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Lodha Blue Moon, Lodha Group, Worli, Mumbai

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Lodha Blue Moon, Lodha Group, Worli, Mumbai

Last updated: February 19 2016
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  • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

    They will soon change the CODE NAME...

    TO


    CODE NAME: NON-SENSE


    Seriously 4000 cr in 3 hours? Yes...that is why the sensex crossed 20k and will cross 30k in next 24 hrs....

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    • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

      The moral of the story:

      Lodha Group is neither making any recommendation, nor acting as the adviser of or assuming any duty of care to the recipient.

      Lodha Group does not accept responsibility for any loss or damage arising from the use of this email or attachment(s).

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      • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

        whether it will be in lodha's favor or not depends.

        It is more beneficial for them to sell if to genuine buyers who are willing to purchase the flats. If after 21 days, a person backs out of the purchase, lodha will get 3 lakhs, but it might be too late for them to sell it to other genuine buyers who would not be interested later...

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        • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

          Wildfire,maybe the reason they have done away with the Rs 3 lakh cancellation charge is that probably that could have been one of the major deterrents coming in the way of people applying in the first place! This entire procedure is probably being carried out for the first time in India and I don't know about others but I can speak for myself when I say that one of the reasons(out of many) that I didn't go ahead and apply at all was due to this clause.

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          • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

            Originally posted by StraightDriv View Post
            TO


            CODE NAME: NON-SENSE


            Seriously 4000 cr in 3 hours? Yes...that is why the sensex crossed 20k and will cross 30k in next 24 hrs....
            You are right mate this is nothing but nonsensical speculation in the real estate market ... People are just speculating left, right and center .. Imagine if property rates fall by 20% how many people who have speculated carelessly will come on the roads or commit suicide ...

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            • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

              Infact I also recd a call this week from one of the financial institutions who is funding the project and was informed that I could get an apartment of my liking without going through this application process ,if I do decide to go ahead with this project! I DECLINED!

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              • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

                Originally posted by chiragn View Post
                I was speaking to an eminent broker of South Mumbai the other day who told me that there is roughly 6 crore square feet of residential space coming up between Mahim and Cuffe Parade! If this is true then we are talking of inventory worth at least Rs 1.2 lakh crores at an average price of Rs 20,000/- sq ft.!! Who is going to absorb all this supply?
                people like us....who work hard to earn our money....

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                • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

                  What slump? Lodha's new project gets rip-roaring response

                  What slump? Lodha's new project gets rip-roaring response

                  Realty sector seems to have found new lease on life. The year’s first major project launch in Mumbai, Lodha Group's luxury residential development saw an unprecedented response with more than 1000 applications, representing almost Rs 4000 crore of sales, from customers within the first three hours of opening the application window this morning.

                  "This level of unprecedented success is making us consider the release of fresh inventory to take care of more demand expected over the next nine days," the company press release said.


                  The project codenamed 'Blue Moon' is planned for development on the 18 acre land parcel that Lodha recently acquired from DLF at Rs 2,727 crore, making it the largest real estate transaction last year.


                  Launched at Rs 23,391 per square feet plus floor rise of Rs 90, apartment sizes begin from 854 square feet (carpet) to 1448 square feet (carpet). Lodha has set the booking amount at Rs 9 lakh.


                  The real estate major believes the response is indicative of the very strong demand reemerging in the real estate space. Lodhas have assured 20 percent appreciation in the second phase launch.


                  The overwhelming response comes as a refreshing change for the sector. According to a report by real estate research firm Knight Frank, the revenues of India’s top 25 realtors had declined 4 percent cumulatively to Rs 6,744 crore in the second quarter of FY13 on a year-on-year basis, highlighting the slump in the real estate sector.


                  However, the slide in the sales momentum of the industry witnessed until Q3FY12 has come to a halt now with realtors switching focus to the residential market, which even in this tough economic environment, fares better in comparison to commercial real estate.

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                  • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

                    Originally posted by wildfire View Post
                    whether it will be in lodha's favor or not depends.

                    It is more beneficial for them to sell if to genuine buyers who are willing to purchase the flats. If after 21 days, a person backs out of the purchase, lodha will get 3 lakhs, but it might be too late for them to sell it to other genuine buyers who would not be interested later...
                    may be its other way round, by removing 3L clause they would get more bogus buyers and not genuine. Isnt it buddy?
                    And yes 3L in 21days is also not a bad gain.

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                    • Re : Lodha Blue Moon, Lodha Group, Worli, Mumbai

                      Home truth
                      Published: Thursday, Dec 6, 2012, 3:01 IST
                      By Sudhir Suryawanshi | Place: Mumbai | Agency: DNA


                      If you are planning to buy your dream house, don't get carried away by the numerous surveys.

                      Knight Frank, a real estate brokerage firm, in its latest survey report said that Ulwe in Navi Mumbai, Chembur and Wadala will witness the highest appreciation in India and property rates in the city will not come down.

                      On the other hand, Liases Foras, a non-brokerage research firm, says 32,000 flats are vacant, which may lead to a correction in property prices.

                      Cushman and Wakefield says Mumbai needs 189,000 units in the next five years against the supply of 140,806. However, the state government's registration data shows that the sale of the property is decreasing each month, indicating a continuous glut in the market.

                      All these reports mislead people while buying, selling and investing in property.
                      "Instead of giving the right information, the reports confuse buyers," said Vinod Sampat, a housing expert.

                      He added that the government should curb malpractices and wrong information which is feeding agencies by forming stringent rules and regulations.

                      The real estate agencies' quarter-to-quarter survey report is nothing but a ploy to infuse positivity and inflate the market. "The reports cause a rise in the property rates. It is a trick used by influential developers with connivance of brokerage firms to paint a positive picture to hike the rates although there is no demand," Sampat added.

                      Conflict of interest
                      Most of the real estate brokerage firms such as Cushman and Wakefield, Knight Frank, CB Richard and Ellis, Jones Lang LaSalle and international firms branches across India are involved in brokerage activities as well as conducting surveys.

                      "It is difficult to come up with a neutral and fair survey report. Most of these agencies are committed to their clients (developers). And, they cannot go against their interest. If they start giving ground reality, then the highly inflated market bubble would burst," said Ramesh Prabhu, chairman of Maharashtra Housing Welfare Association.
                      Rule doesn't apply

                      Prabhu said these agencies' aim is to escalate property rates and reap benefits by fooling the gullible buyers.

                      "Real estate is the only market where the demand-and-supply rule does not apply. There is less property sale as per government record but realty prices are still soaring. In case there is no demand, price crashes. But it doesn't happen in case of property rates," he said, adding that all surveys are hypothetical and done on assumptions only.
                      Gulam Zia, executive director of retail, advisory and hospitality, Knight Frank, refuted all allegations, saying developers are not part of their survey even though brokerage is their core business.

                      "Our survey reports are authentic and not influenced by any developer or big land holders. We do not involve the developer in survey exercise. So, there is no question of conflict of interest. Survey of each agency is different because of different models and methodology used," Zia said, adding that they have a separate research team to conduct the survey and prepare the report.

                      "These reports are based on government agencies' data, upcoming projects under Jawaharlal Nehru National Urban Renewal Mission (JnNURM), generation of jobs, industry, locality and transport facility. After the report is prepared, it is sent to various experts, including urban development experts. Only then is the report published and circulated," Zia said.

                      Pankaj Kapoor, managing director of Liases Foras, said they are not into brokerage activities.

                      "We prepare reports for banks and financial institutions only. It is important to maintain honesty and reputation in the murky real estate market. As a reason, we have deliberately kept brokerage activity out. We are not committed to any developer. So our survey report is unbiased," he said.

                      Modus operandi
                      Sources said some influenced developers and land holders, with their wish list, approach brokerage firms and agencies which prepare real estate report.
                      "The agencies put their machinery to work and come up with one report saying property in Boisar is in demand and another saying Ulwe will have high appreciation. There is no uniformity in their findings. Not even 50% data is similar. One survey report contradicts with the other. So, reports are made to fulfill a developer's demand to rejuvenate the dying market by giving wrong calculations," said Ramesh Prabhu.

                      A researcher in a reputed brokerage firm said that it is a dirty business but they have no other option but come up with false projections.

                      "We do not want to lose our bread and butter by giving the real figures. Therefore, the reports are fudged to suit the developer," he said.

                      Once the property rate goes up, developers sell the stagnant inventory.
                      "It is win-win situation for the developers and agencies at the cost of buyers. Buyers are influenced to put all eggs in one basket. Whenever the market is down and property is not selling in some areas, the agencies come up with a misguided survey report," said a real estate observer, requesting anonymity.

                      Media to blame
                      Atul Nemade, a real estate expert, said that most media houses have got a stake in the real estate firms. "Therefore, they do not want to give the real picture of the property market. They are always busy depicting the wrong picture by publishing high profile and isolated record transaction. And, the developers put the isolated 'deal' as a benchmark and start selling flats even though the product is inferior. It sets a wrong precedent," he said.

                      Nemade added that the deals suit developers, agency and media houses' vested interests. "The survey reports do influence buyers in their decisions," he said.
                      Prabhu said people should be cautious while buying property. "After reading reports, people rush to put money in the advised location. It inflates the property market even though there is no demand. It is a smart strategy by agencies and developers to misguide buyers," he said.

                      He advised people to read newspapers and not to rely on one study report. "They should study the ground reality and do their own assessment before buying property," Prabhu added.

                      Missing regulator
                      There is a need for the real estate regulatory body like Telecom Regulatory Authority of India and Securities (telecom) and Exchange Board of India(banking/share market) to curb malpractices and control the unorganised sector.

                      "Genuine buyers will not be cheated and influenced to put his hard-earned money at the wrong place," said Sampat.

                      Sandeep Reddy, co-founder of .com, a brokerage firm, said there is not a single government agency that provides them data.

                      "We have to rely heavily on random developers for information. Government bodies such as Brihanmumbai Municipal Corporation, Maharashtra Housing and Area Development Authority (Mhada) do not publish and put their approval data in the public domain," he said.

                      Reddy added that it was difficult to visit every construction site within and outside the city.
                      "It requires huge machinery and manpower which can be done only by the government.

                      Therefore, lack of proper data causes variation in findings of each agency report. Once the government starts providing authentic data like in western and European countries, there will be uniformity and fairness in survey reports."

                      Prabhu said the state government recently passed the housing regulatory bill but it requires more teeth to control and address the anomalies in the market. "Stringent laws can stop manipulation of market and cheating buyers," he said.

                      The bill is in its final stage waiting to be signed by the President and buyers can only hope that it makes a difference in the real estate market.

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