Hi All,

I am looking for some advice on Magnolia Sky view near DPS megacity.

They are charging 2500/sqft. Do you think it will be a good buy?

Is that location will develope with in next 2-3 years??


Thanks,
Ravi
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  • Gardonbhai and joydeepr , need your advice..
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  • My friend, I am not very sure about that side specifically within Rajarhat. Let's start from the macro level -

    1. LOCATION - Whether Rajarhat or not and then within Rajarhat/NewTown, whether AA1, AA2 or AA3.

    Refer to this excellent thread and specially, Gharondabhai's 2nd reply and analysis on micro markets of AA1, AA2 and AA3 within Rajarhat.

    https://www.indianrealestateforum.com/forum/city-forums/kolkata-real-estate/31719-sureka-sunrise-green-vs-hiland-willows-vs-calcutta-riverside-kolkata?t=33561

    This will help you to formulate whether the Action area wise location of Mangolia Skyview meets your targets - investment or end-use or (if end-use, whether good for now or will be good later) and LIG/MIG area and such things.

    2. LOCATION - Whenever a project site is on the right side of Arterial road going from Saltlake to VIP Road, I always check whether it falls under Beonta, Kulberia or Dharmatala Panchuria mouzas. Good to validate before than you repent later. These mouzas fall under EKWMA and the chances are that, the project will get delayed due to clearances. So, pl do that !!

    3. PROJECT - Having you clarified the high level, come to the project itself. I haven't seen the project site myself, but can certainly make an idea. And, I visited the Internet sites that provide enough details.

    a. I liked the site plan , relatively open. If you choose the right flats being early bird, you will probably get a good fit.

    b. I liked the price, which is bit in average income group. Probably, the price is lower than other areas of Rajarhat. Refer to a recent post from SandipRC, where his analysis says that Base price has now gone up !!

    c. I liked its closeness to DPS.

    SUMMARY - I am more concerned on the location rather than the project itself. If you clarify the first two location points and get yourself satisfied, you should be good. And, a drastic change in next 2-3 years as your are looking for in your post, looks remote. The new lease of life will only come when Metro touches the Arterial road. If you keep a longer horizon, you will be adequately rewarded. You are best judge, my friend !!
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  • Hi Joydeepr,

    Thanks for your valuable comment.
    I will check all the details.
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  • Hi Ravi,
    I am also looking for a 3 BHK apartment in Magnolia Skyview. Kindly share your experience after you check the details about the location.
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  • I agreed with Joydeep.. The place where this project is located, it has a very few chance of getting better in near future. It is still surrounded by villages,as it is quite remote. Also the booking amount @2500 seems attractive but when you have to wait for min 4 Years => 3 Yrs min for construction + 1 or 2 yrs Delay to take possession. Your money will be blocked. Better go to the project site and Judge.
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  • The main issue with that location is connectivity. Due to that great "Ma-Mati Manhoosh" those ares are in limbo and will be in limbo for ever.

    What limbo means in Indian context is, there will be no official or planned development ... however, all sorts of unauthorised development will mushroom all over without required infrastructure. So that area will eventually turned out like NayaPatti, sorry Saltlake NP block.

    Now there are few approach roads which turns out nightmare during rainny season.

    If you look for investment and appreciation, no problem .. although the builder is little known ..

    for self living, it is personal choice, visit the place and decide.
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  • Hi Gautam,

    I didnt like the location. From DPS megacity its arround 2.5KM and 5KM from upcoming Newtown metro.

    But probably Bengal Ambuja is coming with some property near this property

    Only thing is rate is 2500 rs/sqft may attract.

    Builder says they are gonna start the project on Jan-Feb 2013.
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  • Hi ravi,

    I also explored that place few months back and then left the idea as there was no sign of improvement of connectivity in near future. Also, booking now and waiting for 3-4 years may be slightly difficult from a dwelling place standpoint. If you are looking for investment, then you can still go ahead as the price is bound to rise.

    Rangin
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  • Magnolia Skyview did not look impressive for investment

    Thanks Ravi for your input.

    As I am outside of the country, my father visited the place yesterday.

    He had to spend around Rs 400 ,to the site from Narkel Bagan, to and fro (The sales representative guy said, taxi is the only way to the site from Narkel Bagan and neither taxi driver know the place nor the people whom they asked about the place, at last they targeted DPS instead of the site).

    However, the site did not look impressive to my father as well, as the location is in remote area with very little extensibility in future because of existing village population.

    It says, it is near to DPS and that is an advantage. But probably that is the only advantage of the site as DPS is also in Remote area. Probably for a school that is ok as they have sufficient transport for the school children.

    But, for residential purpose this place is substandard and more importantly will probably remain the same even after 3-5 years from now.

    Even from the investment perspective this is not impressive because it blocks a lump-some (probably they will start construction with this 5 lacs amount) for a longer period of time (easily 5 years). They said, there have been already booking of total 20-22 flats even from Dubai, UK etc. But, I doubt the investors have visited the place or care about the location).

    Hence, though I was excited at the beginning, now I have dropped the idea of booking an apartment in Magnolia Skyview.
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  • Originally Posted by gautamr
    Thanks Ravi for your input.

    As I am outside of the country, my father visited the place yesterday.

    He had to spend around Rs 400 ,to the site from Narkel Bagan, to and fro (The sales representative guy said, taxi is the only way to the site from Narkel Bagan and neither taxi driver know the place nor the people whom they asked about the place, at last they targeted DPS instead of the site).

    However, the site did not look impressive to my father as well, as the location is in remote area with very little extensibility in future because of existing village population.

    It says, it is near to DPS and that is an advantage. But probably that is the only advantage of the site as DPS is also in Remote area. Probably for a school that is ok as they have sufficient transport for the school children.

    But, for residential purpose this place is substandard and more importantly will probably remain the same even after 3-5 years from now.

    Even from the investment perspective this is not impressive because it blocks a lump-some (probably they will start construction with this 5 lacs amount) for a longer period of time (easily 5 years). They said, there have been already booking of total 20-22 flats even from Dubai, UK etc. But, I doubt the investors have visited the place or care about the location).

    Hence, though I was excited at the beginning, now I have dropped the idea of booking an apartment in Magnolia Skyview.


    Slowly and slowly, my impression about kolkata market being primarily an end-user market is fading away. Just launched, and a good % of bookings have already been done; just can't believe, if these guys bought it for their own use.

    This change has a good and bad side -
    1. Good side - The demand, atleast in the short term will be robust and hence will drive RE in those areas, outpacing the associated infrastructure. But, still, it is not a healthy sign on the long term. Both should go hand-in-hand.

    2. Bad side - Kolkata will no longer be immune to investor sentiments in RE scenario. I was reading one recent report where every other hotspot in the country reported negative volumes whereas kolkata reported 1% rise. I was pleasantly amazed, but not for long if this continues.
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  • Joydeep.. I think that builder is fooling to some extend, so that he can create a virtual demand of his property. Which will make others to think that, the property is in good demand. But as said by Gautam.. visiting the place and then judging is always good.
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  • I visited the site yesterday, and got a sense that those guys are fooling people. First of all, 2 people who were standing behind the person who was showing us the project details looked like local goons. And secondly, while we were going through the details, one person rushed in the room and told the marketing agent to immediately block 7th and 8th floor as it has just been sold. It looked completely like a mocked up thing (you know what I mean). Also, I wonder if they actually own the land, as they do not have a site office; but instead the office is around 2 kms away from the site.
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  • Better do not invest in those project they are bound to put you in trouble.
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  • Any good property around newtown?

    Hi,
    I was reading this posting - very informative for person like me who is not staying in Kolkata but would like to buy flats in and around newtown.
    Looks like you e.g Sandeep, Jaydeep, Gautam are pretty knowledgable about properties in and around newtown.
    I need some suggestion on finding good property - have you found out any suitable flat? if so, please share with me.

    I stay in Chennai, don't have detailed idea about newtown.

    Thanks in advance.

    Swapan
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