Hi Guys,

I got this information from ICICI Home Search that PS Group is soft launching a new project in Rajarhat. The location is in Mahisbathan very near to the NIPS School of Hotel Management.

Project Details:

1) Total land area 6 acres.
2) Total 6 towers ranging from 17 to 25 floors.
3) Phase wise launch for 2 towers now.
4) Flat sizes 1032 (2BR) to 1550 (3BR).
5) Just 4 apartment in a floor per tower.
6) About 750 units in all.
7) 2 towers are now offered for the soft launch.
8) Soft launch price Rs.4100 psf with Rs.20 escalation per floor onwards 4th.
9) Covered Car parking Rs.400,000
10) Completion 3.5 years after launch.
11) Expected launch after 3-4 months from now.
12) Soft launch opened from 24th October and expected to be for a week.
13) Soft launch booking condition - Developer wants booking amount of Rs.7,00,000 and Rs.900,000 for 2 and 3 BR respectively. BUT paid in HARD CASH, no receipt will be given just an acknowledgement in a kacha paper about the flat allotment no.
14) When the project will be launched officially the agreement amount will be shown without the "black" amount. This would mean that if your 3BR flat cost comes to 60 lakhs your agreement will show 51 lakhs.


Here's the exact location I downloaded from Google maps. The PS Group's "Panache" project site is encircled in RED.

The right side of this project is taken by Ideal group and they also will be launching sometime later...I found the same from their website Ideal aqua view - offering the most premium residential properties in Kolkata





Yesterday I visited the site and tried to form some analysis of the same. Here are my perspective.

Deal Makers:

1) Good location - Near yet free from pollution. I visited the site from both the new town MAR. The site is about 2 Kms from the New Town Bus terminal (backside of the VIBJYOR project). Also 2 Kms from the road at the side of Technopolis.

2) Abundance of water bodies look good for the eyes. Not to mention the Bengali opportunity to get fresh fish from the Bheris. ;)

3) Being near to Sector V, Technopolis, NIPS, DLF can give a good rental income.

4) The proposed ring road from silver spring connecting new town will pass near the site main road.

5) PS Group seem to be a reputed developer.

6) As I came to know from my ICICI Home search source out of 160 units offered for soft launch 110 snapped up by investors. All the south units gone for the 2 blocks launched.

This don't seem to be an exaggeration since I have seen lines of cars visiting the site. I have seen at least 20 cars visiting the site during my 30 mins stay there. So there's seem to be a lot of investors interest.

7) The apartment plans are also nice with no common walls and like 3 sides open.

8) Abundance of Buffalo milk - As the name of the location (Mahishbathan) suggest it is a place of buffaloes and I saw a huge tinned cattle/diary shed opposite to the project site which can supply pure milk for your family. :D

Jokes apart....

Deal Breakers:

1) The site location is not developed. Out of the 2 KM stretch from the Technopolis. 1KM is completely village and at certain position the road is narrowed to 25ft. About 200 meters of the approach road connecting the main road to the site is being laid with rubbish.

2) Same applies from the approach from New Town. Just crossing the new town the stretch of 1KM is completely village atmosphere. Roads are not good. Being in the panchayat area not sure if this can be an issue in future.

3) Soft launch Price - I'm not sure about the price at Rs.4100 and then floor escalation clause does it make a good investment proposition at this time? Say for example a 9th floor booking will be Rs.4200.

4) Car parking price - Rs.400,000 isn't this sound toooo high?

5) Paying Rs.900,00 in CASH and no receipt....Are we good to risk or trust this?

6) What can be the expected launching price and how the market will react, will there be genuine demands? Uncertainty...

7) The big cattle shed in front of the site. Not sure how will you feel with your neighbours are helpful buffaloes.

For the 2 blocks opened for soft launch, all the premium south facing units are already snapped up in past 3 days. I understand that a new tower is also going to be opened today (28th October) for this soft launch.

Kolkata property hunters please do you due diligence and let me know if:

a) This is can be a good investment proposition a
b) If at least 20 of us some of us can join quickly for a Group buy negotiation and flat selection with the builder.

Here's the artist's impression of the project. No, the surrounding doesn't look so neat and clean as being seen in the artist's impression.



Guys, if you think this can be good let's catch up quickly...

We have to be quick....
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  • Originally Posted by sumang007
    This is my first post in this really great and informative forum

    I did some analysis of this project using google maps and the project brochure

    1. The site is approx 500 m from the bidhannagar municipality dumpyard (which is a big dumpyard). The dumpyard is directly in the line of sight of the project. To me this makes the project completely unfavourable (Can someone confirm presence of the dumpyard)


    No, the dump yard is not in the sight of the project and pretty far off....I'd say the location is at the other approach side and near to the Panache project. But that is still far enough and I personally do not see any issue due to this.

    2. The bedroom sizes are too small for high end apartments (too many toilets probably is the cause). if this is for end use (as in my case), one should have bedrooms of proper size (at least 160 sq ft for the master bedroom), especially in a high end apartment. This again makes the project unfavourable


    Absolutely, the plan of the units are the worst I have seen or followed. They completely failed to utilize such a vast expanse of solid upcoming location. More than the bedrooms it was the living room that turned me off. That is the room where we all spend our time the most.

    3. Time linked payment- Industry is down. How can they ask for time linked payment? It should be construction linked. With a project with so many approval related risks (as highlighted by others), time linked payment is a very risky option for an end user (maybe okay for an investor)


    Bang again! This is the reason why we need to boycott these unscrupulous and greedy builders.
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  • Originally Posted by saikatgang
    Suman,

    I do not know how you look at your investment perspective. But I tried to position all the facts. Not sure how the rate look so attractive to you at Rs.4500+ for a mid level apartment.

    You also need to consider the other factors like the real yield (carpet area) your return on holding the property for 4 years.

    The payment terms are not at all customer friendly and risky.

    Remember that you need at least 10% to break even your normal bank returns. The location is yet not livable for "urban mango people" but yes 4 years it can be livable.

    This apart as I understand that all approvals are not completed and they say it is "in progress". Hence there is a risk too.

    Well, if any of you reach out to the company and think a good bargain in terms of price and payment terms etc. Please update the forum. I might be still interested for the group buy.


    My comments are based upon the options available in the vicinity (Rishi, Sanjeeva etc) whose base rates are more than this. Yes, the project has many disadvantages (as you have mentioned) but will you get a better deal at this price point? This is a mega project with very open layout (unlike most of the properties developed by Ideal), loads of facilities but it does not carry a premium as of now.
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  • Originally Posted by sumanb
    My comments are based upon the options available in the vicinity (Rishi, Sanjeeva etc) whose base rates are more than this. Yes, the project has many disadvantages (as you have mentioned) but will you get a better deal at this price point? This is a mega project with very open layout (unlike most of the properties developed by Ideal), loads of facilities but it does not carry a premium as of now.


    I agree with you to some extent but not fully.

    "Rishi" is at a premium location which is already developed with lot of RE activities around and just over looking the eco water body.

    "Sanjeeva Orchard" - Ideal Aqua View project is much better in terms of location and future possibilities over Sanjeeva projects which are over priced. Personally I didn't liked the location and the approach of the Sanjeeva projects.

    I think there are investors who managed to buy for Rs.3500 and you might get a bargain at sub Rs.4000 while the official price is Rs.4250

    Yes, I agree with you about the location and open space of this project (Aqua View). But it always make sense not to limit the availabilities. If you're an investor then you might like to look for opportunities in other cities like Pune and Navi Mumbai instead of limiting to a certain location of a city. This is my take.
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  • I am being told that the dumpyard is approx 1.5 km though google earth indicates it to be much closer. Skipping this project as I feel that the location does not command the price, apartment plan is bad, approvals dicey (could have issues at any stage of construction), builder insistence on time linked payments..Guess these negative points apply to both ps and ideal projects.
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  • Originally Posted by sumang007
    I am being told that the dumpyard is approx 1.5 km though google earth indicates it to be much closer. Skipping this project as I feel that the location does not command the price, apartment plan is bad, approvals dicey (could have issues at any stage of construction), builder insistence on time linked payments..Guess these negative points apply to both ps and ideal projects.


    I completely agree with you. My views are the same for both the projects of PS and Panache. I'm eagerly waiting for a new project of Ambuja which I heard will be coming up in Feb-March.
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  • Gone through the details of the project:
    Pros: Excellent amenities and facilities
    Location very upcoming and worth going for
    Pricing of BSP is moderate (neither low nor high)

    Cons: Payment plan is skewed (as its time linked and not construction linked). However, 7% after every 3.6 months is scattered across the 42 months. Hence, the problem area is only the 12 month grace period in which they will hold our money, and the fact that if they do not manage to complete in the period of 52 months, which appears unlikely considering Ideal as a Builder.
    Approvals from authorities since this is a part of wetlands, it might turn out to be an issue.

    All in all, I would recommend going for this project. Worst case scenario, if the approvals dont come and things falls between the chairs, then Builder has to refund the money back. We just need to check the Refund clause in the BBA.
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  • Originally Posted by thatsashish1
    Gone through the details of the project:
    Pros: Excellent amenities and facilities
    Location very upcoming and worth going for
    Pricing of BSP is moderate (neither low nor high)

    Cons: Payment plan is skewed (as its time linked and not construction linked). However, 7% after every 3.6 months is scattered across the 42 months. Hence, the problem area is only the 12 month grace period in which they will hold our money, and the fact that if they do not manage to complete in the period of 52 months, which appears unlikely considering Ideal as a Builder.
    Approvals from authorities since this is a part of wetlands, it might turn out to be an issue.

    All in all, I would recommend going for this project. Worst case scenario, if the approvals dont come and things falls between the chairs, then Builder has to refund the money back. We just need to check the Refund clause in the BBA.


    Yeah...I think you also need to add the consideration about what you're really buying. The flats with about 60% yield and horrible floor plans.
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  • Based on docs received, the BSP is high as SBA % is as high as 27%.

    So BSP is actually higher for a comparable project where SBU would be approx 22-25%

    Specifications are average (mid range housing) with normal vitrified tiles, etc..

    Also to be kept in mind even before 1-2 floors are built (if they plan to start by Jan 2014) , buyer would have paid 41% (20%+21% payment in 1 year) which reduces IRR significantly.
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  • price reduced?

    Hi All,

    I got email from some property dealer ..they seem to have reduced the price to 3800 now. assuming that the price was 4500 earlier as quoted by others in this thread.. Is it worth to invest now? Copied the email below...

    Ideal Aquaview the project is spread over 462 cottah, with G+18 to G+19 in 6 blocks with a blend of nature n modern amenities.

    Why this Offer is Special
    Price of the properties on the new town action area 1 or nearby is ranging from Rs 5000 – 6000 / sq ft, including the properties near the DLF IT Park where the price are hovering around Rs 7500 / sq ft.

    Ideal Aquaview with a very convenient location than many of these properties at New town in a very attractively prices at Rs. 3800 / sq ft (Being special Pre Launch Offer) and is being planned to launch in around month of Jan- Feb, at around Rs 4500 to 5000 / sq ft.

    You can block your apartment at this attractive price with only Rs.3, 00,000. This not only enable you hedge the future price rise in property market but is also attractive even at today’s prices viz-a-viz any other comparative developments.


    Cheers,
    sumit
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  • Originally Posted by sumitreshu
    Hi All,

    I got email from some property dealer ..they seem to have reduced the price to 3800 now. assuming that the price was 4500 earlier as quoted by others in this thread.. Is it worth to invest now? Copied the email below...

    Ideal Aquaview the project is spread over 462 cottah, with G+18 to G+19 in 6 blocks with a blend of nature n modern amenities.

    Why this Offer is Special
    Price of the properties on the new town action area 1 or nearby is ranging from Rs 5000 – 6000 / sq ft, including the properties near the DLF IT Park where the price are hovering around Rs 7500 / sq ft.

    Ideal Aquaview with a very convenient location than many of these properties at New town in a very attractively prices at Rs. 3800 / sq ft (Being special Pre Launch Offer) and is being planned to launch in around month of Jan- Feb, at around Rs 4500 to 5000 / sq ft.

    You can block your apartment at this attractive price with only Rs.3, 00,000. This not only enable you hedge the future price rise in property market but is also attractive even at today’s prices viz-a-viz any other comparative developments.


    Cheers,
    sumit


    Sumit,

    I think you've NOT put enough mind when you referred to the prior threads. I mentioned very clearly that the base price of Rs.3800 per sq ft is a ploy to attract customers like you.

    In case you missed out there are the additional costs:

    Rs.150 per sq ft compulsory added for centralized AC.
    Rs.100-200 per sq ft preferred location charge for south facing and/or garden facing units.
    Rs. 30 per floor escalation - which mean that if you want a flat in the 10th floor you pay an addition of Rs.300 per sq ft.

    Please calculate what it comes now for your preferred flat. Early booking of North or west facing flats or low floors to avoid the additional burden don't worth the pain really.

    Moreover the plan and the yield of the apartments are substandard.

    All the best :D
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  • As I have mentioned few posts back, RS 3800/SFT looks good considering the location and scale of the project. PLC for South and height are standard norms nowadays. The biggest risks are is it under wetland area and if it will be delivered on time?
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  • Saikat,

    Thanks for the reply. i may have missed the earlier reply.
    In the meantime i requested additional details and the broker mentioned what you said.
    1. Basic Price: Rs.3, 800/-
    2. Cost of Air condition: - Rs.150/- per sqft
    3. H.E: Rs.30/- per sq.ft.
    4. PLC: 0-200

    5. Possession – work to commence from 01.01.2014. Possession after 42 months i.e. 30.06.2017 + 12 months grace period.

    6. Payment Terms:
    · Booking amount: Rs.3, 00,000/-+ Service Tax of (Rs.9270/-) Totalling Rs.3, 09,270/-
    • Booking+30 days: 10%-300000 (plus applicable Service Tax)
    • Booking+60 days: 10%
    • After every 110 days gap: 7% (10 installments)
    • At Possession: last 10%

    7. There are 3 types of Car Parking = Basement, Open, Covered. At present we will be selling only basement Car Parking. Rate Rs.3, 50,000/- per Car Parking.

    I let this go now.
    Regards,
    Sumit

    Originally Posted by saikatgang
    Sumit,

    I think you've NOT put enough mind when you referred to the prior threads. I mentioned very clearly that the base price of Rs.3800 per sq ft is a ploy to attract customers like you.

    In case you missed out there are the additional costs:

    Rs.150 per sq ft compulsory added for centralized AC.
    Rs.100-200 per sq ft preferred location charge for south facing and/or garden facing units.
    Rs. 30 per floor escalation - which mean that if you want a flat in the 10th floor you pay an addition of Rs.300 per sq ft.

    Please calculate what it comes now for your preferred flat. Early booking of North or west facing flats or low floors to avoid the additional burden don't worth the pain really.

    Moreover the plan and the yield of the apartments are substandard.

    All the best :D
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  • After lot of thoughts of taking it or leaving it...and almost coming to the brim of buying this, I have finally let it go....since the Payment terms are a real turn off.....
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  • They have applied for approved property from SBI etc. Does anybody know if after being an approved project, will banks even approve loans which have a time-linked release from the bank rather than construction-linked release?

    In case any of you have formed a group to approach Ideal, please let me know. As far as I was told, out of 6 towers, 3 towers have been launched only, approx. 125+ flats have been booked so far with all 2BHK and all garden facing 3BHKs already booked. About 15-20 south facing 3BHKs remain.

    And check this interesting link...
    http://www.wbpcb.gov.in/html/SEAC/67_annex_1.pdf

    Location Map:
    http://wikimapia.org/#lang=en⪫=22.573884&lon=88.454441&z=16&m=b
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  • Unconfirmed news: Merlin will start a project between the PSG site and the waterbodies. Roadwork in front of the PSG, Ideal site, proposed Merlin site connecting New town side and Sector V is expected to start soon. However, this road will probably end next to the waterbody at this point, which then connects to Sector V. The final proposed plan of extending the road across the waterbody to the other side into Sector V and onto bypass as shown in Google maps is still in plans only.

    Between Ideal, PSG and Merlin, it seems one can expect at least 1200+ apartments in this area within a 5-8 years time frame.

    Basic price for Ideal has increased to 3900 (4000 for a new south-facing tower that they opened for booking this weekend). PLCs of some the blocks have also increased a bit.
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