Dear experts,

Read in Anandabazar newspaper today about the project Sanhita being developed by Simoco Infrastructure. The price they are offerring are as below
1 BHK - 451 SqFt - 7,20,390
2 BHK - 14,74,000
3 BHK - 17,74,890

This is located on the east of the Eastern Link Highway, behind the New Town Heights on an extension of the Bagjola canal. The area at the moment has no connectivity, the roads are extremely poor and is about 6 minutes drive from New Town Heights / Sukhobrishti. My questions are;
1. I would primarily be buying here for investment. Would it be a good buy at this price considering I would sell it only after 10 years or so?
2. Is Simoco Infrastructure a well known name in the realty sector. I have not heard of them much earlier. Would seek your advice.
3. What is the general mood regarding that locality?

The per square feet price is coming roughly around 1700. I am not sure if that is a good buy at this area? Please suggest.
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  • Any update on project status!!!!!
  • Any status? Received a letter mentioning they will get bank approval by December, wondering if that happened?
  • Hello Pinaki, Did you hear anything on the project status?
  • Originally Posted by amritanudas
    Any status? Received a letter mentioning they will get bank approval by December, wondering if that happened?

    which Bank ????
    They already have approval from Indian Overseas Bank (From earlier post), isnt it ?

    I called Mr. Krishnendu (Simoco) yesterday, he says to call him on 1st week on Agreement.
  • Informed that they will update the status on first week of Jan'15
  • I don't think they have bank approval yet, I am just confused of this project.
  • I have invested Rupees 354000 (approx) But till date i have not received a proper acknowledgement letter containing full signature, full name of the person signing and the designation of the person. The money receipt also does not contain revenue stamp which is usually attached to money receipt. According to there own statement this project is not approved by any bank as on today. Their attitude towards me was improper when I highlighted the above points to them.

    Now i am deeply concerned as to whether i have invested my money at a right place.
  • Every time I called, I was told to call in next couple of weeks. I am equally concerned about the project. I did get a letter signed by P. Mukherjee but no designation assigned.
  • Called them today, now they are not even picking up the phone. Guys let me know if you have any updates. I live out of country so I don't have the option to personally visit their office, but if any of you have made the trip, please update here of their whereabouts. Thanks
  • Any update when they are going to start with agreement??
  • No still no word from them.
  • Update

    I called Called Mr. Krishnendu today after dialling their Toll-Free number multiple times & getting "Switched off" message (very much un-professional).

    Here are his replies -

    1) When aggreement is getting done ?
    - We are starting with 3bhk first from February, then 2BHK & 1BHK (March).
    - We have not started yet with the official communication with the customers.

    2) As a customer I'm worried. Why it is so much delayed ?
    - Conversion process taking time, they bought land in two phases (we know that).
    - We will complete it on time (22 months remainning). No customer has escalated it yet.

    3) What about Bank Approval ?
    - HDFC provided us bank approval. From this monday i.e 12-Jan-2015 HDFC bank will start a camp at SIMOCO's office @Kolkata Sec-V for bank loan.

    4) I heard SANHITA got approval from Indian Overseas bank earlier, now it became HDFC, I'm confused, would you show me papers ?
    - Its HDFC, we are not showing approval papers to customers, on Monday they are staring a camp here (Sec-V office). If you are taking loan from them then "Documentations" will not be needed & loan will be processed quicker. If you go for other banks then "Documentation" is required (I forgot to ask him when they are providing us that documents for bank loan). As HDFC is a private bank so they provided approval on lesser documents provided by SANHITA, compared to Nationalised banks, they take more time & more documents.
  • Originally Posted by Pinaki Datta
    Informed that they will update the status on first week of Jan'15

    This is how it goes in RE. Jan becomes Feb, Feb becomes April (New FY you know) and so on. Finally the buyers loose money (based on time value and bank interest) and builder enjoys the booking amount as long as he wants. Who dares to challenge? Who wants to go to court? We just speculate and put our hard earned money thinking of a favorable futuristic picture as shown in the marketing brochures of the builders.
  • @sdebnath: Thanks for taking the initiative to continuously follow up with them. Do you have a flat in Simoco? I have bought a 3bhk there, but as per your reply didn't receive any official communication from them regarding agreement.

    I am equally worried about bank loan. I thought of going with SBI, but as there track record goes I donot think the loan would be approved from SBI!
  • This looks like another Sharada .... Sorry to say this but we can't rule it out ... Beware !!!