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 Debeswar
    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.


    Good update Debeswar. I heard about Merlin too.

    I heard the proposed Ring road from Science City will not happen in near future since they have not received permission from the EKWMA.

    Let us know if you hear more about Merlin launch.
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  • Originally Posted by saikatgang
    Good update Debeswar. I heard about Merlin too.

    I heard the proposed Ring road from Science City will not happen in near future since they have not received permission from the EKWMA.

    Let us know if you hear more about Merlin launch.


    Saikat,
    Look for aquamerlin in this corporate profile. You will get a brief glimpse of what is about to come...
    http://www.merlinprojects.com/Corporate%20Profile.pdf
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  • Originally Posted by Debeswar
    Saikat,
    Look for aquamerlin in this corporate profile. You will get a brief glimpse of what is about to come...
    http://www.merlinprojects.com/Corporate%20Profile.pdf


    Awesome Debeswar.....let's look forward for this project. We hope that they will be rational enough in their launch.
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  • Originally Posted by saikatgang
    Awesome Debeswar.....let's look forward for this project. We hope that they will be rational enough in their launch.



    Hello All,

    Does anybody have any idea about Ambuja upcoming project or this project by Merlin.Will be interested in booking a flat.Please if any body any idea ?????
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  • Originally Posted by saikatgang
    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.


    Hello,

    I will be interested in this project.Do update when ever you have details about it.
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  • Ideal Aquaview News Update - Piling work has started at the site. A model flat is being worked on. Most importantly, work on the road in front of the site has started and I could see land filling going on for that.

    A scaled model of the proposed complex has been put up in the site office. Interestingly, the scaled model shows 8 towers while they are advertising 6. Upon inquiring, I was told that the other two towers have not been sanctioned yet and those if sanctioned will be part of Phase 2 with additional land area added for that.

    The current base rate is 4100, up from 3800 during soft launch. Of the 6 towers, they are now taking booking for only 5. If I have to believe them, then they are more than 70% sold out for these 5 towers. The 6th tower(the one in the front left, which will be fully south facing and the cricket ground facing) is yet to be opened for booking and will possibly open at 4300 psft. They are taking booking checks for that.
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  • Friends,

    May be most of you will not agree with me, but the current location is not for End-User. They are surrounded by water bodies. No proper road is there, if you have car then only you can travel. Ladies will face huge problem. This area is very futuristic, more than AA3 or near Sanjeeva projects.

    . The current RE market is over saturated, investing in such a location that too with time-linked payment, may not be a good idea. But rest is all your decision.

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  • SandipRC, I agree with you. The current location is probably not for many end users. However consider these points,
    A) This project will realistically be available around 2018 end if not early 2019. That is at least five years from now. Five years back AA1 was uninhabitable, no traffic used to ply on the current MAR.

    B) In addition to that, this project is adjacent to a highly inhabited locality, Mahishbathan, with a full fledged bazaar within walking distance.

    C) Most of the cooperative housing being built even in AA1 and currently slowly being inhabited is .5 to 1 km from the nearest market or public transport. Not a likeable situation but true.

    D) No current road is there. Correct. But road is being built with full steam, I saw that yesterday. Note how the property prices behind CC2 appreciated after the connecting road was built. Hence you cannot ignore the potential.

    E) The AA1 starts about .5 kms from this project. Axis mall is about 1.5 kms from this project. Compare this location with Jal Vayu towers or Green field heights in AA1.

    F) Time linked payment is a different problem. It is no doubt a damper.

    Delay in delivery whether it is construction linked or timelinked payment is nowadays an inevitable risk that we should take into consideration for ALL underconstruction properties in West Bengal. Unitech, Bengal Shelter, this forum is full of such stories. With construction linked payment do you think you are safe? No brother, you are not safe unless the LAW in this country is actually supporting the consumer. So take that risk into account if you are buying ANY under construction property. Builders that actually deliver on time and with quality actually make you pay a premium price upfront( Tata, Godrej etc.). Others make you pay by delaying delivery...You pay no matter what and when and if you sell, you can only hope that the market pays you back, so far it usually did....and that is the whole reason this unscrupluos system is still working. Like it or not. If you want to buy risk free, you will have to buy a ready property and pay for the pain that somebody has already taken. Every investment has a risk and risk equals pain. However, if I am really an end-user, I would not want pain as my motive would be to enjoy my own home with my family with the least pain and I would always buy a ready or a near-ready flat.

    Buying a property which will be delivered 5 years later is always an investment and any investment which we hope to provide better than bank returns with that long a delivery period is frought with risks, risks that will inevitably come with some pain. In this unregulated country the risks are higher, pain is more and we all hope that so are the returns. We hope that the future will be less painful for our next generation with less risk and also sadly less returns(look at the developed economies).

    Please do not consider this rather long post as my support for this project. Apologies for starting with a simple investment decision and somehow ending in greater macro-economics or philosophy.
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  • My personal opinion is that by the time these projects are launched, the area will turn quite better ( in terms of habitability) led by the launch of these two big projects - Ideal and PS. Also, the closeness to AA1 will always lend its supportive hand to it. It takes just two to tango !!
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  • I think, what ever Debeswar is saying comes to true. But looking on the current situation and present Govt, can any one say it can be possible in any time frame.

    Metros are delayed, Flyovers are getting delayed. Roads are not be completing because no land acquisition. If you see HIDCO block and there current calendar that they have uploaded, you can only find eco park, rabindra tritha, entertainment. No news of the Financial Hud, CBD, etc. 2 Big IT company is stuck in AA3, about to take around 40K people, our Govt is not interested about that.

    If the road from thakdari to this project connects that will a boost to this project, and connecting to Em Bypass, will take time, how much no one knows.
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  • Connecting to EM Bypass across the Wetlands as shown in Google Maps...I am very doubtful if it will at all happen in foreseeable future. However, the road connecting thakdari road to all three projects(Ideal, PSG, Merlin) and onto Sector V appears to me will be done in an year or less based on the speed with which the work has started, if things remain at the same pace.

    My prediction is that the Ideal project will reach a base price of 5K psft by end of 2014, the road will be complete by then and at that point Merlin will launch at 5.4K-5.8K psft. No doubt it also has the best location of the three projects as it is nearest to the waterfront facing Sector V opposite the waterbodies. Though it will be a smaller project than the Ideal project. Merlin Aqua had started the clearance procedure around the same time as Ideal. So I am assuming they are just waiting for the right timing. Once completed, the Ideal and Merlin projects will add close to 1200 flats to this area plus whatever the PS Panache adds.

    Merlin: This will be a residential cum commercial complex having 298 flats (4 blocks of G+22 storied buildings, 1 block of G+11 storied building and 1 block of commercial G+4 storied building with banquet club & restaurant and guest house).
    http://www.wbpcb.gov.in/html/SEAC/73_annex_2.pdf
    http://www.wbpcb.gov.in/html/SEAC/73_annex_3.pdf

    Ideal: This is a residential complex having 650 flats (4 blocks of B+G+19 storied buildings and 2 blocks of B+G+18 storied buildings) alongwith Club (1no. B+G).They have now applied for an additional 2 blocks with a total 875 flats which has still not been approved as land titles and conversion are still not cleared.
    http://www.wbpcb.gov.in/html/SEAC/67_annex_1.pdf

    No further information is available on Srijan/PSG Panache...even the project is no longer searchable directly on their website, except some images
    http://www.srijanrealty.com/project-details.php?pid=31&pname=Panache

    So I am assuming that the PSG/Srijan Panache project may get delayed.

    What is important for investors in this location is the following...."
    The Chief Technical Officer, East Kolkata Wetland Management Authority, Govt. of West Bengal informed vide letter dated 13.03.2012 to the Secretary, SEAC, that RS Dag No. – 852 & 918, Mouza –Thakdari, JL No. – 19, PS – Electronic Complex of North 24 Parganas does not fall within the jurisdiction of East Kolkata Wetland Management Authority (E.K.W.M.A.). Moreover, Mouza –Mahishbathan, JL No. – 18, PS – Electronic Complex of North 24 Parganas does not fall under the scheduleI of East Kolkata Wetlands (Conservation & Management) Act, 2006."

    Hope this helps..
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  • Originally Posted by Debeswar
    Connecting to EM Bypass across the Wetlands as shown in Google Maps...I am very doubtful if it will at all happen in foreseeable future. However, the road connecting thakdari road to all three projects(Ideal, PSG, Merlin) and onto Sector V appears to me will be done in an year or less based on the speed with which the work has started, if things remain at the same pace.
    Once completed, the Ideal and Merlin projects will add close to 1200 flats to this area plus whatever the PS Panache adds.


    IMHO, unless the job opportunities pick up very soon, its tough to sustain demand for this kind of supply.. even older projects have unsold inventory.. Jobs needs to be generated and for that companies need to come and once companies come, there is usually a gestation period of anything between 3-5 years for meaningful employment nos ( atleast the bigger IT companies).. and unless this happens, I am not sure of how much demand for end users and rentals would be there..

    Anyway, I recall what I read somewhere long back.. One builder to banker " What we sell are not apartments or houses, what we sell is the fear that unless the buyer buys today , he/she will never be able to buy as prices will keep on increasing constantly"...
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  • Price is actually spiralling. I am rebuilding/extending a portion of my house and obviously things got heavily delayed because of labor shortage. But raw materials prices spiralled(cement bags went from 270 to 400 per bag, price of a brick went from 7.50 a piece to 10 per pc in last two years). Today Kolkata job market is not growing at the pace it should have been, but people are buying to escape this inflation and there is a chance that this may result in a bubble. Just I like said earlier, investments have these risks...gold, stock, real estate all will go through this cycle.

    With rising inflation the value of rupee is depreciating, so if one locks a price of any commodity that will at least ride with inflation at any time, he/she feels he has beaten the inflation. If a bubble happens, everything will be affected. But if the bubble does or does not happen, inflation surely is happening. You will have to invest somewhere, as pure savings will erode away with inflation and definitely invest in your health so that you hope to be around to enjoy it.
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  • Guys, I truly appreciate all your enriching comments, specially what I read in some of the posts above !!
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