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 babloo68
    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.

    I inquired from them during my last visit a week back and I have seen some work going on to connect the main drainage. I can't say for certain whether this is resolved now since we need to wait for another monsoon to check the situation. This is surely a concern for the future....the reason for water logging as I observed is due to the fact that the level of the project is lower than the main road and connecting drains are also flooding.

    The only positive point is probably the water recedes pretty fast and do not log for longer period. Personally to me this is not a deal breaker in the present condition.
  • Here is a letter from EGV flat owners to Sureka group on Aug 1st 2015.

    EGV water logging problem has been highlighted many times in the past through telecon/discussions and GBMs, latest being the trailing mail sent to you on 27th July. Though Sureka team preferred to stay non-responsive, as in the past!!

    In the month of July itself, we had about 5 such incidents of serious water logging. Issue has been raised many a times with FM and the only response was that the pumps are in operation. These pumps have proved to be futile on all such occasions.

    Since yesterday evening, all roads leading to car parking and tower entries are inundated with rain water and deluge from neighborhood. Residents are unable to send their kids to school and approach the car parking. Mr Ranen Chaudhuri, VP, EGV Committee, had a discussion today morning with Sureka & Colliers team. He has also indicated the inadequacy of the pumps installed besides the design & layout faults.

    However, they have assured that a working solution will be provided within 3 days. We need to know Sureka’s thoughts and plans for making our complex habitable.

    Sureka is making tall claims of "New York in Newtown" but doing absolute nothing to resolve the problem which has the potential to make the complex uninhabitable. On the other hand, low cost Sukhobristi of Sapoorji remains unaffected. What an irony to call EGV a premier housing complex!

    Mr Nagpal, all the owners and residents are asking for a GBM with participation from all stake holders to chalk out an efficient solution. We have been trying hard to bridge the gaps and make a lasting & supportive relationship between Sureka and EGV owners.

    We expect a positive response from Sureka within three days, as indicated by Sureka reps at site, with a detail planning to solve this problem.

    Trust we can depend on Sureka and need no further steps from our side to protect the EGV owners’ interest.
  • Hi,
    @saikatgang ,
    @abhic123 ,
    Thanks for updating. So as assured by them was any plan discussed with u or they are still trying to delay it furthere.
  • I am not part of that Society so not sure about the latest status. saikatgang; can let us know the current status.
  • Originally Posted by abhic123
    I am not part of that Society so not sure about the latest status. saikatgang; can let us know the current status.

    As I have seen during my last visit on 27th Sept. the preparation for construction already there...but can't say that construction is in full swing. I also understand from my discussion with Sureka, that the completion commitment for December 2018 holds good. In the agreement, they have a 6 months grace period.
  • I was asking about water logging. Has any plan been discussed with EGV society members and appropriate actions have started or it is still pending? I'm not too worried about construction duration as I can wait for 3-4 years.
  • Originally Posted by babloo68
    I was asking about water logging. Has any plan been discussed with EGV society members and appropriate actions have started or it is still pending? I'm not too worried about construction duration as I can wait for 3-4 years.

    No, sorry no further update about the water logging issue that I'm aware. As I mentioned earlier that the current situation that I have seen isn't a deal breaker for me....and neither I'm a member of the EGV society yet to pursue the thing aggressively.
  • My question is , does this area around MAHISHBATHAN get waterlogged during the rainy season ?