No exclusive thread for Hiranandani Upscale OMR project. Thought of creating one so that we can follow the developments, Rental yields, Issues and other topics.

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  • On the question of whether existing buyers are losing out on some of the new towers, here is the quick comparison:
    Investor option was started on amalfi about 3 months back. One of the main objectives of this scheme was to push the sales of 2325 size 3 bhk options in Amalfi which was not moving. 3 months back, plenty of options were available in both flat 1 & 2 (partial sea facing) from 10th floor all the way to 32nd floor. 3 weeks back when i was at their office, flat 2 on higher floors were blocked (not booked) and flat 1 which will have narrow sea view was available up to 25 th floor. They claim it is closed now but If you have a cheque in hand and negotiate, you might get in the higher floors.

    Amalfi
    Those who booked earlier 2325 sqft flat assume on 25th floor:
    base price - 5750 rs/sqft
    escalation cost - 300 rs/sqft (all buyers were made to pay this irrespective of when you have booked or agreed to their escalation charges)
    floor rise charge - 1000 rs/sqft (45 rs/floor) for 25th floor
    No additional car park cost
    imported specs
    Total base cost - 7050 rs/sqft (excludes amentiies, regn, tax etc.,)

    Investor option (std specs) – no floor rise charge:
    base price -5200 rs/sqt
    escalation cost - 300 rs/sqft
    car park cost -430 rs/sqft (10 l for 2 car park)
    upgarding cost assumed - 430 rs/sqft (assuming 10l)
    Total base cost - 6360 rs/sqft (excludes amenities, regn, tax etc., which is a long fat list similar to Kamal’s MMKR oru kilo + 2 kilo….)

    Ppl who have booked 1 or 2 yrs back are losing ~15-20L if they have booked on 15+floors. This is on top of their 30% initial deposit sitting safely in hira’s bank account with no real progress on the ground for the last 1-2 years.
    Active ppl on this thread were giving regular updates on price increase. Now there is drop dead silence on this as expected when things are at stand still with no price rise for the last 1.5-2 years (rather it is going downwards). Please note Hira is no longer providing the option to upgrade on amalfi. If needed, you have to do it on your own after handover.
    I hope you are aware of the other additional charges and current maintenance charges that go with this. They charge 2000 rs/month for full use of club house (note even after paying this, the clubhouse is not exclusive for the community and open for public use by paying the monthly charges) and 3.75 rs/sqft as maintenance for Amalfi. Maintenance charges alone come to ~11000 rs/month for a 2325 sqft flat. This needs to be taking in to account if you are looking at it from an investment perspective. Your potential tenants will be limited to corporate houses and upper management given the high maintenance charges, choices people have along this corridor at present and even more in the future. Also note is there is no penalty if hira doesn’t deliver on time as committed which is ridiculous when they charge escalation charges. Amalfi is already delayed by more than 1-1.5 years.
    One thing which was very clear based on my discussions with their team is that things are stagnant and simply not moving. They r trying very hard to push sales. I spent good amount of time in my last trip and their marketing team was kind enough to take me through different towers at different floor levels for view and finish, club house facilities etc.,but if you ask them anything technical, they don’t have a clue. As of today,I think top floors on oceanic has got good views of back waters and beautiful blue sea from a distance. At the current price levels, this project is best suited if your work is based in OMR and for end use only. They admitted that the rentals are not going thru as expected and lot of aprts in phase 1 are still vacant. Best thing would be to go thru resale route.
    juz my 2 cents...
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  • Hira is life style community, quality product, no doubt, but for luxury segment, which is very limited in Chennai.

    After initial hype on sea view, first luxury township in Chennai suburban are over, they are strugling to sell. In the initial stage if you send a enquiry, marketing never bother to even reply. Now they are reaching out by phone almost every day, desperate to sell. It is difficult to find 1.5 cr plus buyer segment in this market. After Amalfi, Tiana quality scale down, escalation clause issues, quality,tag also slowly losing its color.

    Like any other builder, they want to hold the price, so coming down with 25:75 payment scheme even disturbing the mood of the existing buyers. With the scale of the project, they might be coming with more such schemes, rubbing the existing customers, one need to expect that. For those initial buyers Hira completing the project should be the primary goal, rather than looking at the latest schemes. At any point affordability/pricing is the key.

    With the current stage of poor sales, less tenancy in ph1, spec issues in the ph2 towers, it would be million dollor question on will they change ph3 plan? Conveniently ph1 and 2 sale agreement does not have any committment about overall layout plan and number of units in the layout, it would be one's guess what will turn out in ph3, ploted development, or Budget segment apartments or something else, its open.

    There is great diconnect between Mumbai marketing team and Chennai. I was told by Mumbai team 25:75 payment scheme comes with 100% forfeit of paid amount if cancelled. Chennai team says the cancellation charges are as per regular cancellation clause.

    They probably pacify the existing buyers saying 25:75 schenme is for OMR facing flats, but when prospective buyers contact, they clearly say it is for the tower Edina and Bayview, any available unit can be chosen including sea view units. They also say this scheme may be introduced to Sinoviya in future. They indicate from time to time they will introduce other (?) schemes to push the sales. It makes prospective buyers to wait for better schemes, which is obviously waiting down the road.

    Introduction of 25:75 scheme must impact sales of Sinovia and new towers in the future, as extending this scheme in future for those towers would be obvious and buyer would think why he has to feed from day one, rather prefer to wait to see some development and flexible payment schemes. Launch lesser price does not give any advantage in long gestation projects - example Edina 4350 price 4-5 years before, with interest element at 10% approx. year over year is almost equal to current price of 6000 plus.

    It would take another 1.5 decade for Hira to complete the entire 110 acre development, by that time Ph1 would have completed half of its building life.

    Hira is only for end use, no doubt, but the big question is, Is there sufficient end user at this location, at this price, in this luxury segment? Another Hira kind of luxury township development launch near Chennai may take another 2 decades, not because no other builder can do that at this point in time, but because such market segment/size does not exist/very limited.
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  • Originally Posted by Haojin
    Hira is life style community, quality product, no doubt, but for luxury segment, which is very limited in Chennai.

    Originally Posted by Haojin
    With the current stage of poor sales, less tenancy in ph1, spec issues in the ph2 towers, it would be million dollor question on will they change ph3 plan? Conveniently ph1 and 2 sale agreement does not have any committment about overall layout plan and number of units in the layout, it would be one's guess what will turn out in ph3, ploted development, or Budget segment apartments or something else, its open.

    Originally Posted by Haojin
    Hira is only for end use, no doubt, but the big question is, Is there sufficient end user at this location, at this price, in this luxury segment? Another Hira kind of luxury township development launch near Chennai may take another 2 decades, not because no other builder can do that at this point in time, but because such market segment/size does not exist/very limited.


    I think Chennai though not a big market for luxury buildings, but there are small amount of buyers. There are many projects in the city with comparable specs (although there is no sea view) which have been sold easily.

    The question would be - are there buyers for luxury apartments outside the city in suburbs. If it is so hard to sell in white collar IT dominated suburbs of OMR, think about other suburbs. End users adoption is slow everywhere in current market.

    I agree that there might not be another township like Hira Upscale in size & specs in suburbs anytime soon. But that itself will create some kind of demand being the best township in the area. Whatever the little end user demand for higher end apartments exists, they will have Hira on their shortlist.

    My guess is Phase III would be similar apartments. If they are in a hurry to wrap it up, they can always make Villas which are much easier and faster to build. Though Villas will have lower FSI and lower saleable area, they can make it up with much higher prices than Apts. Something like Olympia Panache project on OMR. You can make 100 large Villas easily in a 15 acre plot and sell them for high prices.

    The land is attractive at this location, plots are no way possible here. Especially when most of the township amenities like clubhouses, school, sports facilties and commercial establishment is being developed. When they did most of work, they are not going to quit in between. Even if they do not want to build, other builders will step in.
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  • Originally Posted by Haojin
    Hira is life style community, quality product, no doubt, but for luxury segment, which is very limited in Chennai.

    After initial hype on sea view, first luxury township in Chennai suburban are over, they are strugling to sell. In the initial stage if you send a enquiry, marketing never bother to even reply. Now they are reaching out by phone almost every day, desperate to sell. It is difficult to find 1.5 cr plus buyer segment in this market. After Amalfi, Tiana quality scale down, escalation clause issues, quality,tag also slowly losing its color.

    Like any other builder, they want to hold the price, so coming down with 25:75 payment scheme even disturbing the mood of the existing buyers. With the scale of the project, they might be coming with more such schemes, rubbing the existing customers, one need to expect that. For those initial buyers Hira completing the project should be the primary goal, rather than looking at the latest schemes. At any point affordability/pricing is the key.

    With the current stage of poor sales, less tenancy in ph1, spec issues in the ph2 towers, it would be million dollor question on will they change ph3 plan? Conveniently ph1 and 2 sale agreement does not have any committment about overall layout plan and number of units in the layout, it would be one's guess what will turn out in ph3, ploted development, or Budget segment apartments or something else, its open.

    There is great diconnect between Mumbai marketing team and Chennai. I was told by Mumbai team 25:75 payment scheme comes with 100% forfeit of paid amount if cancelled. Chennai team says the cancellation charges are as per regular cancellation clause.

    They probably pacify the existing buyers saying 25:75 schenme is for OMR facing flats, but when prospective buyers contact, they clearly say it is for the tower Edina and Bayview, any available unit can be chosen including sea view units. They also say this scheme may be introduced to Sinoviya in future. They indicate from time to time they will introduce other (?) schemes to push the sales. It makes prospective buyers to wait for better schemes, which is obviously waiting down the road.

    Introduction of 25:75 scheme must impact sales of Sinovia and new towers in the future, as extending this scheme in future for those towers would be obvious and buyer would think why he has to feed from day one, rather prefer to wait to see some development and flexible payment schemes. Launch lesser price does not give any advantage in long gestation projects - example Edina 4350 price 4-5 years before, with interest element at 10% approx. year over year is almost equal to current price of 6000 plus.

    It would take another 1.5 decade for Hira to complete the entire 110 acre development, by that time Ph1 would have completed half of its building life.

    Hira is only for end use, no doubt, but the big question is, Is there sufficient end user at this location, at this price, in this luxury segment? Another Hira kind of luxury township development launch near Chennai may take another 2 decades, not because no other builder can do that at this point in time, but because such market segment/size does not exist/very limited.


    Good analysis hoajin. With stagnant market and less demand for this high end segment anyone would expect more sops down the road, but I don't believe these builders they will find a way to come up with a price hike to show off artificial demand.

    Remember the cost of construction is keep increasing as well, cement price hike 25% in last 4 months would contribute to slow construction, indirect price increase and more stagnation.
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  • Originally Posted by iceemani
    Good analysis hoajin. With stagnant market and less demand for this high end segment anyone would expect more sops down the road, but I don't believe these builders they will find a way to come up with a price hike to show off artificial demand.

    Remember the cost of construction is keep increasing as well, cement price hike 25% in last 4 months would contribute to slow construction, indirect price increase and more stagnation.


    With the low land cost, Hira might have sufficient cushion in construction cost to cover up the cost escalation with the present level of selling price.

    In the current scenario, i don't think they will dare to increase the price. Otherwise their price won't be stagnant since 1.5 years.
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  • Originally Posted by Haojin

    Hira is only for end use, no doubt, but the big question is, Is there sufficient end user at this location, at this price, in this luxury segment? Another Hira kind of luxury township development launch near Chennai may take another 2 decades, not because no other builder can do that at this point in time, but because such market segment/size does not exist/very limited.


    Solid summary -
    I was recently in discussions with a builder friend of mine during my chennai trip.
    We were trying to draw up some plans for JVs and in the due course he said he was changing his entire business plan to move away from OMR / Velachery Road / Medavakkam / Pallikaranai corridor to only Villas in ECR.
    I asked him why, he was clear after doing 5 to 6 projects of apartments, villas, row houses etc it has become very clear that IT dependent corridor is a constant struggle between value / pricing/ quality of delivery.Just like CAP some thing got to give. He is a builder and wont compromise on quality so to target the buyer segment that values the perfection / quality he wants to deliver he needs to move to ECR, the buyer segment is niche yet they are color loaded and dont care or penny pinch like the EMI buyers.
    Also since most houses there are non-bank loan homes, the builder has at his disposal "creativity" in terms of plans and designs.
    This is the problem we will run into Hira sooner or later.
    My opinion from select interactions is that the buyer segment who think they are stepping into the luxury segment but basically are an upper middle class by lifestyle would have a hard time adapting to the maintenance fees, interior finishing cost and lifestyle cost in hira.
    This is where chennai differs from other cities. I visited Pune enroute to my shirdi trip, i stopped at Maharapatta, Kharadi, Viman Nagar, Hinjewadi etc.
    Surprisingly Pune has buyer segment who i think are in the luxury segment than chennai, the amenities, the construction is totally geared to upscale compared what i witnessed in OMR.
    Frankly it was no comparison at all.
    So the moral i derived is build what your buyer segment can absorb, if that is 8 villas in 6000 sqft in ECR with amenities to 8 targeted buyers , thats what a builder should target.
    May be Hira is trying to break the mold and i wish them success, but my feel is knowing chennai buyers they will be ok to buy a 1.5C house and pay EMI but when you slap them with 7500 maintenance fee they will CRY FOUL.
    just the way chennaites are
    Sorry if i'm generalizing but every flat development i visited had owner association issues around buying water, patching cracks, painting, etc
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  • Originally Posted by k11
    I think Chennai though not a big market for luxury buildings, but there are small amount of buyers. There are many projects in the city with comparable specs (although there is no sea view) which have been sold easily.

    The question would be - are there buyers for luxury apartments outside the city in suburbs. If it is so hard to sell in white collar IT dominated suburbs of OMR, think about other suburbs. End users adoption is slow everywhere in current market.

    I agree that there might not be another township like Hira Upscale in size & specs in suburbs anytime soon. But that itself will create some kind of demand being the best township in the area. Whatever the little end user demand for higher end apartments exists, they will have Hira on their shortlist.

    My guess is Phase III would be similar apartments. If they are in a hurry to wrap it up, they can always make Villas which are much easier and faster to build. Though Villas will have lower FSI and lower saleable area, they can make it up with much higher prices than Apts. Something like Olympia Panache project on OMR. You can make 100 large Villas easily in a 15 acre plot and sell them for high prices.

    The land is attractive at this location, plots are no way possible here. Especially when most of the township amenities like clubhouses, school, sports facilties and commercial establishment is being developed. When they did most of work, they are not going to quit in between. Even if they do not want to build, other builders will step in.


    What is the compelling reason for new buyers (ph3) to go for Similar apartments and drag with the project for another 6 plus years? Look at Hira Urbania, finally they went for plots, even after collecting booking money. Obviously they opted for plot because of poor response? Do the contact of Hira Upscale has assurance of 110 acre development, if no, option is open for them. One can only guess, my guess benchmarked certain indicators of poor sales, ph1 poor tenancy, ph2 quality spec downgrade, desperate 25:75 schemes to selll the existing inventory (without bothering about existing customers and prospective future tower customers - i refer here one will surely wait for a scheme for Sinovia or any other new towers per Edina/Bayview precedent) and Hira Urbania change of plan.

    My point is at this high premium price range, there is NO big group of segment that badly want to book from Hira for new future tower launches (if those future towers are similar in spec and premium price), if at all few have some reasons to move in, options open to look in resale, wait for completion of on going towers or use the payment schemes. Booking in future tower launches (with waiting period of 6 plus years) will make sense only if they have something special other than ph1 and 2 or else price is cheaper than ph1 and 2. (cheaper does not mean budgeted - refer not high premium price, but with good quality product). When they realize they could not do thi balance, to attract big junk of buyers for Ph3, why they will do ph3 with such uncertainty?

    Only quick infra development, more occupation beyond Sholinganallur, price reconsideration for ph3 may improve the demand for Hira. Without these realistic factors, non availability of similar kind of development in the suburban can do very little for Hira sales. More options are coming up in Sholinganallur and beyond at a lesser price tag, difference could be medium scale amenities, no sea view, but at a lesser price comparatively. Those segment that are ready to pay the higher premium for scaled up amenities, GC size and sea view are very limited is my point here.
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  • Originally Posted by SRaj001
    Solid summary -
    I was recently in discussions with a builder friend of mine during my chennai trip.
    We were trying to draw up some plans for JVs and in the due course he said he was changing his entire business plan to move away from OMR / Velachery Road / Medavakkam / Pallikaranai corridor to only Villas in ECR.
    I asked him why, he was clear after doing 5 to 6 projects of apartments, villas, row houses etc it has become very clear that IT dependent corridor is a constant struggle between value / pricing/ quality of delivery.Just like CAP some thing got to give. He is a builder and wont compromise on quality so to target the buyer segment that values the perfection / quality he wants to deliver he needs to move to ECR, the buyer segment is niche yet they are color loaded and dont care or penny pinch like the EMI buyers.
    Also since most houses there are non-bank loan homes, the builder has at his disposal "creativity" in terms of plans and designs.
    This is the problem we will run into Hira sooner or later.
    My opinion from select interactions is that the buyer segment who think they are stepping into the luxury segment but basically are an upper middle class by lifestyle would have a hard time adapting to the maintenance fees, interior finishing cost and lifestyle cost in hira.
    This is where chennai differs from other cities. I visited Pune enroute to my shirdi trip, i stopped at Maharapatta, Kharadi, Viman Nagar, Hinjewadi etc.
    Surprisingly Pune has buyer segment who i think are in the luxury segment than chennai, the amenities, the construction is totally geared to upscale compared what i witnessed in OMR.
    Frankly it was no comparison at all.
    So the moral i derived is build what your buyer segment can absorb, if that is 8 villas in 6000 sqft in ECR with amenities to 8 targeted buyers , thats what a builder should target.
    May be Hira is trying to break the mold and i wish them success, but my feel is knowing chennai buyers they will be ok to buy a 1.5C house and pay EMI but when you slap them with 7500 maintenance fee they will CRY FOUL.
    just the way chennaites are
    Sorry if i'm generalizing but every flat development i visited had owner association issues around buying water, patching cracks, painting, etc


    Chennai is still a Tier 3 city by all means. The long gestation period of HIRA has killed its attractiveness in my opinion.

    Btw I am intrigued by the target segment you are talking about in ECR? would you mind sharing who are they? The politicians, actors who flock ECR already have accumalated lots of properties here. Unless you and your friend already hold huge parcel of land, I am not able to see how it will be profitable for someone to buy new land, build and deal with "colored" money and that too with severe regulatory restrictions like aquafier recharge zone, CRZ etc. I would like to understand what I am missing here. I think it would be better if we continue this topic in the land along ECR thread.

    Haojin - Regarding Urbania, I am expecting them to launch plotted layout or villa project in that location. Lets see how it goes.
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  • Originally Posted by Haojin



    Only quick infra development, more occupation beyond Sholinganallur, price reconsideration for ph3 may improve the demand for Hira. QUOTE]

    The new extended areas are still to get the basic infra. It is dragging on and on. As per the latest govt plans, plan is to complete the water and sewage work up to shols only by dec 2015 or 2016. We still don’t know when the system will be brought live. It has taken more than 5-7 years for the govt to complete the infrastructure for the extended areas. As of date, there is no concrete action plans or proposals to include areas beyond shols with in corp limit. Unless this happens, maintenance cost would just go up and up. With more and more mega GCs and townships coming up along this corridor after shols, things could only get worse until the basic infra picks up pace.. On the other hand, more new GCs are coming up to shols which gives ppl lot of choices to cherry pick. This is where the difference is on Chennai compared to other cities like blore where suburbs to some extent are self-sustained and basic infra is developed in parallel.
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  • Originally Posted by nabishek
    Chennai is still a Tier 3 city by all means. The long gestation period of HIRA has killed its attractiveness in my opinion.

    Btw I am intrigued by the target segment you are talking about in ECR? would you mind sharing who are they? The politicians, actors who flock ECR already have accumalated lots of properties here. Unless you and your friend already hold huge parcel of land, I am not able to see how it will be profitable for someone to buy new land, build and deal with "colored" money and that too with severe regulatory restrictions like aquafier recharge zone, CRZ etc. I would like to understand what I am missing here. I think it would be better if we continue this topic in the land along ECR thread.

    Haojin - Regarding Urbania, I am expecting them to launch plotted layout or villa project in that location. Lets see how it goes.



    Abi
    We hold some old investments and we are looking for new investments for weekend homes ...outside of corp limits ,..
    Within corp limit seashore town in panayur has a project that is being built in this model .. There are a few projects out of which 2 I have close relationship.
    4 houses in 2 grounds super specs, buyers are mostly business folks, serial actors hosts , cricket players and families , execs in it and boo segment
    Casa grande on main road uthandi part 1 is another example ....same class of buyers ...
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  • Originally Posted by SRaj001
    Abi
    We hold some old investments and we are looking for new investments for weekend homes ...outside of corp limits ,..
    Within corp limit seashore town in panayur has a project that is being built in this model .. There are a few projects out of which 2 I have close relationship.
    4 houses in 2 grounds super specs, buyers are mostly business folks, serial actors hosts , cricket players and families , execs in it and boo segment
    Casa grande on main road uthandi part 1 is another example ....same class of buyers ...


    Thanks SRaj. ECR is certainly a niche segment. Wishing you success with your venture.
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  • Originally Posted by sundarjp
    Originally Posted by Haojin



    Only quick infra development, more occupation beyond Sholinganallur, price reconsideration for ph3 may improve the demand for Hira. QUOTE]

    The new extended areas are still to get the basic infra. It is dragging on and on. As per the latest govt plans, plan is to complete the water and sewage work up to shols only by dec 2015 or 2016. We still don’t know when the system will be brought live. It has taken more than 5-7 years for the govt to complete the infrastructure for the extended areas. As of date, there is no concrete action plans or proposals to include areas beyond shols with in corp limit. Unless this happens, maintenance cost would just go up and up. With more and more mega GCs and townships coming up along this corridor after shols, things could only get worse until the basic infra picks up pace.. On the other hand, more new GCs are coming up to shols which gives ppl lot of choices to cherry pick. This is where the difference is on Chennai compared to other cities like blore where suburbs to some extent are self-sustained and basic infra is developed in parallel.


    Yes agree. As the infra development gets more and more delayed, it is going to make further ph / tower launch in Hira more uncertain. Further complicated by the premium price of Hira and longest gestation period of the development. The worst part is construction period in Hira is even too longer than government projects.

    Yes agree. As the infra development gets more and more delayed, it is going to make further ph / tower launch in Hira more uncertain. Further complicated by the premium price of Hira and longest gestation period of the development. The worst part is construction period in Hira is even too longer than government projects.
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  • Originally Posted by Haojin
    What is the compelling reason for new buyers (ph3) to go for Similar apartments and drag with the project for another 6 plus years? Look at Hira Urbania, finally they went for plots, even after collecting booking money.


    I think Hira Urbania is a non-starter. I think they will not put money towards developing it for now, no point in throwing money towards hard to sell locations. The location there is not valuable in my opinion. Hira can milk non-use buyers who prefer raw land by plotting it out. Urbania and Upscale are totally different class of projects.

    Hira Upscale on the other hand would be in construction for a very long time as they have commercial phase also in line to be developed. Phase 3 launch might not take off until couple of more years atleast with the existing inventory. A 10:90 offer might not be bad for the next phase. You will attract a lot of buyers.

    For cheaper projects, there are N number of options for buyers along OMR and other suburbs.
    But again you will similar issues, hard to find tenants, less end users, low resale values, very high supply with low demand, etc. For non-end users, new suburban flats is a big challenge.
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  • Originally Posted by k11
    I think Hira Urbania is a non-starter. I think they will not put money towards developing it for now, no point in throwing money towards hard to sell locations. The location there is not valuable in my opinion. Hira can milk non-use buyers who prefer raw land by plotting it out. Urbania and Upscale are totally different class of projects.

    Hira Upscale on the other hand would be in construction for a very long time as they have commercial phase also in line to be developed. Phase 3 launch might not take off until couple of more years atleast with the existing inventory. A 10:90 offer might not be bad for the next phase. You will attract a lot of buyers.

    For cheaper projects, there are N number of options for buyers along OMR and other suburbs.
    But again you will similar issues, hard to find tenants, less end users, low resale values, very high supply with low demand, etc. For non-end users, new suburban flats is a big challenge.


    When Urbania low scale projects droped in this market situation , how come they will start Ph3?

    Edina and Bayview was offered 25:75 scheme after milking buyers from 1-20 floors. So they will do ph3 new towers only when they get confidence of attracting 50% sale in regular construction linked patment route in which they take 95% payment when structure is ready.

    In Edina and Bayview the structure is ready since a year and still delivery is scheduled only by end of 2016-delay with trival penalty clause. Secondly as sunder pointed, higher maintenanace cosr of ph1 and 2 would be a negative point for ph3.

    We cannot firmly say ph3 will be as planned, may have some twist. Negative factors for future towers:
    1. High premium price
    2. Long gestation period
    3. High other costs
    4. Lack of infra
    5. High maintenance cost
    6. Limited buyer segment
    7. One sided agreement
    8. Spec issues/confusion/downgrade of spec for ph2
    9. Low occupation of ph1 and 2
    10. Over supply in OMR

    Positives:
    1. Best for end use only
    2. Quality GC
    3. Scale of the GC- ample greenery, amenities
    4. Sea view

    At this point negatives over cloud positives, things might change in the future but should be along wait.
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