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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  • SandipRC - Thanks for putting up the link for the larger community. It just confirms what was discussed in some of the threads regd plotted land development earlier. Extremely risky proposition.
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  • Thanks guys for the informative posts. Truly appreciate these!
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  • I really feel bad when I hear that we r loosing our God gift. People will die due to thirsty, if we loose wet land n tree. But we became greedy and play with nature... Sometime we have to look things beyond RE and Investment.
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  • The day we left forest and started a civilized life, we started playing with nature.
    It is like life always leads to death but life still must go on. The whole kolkata area was a wetland at one time and so was a lot of New York. I am not against protecting environment and being concious about it. But the growthof human race and protection of environment are opposing forces. We have to consciously slow down if we really want to slow down the destruction of nature.
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  • PS group - Sector V

    Hi, Anybody have any update on PS group at Sector V? Pls share. Which one do u guys think is better - PS or Ideal?

    Ideal: +pts: Proj plan, Hafeez contractor. -pts: Floor plan, Payment sched/grace period. Price: 4200 at present. 800-1000 disc on base price on 90% payment.

    PS: No idea about amenities, Floor plan, Master plan, price etc.
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  • Hi,

    Has anyone in this thread invested in Ideal Aqua View? If yes , can you pls IM me ur number. I have bought a 3BHK there. As a first time property buyer , have lots of questions such as :

    1) Can I negotiate the sale agreement with the builder in adding a clause or two that protects my interests or I have no choice but to sign on the agreement that the builder will print?
    2) Home loan - I have heard that the project is only approved by ICICI bank as of now. And SBI and other banks approvals are being worked out as I write.

    Thanks
    Manish
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  • Originally Posted by manishkol
    Hi,

    Has anyone in this thread invested in Ideal Aqua View? If yes , can you pls IM me ur number. I have bought a 3BHK there. As a first time property buyer , have lots of questions such as :

    1) Can I negotiate the sale agreement with the builder in adding a clause or two that protects my interests or I have no choice but to sign on the agreement that the builder will print?
    2) Home loan - I have heard that the project is only approved by ICICI bank as of now. And SBI and other banks approvals are being worked out as I write.

    Thanks
    Manish


    Normally the developers like Ideal maintain a standard sale agreement and I dont think they will allow you to change any T&C.

    You are right at this point of time only ICICI have approved this project for loan.
    Regards
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  • Originally Posted by RahulAJ
    Hi, Anybody have any update on PS group at Sector V? Pls share. Which one do u guys think is better - PS or Ideal?
    Ideal: +pts: Proj plan, Hafeez contractor. -pts: Floor plan, Payment sched/grace period. Price: 4200 at present. 800-1000 disc on base price on 90% payment.
    PS: No idea about amenities, Floor plan, Master plan, price etc.



    I think they are waiting for the nearby road to be taking a shape so that the launch price will be little higher.

    I visited the site few days back. It is true that the road work is going on in full speed. Even if the road is connected to New Town road no 2222, this site has a great value.
    Regards
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  • Originally Posted by sandipRC
    Finally Launched ... :)

    Panache Kolkata | Apartments near Sector V Kolkata


    At 4600 psft!! At this rate, by the time Merlin will launch it will be 5200 psft easily. Jokes apart, the layout looks fairly nice with all flats appearing three sides open. Based on the information available, the minimum flat size is 1712 sft, that would be easily 80L+ with escalation and parking.
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  • What is
    "Nomination Charges :Nomination Charges Rs. 50/- per Sq. Ft."
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  • Originally Posted by vpvpvp312
    What is
    "Nomination Charges :Nomination Charges Rs. 50/- per Sq. Ft."


    If you plan to resell the flat before you take possession/registration, you have to pay Rs50 psft to the builder
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  • Its coming out to be about 1% of your purchase price, Which is pretty decent. The developer is clearly encouraging the investor to invest.
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  • Nomination Charges: Ok so we don't have to pay now only if we want to sell then only we will pay ........
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  • Originally Posted by sumanb
    Its coming out to be about 1% of your purchase price, Which is pretty decent. The developer is clearly encouraging the investor to invest.


    this is the charge paid to the developer.. but if an agent is involved ( say NKR), then another 2-3 % goes to them ..
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