I am looking at the Spaze Privy, Sector 72, Gurgaon . Please can the members who know about this project advise on how good/bad this is. They claim that it will be delivered in 1 year from now. What do you guys think?

What price would be the right price to buy into this project?
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  • Originally Posted by CaptainYadav
    As many as 4.5-5 lakh homes are expected to be delivered in 2013, according to Property research firms Liases Foras and PropEquity as well as property consultancy CB Richard Ellis.

    The Finance Bill 2013 has proposed that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. The guiding philosophy of this idea was to ensure property deals are reported, and it was believed that the rule will apply to ready property acquired.

    But officials say the finance bill does not make a distinction between under-construction and ready property.

    "Tax will have to be cut from the total consideration and not balance payment made after the enforcement of the finance act," said an income tax department official.

    According to rules in respect of tax deducted at source, buyers would have to obtain a tax deduction and account number, or TAN, file a return with the tax authorities and also issue a TDS certificate to the seller. Once the tax is deducted, the builder would be able to claim credit for such TDS against its tax liability but the burden of this tax could fall on buyers if cash-starved builders refuse to take the liability on themselves.

    Tax experts say the onerous requirements should be diluted in the case of such buyers and the proposal needs to be clarified. "An individual buyer will be obligated to comply with the withholding tax registration or TAN, tax payment, e-TDS returns, issue of TDS certificate to seller for claiming tax credit unless a simplified mechanism is provided in this direction," said Sunil Jain, partner, J Sagar Associates. There's no clarity even in instances where the purchase is made from borrowed funds and where the property is in joint ownership.

    "It looks at the provision of property ofRs 50 lakh or more, assuming it is a transaction that happens at one go. A large number of transactions are installmentbased and extend over 3-5 years where installments are disbursed directly by banks," said Rahul Garg, leader, direct tax, PwC India.

    The provision would mean that the buyer would be responsible for the deduction of TDS each time an installment is disbursed by the bank unless the responsibility is shifted to the bank.

    Builders see the new TDS as a burden on buyers and have taken up the issue with the finance minister.


    I think govt needs to clarify and notify a comprehensive procedure. Most of the properties now are over rs 50 lac limit and this provision becomes relevant.
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  • Someone in my faimly is looking out for options for 1900 sq ft in tower C, D or E. Can anyone suggest an active broker working on this one.

    I have been meeting a lot of crappy brokers since last couple of days so am extremely fed up of them.

    Mods - apologies just need some genuine advice not trying to initiate anything to do with buying/selling thru the forum
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  • No construction update on spaze privy sec 72 after 26th dec.. What is the latest status friends?
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  • Originally Posted by Krishbharti
    No construction update on spaze privy sec 72 after 26th dec.. What is the latest status friends?

    No body is responding. Lagta hai people have lost interest in this project.
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  • Krishbharti, my understanding of no response on IREF is that project has no issues and going OK. So don't be disheartened if no one is responding. May be everyone is busy planning for taking possesion.
    :)

    Originally Posted by Krishbharti
    No body is responding. Lagta hai people have lost interest in this project.
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  • Originally Posted by himrathore
    Krishbharti, my understanding of no response on IREF is that project has no issues and going OK. So don't be disheartened if no one is responding. May be everyone is busy planning for taking possesion.
    :)



    Thanks himrathore. This is real positive thinking. Will be happy to get possession by Dec 2013.
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  • Friends, what is the news about covering the nullah (drain) close to spaze privy?there is no further post on the construction update also.
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  • Krish,

    why do you worry so much about the small drain. Tata Primantri is surrounded by high tension wires , wahan jab log jaa kar rahenge to raat ko hissing sound will be be music to their years and it still sells above 8000 sft. Connectivity is also a problem but still people are willing to pay premium for TATA name.

    If you are end user is spaze or even an investor, be assured it is one of the good properties with lot of appreciation still left.
    Latest rates for fully loaded - 1600 - 6800 Rs/sft
    1800/1900 - 7200+ /sft
    Please note these rates are valid for lower/middle floors. U can get lower rates for 14-16 floors.
    I was looking for a bigger unit at spaze for my friend at price of around 6500-6800 and checked with many brokers, all of them quoted in excess of 7000. One of the brokers even told ki sir iss dull market mein i have 4-5 buyers if you can get me 6800 rates. So chilax!

    Just like you i want to shift as early as possible say be december at most!
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  • Ravi, as an end user you are always concerned about the problems you see in your future home, since you would be using the property for some long time. May be as investor many would not be concerned about these macro factors and would be more worried about latest prices. But I find Krishbharti's concerns pretty valid though we cannot do much about it as of now.

    Just my POV

    Originally Posted by ravi2010
    Krish,

    why do you worry so much about the small drain. Tata Primantri is surrounded by high tension wires , wahan jab log jaa kar rahenge to raat ko hissing sound will be be music to their years and it still sells above 8000 sft. Connectivity is also a problem but still people are willing to pay premium for TATA name.


    If you are end user is spaze or even an investor, be assured it is one of the good properties with lot of appreciation still left.
    Latest rates for fully loaded - 1600 - 6800 Rs/sft
    1800/1900 - 7200+ /sft
    Please note these rates are valid for lower/middle floors. U can get lower rates for 14-16 floors.
    I was looking for a bigger unit at spaze for my friend at price of around 6500-6800 and checked with many brokers, all of them quoted in excess of 7000. One of the brokers even told ki sir iss dull market mein i have 4-5 buyers if you can get me 6800 rates. So chilax!

    Just like you i want to shift as early as possible say be december at most!
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  • Latest Pics

    Concreted road to the Project and tiling work and clubhouse status
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  • C D E F Tower view with Lawn tennis court and swimming pool under construction
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  • G and H towers - lawn view

    H Tower view

    F G H towers will be ready for possession first it seems. Good to see lot of trees planted and green cover being put in by the builder.
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  • Entrance of 1600 sft apartment - looks good , doors are also of resonable quality, sheindler Main Box
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  • 1900 sft apartment drawing cum dining - very good design, good quality sliding does and 2 conduit for split ACs

    Bathrooms are very impressive specially the master one - Jaguar taps, jhonson flush panels, can have a big cupboard also at the other end
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  • kitchen - looks good with ample cupboards , u can call the woodwork as semi modular
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