The stories so far, in my search for a flat in Noida area for self-use. Target size – 3+1BHK. So landed in Noida extension (needless to say this is the only area where I can afford one).
However one thing stands out during my search - people of my profession ( engineers) are probability the easiest target of glossy brochure and salesman talks. Just imagine guy holding Engineering degrees made fools by eighth fail sales guys on regular basis.
Therefore I decided I will just ignore all sales talk as if I am deaf. I will concentrate only on hard facts and data. Which I want to share with all guys in IREF now.
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  • First criterion, size of the flat : My conclusion – Super area is the biggest joke on flat buyers. Simply, because I am not at all interested in area outside the four walls of my flat (even balconies to a certain extent).


    Mahagun Mywood - Gaur City GC16 - RG Luxuary Homes
    Super 1545 1600 1661
    Carpet 984 979 912
    Carpet/Super 0.637 0.612 0.549
    Carpet+Balcony 1152 1162 1117
    CR+BL/Super 0.746 0.726 0.672


    Arihent Arden - Earthcon Casa Royal - Gaur City GC 6
    Super 1750 1690 1560
    Carpet 1044 1027 933
    Carpet/Super 0.597 0.608 0.598
    Carpet+Balcony 1278 1138 1073
    CR+BL/Super 0.730 0.673 0.688


    Amarpali Golf Homes - Supertech Eco Village - Stellar Jeevan
    Super 1595 1750 1694
    Carpet 928 1088 1035
    Carpet/Super 0.582 0.622 0.611
    Carpet+Balcony 1088 1233 1163
    CR+BL/Super 0.682 0.705 0.687 First criterion, size of the flat : My conclusion – Super area is the biggest joke on flat buyers. Simply, because I am not at all interested in area outside the four walls of my flat (even balconies to a certain extent).


    Mahagun Mywood - Gaur City GC16 - RG Luxuary Homes
    Super 1545 1600 1661
    Carpet 984 979 912
    Carpet/Super 0.637 0.612 0.549
    Carpet+Balcony 1152 1162 1117
    CR+BL/Super 0.746 0.726 0.672


    Arihent Arden - Earthcon Casa Royal - Gaur City GC 6
    Super 1750 1690 1560
    Carpet 1044 1027 933
    Carpet/Super 0.597 0.608 0.598
    Carpet+Balcony 1278 1138 1073
    CR+BL/Super 0.730 0.673 0.688


    Amarpali Golf Homes - Supertech Eco Village - Stellar Jeevan
    Super 1595 1750 1694
    Carpet 928 1088 1035
    Carpet/Super 0.582 0.622 0.611
    Carpet+Balcony 1088 1233 1163
    CR+BL/Super 0.682 0.705 0.687
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  • Analysis:

    1. Super Area is not your flat area – your flat area is covered/carpet plus balconies. So a Mahagun Mywoods 1545 sq ft flat is actually a 984 sq ft flat with 168 sq ft balcony. So you are buying a 984 sq ft flat not 1545 sq ft flat. (Yes, 984 is not even 1000, wherein make belief world of builders it is more than 1500).

    2. Every builder has different ratio (called loading) for carpet area / super area. Every flat size has different loading.

    3. If two projects has same per square price (or commonly “rate”). The “real” rate will differ due to loading.

    4. In general loading increases as flat size decreases. ie 2BHK will have more loading than 3BHK.

    5. At delivery, you can safely assume you will get lesser size than shown on brochure. So the brochure size is just a façade, real size will always be less.
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  • Just realized that IREF is not “data” friendly. So, I will take time to put all I have got – data is mostly correct, Analysis needs more heads.
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  • Good work, friend.

    Yes, I have personally verified that actual size is less than that shown in the brochure in my project sunshine helios.
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  • Flat buyers’ obsession - RATE.

    With each builder having different charge structure, how to compare “rate” then. Considering, the uncertainty over land acquisitions only plan is Construction linked plan. For risk takers it could be Flexi plan. I could not comprehend, why anyone will go for Down payment or time linked plan in current scenario.

    Prices are as per current website rates, possibility of huge discounts is there. Anyways instead of absolute numbers I want to highlight something else.

    I have taken a standard – 4th floor, park facing, covered parking, club membership, 3KVA backup

    Construction linked plan
    Basic Price - Height PLC Park PLC - Other Charges - Total - Carpet Price - Carpet+Balcony Price
    Mahagun Mywood 2675 210 90 149 3124 4906 4190
    Gaur City GC16 Not Available 110 75
    RG Luxuary Homes Not Available
    Arihent Arden 3010 110 75 300 3495 5857 4786
    Panchsheel Green 2300 90 50 128 2568 4022 3319
    Gaur City GC 6 Not Available
    Supertech Eco Village 2900 80 50 307 3337
    Stellar Jeevan 2550 70 100 115 2835 4641 4129

    Flexi Plan
    Basic Price - Height PLC - Park PLC - Other Charges - Total Carpet Price - Carpet+Balcony Price
    Mahagun Mywood 2525 210 90 149 2974 4671 3386
    Gaur City GC16 Not Available
    RG Luxuary Homes 2700 100 160 155 3116 5672 4635 With Furnishing
    Arihent Arden 2840 110 75 300 3325 5572 4553
    Panchsheel Green 2162 90 50 128 2430 3806 3806
    Gaur City GC 6 Not Available
    Supertech Eco Village 2755 80 50 307 3192 5134 4530
    Stellar Jeevan 2450 70 100 115 2735 4477 3983 Flat buyers’ obsession - RATE.

    With each builder having different charge structure, how to compare “rate” then. Considering, the uncertainty over land acquisitions only plan is Construction linked plan. For risk takers it could be Flexi plan. I could not comprehend, why anyone will go for Down payment or time linked plan in current scenario.

    Prices are as per current website rates, possibility of huge discounts is there. Anyways instead of absolute numbers I want to highlight something else.

    I have taken a standard – 4th floor, park facing, covered parking, club membership, 3KVA backup

    Construction linked plan
    Basic Price - Height PLC Park PLC - Other Charges - Total - Carpet Price - Carpet+Balcony Price
    Mahagun Mywood 2675 210 90 149 3124 4906 4190
    Gaur City GC16 Not Available 110 75
    RG Luxuary Homes Not Available
    Arihent Arden 3010 110 75 300 3495 5857 4786
    Panchsheel Green 2300 90 50 128 2568 4022 3319
    Gaur City GC 6 Not Available
    Supertech Eco Village 2900 80 50 307 3337
    Stellar Jeevan 2550 70 100 115 2835 4641 4129

    Flexi Plan
    Basic Price - Height PLC - Park PLC - Other Charges - Total Carpet Price - Carpet+Balcony Price
    Mahagun Mywood 2525 210 90 149 2974 4671 3386
    Gaur City GC16 Not Available
    RG Luxuary Homes 2700 100 160 155 3116 5672 4635 With Furnishing
    Arihent Arden 2840 110 75 300 3325 5572 4553
    Panchsheel Green 2162 90 50 128 2430 3806 3806
    Gaur City GC 6 Not Available
    Supertech Eco Village 2755 80 50 307 3192 5134 4530
    Stellar Jeevan 2450 70 100 115 2735 4477 3983
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  • Hello FieldWorker,
    Good analysis and effort on the right direction.
    Now big question , how to tackles this situation and insure to minimize it. How can we trust builder then?

    Thanks,
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  • Analysis

    1. First and foremost, “rate” = total flat cost divided by carpet area of the flat. . Calculate yourself; do not believe builder/broker.

    2. Builders (eg Gaur) can have only Time based plan.

    3. Projects can have high PLCs.

    4. Project can have high other-charges, so always consider all inclusive.

    5. Now consider the five projects, whose data I have given for CLP & carpet area (without balcony)

    Arihant 5857 > Supertech 5367 > Mahagun 4906 > Stellar 4641 > Panchsheel 4022.


    .......
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  • Excellent work...FieldWorker
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  • And yeah, do not forget 2.575% service tax on Basic Sale Price and 10.3% on almost every other charge (except parking).
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  • you mean PLC, IFMS etc got 10.3% tax??
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  • why some users are differnt coz they see, think and act differently....WC eye opener
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  • Fully agree with Field Work, you can not blindly compare rates of two projects.

    Identify only useful areas for YOU. Your useful areas may be different from Sharmaji's useful area as he enjoys his balcony and you think your balconies are sheer wastage of space.

    Total Cost divided by your useful area will give you your EFFECTIVE RATE per sqf. Compare that so that it will be an a.pple to a.pple comparison.

    Now, buying a house is not so simple. It all depends on YOUR PRIORITIES. The order of priorities and significance are different for different people. Location, orientation, school, your work place, public transport and many many more factors.

    Be assured that you will never get a house that satisfy all your requirements and fits in your budget too ... you have to make a compromise based on your own priorities. What is the right compromise, no one knows.

    It is very simple process if your mind is clear ... or else you emphasize on wrong priorities and end up in a 'PINK' color flat with FREE WI-FI in an awful location.
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  • Noida & Greater Noida builder plots were given by BMW to builders on very easy terms of 5% payment per 6 months. With dark clouds again over Noida extension – Land acquisition in SC and high possibility of hostile government after election. High chances a number of builders will be washed out (run with your money) after the storm abates.

    So, question arises, which ones are least likely to run away with your money. The answer I think is
    A. those with deeper pockets
    B. those who wants to remain in business
    C. those who have already invested so much, that only completion will give them handsome returns

    How can an average Joe get to identify them:

    Category A:
    • Has delivered projects with “acceptable” delays in past.
    Have NO Stalled projects.
    • Not impacted by earlier government change.
    • Has not expanded too fast. .

    Category B:
    • Not closely associated with BMW/BSP.
    One of their last project was at least (1/4)th size of their current NE project.
    • First time builders – BIG NO.

    Category C:
    • Has complete possession of land at least from authority – completed fencing on circumference of the plot. Farmer would not allow land in his possession to be fenced out by the builder.
    • Have at least first floor built for most of the towers.
    The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED.

    More ideas most welcome. The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED.

    More ideas most welcome. The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED.

    More ideas most welcome. The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED.

    More ideas most welcome. The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED.

    More ideas most welcome. The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED.

    More ideas most welcome. The project was bankable before farmer issue started. As I came to know, HDFC bank was disbursing loans for projects for which at least 30% payment was done to authority. Please understand DISBURSAL does not mean APPROVED.

    More ideas most welcome.
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  • FieldWorker, great approach, away from the hype & looking things with an clean & clear vision:bab (6):.
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