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....
Read more
Reply
83 Replies
Sort by :Filter by :
  • Hi All,
    I am planning to buy a 3BHK in Panache-PS 1712 4600 psqft (No extra PLC). Including everything (Mandatory Power backup, Club, Maint, Parking, STax etc.) it's coming 93 lacs for 8th floor. (Except Reg.). Any suggestion / thought on this?

    Cons: Bit costly (due to flat size as well), No such great amenities, Approach Road NOT GOOD as of now.
    Pros: Relaxed payment structure - 30% payment after almost 2.5-3 yrs - Construction-linked, Awesome floor-plan-3 sides open, Renowned group-Good construction.

    What kind of appreciation should we expect in this area after 2 yrs?

    Thanks.
    CommentQuote
  • Appreciation possibility

    Hi All,

    Any thoughts on appreciation value considering IT HUB is moving towards New Town from Sector V nowadays? Regards
    CommentQuote
  • Thanks for all information. I am also looking for 2 BHK in Panache, any suggestion on appreciation part
    CommentQuote
  • have you book in pANACHe
    CommentQuote
  • There's a Merlin project (Luxotica) that's coming up in the vicinity. However the Merlin guy at the Credai stall told me that the launch is unlikely to happen in the next 3 months. For all you guys who have decided to buy Panache, I suggest that you have a discussion with the Merlin guys before you take a decision
    CommentQuote
  • thanks for update @sidbasu. I had a discussion with Avinash of Merlin as per him and it is no where in near future. As per discussion no chance in 2014 at all and after that also no confirm news. but in such situation it looks that panache rate will be gone up and even Merlin will also charge a premium at that time. Panache rate already increased from 43 to 51 in last 10 months.
    CommentQuote
  • IN such situation what is the group suggestion?
    CommentQuote
  • I think it would be a good investment. If you can enter at 4600 psf as the other gentleman suggested, you can look at 6.5 to 7k psf on completion. The only risk is that the road needs to be delivered for this property to appreciate.. and that's the risk that you would be taking.

    Once that road gets done, this would be very well linked to Action area 1 and that will give the appreciation. Current rate at Utsa is around 7k psf... so once the road gets done, Panache would command similar rates if not more.

    Rent prospects would also be pretty good.. since it is important to note that there are hardly any complex of this calibre in Action area 1. Finally the Merlin project would be feature rich for sure... but a 3 side open lake facing apartment has its own charm. Also Merlin will definitely launch at a higher rate.
    CommentQuote
  • Thanks@ Sid Basu . Current rates are 5100 PSF. My plans are for investment/end use and even at this rate also its looks a good.
    CommentQuote
  • Any update on this project and the proposed road?
    CommentQuote
  • Panache

    Hi,

    I am planning to check this property. Now the price is 5500 psf + floor escalation Rs 20.

    Do you think its a good deal ?

    I am planning to book one appt for myself , but whats the future of the area ?

    Do you know PS group negotiate price or not ?

    Thanks in Advance
    CommentQuote
  • Originally Posted by abhic123
    Hi,
    I am planning to check this property. Now the price is 5500 psf + floor escalation Rs 20.
    Do you think its a good deal ?
    I am planning to book one appt for myself , but whats the future of the area ?
    Do you know PS group negotiate price or not ?

    Thanks in Advance

    My take would be to stay within the AA. These are over hyped projects with horrible plan and area yield. AVOID! Go for Elita Garden Vista instead. Bit far away located at AA3, well worth the current price.
    CommentQuote
  • Thanks saikatgang;

    I checked Elita Garden Vista website and It seems that booking for Phase 2 has started.
    But are there some issues in the plan sanctions?
    Is that approved by major banks ?

    Any other similar project can u suggest please. If possible like to check them too..
    Thanks again for all your advice.
    CommentQuote
  • Originally Posted by abhic123
    Thanks saikatgang;

    I checked Elita Garden Vista website and It seems that booking for Phase 2 has started.
    But are there some issues in the plan sanctions?
    Is that approved by major banks ?

    Any other similar project can u suggest please. If possible like to check them too..
    Thanks again for all your advice.

    Yes, correct. As I'm aware, booking for Tower 11,12,13 are almost sold out for Elita Garden Vista. They now opened booking for Tower 9,10 (which includes 2BR south facing). The revised plan sanction was received from NKDA on 20th August. The Bank approval process as told to us by Sureka group will be completed by October'15....in any case you need to shell out 20% first and the bank reimbursement will be required from Feb/March 2016. Hence that is not a concern at all.

    The other investment USP being the payment terms of EGV. We need to pay 70% throughout the tenure of the project (42 months) and the rest 30% on possession.

    No new "A Grade" projects are on the anvil due to the political and economic scenario of this state. I am not aware of any project of this magnitude (25 acres) in New Town AA. Land in AA is now rationed with a limit to 5 acres, hence no new projects in New Town will be as big as this one.
    CommentQuote
  • Hi saikatgang;
    Since I was looking for projects in Newtown area. Can u just confirm me whether the water logging issue has been solved or not? I've tried asking this question several times but I didn't get any response. Also I'm asking this becoz most of the agents tell me it's solved but when I checked online I found water logging photos posted there which were quite recent by the owners themselves. Also, I read somewhere in the posts of iref itself that's it's a problem due to the land relief features which cannot be corrected.

    Hopefully I would get a reply this time.
    CommentQuote