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Vasant Oasis by Sheth Creators in Andheri East, Mumbai

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Vasant Oasis by Sheth Creators in Andheri East, Mumbai

Last updated: February 24 2021
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  • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

    Originally posted by CAinvest View Post
    Does anyone have any recent note on Phase One of this project? What is the current status, current rate, availability from builder, etc? thank you
    Possession for 3 buildings of Phase I is due this year end, for remaining 3 buildings in Phase I the possession is next year end. The club house and swimming pool will also be ready by this year end.

    Current rate is 15,750 (negotiable) + 50 floor rise + parking + govt charges. They also have some 20:80 scheme on offer for Phase I. Availability for all the 3 phases is limited and getting the choice (floor, view, vastu etc) of flat is a bit difficult right now.

    Construction quality is top notch - at par with other Vasant projects (in Prabhadevi, Thane etc) as they get almost all their projects constructed by Simplex (probably next only to L&T)

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    • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

      thank you, Soarer

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      • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

        Just visited. builder's offering 14750 + 50 FR + 7L car park, but investor flat is available at 13-13.5k. this sounds like a huge gap. anyone has an idea what's cooking? why things with this builder is always so fishy..

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        • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

          Originally posted by CAinvest View Post
          Just visited. builder's offering 14750 + 50 FR + 7L car park, but investor flat is available at 13-13.5k. this sounds like a huge gap. anyone has an idea what's cooking? why things with this builder is always so fishy..
          It is no secret that selling a flat for an individual is a very big challenge in the current economic scenario (I just sold one in Feb this year). If the flat happens to be in a under construction project then it becomes infinitely more difficult. Many investors had entered the market during the boom time with the intent to flip and now are finding it difficult to pay the balance amount to the developer and are also unable to sell.

          It would not be right to single out Vasant Oasis investors for selling at a discount of 10%. I also know investors in other projects from top to mid level developers (Lodha New Cuffe Parade, Pride Park Royale etc) who are selling at 10% to 15% discount as well.

          You should also be aware about the cost of the 10% discount:
          1) Transfer fee to the developer - 2% or more.
          2) Commission to the agent - 2%
          3) Cash component (not many are sitting on a cash pile of 50 lakhs!) for the difference between the original investor price and current transaction price.
          4) Unwanted layers of unregistered legal agreements before you can register yours.
          5) Agreement value will be lower than the actual money you pay and you will loose out on the tax benefit for the amount you have paid in cash to the investor. A 10% discount is only 7% if you account for the foregone tax benefit had you paid in cheque instead of in cash.

          If you have hard cash then now is a good time to hunt for deals from investors flats in just about any project in Mumbai. Even when the markets were booming investor flats were always at a discount of about 7% to 10%. Now in the current scenario the discount is 10% to 15%, that's all.

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          • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

            Originally posted by soarer View Post
            It is no secret that selling a flat for an individual is a very big challenge in the current economic scenario (I just sold one in Feb this year). If the flat happens to be in a under construction project then it becomes infinitely more difficult. Many investors had entered the market during the boom time with the intent to flip and now are finding it difficult to pay the balance amount to the developer and are also unable to sell.

            It would not be right to single out Vasant Oasis investors for selling at a discount of 10%. I also know investors in other projects from top to mid level developers (Lodha New Cuffe Parade, Pride Park Royale etc) who are selling at 10% to 15% discount as well.

            You should also be aware about the cost of the 10% discount:
            1) Transfer fee to the developer - 2% or more.
            2) Commission to the agent - 2%
            3) Cash component (not many are sitting on a cash pile of 50 lakhs!) for the difference between the original investor price and current transaction price.
            4) Unwanted layers of unregistered legal agreements before you can register yours.
            5) Agreement value will be lower than the actual money you pay and you will loose out on the tax benefit for the amount you have paid in cash to the investor. A 10% discount is only 7% if you account for the foregone tax benefit had you paid in cheque instead of in cash.

            If you have hard cash then now is a good time to hunt for deals from investors flats in just about any project in Mumbai. Even when the markets were booming investor flats were always at a discount of about 7% to 10%. Now in the current scenario the discount is 10% to 15%, that's all.
            Going by your posts, it appears u are a broker trying to promote this and other projects in the Andheri East area... If you are truthful, why don't you list out the -ves of the project here? Im sure with your knowledge of the +ves you would be equally aware of the -ves..

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            • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

              Thank you both. View from you matters and appreciate it! SAS - would you kindly detail the -ves. I am a genuine buyer and looking for a good deal. but, this difference only makes more concerned in this already dirty market. I screened the first of the buildings (tiffany) which are constructed till 22nd floor and finishing work is in process. 14500 looks high given the reputation of the builder (after this project) v/s kanakia rain forest and some other projects. any clues what is the rightful price for this project given benchmarks if you have done any.


              I was too negative on this project, but if it is a ready possession at a right price, I can think. Views please.


              Many thanks

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              • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

                If the investor has not yet registered then he can pass the stamp duty benefit to you ( within 1 yr of his agreement registration with builder).. Please check for the total lumpsum amounts and compare builder price and investor price rather than per sqft rates..

                SAS, if soarer is a broker than he can sell resale properties too!! What difference does it make? I felt the points made were logical and if it helps the buyer then the purpose of the forum is met..

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                • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

                  Agreed Chinuboy. calculations are simple, builder price is 14500+50FR + 700000 car park. so, say 1255 2 bhk at 10th floor (say hypothetically), is 1.95 crores. whereas if the price is 13500 (say) inclusive of 50FR and car park cost, it is 1.76 crores + brokerage / transfer fees, etc that Soarer mentioned. However, if cash condition comes, then obviously it is out of question for many..plus the risk of unregistered agreements, MOUs, etc. I think it these points are valid. Just unsure about the project though...thanks all

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                  • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

                    Originally posted by CAinvest View Post
                    Agreed Chinuboy. calculations are simple, builder price is 14500+50FR + 700000 car park. so, say 1255 2 bhk at 10th floor (say hypothetically), is 1.95 crores. whereas if the price is 13500 (say) inclusive of 50FR and car park cost, it is 1.76 crores + brokerage / transfer fees, etc that Soarer mentioned. However, if cash condition comes, then obviously it is out of question for many..plus the risk of unregistered agreements, MOUs, etc. I think it these points are valid. Just unsure about the project though...thanks all
                    Thanks to SAS2014 for assigning me an occupation certificate of a broker this is going to be a long post just to dispel the fear

                    Firstly, for people with no source of unaccounted wealth it does not make much sense to go for an investor flat irrespective of the discount being 5%, 10% or 15%. Dealing with investor flats is a different ball game. I have given up quite a few lucrative deals as I couldn't cough up hard cash required to execute these transactions in the past.

                    Secondly, just like any other under construction project this one also has the risks as well as the rewards. Will list down my analysis below:

                    Negatives - I'm sure SAS2014 will get goosebumps now
                    1) The project is delayed by a couple of years.
                    2) The developer has taken funding at relatively higher rates (from Morgan Stanley, India Bulls, IIFL, Private Placements etc) and has to achieve sales at any cost to repay the debt. This particular issue prompted a rumored distress sale to Edelweiss in 2013.
                    3) This is a mixed community project which might be a negative for some people who prefer a particular dominant community within a project. The project has 1 BHK as well as 4BHK (economic mix) and has people of all faiths reasonably represented (religious mix).
                    4) Accessibility (North - South) is an issue as both WEH and EEH are at least 15 minutes drive away and Metro III operations at least 5 years away.
                    5) Not the best residential location (in terms of quality of restaurants, schools, roads etc) among the western suburbs.

                    Positives - SAS2014, please don't issue another occupation certificate to the poor me - a broker was bad enough
                    1) The reasons for delay were reasonable. Firstly, the family split and had to re-organize and divide the assets between the two groups that were formed. Secondly, the AAI clearance took a while as the developer wanted to increase the height from 17 to 22 floors. Thirdly, the DCR got revised in 2012 and all projects in Mumbai got delayed by at least one year for this single factor. Fourthly, and most obviously, the economy nosedived.
                    2) Even with the height restriction in place the developer is providing 8 ft high door and 10 ft high ceiling which is commendable and shows the developer's commitment to deliver a quality product (most projects have 7 ft high doors and 9 ft high ceiling in the absence of stringent AAI height restrictions)
                    3) Once Metro III becomes operational, Marol (where Metro I and III intersect) has the potential to become the true center of Mumbai
                    4) Except for OC, all approvals are in place. Land title is also crystal clear (with developers selling 30 year leases or SRA projects this is a huge USP)
                    5) Simplex construction quality, next only to L&T

                    Competition among similar builders within 5 km radius
                    1) Most clear land title projects (Kanakia Rainforest, Lodha Supernova etc) do not have all the approvals (CC, AAI, EC, and many many more). At least Rainforest is rightfully cheaper at this stage but Supernova takes the cake at the current inflated rates with a not so promising past (project is in launch phase for donkey years)
                    2) Remaining clear land title projects (the ones in Chandivali and ones like Bajaj et all near WEH) are more expensive (but also have relatively better location advantages)
                    3) SRA projects (Kanakia Sevens, Omkar - V Raheja Kenspeckle, Atul - Hubtown HillCrest, Acme Boulevard, Joy Castilla) can't be compared with clear title projects as the economics / risks / amenities / approvals / rates are very different

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                    • Re : Vasant Oasis by Sheth Creators in Andheri East, Mumbai

                      Hi Soarer,

                      Thanks for the clear explanation. I have been looking for 2 BHk in this area for investment. I didn't know that Acme Boulevard, Kenspeckle and Kanakia Sevens are SRA projects.
                      Being a SRA project, What are the risks with these 3 projects??

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