Hi I am looking out for pointers for getting a flat in Golden Opulence by Golden Homes in Chennai. I couldn't find any forum or thread pertaining to Golden Homes Chennai (Golden Opulence). Any one have any idea? Credibility of builders, Cost, Construction Quality, etc?

From the builder website: Golden Homes Private Limited is widely recognized for its pioneering role as a residential developer / builders in Chennai having set new standards in the housing and urban development scenario, promoting flats in Chennai and providing world class amenities and infrastructure in its projects. Golden Opulence, the new jewel in the crown of Chennai s strategically located on Poonamallee High Road, Chennai (Bangalore Highway), a mere 10-minute drive from Koyambedu flyover.

Golden Opulence, offered to you at a reasonable price, comes with best-in-class amenities and a lavish Victorian styled club house complete with banquet halls, swimming pool, gym, sauna, Jacuzzi, and various sporting amenities.

30 mins drive to the Airport
3 mins drive to Schools
3 mins drive to Colleges
3 mins drive to Universities
2 mins drive to Hospitals
5 mins drive to Theme Parks
5 mins drive to Entertainment
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  • I decided to buy a flat in Golden Opulence in poonamalle. Any discussions or pointers are welcome in this thread.
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  • Golden Opulence

    Hi,
    We checked it out last week and we liked the location. Model house is good but it is usually flashy in all places and we should settle with probably 70% of that finishing.
    Here are my few cents..

    Pros:
    1. Location is very good. Right on the Highway.. Price is good value for middle/upper middle class considering that there is no way we can afford a place in the city..
    2. Good access to all IT locations like GST(through bypass),OMR(through Mt Poonamalle highway), thought I haven't checked out the roads myself.
    3. Lots of colleges nearby (might be easier to rent it out in case you dont plan to move there)
    4. A few schools nearby.. though not very close. CPS is around 5 Kms away(though the builders claim it is just 2 Kms). St Johns is near but it is Matric, Schram Academy is 3 or 4 kms away.
    5. Lots of temples in a few mins drive. A fact for which my parents loved this place..
    6. Malls are being planned in and around the area.
    7. They have done many successful projects in and around the city and many real estate followers have vouched for the builders.

    Cons:
    1. Handover is only in Mid 2015.
    2. A bulk of payment (around 60%) is within 90 days of booking.. which means you sweat(or should I say bleed :)) out the EMIs for more than 2 years before you start getting possession or rent. (But I agree with the builders honest admittance that the projects need to be funded by the consumers itself to make sure there is no delay)
    3. Maintenance is way too high.. 3.5 Rs per Sq Feet.. but it will be worth if they deliver all amenities they promise which will surely take more time.
    4. Builders maintain it for only 1 year (some view it as Pro though)
    5. A big community like this (815 units) will take a little more time to iron out issues and settle in..
    6. Builders claim they already have 300+ units sold out but a long way to go before thay can start the construction full swing..


    But in all probability me and my bro might actually settle for this.. Please share any other useful info or insights into this projects that could make or break the deal..

    Cheers Bala..
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  • Thank you Bala. I agree with your comments! Exactly my thoughts too. Going to settle for this too. Any take on the Water facility? And probably we need to see if maintenance can be reduced but thats a long way ahead.

    And I also expecting some delays in construction because most of the customers will not be on time in their payments (Now I agree that we have to bleed ourselves out for that!)

    And I was informed that any delay in project will be compensated by rental amount (part of). So I have asked my Parents/In-Laws to go through the agreements. We have to spend some time to read through the agreements in their office).
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  • Thanks for your comments.

    Water level seems to be good in those area but need to confirm with some credible source.

    Good point on the delay in handover clause. I will also check with the builder and let you know.

    Cheers
    Bala
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  • Thanks Bala. We decided that we will be booking a flat by this Sunday. And I have the agreement read by a knowledgeable person. Will let you know if we find something interesting.

    Also most of the builders who haven't started the constructions are asking at least 50% in first three months. So I guess its for all builders. It is going to be difficult but lets see.

    Have you decided to buy a flat there or still browsing through your thoughts?
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  • Hi Bala,

    Myself and my Bro booked the apartment today(Suday). we went for 2 BHK apartments in Tower1 and Tower6. I stayed with the lower floors to avoid floor raising charges. The agreement would take a couple of days I beleive. Will give it a close look also. If you happen to get an expert take a look and notice any important point kindly raise the same and I will check with the builder from my side also.

    All the very best and hope our investments turn fruitful.

    Wishing merry Christmas and happy New year to everyone who bump into this thread!!

    Cheers
    Bala
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  • Originally Posted by kbbala
    Hi Bala,
    Myself and my Bro booked the apartment today(Suday). we went for 2 BHK apartments in Tower1 and Tower6. I stayed with the lower floors to avoid floor raising charges. The agreement would take a couple of days I beleive. Will give it a close look also. If you happen to get an expert take a look and notice any important point kindly raise the same and I will check with the builder from my side also.
    All the very best and hope our investments turn fruitful.
    Wishing merry Christmas and happy New year to everyone who bump into this thread!!

    Cheers
    Bala

    Hi Bala
    Can you advise bsp and total amount for 2bhk?
    thanks
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  • Hi Dhanam,
    The 2BHKs are available in different sizes(minor differences in sizes though). On an average they are around 1100 Sq Feet. 20% is common area, so carpet area is around 880 Sq Feet. So, BSP is around 43L (at 3899 per Sq feet) rate. According to them, this rate is only until Dec 25 as a festival discount and the price is going to be 3999 after that. On top of that there is around 5-6 Lakhs for Infrastructure fee, Car Parking, Documentation charges, other misc like EB, Generator cost etc.. (sorry, I don't have the exact break up in hand right now)
    So with Taxes and Registration cost, you are looking for a 52-53 L for a 2BHK.
    This cost is only until 4th floor with no corner flat or road facing charges.
    If you take a corner flat you will pay 200 Sq Feet extra
    For Road facing you will pay 250 Per Sq feet extra
    From 5th floor you will pay Rs 25 for each floor you go up.
    So, you could do the Math.
    According to the builders, Out of 815 units, I think around 330-340 are sold out. I had a tough time get my preferred apartment in Tower1 and Tower6 but settled with one that has no extra cost for road facing blah blah..
    All the Best in your hunt! Please let me know if you have any more queries.

    Cheers
    Bala
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  • I am booking today in tower 1 too. Hope we will get more users for this thread so that we shall keep interacting.
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  • Congratulations Bala! Once you get your agreement copy, Please have a good look at the clauses and share any expert opinions on the same. Good luck.
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  • Originally Posted by kbbala
    Hi Dhanam,
    The 2BHKs are available in different sizes(minor differences in sizes though). On an average they are around 1100 Sq Feet. 20% is common area, so carpet area is around 880 Sq Feet. So, BSP is around 43L (at 3899 per Sq feet) rate. According to them, this rate is only until Dec 25 as a festival discount and the price is going to be 3999 after that. On top of that there is around 5-6 Lakhs for Infrastructure fee, Car Parking, Documentation charges, other misc like EB, Generator cost etc.. (sorry, I don't have the exact break up in hand right now)
    So with Taxes and Registration cost, you are looking for a 52-53 L for a 2BHK.
    This cost is only until 4th floor with no corner flat or road facing charges.
    If you take a corner flat you will pay 200 Sq Feet extra
    For Road facing you will pay 250 Per Sq feet extra
    From 5th floor you will pay Rs 25 for each floor you go up.
    So, you could do the Math.
    According to the builders, Out of 815 units, I think around 330-340 are sold out. I had a tough time get my preferred apartment in Tower1 and Tower6 but settled with one that has no extra cost for road facing blah blah..
    All the Best in your hunt! Please let me know if you have any more queries.

    Cheers
    Bala

    Thank you very much Bala. Is there any discounts being offered?
    thanks.
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  • Hi Dhanam,

    The only discount they are offering is Rs. 100 per sq feet until Dec 25.(Christmas offer) - 3899 per sq feet.

    After Dec 25, the baseprice is 3999 per sq ft. By Jan 2nd week they said, they are thinking to raise it to 4200(though this is just an unofficial update)

    One more discount is, in tower 7 where they have the smaller flat(690 sq feet etc..) they are waiving floor raising charges. This too is valid only till Dec 25 I beleive.

    Unlike certain projects where the builders offer freebees like Modular kitchen, wood work etc.. Golden homes seem to have no flexibility which you can view as pro or a con. The free bees usually doesn't come with good quality.

    Cheers

    Bala
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  • thanks Bala got it.
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  • @nbalan: Just checking if you booked the apartment in Opulence? If yes, which tower and did you get to read the Rental agreement yet?

    Thanks
    Bala
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  • Hi Bala,

    Yes I booked an apartment in Tower 1. Before booking my Father read the agreement and felt it is fine (I didnt ask about the details though). But I didnt see anything like Rental Agreement (I was told that there will be rental reimbursement to some extent if they didnt finish it on time). I will check on the Rental Agreement you were asking and will reply you back.

    Currently I am not in India and all deals are done by my Parents and In Laws. But they are pretty knowledgeable and have good experience in such stuffs. Let me know if you have any more questions or things to share.

    I am planning to get loan from SBI (max gain). Which bank you are getting the loan from?
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