I have booked a flat in this property.
Anybody who has taken a flat in the same project? Might be good to connect.
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  • Originally Posted by jiahome
    Hi Vik,

    It's not just you, everyone is amazed by the real estate prices in Mumbai.
    As in any free market, price is a function of demand and supply.
    - Mumbai has scarce land
    - The economy of India (1.2 Billion) flows through Mumbai
    - Due to Globalization and huge economy, salaries for many professionals are matching those in USA and UK
    - India has a huge diaspora, who want to buy flats for investment and for retirement. Lakhs of onsite professionals just save the money to buy a flat back home.
    - Post-recession, India has a growth rate of 6%-9% as compared to 1%-2% in many western economies. Lot of investment is flowing in for the better returns. The rupee is still undervalued and all inward investments are expected to be beneficial.
    - Last but not the least, there is lot of speculation and builders are cashing in on it.

    The common man will definitely suffer but this is what happened in China 10 years ago and in western world 40 years ago. Its just a shame that our generation will bear the brunt:(. We will all need aamir's formula All izz well, to fool our heart all so very often:)


    ..You got it bro....:o)....long live aamir....lol
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  • Had a brief call with teh IB guy! followed up on the earlier update that he had provided on the start of the construction activities in mid-March.

    IB says they had earlier planned to award the contract to the same construction agency which had constructed IB one center at Lower Parel. however due to the high rate, they cancelled the contract and issued a fresh tender.

    they claim they will start the work in April -end. Rate wud be increased but only when they start the construction.

    Personally, I continue to be disppointed with the lack of transparency. However, at the same time, we have to realize that we have jumped on this opportunity with eyes open. At the time of booking IB had said they will complete the project in 18 months. I dont there is any project in recent times of any builder which has been completed in 18 months.

    While we can continue to share updates based on our respective conversation with IB people, I really dont know whether we should be keep believing in them in the short term.
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  • why would anyone be in a hurry to go stay in Panvel ? I wouldn't want to stay in Panvel for atleast another 5 years. So, if the builder delays ur project, ur installments also get delayed which is probably a good thing.
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  • Originally Posted by geeee
    why would anyone be in a hurry to go stay in Panvel ? I wouldn't want to stay in Panvel for atleast another 5 years. So, if the builder delays ur project, ur installments also get delayed which is probably a good thing.

    Good point, but:
    1) If you allow the builder he will take forever. Under-construction properties are susceptible to various risks. There are lakhs of people in Mulund and Thane, who have paid installments (up to 20-30 lakhs) and now the construction is stuck for past 3 years because the Govt thinks it is forest land.
    2) I have seen cases where the builder allows booking at a low rate, the project gets delayed, the cost of cement and steel has spiraled in the meanwhile and the builder basically delivers a low quality construction (he will never bear a loss).
    3) While we have been waiting, the govt. has issued a 1% VAT on booking (w.e.f. from 1st April) and 3% service tax (w.e.f. from 1st July). Just tomorrow, because the booking agreements have not been signed, all buyers will lose up to 50K per flat. (I am not very sure about this but this is my interpretation of Maharashtra budget)
    4) Some people have laid their hopes in being able to move-in in 2 years time. Some people are currently renting (burning money in rents) and looking forward to their own home. Some people would like to furnish their homes asap as the cost of furnishing goes up by the day. If everyone is an investor and for 5 years there is not a single resident, it’s a shame. Flats are bought in the belief that they are liveable at possession. If they are not liveable for 5 years they may as well be not liveable for 20 years.

    I think it is best if the builder delivers asap. Even if it costs extra loan interest, it is worth it. Some people may even earn some money back through rental income.
    For some people who are getting better returns (e.g. from investing the money, they had sidelined for Indiabulls, into stocks), such a delay is a good thing:)
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  • Hi,

    To add to Jia's point also the mortgages, if disbursed before the 31st of March, 2010 we were getting a discounted rate of 8.25 % and after the said date its going to be 8.75% .

    We would be required to chip in more now.........

    Cheers...Raj
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  • Originally Posted by jiahome
    Good point, but:
    1) If you allow the builder he will take forever. Under-construction properties are susceptible to various risks. There are lakhs of people in Mulund and Thane, who have paid installments (up to 20-30 lakhs) and now the construction is stuck for past 3 years because the Govt thinks it is forest land.
    2) I have seen cases where the builder allows booking at a low rate, the project gets delayed, the cost of cement and steel has spiraled in the meanwhile and the builder basically delivers a low quality construction (he will never bear a loss).
    3) While we have been waiting, the govt. has issued a 1% VAT on booking (w.e.f. from 1st April) and 3% service tax (w.e.f. from 1st July). Just tomorrow, because the booking agreements have not been signed, all buyers will lose up to 50K per flat. (I am not very sure about this but this is my interpretation of Maharashtra budget)
    4) Some people have laid their hopes in being able to move-in in 2 years time. Some people are currently renting (burning money in rents) and looking forward to their own home. Some people would like to furnish their homes asap as the cost of furnishing goes up by the day. If everyone is an investor and for 5 years there is not a single resident, it’s a shame. Flats are bought in the belief that they are liveable at possession. If they are not liveable for 5 years they may as well be not liveable for 20 years.

    I think it is best if the builder delivers asap. Even if it costs extra loan interest, it is worth it. Some people may even earn some money back through rental income.
    For some people who are getting better returns (e.g. from investing the money, they had sidelined for Indiabulls, into stocks), such a delay is a good thing:)


    agree with everything u said (except I'm not sure about the cost of furnishings bit - I really don't think I have seen those change much over the last 5 years). If I was waiting for my first flat I would probably want it as soon as possible as well. But, just wanted to say that a few years delay really isn't soo bad (unless the builder increases prices or changes plans). I think most people who have stayed in Mumbai would find it difficult to adjust to Panvel at this point, maybe a few years down it won't be as bad. Also, rental income as u said would be really hard to come by. There are a lot of flats available in Kharghar etc. and the rent is pretty low I doubt it'll be easy to get tenants in Panvel. Also, I really don't think the place is going to be livable in 2 years time, just the structures being built isn't enough. It'll take at least a few years for the social infrastructure to come up.
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  • hi, if u can give price and specifications. if possible.
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  • NO mans land

    lol tht title may sound scary but i visited IB green bulls property yest and it was barren as usual .Btw this is my second visit in a month .the guy keeps telling me soil testing chaloo hain .I dont c any activity goin on there ..AS of now its a simple land good for farming :).
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  • it is an eerie surprise that some of the buyers are actually counting on delay so that ease in instalment payment is facilitated. Guys, trust me you do not want this and this is coming from a person who has real estate background.
    Jia is right when he substantiates it with logical reason as to why delay is not healthy.
    Buyers who are elated with delay would think differently and wud be panicky if the structure is halted mid way and there is delay in completion as we wud have sunk in more money, then. So why think differently, now??
    Every delay should be guarded and IB guys should be grilled on the same.
    Let us not misguide ourselves with "so called"short term
    relief. Have a bigger picture, guys!!!!!
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  • so much is being talked about this project which is so far from everything. This is the project which has many many posts.

    will somebody advise what is so special about this project ? i undrstand there are talks about airport/ metro etc etc... but what lies outside the complex is barren land - nothing else!



    thanks

    nano

    Originally Posted by yogi8888
    it is an eerie surprise that some of the buyers are actually counting on delay so that ease in instalment payment is facilitated. Guys, trust me you do not want this and this is coming from a person who has real estate background.
    Jia is right when he substantiates it with logical reason as to why delay is not healthy.
    Buyers who are elated with delay would think differently and wud be panicky if the structure is halted mid way and there is delay in completion as we wud have sunk in more money, then. So why think differently, now??
    Every delay should be guarded and IB guys should be grilled on the same.
    Let us not misguide ourselves with "so called"short term
    relief. Have a bigger picture, guys!!!!!
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  • high debt levels of real estate cos.

    todays ET highlights the high debt levels of real estate cos.
    have you all found out what is the debt level of india bulls?
    are they using your booking amounts to repay debts?hence unable to start construction?thank god i didnt book in ibulls.
    share price going lower and lower everyday.trouble ahead?
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  • Originally Posted by sbhagtani
    todays ET highlights the high debt levels of real estate cos.
    have you all found out what is the debt level of india bulls?
    are they using your booking amounts to repay debts?hence unable to start construction?thank god i didnt book in ibulls.
    share price going lower and lower everyday.trouble ahead?


    scaremongering;)
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  • Whole world is cheaper then Mumbai

    Whats so special about Mumbai .... Even China's top property (even world now considers that China is making Huge RE bubble) are cheaper then Mumbai ?? Super luxury apartment are available at cheaper rates... ? $885 or 41,000 psf ??

    "The apartments — sweeping sea views, bathtubs on balconies and sofas wrapped in velvet — are being pre-sold for an average of $885 per square foot, said Wu Lei, a spokeswoman for the real estate company. "

    http://www.indianexpress.com/news/chinashainanislandseesadeafeningboom/599023/0
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  • Refer the mail which I had received today from IB customer care

    Reference to your mail, we at Indiabulls assures you of standing by our commitment of delivering the project on time. We have floated the tender (TOI edition of 15th Mar) for initiating the work on our project. Once this gets finalized we shall begin work. Usually once the tender is floated work begins within 2 months

    Also, the bank approvals are in process. Once we get the transaction code from the banks we shall share the same with you, based on which you can approach the bank for loans.

    Assuring you of our best services.
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  • At least now IB is talking sometimes on timeframe.

    In all probability, the work will only start AFTER MONSOONS ,i.e. October 2010.

    So, we are talking of at least of an year of delay.
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