Seth Developers has launched a new project " VASANT OASIS". This project is located on Borosil Plot on Marol GHS road. Followings are the room sizes available,

1- 2BHK
2- 2.5 BHK
3- 3 BHK

Total no. of towers are 16 nos (G+14) with one commercial building. The prices are as follows,

1- BSP 9,850/ PSFT
2- Floor Rise 50/ SQFT
3- Car Park - 5,00,000/
4- Development Charge - 14/ PSFT
5- Corups Fund - 200/ PSFT

Would appreciate comments from sr. members on this project.
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  • Vasant Oasis is a stalled project with serious financial crunch. Please note below changes which the Builder has done
    1. 1 BHKs introduced taking away the premium tags.
    2. The Building has now been made upto 22 floor no CC yet ( intially communicated only 15 floors)
    3. Some of the Builidings in the first phase has not added a floor since Nov,2012 ( photographs available on this thread).

    Data.
    Bought at 850 crores ( land) with an interest rate anywhere 20% + and recent elections funding ( which every builder does), no PE funds coming to help, Initial PE fund backing out( , this project first phase itself will take at least another 3 years.
    Rates, in 2010 was 10000 today they are selling at 12500. Hence the quality is definitely going to be compromised ( not because they will not make money , they will not make the astronomical profits which they thought they will make when they bough Borosil land).
    Coming to finer points, what is the use of a swimming pool where if any time even 5% of people residing in the building come over ( more than 2200 flats now). So will be the case with any other amenity they are providing.

    It is a "distress sale" by the builder to at least manage the current cash-flows and hope for a revival in prices.

    Take your call , based on the risk appetite you have. The project will be delivered , I think however , not the same as promised and the timeline can vary from 3 years to 10 years ( depending on how the economy and buyer risk appetite ultimately pans out for the builder in 1 year.

    Price is tempting for sure however if you are buying for yourself to stay then go for a builder / developer who has got the basics right- land cost is low, no so bad financials, Less PE funding ( PE funds are worse than banks and really squeeze developers, with banks they "hobnob" PE funds are pure "for profit" leeches) and a decent completion record in this period of 2008-2013.

    If you are an investor then the limit to negotiate is even below 12500, as it is you who have the money and at least this builder and this Project needs it desperately. Go for Kill.
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  • Does it looks that prices will fall with most builders? Or does it looks like this builder specific issue? 1 BHK part of story seems correct and so looks most of what is written. In that case, even phase 1 would get delayed so no point to discuss about other phases.


    Originally Posted by RECKK
    Vasant Oasis is a stalled project with serious financial crunch. Please note below changes which the Builder has done
    1. 1 BHKs introduced taking away the premium tags.
    2. The Building has now been made upto 22 floor no CC yet ( intially communicated only 15 floors)
    3. Some of the Builidings in the first phase has not added a floor since Nov,2012 ( photographs available on this thread).

    Data.
    Bought at 850 crores ( land) with an interest rate anywhere 20% + and recent elections funding ( which every builder does), no PE funds coming to help, Initial PE fund backing out( , this project first phase itself will take at least another 3 years.
    Rates, in 2010 was 10000 today they are selling at 12500. Hence the quality is definitely going to be compromised ( not because they will not make money , they will not make the astronomical profits which they thought they will make when they bough Borosil land).
    Coming to finer points, what is the use of a swimming pool where if any time even 5% of people residing in the building come over ( more than 2200 flats now). So will be the case with any other amenity they are providing.

    It is a "distress sale" by the builder to at least manage the current cash-flows and hope for a revival in prices.

    Take your call , based on the risk appetite you have. The project will be delivered , I think however , not the same as promised and the timeline can vary from 3 years to 10 years ( depending on how the economy and buyer risk appetite ultimately pans out for the builder in 1 year.

    Price is tempting for sure however if you are buying for yourself to stay then go for a builder / developer who has got the basics right- land cost is low, no so bad financials, Less PE funding ( PE funds are worse than banks and really squeeze developers, with banks they "hobnob" PE funds are pure "for profit" leeches) and a decent completion record in this period of 2008-2013.

    If you are an investor then the limit to negotiate is even below 12500, as it is you who have the money and at least this builder and this Project needs it desperately. Go for Kill.
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  • This is true for this Builder and this Project at this moment and also for a few more Builders and projects in Mumbai- today end customer has quite a leeway compared to 2010-2012 period and possibly while developers paying for their irrational exuberance . Rates will not fall however in real terms ( adjusting inflation) - it will stabilize further as the investors have shunned RE, Banks have shunned RE ( forcibly), Stock markets have shunned RE and finally the buyers like you or me have been on the fence for past 1-2 years.

    If you are an investor and only looking for RE, good time to go for a Kill. However , Investors unfortunately are not interested in RE as of now, and they have quite a few avenues again. Interest in Mumbai RE is due to capital appreciation and its sustenance and its relatively high in- elasticity ( though artificially created).

    If you are a end customer who needs a roof , go for a project and a builder who is relatively rational in the times of hefty irrational exuberance.

    In other words As Warren Buffet's suggest - do value investing .
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  • More reasons why you should not buy Vasant Oasis
    this project is in such a financial crunch that it has sold to Edelweiss ( PE fund/ Property fund/ Pure profit leeches/ FIN MNC whatever you call) in 2013 at 2011 rates ( 10000) . Other Builders has loathed Sheth for crashing the Andheri market big time.
    It is not you or me ( as Individual buyers) who matters to these builders , it is these investors Black or White ( PE funds) who has ditched or squeezed this project .

    Remember our fortunes gets tied with the builder ( Read Ponzi) as soon as we sign the agreement by paying 20% however if the builders is getting pennies ( instead of dream Pounds) -He will be penny wise in terms of construction quality and completion- whatever he is doing now to live another day or survive for now. ( at least) . At most, he is broke.

    These Ponzis have a double whammy in 2014 - first LS and now state elections, the biggest LEECH is still hungry - (Our Netas- elections are due again) - Please donot feed this Ponzi Pyramid.

    Your pounds are just pennies for them. Beware.
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  • Has anyone booked a home in the recent Edelweiss offer?

    I just wanted to reach out to home buyers at Vasant Oasis, that may have booked flats with the Edelweiss offer ie Rs. 1.22 Crore for a 2BHK or a little more for a 3BHK. We booked a 2BHK and then upgraded to a 3BHK for Phase 3, the possession is for March 2017

    Are there any other buyers that have booked in Vasant Oasis, if yes, we could make a Vasant Oasis buyers group that would help keep track of developments.
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    1 Comments
    • swa0101 years ago
      We also booked through Edelweiss .. Do you have any group in whatsapp?
  • Vasant oasis 9 June 2014 construction photos
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  • Originally Posted by dhawalshah
    I just wanted to reach out to home buyers at Vasant Oasis, that may have booked flats with the Edelweiss offer ie Rs. 1.22 Crore for a 2BHK or a little more for a 3BHK. We booked a 2BHK and then upgraded to a 3BHK for Phase 3, the possession is for March 2017

    Are there any other buyers that have booked in Vasant Oasis, if yes, we could make a Vasant Oasis buyers group that would help keep track of developments.


    Dhawal what rate you Booked your Flat? Have you done the upgrade recently?
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  • Originally Posted by Hiroha
    Dhawal what rate you Booked your Flat? Have you done the upgrade recently?


    I have booked it for 2 CR. I have paid 1 Cr, 0.49CR for stamp duty (within 6 months on registration) and 0.5CR on possession I am sorry, I just read this message now.

    Are there any Vasant Oasis home buyers in this group?
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  • Originally Posted by saikan
    Vasant oasis 9 June 2014 construction photos


    Thanks Saikan, have you booked a home recently.
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  • I have booked 3 bhk in 2011 and waiting for the possession as if a Palestinian waiting for peace in Gaza.
    saikan
    Originally Posted by gauraws
    Thanks for the progress photos .. I have booked two 1 BHK flats in phase 3 for investment purpose.. The work for other phases seems to be going good. Do u guys feel the rate will increase after the metro starts functioning ?
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  • Originally Posted by saikan
    I have booked 3 bhk in 2011 and waiting for the possession as if a Palestinian waiting for peace in Gaza.
    saikan


    I've got a call today from a large broking house that they are offering Phase-1 for Rs 11k psf (90% down payment) before negotiations.

    Now this would mean that they ripped off earlier buyers who bought the project at Rs 12k / Rs 13k pricing. What a sad state of affairs..

    Also I've read that they had incurred huge losses in Dubai and all projects after that they are dilly dallying. They also sold a large part of phase-3 to Edelweiss at throw away prices when they went almost broke. Plus they have received CC only till 17th floor, now they shall hold their customers who booked hostage till they get CC for higher floors (they seem to be a greedy builder trying to maximize profits from the land parcel)... Also they are promising Dec15 delivery but I'm skeptical. I feel like they shall deliver phase-1 only by 2018 and phase-3 by 2020 or so...

    Thoughts anyone either supporting or refuting my arguements?
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  • Originally Posted by SAS2014
    I've got a call today from a large broking house that they are offering Phase-1 for Rs 11k psf (90% down payment) before negotiations.

    Now this would mean that they ripped off earlier buyers who bought the project at Rs 12k / Rs 13k pricing. What a sad state of affairs..

    Also I've read that they had incurred huge losses in Dubai and all projects after that they are dilly dallying. They also sold a large part of phase-3 to Edelweiss at throw away prices when they went almost broke. Plus they have received CC only till 17th floor, now they shall hold their customers who booked hostage till they get CC for higher floors (they seem to be a greedy builder trying to maximize profits from the land parcel)... Also they are promising Dec15 delivery but I'm skeptical. I feel like they shall deliver phase-1 only by 2018 and phase-3 by 2020 or so...

    Thoughts anyone either supporting or refuting my arguements?

    Can u pls.pass on broker details, might be.interested.

    Any idea how much payment is currently due as per construction?
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  • It was property ezee.. the broker said he would call back. he didn't. Hope he didn't get confused between phase 1 and phase 3...
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  • 11k scheme for 90% upfront payment is for Phase 3..not phase 1 where already 81% is due. In 75:25 scheme quoted rate is 14500 for phase 1, while for paying as per construction, quoted rate is 13.5. This i believe may come down to 13k, but on 14.5k they not willing to negotiate much

    One issue with the project is in Phase 1 flats facing towards road, they have not clarified what would come in the plot whcih they are supposed to give to Govt. I hear that it would be used for Bus parking, which would mean a bad view for flats facing outside.

    Other issue is of-course the location which is in Marol which inspite of metro remains a traffic zone. Amenities wise this project looks very good. Anyone knows the nos of flats in the project including all the phases?
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  • Originally Posted by saikan
    I have booked 3 bhk in 2011 and waiting for the possession as if a Palestinian waiting for peace in Gaza.
    saikan


    The builder is going to make people who invested here to cry and suffer...

    He was to give possession by Dec'13 (original plan) but then delayed it by 1 year, then by another 2 years... Now he is fooling everybody telling that he shall deliver by Dec'15, however RE portals have already showing the possession as Dec'16. Going by his poor performance, he shall only give possession for phase 1 by Dec'17 IMHO.. Phase 3 he would give possession by Dec'20 minimum...

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