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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  • I also have heard about this property thru one of my friend who works at NK realtor . I am also trying to accumulate some more info on this . I will try to visit the site once this week .

    I should really give a big thanks to Saikat for investing time to write such a big post with details analysis. I am ambitious to get another G'Bhai or Jaydeep in nascent Saikat after seeing his expert analysis :-) . Good sign for the forum .
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  • I agree. Very well written analysis, my friend. Lets take a cue from here only. To me,

    1. it appears the deal breakers are heavily loaded against makers.
    2. Too risky for my comfort level while I understand it is person specific considering age/income etc.
    3. And more significantly, I have real doubts ( say 60-70 % or so) at the moment for this location falling under EKWMA. May be that it is just outside the dreaded zone. Nevertheless, it should be verified and since the first cash installment is too large an amount, it gives some credence to my doubt.
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  • Originally Posted by joydeepr1
    I agree. Very well written analysis, my friend. Lets take a cue from here only. To me,

    1. it appears the deal breakers are heavily loaded against makers.
    2. Too risky for my comfort level while I understand it is person specific considering age/income etc.
    3. And more significantly, I have real doubts ( say 60-70 % or so) at the moment for this location falling under EKWMA. May be that it is just outside the dreaded zone. Nevertheless, it should be verified and since the first cash installment is too large an amount, it gives some credence to my doubt.


    Thanks Arunava(Khan)/Joy,

    Really appreciate the stalwart views. Yes, I spoke to many today and I think we need to pass this project at least for now.

    But one thing good is that we are able to create a core group.

    @Joy appreciate if you may please PM me your contact details so we can touch base together.

    Thanks guys!
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  • The soft launch price seems high IMHO..
    And taking the whole booking amount in cash .. that is something quite risky specially in the current scenario..

    Not sure whats the appreciation opportunity considering the final price paid after factoring in the opportunity cost..hmmm...
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  • Originally Posted by AbhiCCU
    The soft launch price seems high IMHO..
    And taking the whole booking amount in cash .. that is something quite risky specially in the current scenario..

    Not sure whats the appreciation opportunity considering the final price paid after factoring in the opportunity cost..hmmm...


    Absolutely Abhi,

    Actually we are passing this project and now looking into another one coming up just beside the PS site, it is expected to be launched after Diwali. It's called "Ideal Aqua View". Much bigger than the PS Panache with more facilities.



    Yours truly and "Khan2012" visited the site yesterday and we are very impressed about the location and it's prospect.

    We did a good recce of the area talking to the locals. The location is just adjacent to the AA1, falling under the Saltlake address adjacent to Hidco acquired site (but Mahisbhatan village).

    We heard from the Ideal office and one marketing guy named Ravi Dwarka informed that they have not yet decided the launch rate but it will be around Rs.3900-4000 plus PLC.

    Six towers in all and 2 will be launched now with 3.5 years completion for the 2 towers with all facilities.

    This might be a good idea again is some of us can join together and group bargain with them.

    Personally am pretty bullish about this location.
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  • Hi, Before going for Ideal Project, please read this thread from IREF.

    https://www.indianrealestateforum.com/forum/city-forums/kolkata-real-estate/42979-ideal-enclave-ii-ideal-real-estate-rajarhat-kolkata?t=44835

    That area is under Kolkata Wet land, lots of issues can be there, ever HIDCO is very carefully dealing with for the connecting flyover over the bhari, connecting New Town and EM Bye Pass.

    Ideal Aqua Project initiated 2 years back on paper but not started yet.
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  • Originally Posted by sandipRC
    Hi, Before going for Ideal Project, please read this thread from IREF.

    https://www.indianrealestateforum.com/forum/city-forums/kolkata-real-estate/42979-ideal-enclave-ii-ideal-real-estate-rajarhat-kolkata?t=44835

    That area is under Kolkata Wet land, lots of issues can be there, ever HIDCO is very carefully dealing with for the connecting flyover over the bhari, connecting New Town and EM Bye Pass.

    Ideal Aqua Project initiated 2 years back on paper but not started yet.


    @SandipRC,

    Thanks for the heads up. Yes, I heard that Ideal group is infamous about in ordinate project delays.

    About the "wet land" I also do agree with you but none of us is committing before the due diligence. This is only to agree in principle for a GB for negotiation.

    The below are the due diligence required for this project before one should be committing:

    1) Environment Approvals - We need to verify if the project is having all clearances including the environment. This is very very important.

    2) Land nature - With the DAG No. and verify from the HIDCO office about the land nature and it's approval. We inquired from the locals and understand the land is in nature of "Shali" which is agricultural. We also heard that the current state government is not approving the conversion of "shali" to "bastu". Hence it will be interesting to see the approval.

    3) Plan sanction - This area is falling under the Mahishbhatan panchayat. Hence they might be trying this route to sanction the plan bypassing HIDCO.

    4) Approach road - The project is having a pucca road at the side which is 25 feet. We find that they also made a road to the side cutting across a site which we heard from the locals to be HIDCO acquired plot. We really need to find out from HIDCO if they have sold this road are to this project.

    5) Builders Payment terms - I heard the builder asks time based payment and not construction linked. If we join together and form a group then we can be in a position to force the builder to agree to our terms which is construction based payments and also incorporate adequate penal clause in the agreement.

    Hence there are a lot of leg work which need to be done for our due diligence and give us that comfort to sleep well at night after the investment commitment.

    But it make good sense to first agree on principle if we can do a group buy and then share the responsibilities ourselves or hire a lawyer to do this due diligence for all of us and share the cost.

    Not necessarily for this project but this group can do the same for any other projects if all of their priorities remain for sometime going forward. :bab (68):
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  • Do Not Buy Ideal Aqua View Project at Rajarhat Kolkata

    Hi Guys,

    Yesterday I managed to get the details of the Ideal Aqua View Project. I deliberated all aspects about this project and I think I personally will pass this too.

    I will not suggest to invest in this property. Unscrupulous builders like these need to be taught good lessons. :bab (58):

    Here are the deal breakers:

    1) Price - The main point for me to select this project is the water body facing views. But the price escalation with the Preferred Location Escalation (PLC) plus the compulsory Centralized AC cost added as sq ft rate.

    Example: A flat at 10th floor is coming to Rs.4500/sq ft. This rate I think is atrocious and a deal breaker for the present location and the prevailing prices in Rajarhat, this do not make any investment point.

    2) The plan - The plan for the B type apartment in Block F (the one I liked) is horrible. They could have done much better with literally 3 sides open position in this vast expanse of land (8.5 acres). But with 3 toilets it sheer waste of space and they compromised on the drawing room size which comes to less than 8 feet wide.

    3) The carpet area - The carpet area of the said apartment is coming to 950 sq ft while they are selling 1510 sq ft. This means an yield of 63%. Shady ways of screwing customers!

    4) Builder's payment terms - It is not construction linked. As I can see that they want 20% money literally before staring the project and then 7% every 3.5 months. They say that they will start from 1st Jan 2014 but they want our 20% money by then and in another 3 months 7% more. To me this is a also a real deal breaker especially when the builder is having a pretty bad name in delivering projects in time.

    5) Builder's grace period - Atrocious! 12 months as grace period after 3.5 years is ridiculous. We can agree for 3 months at most but 12 months is ridiculous!

    I enclose the project sales details for your views.
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  • Iam new to this forum I was interested in ideal aqua view project. can the other experienced members shed some more light and information about this project.
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  • All the discussion had been done already.. please read the complete thread to find more.
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  • I have gone through it. I am bit confused. What is the general consensus amongst the experienced members of the forum whether it is going to be a good investment . Can we go as a group and try for some concession or argue about the 12 mth grace which is very high
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  • The rates look attractive to me, if the location what you mentioned is correct. If the area does not fall under wetland, then its a good project. In terms of delivery, almost every large projects are behind schedule and Ideal is no exception.
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  • Originally Posted by sumanb
    The rates look attractive to me, if the location what you mentioned is correct. If the area does not fall under wetland, then its a good project. In terms of delivery, almost every large projects are behind schedule and Ideal is no exception.


    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.
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  • Originally Posted by subijay
    I have gone through it. I am bit confused. What is the general consensus amongst the experienced members of the forum whether it is going to be a good investment . Can we go as a group and try for some concession or argue about the 12 mth grace which is very high


    Not sure about your perspective about "experienced". Do you mean the number of posts in this forum or experience in RE? ;)

    Anyways, if you visit the developer and check out that they might be keen to work out a bargain for us then go ahead and put in this forum. I might be still interested for the group buy.
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  • 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)

    2. The bedroomsizes 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

    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)
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