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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

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

    Thanks a lot, Soarer! I think it is more than the desired explanation.


    No doubt there are strong positives as well against the negatives enumerated! Chandivali may have a better gentry, but with Khairani road, super sonic sound from the religious structures guarding the residences from all the 4 sides, slum view and particularly, pollution from some of the chemical factories, it can not be called as a better location clearly. a 1150 2bhk in chandivali would cost atleast 2.2-2.3, whereas a 1310 2bhk costs 2.2-2.3 in vasant. so, the gentry disadvantage v/s chandivali is already factored in the price (I guess more than needed). additionally, I feel this has much better access; via T-2, you can reach domestic airport in minutes (something which could take an hour from raheja/ chandivali in peak hours), and v/s chandivali it is only 1.5-2kms farther from western highway. just a km away is l&T emerald which has 2.2crs+ for a 630 carpet 2bhk, and lets not even discuss the gentry of emerald isle (mhada next, and not shops, malls, around - completely downmarket area, with v poor connectivity to WE highway


    I like the amenities he's offering. a big hitch are the 1 bhks.....I personally think that was a mistake to bring in liquidity. and this could also hamper to the luxury apartments builder is thinking of launching this year (just heard him while visit) .


    conclusively, it has its own negatives and positives, not sure if the best investment, but I would not classify it as junk. And, I would completely refrain from SRAs, so a comparison isn't right.


    I am still an amateur, so please feel free to correct. Cheers and thanks !

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

      Originally posted by plavikp View Post
      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??
      The only common factor for the three projects is that they technically are not on freehold land. Each of these three have higher risks and lower desirability compared to any freehold land project anywhere in Mumbai.

      While I may be able to guide you with general observations you should discuss your selected project preferably with a friend who is a developer or at least with a RE legal expert (although many lawyers are not as aware of the risks related with approvals)

      Omkar claims that Kenspeckle is not on a leasehold land (SRA projects by default are leasehold projects) but this is a very very high risk project and there is a separate thread on this forum that you should refer to. Some of the dirty tricks (submitting forged and fabricated documents for approvals, deletion of names of slum people, publicly arm twisting and threatening AAI officials to grant approvals etc) played are just not acceptable and do not infuse any confidence in terms of the long term legal standing of this project even if it gets completed with all approvals in place (This project is following the footsteps of Raheja Inorbit Mall in Vashi which has now been deemed to be illegal by the Mumbai High Court).

      However the biggest risk with projects on leasehold land is that you are never an owner. For example if you spend 2 cr to buy a 2BHK apartment then you are only spending about 30 lakhs to construct the 1200 sq ft area. The remaining 1.7 cr is going towards your right on a portion of the land on which the project is developed. Now after paying 85% of the cost to purchase land if you do not get ownership of the land then what is the use? Developers will claim that the lease [typically 30 years for SRA (Kanakia Sevens) and 60 years for MHADA (Acme Boulevard)] can be renewed but the point is who knows when the government policy will change and people living on leasehold land will start paying heft sums similar to property tax toward their land lease renewal and maintenance?

      The lower desirability in leasehold land projects comes from two main factors
      1) Even if the slum people are relocated from shanties to multistory structures they still do not change their habits (they throw garbage on YOUR approach road, celebrate their festivals on YOUR approach road, put on loudspeakers and break all rules as they have political patronage etc). You should realize that a very very high density population resides right next to you with 0% space for amenities so they convert your approach road or any available public space into their amenity space. I have gone through this nuisance on 15th road Khar (W) and hate it every day. Others can chip in as well if I am wrong.
      2) Since these leasehold projects are very high density projects (government grants much higher FSI for SRA / MHADA projects) you will find that none of these projects give you amenities similar to freehold projects which have space available in abundance due to lower FSI / density. These SRA projects will have swimming pools, gardens, and jogging tracks (if at all) on the terrace! And some of these SRA / MHADA developers have the audacity to claim that terrace amenities are luxury "features" of the project!

      For now its better to stick with a project on freehold land (Vasant Oasis, Emerald Isle, Rainforest, Supernova etc) as its still available. Since all are under construction do the due diligence before investing. It wont be long before all projects in Mumbai will be on leasehold land and no real "owners" will exist. Hope this helps!
      Last edited May 13 2015, 10:46 AM.

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

        Anyone here can provide me with the contact details of Vasant Oasis Welfare Association ?

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

          You can go through the posts in the facebook group to find many contact details of the association members. The facebook group is this one - https://www.facebook.com/groups/240129326117670/

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

            All well?

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

              Have got couple of investors flat asking for Rs 22k per sf on carpet + all taxes (excluding transfer charges) in Ph 1. Is it worth it?

              Anyone have clarity on current pricing (all-in) for 2 bhk by developer and how much is maintenance per sq ft and any other unexpected charges? When is realistic possession timelines? Looking at current status at the site, it seem at least 1.5 yrs away for possession in best case

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

                Is 22k inclusive of parking and floor rise? How much is the transfer fee? and cash component? Agreement value will be based on? Builder NOC assured? Sounds decent, but you should know these answers and do further diligence.

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

                  Lastly, which building? answer will change based on that. each building is a story by itself...

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

                    Originally posted by Swades View Post
                    Have got couple of investors flat asking for Rs 22k per sf on carpet + all taxes (excluding transfer charges) in Ph 1. Is it worth it?

                    Anyone have clarity on current pricing (all-in) for 2 bhk by developer and how much is maintenance per sq ft and any other unexpected charges? When is realistic possession timelines? Looking at current status at the site, it seem at least 1.5 yrs away for possession in best case
                    22000 psf on carpet translates to 13750 psf on salable given the loading in this project. If the price of 22K includes parking and floor rise then it is a good deal. Otherwise you can directly buy from the builder by paying about 15K psf on salable + parking and floor rise (or even lower depending on your negotiation skills).

                    Also, it is known that the builder is giving NOC only to the initial investors in this project. If you are buying from a regular customer in Phase I then you will either not get an NOC or will have to pay very high transfer charges. Another point to consider is that the investor flat will involve cash component up-to 30% of the transaction value. Do you want to take the risk of a lower agreement value in a under construction project? The clauses relating to refunds, interest penalty etc are relevant till the time the building receives OC. Unless you know the builder in a personal capacity my personal recommendation would be to stay away from agreements with cash components for under construction buildings.

                    But then you are also getting a decent reward (13750 rate) for taking on the higher risk. So you will have to decide for yourself whether you want to play a high risk high reward game (investor flat) or a low risk low reward game (builder flat).

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

                      Originally posted by soarer View Post
                      22000 psf on carpet translates to 13750 psf on salable given the loading in this project. If the price of 22K includes parking and floor rise then it is a good deal. Otherwise you can directly buy from the builder by paying about 15K psf on salable + parking and floor rise (or even lower depending on your negotiation skills).

                      Also, it is known that the builder is giving NOC only to the initial investors in this project. If you are buying from a regular customer in Phase I then you will either not get an NOC or will have to pay very high transfer charges. Another point to consider is that the investor flat will involve cash component up-to 30% of the transaction value. Do you want to take the risk of a lower agreement value in a under construction project? The clauses relating to refunds, interest penalty etc are relevant till the time the building receives OC. Unless you know the builder in a personal capacity my personal recommendation would be to stay away from agreements with cash components for under construction buildings.

                      But then you are also getting a decent reward (13750 rate) for taking on the higher risk. So you will have to decide for yourself whether you want to play a high risk high reward game (investor flat) or a low risk low reward game (builder flat).
                      Thanks for your insight Soarer. Yes, it is definitely high risk high gain game. Cash component is nonnegotiable terms of the seller. Had negotiated from 23k to 22k carpet including transfer charges, parking & floor rise but its still risky bet until developer NOC is secured

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