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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: 1 week ago
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  • #71

    #71

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

    Sheth Builder family splits, says only biz divided
    http://timesofindia.indiatimes.com/city/mumbai/Builder-family-splits-says-only-biz-divided/articleshow/12775718.cms

    old news as of Apr 21, 2012

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    • #72

      #72

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

      Vasant oasis construction photos 31 March 2014

      Vasant oasis construction photos 31 March 2014
      Attached Files

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      • #73

        #73

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

        Guys... What is the latest scoop on this? I've seen in the earlier posts that the builder has now reduced his rate to 12750 and some brokers are saying he would go to 12,500.. What is your take on it?

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        • #74

          #74

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

          I also heard the same today. Also, when is the next phase of towers facing Aarey colony expected to start selling ?

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          • #75

            #75

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

            Does anyone know the current rate being quoted by Sheth builders for Vasant Oasis? What is the loading and what the all inclusive is coming out to be for their 2BHKs?

            Thank you!

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            • #76

              #76

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

              Last I heard a few weeks back was that the pricing was 12750 psf. That works out to Rs 2cr for a 2BHK of 1250 sq feet all in. What rates have you got? Also does anybody else know anything about the rates? Any outlook?

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              • #77

                #77

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

                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.

                Comment

                • #78

                  #78

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

                  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 View Post
                  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.

                  Comment

                  • #79

                    #79

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

                    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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                    • #80

                      #80

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

                      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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