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- This is the only known functioning community in the space of this scale. This will be the only available community for any one looking for ready to market and start using it. Rest of the "for-ever" - "under construction", high spec, premium, luxury "never - ending" projects will remain as oasis for the end use buyers.
Above comes from mine-is-good and rest-is-bad syndrome. Only known functioning community is cleverly worded. What is known to us is limited to what we are aware of and one's awareness is quite limited. Hence, this will be the only available community for ready to market, is unlikely to be a fair assessment unless one has done a fair diligence on all the GC's effectiveness in the area with some objectivity. Many know only about their GCs well and rest is all limited to what they hear and more importantly, what they are tuned to hear.
At the end of the day, all the GCs will get to learn how to manage this elephant over the time - it comes with a cost. Mantri was one of the initial ones which brought bad name to the GC as a category in terms of how it functioned and after several years, they may have learnt and improved. With time, others will do the same. I hear that L&T Eden is one of the functioning GCs with some initial hiccups.CommentQuote0Flag
- Originally Posted by rsrsinDoes any resident/member have idea of the going rate for sale in Mantri? I hear association is now better and am keen to know whether the sale liquiditity will increase
Take a look at sellers' line up in common floor and you will get to know the price range. It is buyer's paradise and the level of liquidity you see is not a positive for the sellers. For sellers to be in a great position, there should not be any line up. Take a look at Ceebros Belvedere in the common floor, you can see the contrast.CommentQuote0Flag
- Originally Posted by maverick007Take a look at sellers' line up in common floor and you will get to know the price range. It is buyer's paradise and the level of liquidity you see is not a positive for the sellers. For sellers to be in a great position, there should not be any line up. Take a look at Ceebros Belvedere in the common floor, you can see the contrast.
Good analysis and fits in perfectly with the actual reality.
Very few 3 BHK's (not the small 2 BHK's) in Ceebros Belvedere are available for resale and the rare seller quotes a huge premium over the original price, as the community is well established and association, maintenance etc are functioning smoothly. From what I hear, some existing owners have even bought a second apartment here through resale route. Just an example that GC's can be successful too.CommentQuote0Flag
- Belvedere....as the community is well established and association, maintenance etc are functioning smoothly.
Based on above, here goes an another good functioning GC in town. I have heard of Belvedere being nicely maintained but not had a chance to validate. Euphoria, another one, next door is a well-maintained, functioning one too, I have known.
In fact, prices of these units(notwithstanding the advantage of being with in City limits) put a big overhang on Synergy prices and more over, Belvedere and Euphoria units have had a great mind share to start with and been able to live up to it. Strong sellers' line up in Synergy is a likely realization of this aspect to an extent, I suspect. Once the brand/name gets an initial taint, it is much harder to dispel even after they repair it. Market rarely pays the same premium for a reformed baddie - it makes a good bollywood script may be :)
And also, rarity premium (lone game in town, oasis variety, only functioning GC types) at the expense of others not doing well rarely stick. It's usually the builder-takes-all. At some point in time, they have to live on their own merits and not on others' demerits. In the next 3 years, there will be many more functioning GCs and more choices to evaluate and choose. Euphoria was priced for a GC in the moon few years back and it recently landed on earth.CommentQuote0Flag
- Smaller GCs are always easy to maintain. Akshaya Adora is the best of all IMO! Yes, Ceebros is a good one but there few things on the pollution front, I would not vouch personally that do not matter for the buyers in the market. Hira is another wasted on the brand value and premium! No buyer in the town would waste their money on paying premium for Hira!CommentQuote0Flag
- Any latest updates from Mantri residents on the complex interms of the new committee, facilities, maintanence etc.? Last was that the new committee has been working closely to get some of the long pending items around facilities to get betterCommentQuote0Flag
- Some construction is happening in front of the Mantri Synergy GC. Any idea what that's about? There used to a vacant plot in front of Mantri with good trees. It's that plot which is being used.CommentQuote0Flag
- Heard that is it commercial building. not sure.CommentQuote0Flag
- How is this gated community doing now? Lot of feedback few years back in Mantri for water, electricity, STP etc., is this better and valued better now?CommentQuote0Flag
- Decathlon sport arena has come up near mantri.
The community is good and just that the maintenance is high.
For self occupation it is good but not rental purpose.CommentQuote0Flag
- Originally Posted by Hummer76Decathlon sport arena has come up near mantri. The community is good and just that the maintenance is high. For self occupation it is good but not rental purpose.
The maintanence is @ 2.8-2.9 bucks psf correct? If thats the case, then this is pretty okey I would thinkCommentQuote0Flag
- Originally Posted by rsrsin
The maintanence is * 2.8-2.9 bucks psf correct? If thats the case, then this is pretty okey I would think
Bunch of rentals are available close to 10 psft. Paying 28% of rental is not OK. Paying the same for 30 psft rental may seem OK.
Further, maintenance is highly likely to rise every year (inflation) where as the rental value/capital prices need not as they are determined by market forces. While the new apartment rental values *may* rise with inflation, there is a natural decay for older apartments and rental rise slows down. Simple mathematics show that when one starts off with 30% of rental value as maintenance, running a time series over 10-15 years with above divergence can make it unviable and baggage prone for any owner. Or in other words, they run the risk of becoming a White Elephant.
Lancor Central Park is already in the process of becoming one - study the rentals and maintenance. I hear that their maintenance has breached Rs 4 psft.
When ownership makes it a liability in terms of operational costs, then the capital prices start to discount that. Study the current prices of Lancor CP & Mantri Synergy and what it was when it was launched.
- CH is not a city that has a developed sense of flats/apartments like few other cities. Also the rental is to keep the flat in usable state and cover mantanence that's all. It would be wrong decision if anyone has invested in flats in CH with expectation of rental yields similar to other asset classes.
Standalone comparison of this complex size and the rate of charge seems okey to me. Also fact that flats do go on rental here (compared to other posts where folks have locked flats) is good addition.CommentQuote0Flag