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- Worrying Trend in Mumbai
Mumbai’s real estate prices have begun to run amok once again, suggesting that another realty bubble is in the making.
1) A three bedroom-hall-kitchen (BHK) apartment at upmarket Warden Road was recently sold at Rs93,000 a sq ft (built up rate) when it was quoting at just Rs 50,000 in early 2009.
2) Apartments (mostly owned by investors) in Beaumonde, a building by Sheth Developers at Prabhadevi, are now quoted at approximately Rs50,000 a sq ft as against Rs35,000 and above in 2008.
3) Apartments at Planet Godrej, developed by Godrej Properties at Mahalaxmi, are being quoted at approximately Rs27,000 a sq ft, close to the peak rate of Rs30,000 a sq ft quoted in 2008. Prices in 2008-2009 had dropped to almost Rs16,000 a sq ft.
4) Raheja Vivaria at Mahalaxmi is now quoted at Rs26,000 a sq ft, close to its high of Rs30,000 a sq ft in 2008. It had dropped to Rs16,000 a sq ft at the trough earlier in 2009.
5) Prices at Cuffe Parade, Nariman Point and Altamount Road, which had dropped to almostRs40,000 a sq ft, are back to their earlier rates between Rs50,000 and Rs70,000
6) In the western suburbs, flats in Kandivli and Malad have touched Rs7,000-Rs8,200 a sq ft, a huge jump from the Rs 5,000 a sq ft quoted in January 2009.
7) At Andheri, rates are between Rs7,200 a sq ft (somewhere at Chandivali, Powai) to Rs14,000 a sq ft in premium buildings. Earlier, rates were around Rs5,000-8,000 a sq ft.
8) Lodha Group, which had not raised prices during recession, is now quoting Rs7,500 a sq ft in Lodha Aqua, a project at Mira Road. Pre-recession, flats were quoted at Rs6,250 a sq ft.
9) Sheth Developers have jacked up prices at Ivy Towers at Goregaon to Rs9,000 a sq ft from Rs7,500 a sq ft.CommentQuote0Flag
- hi had booked a 2 bhk in L tower in sep 2009..
have been through all your posts & some of them were quiet informative, but most of them r discussing the metro, & airport devlopment, wot concerns me more is that IB is not askin for any more istallments...which means the work is not gonna begin any sooner, will be going to the site in a day or two, will keep u guys informed, also would appreciate if some one cud appraise me wether or not the property has been approved by any banks for loan purposes..CommentQuote0Flag
- 2nd installment
Requesting members of phase 1 : Please update on receipt of demand notice for 2nd installment (Commencement).
Progress of phase 1 would serve as guide for phase 2 members. Commencement of phase 2 is scheduled 3 months after phase 1.
Also anyone visiting site, please inform about the progress.CommentQuote0Flag
- hey Jia,
The payment schedule for phase 2 is as below :
BOOKING AMOUNT: As applicable
WITHIN 30 DAYS: 10 % SALE PRICE ( LESS BOOKING AMOUNT)
ON COMMENCEMENT OF CONSTRUCTION: 10 %
ON COMMENCEMENT OF GROUND FLOOR SLAB: 20 %
ON COMMENCEMENT OF 2ND FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 4TH FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 6TH FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 8TH FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 12TH FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 14TH FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 16TH FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 18TH FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 20TH FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 22ND FLOOR ROOF SLAB: 5 %
ON COMMENCEMENT OF 24TH FLOOR ROOF SLAB: 5 %
ON RECEIPT OF OCCUPATION CERTIFICATE: 5 % + Club House+MC+EWS)CommentQuote0Flag
- After talking to IB guys at their Vashi office, they don't seem to have the permissions in place.
Their way of marketing is very doubtful - more like Armstrong's for two Kharghar's proejcts.
Very aggressive - looking for your TDS, FORM 16 and cheque book without showing / discussing the layout plans. Lot of agents sitting idle like at outside stations or malls asking for Credit Cards etc.
Guys, best of luck for all those who have invested their hard earned money for their dream home.CommentQuote0Flag
it seems indiabulls has been awarded the best commercial property in india for their parel project by cnbc credai.
hope the panvel project is also as good. did hear about an increment in rates too-not sure butCommentQuote0Flag
- Rate hike
german is right. Even i have heard abt it. The new psf rate now is approx 2800~2900 + floor rise Rs 30.
also heard that they have received approvals and in few days get bank approvals also.
It is confirmed that the rate has been increased to 2900 per sq ft. Apparantly, this was done last night- primarily because Indiabulls has received the commencement certificate for Phase I. The CC for the Phase II make take a some more time. The construction to start in the coming week. Its the same wait and watch policy for all of us.CommentQuote0Flag
I am officially now part of this fraternity; as i have become a proud owner of a 2bhk residence in indiabulls greens panvel.
This has been a really helpfull thread and actually helped me in making my decision about going ahead with this project.
Besides that, i have some hot new information to share which is really exciting, which is that the old price at which i booked 2600/sq.ft has now been revised to 2900/sq.ft with a floor rise of 30/sq.ft along with an additional cost of 50/sq.ft. This is great news according to me as this is my first property as an investment and really feel that the price will touch 2007-2008 high's.
Hope to get some more feedback regarding the same on a continual basis and any other information that is out there, which is worth charing.
- That's a good development after a long long wait....
Once the project commences, the rest will follow soon, like agreement.
Hope for the best.CommentQuote0Flag
- Hi every1....
Hi every1...guys do any one know when is our installment due..i mean till date i have paid 2installment like 1st at the time of booking...2nd after month of 1st installment...so plz any know abt our 3rd installemnt plz let me know....bye tak cr:)CommentQuote0Flag
small correction - the actual CC has not yet come. IB has received the penultimate approval. The actual CC expcected in coming days. they have sold close to 200 flats since they raised the rates to 2600.CommentQuote0Flag
Even i've booked a 2BHK in phase I. I have also come to know that the rates have been revised to Rs.2900/- per sq ft.CommentQuote0Flag
- Tower T
Thanks for sharing information on this forum. I have booked a 2bhk in Tower T - phase 2.CommentQuote0Flag
- Hi every1....
Hi no replys .....:(CommentQuote0Flag