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SSM Nagar SSM Builders Perungalathur Chennai

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SSM Nagar SSM Builders Perungalathur Chennai

Last updated: March 15 2019
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  • #31

    #31

    Re : SSM Nagar SSM Builders Perungalathur Chennai

    Yes, they are the one who offered for choice of investor or flat if you pay 50% beforehand. This offer does not look good to me considering the locking time involved in construction of 3000+ Apts.

    Sorry, could not get your comments. You mean to say this will be profitable for those who want to take risk?

    Originally posted by SRajagopalan View Post
    Is this the builder that gives the DOUBLE the money offer , who also runs a school in chrompet ?
    I think know this deal some of my friends have put 15 lakhs double money offer, they are local and their collateral is the land he has
    Really funny stuff, these are ultimate risk takers but they are not IT they are pakka local fellows , so they are sure to get their money out

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    • #32

      #32

      Re : SSM Nagar SSM Builders Perungalathur Chennai

      Originally posted by thums123 View Post
      Yes, they are the one who offered for choice of investor or flat if you pay 50% beforehand. This offer does not look good to me considering the locking time involved in construction of 3000+ Apts.

      Sorry, could not get your comments. You mean to say this will be profitable for those who want to take risk?
      I *** think that way,
      But my friends do as they are saying the lockin period is only 3 years max not more that
      When a builder is that desperate for financing it smells trouble but like any ponzi scheme if you get in and get out early it would benefit
      Remember in the 90s there was this scheme called Arulthevathai where if you give money they will give you goods double the value in 15 days, yes pure ponzi yet made money if you are in the first phase where they build trust, every one knows this SSM scheme is trouble yet i know people who have booked 3-4 flats by one person.
      Last edited February 18 2013, 05:39 PM.

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      • #33

        #33

        Re : SSM Nagar SSM Builders Perungalathur Chennai

        This ponzi is poised to collapse early, much earlier even for the early birds to make money.

        Comment

        • #34

          #34

          Re : SSM Nagar SSM Builders Perungalathur Chennai

          Note caution

          Originally posted by IdleInvest View Post
          This ponzi is poised to collapse early, much earlier even for the early birds to make money.
          All
          Im not endorsing this scheme by any means, Im just saying Buyer beware there are some friends in my circle who have done this but im not suggesting this is an ideal investment
          Please don't read between the lines as such
          /S

          Comment

          • #35

            #35

            Re : SSM Nagar SSM Builders Perungalathur Chennai

            SSM in trouble?

            I was reading an thread on another website and they are indicating that school management might have taken a wrong decision to go with this project (even through SSM claims that all are sold out, which is not true) since they lost the focus on school which is kind of created some issues in internal school issues.

            Hopefully things would go well.

            If anyone of you have gotten an update on this, please share

            Thanks

            Comment

            • #36

              #36

              Re : SSM Nagar SSM Builders Perungalathur Chennai

              hi skumars25, if u can give the link where they mentioned about SSM in trouble, it will help fellow boarders to take some decision.
              BTW, would like to share my 1st hand ground analysis to fellow boarders who are interested in this project. I had visited the site recently few times and did a detailed discussion with local folks including the ones who sold the parcel of the land to SSM. Approx. the rate in which SSM bought the land was around 2.5 lakhs per cent. they seemed to have acquired more than 100 acres (not sure of this exact number). i also did a site visit to the newly launched projected by TVS. With no big amenities (importantly no school and bit further from GST compared to SSM), the pre launch price quoted by TVS was 3450 and on the 3rd day when the unofficial news came out of TVS property, they already got more than 70 bookings. The post launch price TVS will be quoting around 3650 (based on TVS Marketing mgr). With land rates and material rates, he said, no body can afford less than that. i was literally taken aback when i heard 70 bookings in 3 days!!
              coming back to SSM, this project will work out more for folks who put their kids in their perungalathur school. they will get direct 24k reduction in school transport and if they have 2 kids, it will be 48k per annum of savings (current price). thats benefit #1.
              benefit #2: layouts which are close to wider roads get good appreciation over longer period of time. so, this one on the 150 feet road will get capital appreciation. the 150 feet road will take some time to materialize, but it is very much in the works. refer: http://www.cmdachennai.gov.in/Volume...4_MP_Maps5.pdf. i had personally felt that i missed opportunities when velachery bye-pass was getting built. now think about the prices in that area.
              other points
              1. heard that BoI had sanctioned 100 crores for this project (un-authenticated.. based on the what i heard from the person who sold plot to SSM). + SSM got more than 200 crores from the initial investors (50% discount scheme).
              2. the trust SSM has built over 25 yrs is at stake. i dont think he will lose that, unless otherwise some politicians wanted to do some interference (say, Hellbent to get this failed)!
              3. few key risks: time over run, cost overrun; getting into financial mess (i think the initial funding is taken care, but the running expenses have to be accounted), lack of expertise in building a project of this huge scale.
              4. folks who live in and around tambaram, perungalathur for quite some time will appreciate this locality better.
              5. with GKM eng college functioning and if promised SSM hospital starts, the rental returns shouldnt be a concern.
              if folks feel the above risks are covered and their wards are in ssm perungalathur school and most importantly, if they are convinced in the SSM promoters way of life, they will go for this (thats probably one of the key reasons why lot of people flocked to their discount scheme).
              feel free to let me know if any one have any questions on the same.

              Comment

              • #37

                #37

                Re : SSM Nagar SSM Builders Perungalathur Chennai

                Originally posted by srikanthts View Post
                hi skumars25, if u can give the link where they mentioned about SSM in trouble, it will help fellow boarders to take some decision.
                BTW, would like to share my 1st hand ground analysis to fellow boarders who are interested in this project. I had visited the site recently few times and did a detailed discussion with local folks including the ones who sold the parcel of the land to SSM. Approx. the rate in which SSM bought the land was around 2.5 lakhs per cent. they seemed to have acquired more than 100 acres (not sure of this exact number). i also did a site visit to the newly launched projected by TVS. With no big amenities (importantly no school and bit further from GST compared to SSM), the pre launch price quoted by TVS was 3450 and on the 3rd day when the unofficial news came out of TVS property, they already got more than 70 bookings. The post launch price TVS will be quoting around 3650 (based on TVS Marketing mgr). With land rates and material rates, he said, no body can afford less than that. i was literally taken aback when i heard 70 bookings in 3 days!!
                coming back to SSM, this project will work out more for folks who put their kids in their perungalathur school. they will get direct 24k reduction in school transport and if they have 2 kids, it will be 48k per annum of savings (current price). thats benefit #1.
                benefit #2: layouts which are close to wider roads get good appreciation over longer period of time. so, this one on the 150 feet road will get capital appreciation. the 150 feet road will take some time to materialize, but it is very much in the works. refer: http://www.cmdachennai.gov.in/Volume...4_MP_Maps5.pdf. i had personally felt that i missed opportunities when velachery bye-pass was getting built. now think about the prices in that area.
                other points
                1. heard that BoI had sanctioned 100 crores for this project (un-authenticated.. based on the what i heard from the person who sold plot to SSM). + SSM got more than 200 crores from the initial investors (50% discount scheme).
                2. the trust SSM has built over 25 yrs is at stake. i dont think he will lose that, unless otherwise some politicians wanted to do some interference (say, Hellbent to get this failed)!
                3. few key risks: time over run, cost overrun; getting into financial mess (i think the initial funding is taken care, but the running expenses have to be accounted), lack of expertise in building a project of this huge scale.
                4. folks who live in and around tambaram, perungalathur for quite some time will appreciate this locality better.
                5. with GKM eng college functioning and if promised SSM hospital starts, the rental returns shouldnt be a concern.
                if folks feel the above risks are covered and their wards are in ssm perungalathur school and most importantly, if they are convinced in the SSM promoters way of life, they will go for this (thats probably one of the key reasons why lot of people flocked to their discount scheme).
                feel free to let me know if any one have any questions on the same.
                Srikanth good analysis, the 200C that they raised from internal investors is OVER LEVERAGED are you aware of the interest cost for the 200C ,
                If the market or sales stagnates for 3 months would you know what the impact on the project is ?
                also the project is plagued with approval delays,
                Airforce NOC has been an issue and still is an issue for the high raise
                IMO this project for a builder to successfully deliver with ALL the TEXT BOOK mis steps of what an enterprise should not do has been done.
                the only hope is the land they own and the value it holds
                But when the leverage is accruing interest at a higher pace than the value appreciation of the land or the sales cashflow offset of the interest this is going to be in deep trouble
                Im not going to be shy i dont have a good feel on this project
                For a FIRST TIME developer / builder this is too big to succeed

                Comment

                • #38

                  #38

                  Re : SSM Nagar SSM Builders Perungalathur Chennai

                  Thanks for your analysis!!

                  Mr. Rajagopalan,

                  Thanks for your analysis and yes, its pretty good & useful one for everyone.

                  Btw.. i am a regular visitor to that area (near SSM, mappedu road) to check plot availability and i am close to New Perungalathur.
                  if you are staying somewhere near to tambaram or perungalathur then we can create an network.

                  Some my cousin kids are studying in the chrompet school and the news is pretty much confirmed on what i have put on in my earlier reply
                  Update about SSM Builders, Perungulathur? 50% discount on price?! - Page 3 - IndusLadies

                  Still approval is not yet there and they may not have any issues with the funds part. As you rightly pointed out they are very new in this business model to build so many flats at a time but we also have to agree they have done a decent job in managing the school & old age home. This may give a positive one for them.

                  One the negative side,they might have over committed many things (in terms of amenities) to customers who booked the flat and not sure whether they can deliver and now with the approval delay the delivering in 2 years time line is already ruled out.

                  Comment

                  • #39

                    #39

                    Re : SSM Nagar SSM Builders Perungalathur Chennai

                    Thanks for the posts shared here.

                    However I am concerned that why SSM is not calling for the meeting of all the investors, and share us the current status of the project. We are not even informed via emails That's a sad part.

                    Last time when I had called them, I was told that they will definitely arrange a meeting in person once approval is attained.

                    Comment

                    • #40

                      #40

                      Re : SSM Nagar SSM Builders Perungalathur Chennai

                      Are they still providing the 50% offer? How many Flats are coming finally and how many have been booked?

                      Have they dropped the Villa plan?

                      Originally posted by vdladl View Post
                      Thanks for the posts shared here.

                      However I am concerned that why SSM is not calling for the meeting of all the investors, and share us the current status of the project. We are not even informed via emails That's a sad part.

                      Last time when I had called them, I was told that they will definitely arrange a meeting in person once approval is attained.

                      Comment

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