wardrobe jutting out of the building is not counted in FSI. So if I have land for 2800 sqft. With 1.5 FSI u can build only 4200sqft and many talk of 65% coverage and say that cant be achieved etc. That is not true. In reality on almost any reasonably squarish plot for example a 40x70 plot in above example a decent builder will without violation build 4200sqft of legally FSI property plus something like 500 to 800sqft of additional space like lift, staircase, tank, etc. How much of this will be part of your carpet area depends on the builder. Now when u go to Multi storey buildings which seems to be the hot topic on this board. There even in the old rule of 2.5FSI most builders from Appaswamy to Ceebros were building mighty well on 3.5 times ratio. Meaning if you bought 1000sqft flat you got only 1/3.5 of 1000 as undivided lan space. Today they must have increased this number since legal FSI has become 3.5.
Now your question is how much of 1000 is carpet area. That depends on how much of paraphernalia they built in. So the Swimming pool or Generator area will also get divided by the number of flats. So your guess of 75% is a good value. In Bangalore a good builder gave 90% in the 1995s, today it must be just 75% or lesser. In other words you seem to know the game well.

Incidentally in Bangalore I know of a flat where the superbuilt area registered is 1100sqft while the Katha (Patta in your language but that is the measure on which corporation collects tax even for Buildings in Bangalore) mentions superbuilt area as 1350sqft. This was because the builder was liberal in his first project and did not charge for a lot of area which essentially was common area.

carpet area vs saleable area.



Thanks natarajg007. How does the individual get benefitted with swimming pool, club etc. counted under the common area for which the chap pays with his hard earned money? Is it not the actual floor area excluding the wall , purposefully useful to the flat owner which he can fully make use of within his flat area for his own? Many of the buyers do not care to verify and check up the actual carpet area that will be available in the flat he buys/proposes to buy. Most people go by the saleable area indicated by the builders and compare with other builders on the total prices they have to shell out rather than the actual carpet area one will get in a particular flat.

ks2071746

See you can compare apples with apples and "madmen" with "wiseman" too sometimes...LOL.
What I meant is in Madras and Bangalore the comparison is Superbuilt area, in Singapore and Bombay it is carpet area and so on. Suppose carpet area is 900sqft and super built area is 1200sqft. If I charged in Madras at 3K psft then it will be 36L for the flat using 1200sqft. Now the same builder if using the carpet area logic like Bombay might charge 4Kpsft and make it the same 36L. So you got to compare the apples with apples. Ofcourse be careful with Pseudo Wiseman as they should be compared only with Madmen. Cheers.

Maybe it shows that NRIs have no idea of CHennai realestate and they are assuming that if Bush caughs, Madrasis will get cold! LOL!

carpet vs super built up area



Dear natarajg007, I am afraid, you have not caught me right. What I meant is that in Chennai, builders sell in terms of super built up area. For example, say in a specific area, one builder X offers at Rs. 3000/sq.ft a flat with super built up of 1300 sq. ft. with the ratio of carpet to superbuilt up of 68% , it means the buyer gets an actual carpet area of 1300 x 0.68 = 884 sq. ft at a total basic price of Rs. 1300 x 3000= Rs. 39 lakhs. Where as, if builder Y sells at the same rate of Rs. 3000/sq.ft same super built up area of 1300 sq. ft. , but with the ratio of carpet area to super built up of, say 75%, the buyer gets a carpet area of, 1300 x 0.75= 975 sq. ft. for the same basic price of Rs. 39 lakhs. That is, in terms of usable actual floor area- carpet area, the buyer gets 10% higher area. It also means, the saleable sq. ft. area on the basis of carpet area should be less by about 10%. Hence it is better to check up the carpet area one will actually get/end up for comparison rather than on the basis of super built up area. In a nut shell, one should not go on comparing the superbuilt up area alone but consider the carpet area also. Sorry for this long explanatory message, but found it necessary for members to appreciate the necessity for the right and fair way of comparison for their hard earned money being put in flat.

However, I don't think it is fair on your part to pull wiseman into this.

Dear wiseman, Please do offer your valued/expert opinion on the subject of carpet vs super built up area comparison for the selection of flat.

ks2071746

Different perspective

Hi got an interesting thought fm another post


Venkat...

Builders honored their committment in the past as there were enough buyers and they wanted to finish projects fast and make their money. Now they themselves are not getting enough money from lenders to complete their projects and buyers have reduced by 70%.

I've seen the same situation in US. Builders committed and then took for ever to complete.

Maybe buyers should put a clause for delivery and charge the builder Rs.10,000 per day as late delivery charge. Trust me, no builder will sign it as they know they can never honor what they are saying. If they truly believe they will complete it in time, have them sign the delivery clause.


Can some one do this

Well, your proposal wont work in India. Even if he promises one lac and he does not deliver and you go to court, do you know when the court will deliver any verdict?
In India rules are written to be NOT FOLLOWED.

Thought

The thought process is to check their confidence or false confidence.

I appreciate your thinking but well all builders give you a default clause in their contracts. I dont think anyone of them EVER follows it. Quite a few who stick to time do very well in life. Total Environment in Bangalore, Ceebros in Madras are examples. Again I dont know if Total Env is keeping schedules nowadays and as for Ceebros I have no idea!