I am contemplating to buy a plot in City Manhattan, an integrated township in Pen city. It is promoted by Arrow Group. It has reliance sez near by. The international airport and upcoming Sea bridge are also near.

The quoated price is 3000Rs per sq yards. I want to take a 250 sq yrds plot. I am thinking about a 5 years time horizon. Probably, I will sell or construct a house to stay.

Please express your views about this investment. Is it a good option to buy or should I let it go?? Does this area have potential to grow in future????
Read more
Reply
18 Replies
Sort by :Filter by :
  • Had been to the site location a few days back. No construction activity at all. Plots will not be alloted immediately inspite of paying booking amount. Plot posession promised only after two years. Why should fencing and a basic road take two years?
    CommentQuote
  • Pune Rental thanks for the information and clarification. I can understand the delay and formalities to be completed about the possesion and registration, BUT why the delay in allotment? Why no buyer seller agreement for six months inspite of paying booking amount now? Why no layout or choice of plots available even after six months of Bhoomipujan? In the absence of layout or allotment the same land can be sold to inumerable people without anybody knowing which land they have booked or are going to be alloted? Since there is no contruction activity the land may remain in the same condition for months or years. And in the absence of contract we will be at the mercy of the Company.

    Please do not misunderstand me. I am very much intrested in buying a plot in this project hence I took the trouble to visit the site and talk to the people concerned. But my above doubts have not been answered satisfactorily.

    I would be glad if you could kindly shed some light on the above. Thank you in advance.
    CommentQuote
  • Mr. Vijay Gupta thanks for the information and clarification. What would be the price per sqyard if booked in March/April when the layout/allotment details will be available.
    CommentQuote
  • Hi,

    In the map PEN city is shown separate from City Manhattan. Are these different projects from the same builder or both the names refer to the same project?

    The builder price is 2999/- What is the curent market price going on?

    -Saurabh
    CommentQuote
  • Read fine print

    As always, one also needs to read the fine print. The application form states conditions like:
    1. "pro-rata allotment in case of oversubscription" (this is not an IPO. Hence, oversubscription is possible only when the company will continue to sell even when it has sold out all plots!)
    2. host of conditions which restrict the buyer rights in case of non-delivery / delays on the part of the developer
    3. the developer has sole discretion to allot any plot!
    CommentQuote
  • city manhattan pen

    Hi All,

    While browsing the net I came across this discussion on city manhattan - panvel.

    Just to let you'll know, that I have visited the site in early Jan'2008 & I too met that shady manager at the hotel. When I went to the site, all I saw was a sign board saying city manhattan project. I am dealing with Mr Sabarwal (From Real estate Mgt - Delhi).

    All said & done, I think this project will materliaise. It just that the Airport & the entire area has to get clear government approvals before anything commences.

    I purchased 2 plots (only booking amount paid): one 200sq yrds & one 500sq yards @1999/- in August'2007. So, that why I was browsing the net for any status or discussions on the same.

    If you are patient, invest in this project. After 3 years from now, you will see a change in the entire landscape of Panvel & demamd from it. Feel assured from the appreciation it has already made.

    It's just like RPL share, "accumulate, wait & watch".

    Hope that I am right & do not get surprised being doomed.

    Cheers

    LDDF.
    CommentQuote
  • No Clarity in Deals

    Hello,

    There is a marketing campaign going on in news papers.

    I have been to the office of this company on 30th December 2008. Managed by 3-4 younge passout collage students type persons, not sure about many stuff. Office is located in a stinky industrial unit.

    They told that at the site, work is going on and plots are not yet marked. It would take 16 months.

    Rates quoted were already offer Rs. 500 per sq yard less then quoted website rates, further open to negotiations.

    Right now it would issue receipt for advance to be paid.

    After one month buyer seller agreement would take place, but it would not be registered. It would be only notarized. They do not have the draft content of this document ready, which could give any comfort, how do I secure my rights.

    This land is in name of developers. So till the date it get registered in my name and 7/12 gets registered, my rights are in hands of developers.

    Also, it is confirmed by these sales boys that this business group is not having any bearing of the well known "Malhotra Group" - Maker of Topaz blade and engineering units having head office opposite to CST station (an old reputed business group). Yes, their grand parents were related.

    After my request for showing all legal documents which I can get verified with my attorney, these people lost interest in discussion with me. I am following up with them to proceed for deal, but they are showing as they are not much interested in selling me.

    I already contacted my attorney, he told me that he would visit with me to their office, once I get these basic documents in hand. If developer is not having interest in sharing them, things are not fine.

    Best regards,

    RajIndiaWorld
    CommentQuote
  • arrow city manhattan

    visited the arrow city manhattan site last week. no construction as yet. they said the sample flat would be ready in a month. also told us that 2000 plots out of 2700 were already booked. would like to know the thoughts of the members in this forum about this.
    CommentQuote
  • There is a media ad blitz by the company, but the ads are all malicious.

    in the ad the claim the Panvel airport has got clearance and will be operational by 2013. - NO clearance has been given yet for construction of the airport. it is still in process.
    They make many such other claims like Metro, Transharbor link . They are making people believe that govt "proposals" have been given green signal and infrastructure will be ready within 2 years.
    Going ONLY on the basis of the false advertising , I would advise others to be careful.
    CommentQuote
  • Arrow City Manhattan? No land! No Government Approval! No Proof!

    p { margin-bottom: 0.21cm; } Arrow City Manhattan? No land! No Government Approval! No Proof!
    A lot of doubts about status of the Arrow City Manhattan - Panvel/Pen project. No work at site for more than FOUR years. The promoter has not been sharing any information about the project – proof of purchase of land by the Company, approval of building plan by Alibaug Town Planning Department, etc. There is little hope and serious doubt,


    Please write a letter to the company and take acknowledgement due asking for the following documents:
    (1) Copy of 7/12 extract of land on which the your building or plot is to located
    (2) Copy of Building proposal approved by the Town Planning Department, Alibaug
    (3) Allotment letter for your Flat/Plot
    (4) Copy of any latest approval or communication from any government department


    We request the investors to join the discussion group for update and sharing, email to Arrowcity(at)googlegroups(dot)com or write to ArrowCity.MahaMumbai(at)gmail(dot)com
    CommentQuote
  • City Manhattan - Panvel

    Why is the company talking about government projects of airport, harbour link etc....Having taken investor money past 4/5 years, their job is to just build a township of bunglow plots & few buildings...
    They are sitting on investor cash & buying time with the Govt Infrstructure that has to come up.

    Please take these people to court or get this exposed by the media.
    CommentQuote
  • Arrow city manhattan biggest township in mumbai mmr

    Respected Sir
    Thanks a lot for your support.We have been working very hard on development front. The access road work (apprx. 29 kms) has been done in Beta Sector (plot area). We are planning to start registerations once permissons are granted by the government this might take couple of months more as along with already taken permissons and already submitted we have to apply to cidco airport township authority , which we would be able to apply only once development plan of cidco is approved by the government of maharashtra .we will inform you in advance for the same as we are going to send newsletter to all of our clients by end of next month regarding development plan of coming six months.
    Sample bungalows are ready at site. Construction of seven buildings is also going on at site .We have also set up a factory for hollowcore Slab machines , sewerage pipe for plot machines etc and all machines have come to site and we plan to commence production by next month at site..Once again thanks a lot for being with us.Please revert in case of any query and visit me at site on any working day.
    Regards
    Gaurav Khanna
    Director
    Arrow Engineering ltd.
    Arrow Group
    All approvals received by us can be downloaded at website
    CommentQuote
  • Stay away from this project. They have taken money for over 5 yrs plus and done no registrations or built anything or handed over any plots. Google and you will see this is a big fraud and there are several investigations going on by local and other other authorities. Old investors who invested are not getting back full refund and are being made to bear huge cancellation charges after having waited for years.
    Online on various forums :

    http://www.complaints-india.com/productcomplaints/6363/Arrow-City-Manhattan-Panvel-Cheating-Buyers.html

    http://inetcomplaints.com/arrow-city-manhattan-panvel-cheating-buyers-arrow-engineering-ltd-bangalore-gurgaon-complaints-land-purchased-with-100-payment-but-no-sight-of-land-complaint-bangalore-gurgaon

    http://www.consumercomplaints.in/complaints/arrow-engineering-ltd-belapur-navi-mumbai-navi-mumbai-raigad-maharashtra-c592154.html

    Beware.
    CommentQuote
  • I have also booked a plot 250 sq yards. I am getting calls for registration. One of my friends has already done the registration. I am planning to go to office next week. I have seen the airport news in newspapers about construction work starting soon.
    CommentQuote
  • Hi,

    I went to office last week. They told me that CIDCO is going to put master plan of NAINA on the website for public suggestion. Airport work has started and soon rates are going to increase. i have decided to go for registration. i have also got the permisdion copies etc. They also informed me about some cases, some farmer certificate fake case. they showed me the certificate copy and government office order for the same case. i found things quite open and understandable.
    CommentQuote