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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  • Spaze Privy Loan Issues

    Hi,

    I'm fairly new to this forum and was hoping one of the veteran members would be able to help me out ...

    I was interested in buying a 3BHK in Spaze Privy in Tower D and had started talking to HDFC Bank for a Home Loan. I was told that this project was not approved by HDFC since there were some issues with the ownership documents of the Builder. They called this a 'Collaboration Project' and said that the Land Ownership rights have not been transferred to the Builder but rest with the farmers who are the original owners. They also advised that I might face issues with Registration if I go ahead and buy a unit in this project.

    Would any of you be able to shed some light on this ? Is there any cause for worry or is this pretty normal ? Also, would anyone be able to tell what all Banks have approved this project ?
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  • Originally Posted by asarka
    Hi,

    I'm fairly new to this forum and was hoping one of the veteran members would be able to help me out ...

    I was interested in buying a 3BHK in Spaze Privy in Tower D and had started talking to HDFC Bank for a Home Loan. I was told that this project was not approved by HDFC since there were some issues with the ownership documents of the Builder. They called this a 'Collaboration Project' and said that the Land Ownership rights have not been transferred to the Builder but rest with the farmers who are the original owners. They also advised that I might face issues with Registration if I go ahead and buy a unit in this project.

    Would any of you be able to shed some light on this ? Is there any cause for worry or is this pretty normal ? Also, would anyone be able to tell what all Banks have approved this project ?


    Hi,
    I too joined the forum recently but did not hear about this problem from any one. In fact the project is in advanced stage of construction and possession of a few towerss may be offered in about six months . I have almost finalized a deal and I hope there is no problem. In case you get to know more please do let me know through this thread. Thanks.
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  • No issues with Loan or anything like that. SBI has approved the project and so has other banks.
    TATA PRIMANTRI adjoining to this project is reselling at 8200+. Even though we consider small drain to be negative which i guess will be sorted by vipul and spaze, this is currently available at a very attactive rate only because construction had slowed from Feb 2012 to Dec 2012 ( HUDA circular plus spaze was busy with completing the commercial on sohna road).

    New Towers launched in 2011-2012 ( on one side of the entrance) will be be possession in 2014-2015 ( A-A1 blocks).

    Remaining all towers by Dec 2013 i guess. They are telling July but i guess by Dec- Jan2014 as most end users have fully loaded specs.

    + More carpet area
    + Very good construction quality ( just visit the site and u can feel wat is coming up at this current price).
    + 200 metres from Sohna Road
    + Facing Vipul Villas and tata Primantri on other side
    + Good layout of all apartments
    + Fully loaded specs at this price
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  • Thanks Ravi. Your response is quite reassuring. As I understand , price of unloaded apartments in Spaze is 6200-6300 whereas the loaded ones are 6500-6800. IYu are right that since most apartments are fully loaded , it will take longer time to complete and hence a delay can be expected but the penalty clause will come in vogue if they delay too much.Anyways, all said and done, Spaze will be a good choice now.
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  • Hi Friends,
    I hope most of us have heard about 1% TDS on sale proceeds of property. I don't know as to which will be the start date when this rule becomes applicable. Again, I am not able to understand how it is to be interpreted in the context of Capital Gain Tax. As I understood, the buyer will deduct 1% of the sale consideration towards tax and deposit it with Income Tax Deptt and give a certificate to this effect to the seller. This situation will arise for all the prospective sellers and buyers of property. Itwill be nice if some one can explain this.
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  • Not sure on TDS currently... will check.
    I have a query wrt to the penalty clause.
    I took the spaze unit in resale and the first buyer agreement dates back to Dec 2008. Considering 3 years possession and 6 months grace, does that mean that builder will pay me penalty clause of Rs.5x Area from July 2012 till the possession is given.
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  • Originally Posted by ravi2010
    Not sure on TDS currently... will check.
    I have a query wrt to the penalty clause.
    I took the spaze unit in resale and the first buyer agreement dates back to Dec 2008. Considering 3 years possession and 6 months grace, does that mean that builder will pay me penalty clause of Rs.5x Area from July 2012 till the possession is given.


    Logically you are correct unless the previous owner claims the delay penalty upto the period he has held the property. Needs to be verified. Best would be not to involve the original allottee and fight it out with the builder when possession is offered.
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  • I have been trying to check the applicability of the 1% TDS clause. Some people say, it will take effect from June 1, 2013 while others say that it starts from financial year vis 1 st April 2013. Advice is that it wd be better to conclude the deal before 31st march 2013. The explanation offered by most people is that the buyer can register the property only after paying the TDS for which he will deduct the 1% TDS from sale consideration, deposit it with income tax deptt and gives the certificate to seller. Seller in turn will claim refund of the TDS if he is investing the sale proceeds for buying another house or invests in capital gains bonds etc. going to be very lengthy procedure. There are no clear instructions. Lets hope some friends in this forum are able to elicit the correct procedure.
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  • Originally Posted by ravi2010
    No issues with Loan or anything like that. SBI has approved the project and so has other banks.
    TATA PRIMANTRI adjoining to this project is reselling at 8200+. Even though we consider small drain to be negative which i guess will be sorted by vipul and spaze, this is currently available at a very attactive rate only because construction had slowed from Feb 2012 to Dec 2012 ( HUDA circular plus spaze was busy with completing the commercial on sohna road).

    New Towers launched in 2011-2012 ( on one side of the entrance) will be be possession in 2014-2015 ( A-A1 blocks).

    Remaining all towers by Dec 2013 i guess. They are telling July but i guess by Dec- Jan2014 as most end users have fully loaded specs.

    + More carpet area
    + Very good construction quality ( just visit the site and u can feel wat is coming up at this current price).
    + 200 metres from Sohna Road
    + Facing Vipul Villas and tata Primantri on other side
    + Good layout of all apartments
    + Fully loaded specs at this price


    Thanks, this helps. It's good to know that SBI has approved this project. But has anybody, who has already bought a unit in this project, actually seen the agreement between the original owners (farmers I guess) of the land and the Spaze folks ? I'm assuming that there had to be an agreement of sorts between Spaze and them - some floors, units might have been committed by Spaze to the original owners; I don't want to end up buying one of them.

    I know this for a fact (I checked with HDFC directly) that Spaze does not have the ownership papers for this land - the reason HDFC has not approved this.

    It would be great if someone can help resolve this question !
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  • In Gurgaon all the builders have an agreement with the village. We all are staying on rented/bought apartments which were earlier villages only.
    Are you thinking that you will end up occupying a unit on a floor which is owned by village ...... very remote possibility.
    For this government has already through a notification have asked all builders to build EWS which is never occupied or is occupied by maids/helpers.
    Good news is that it seems there is genuine end user demand for this project which is already sold out. I used to receive a call from broker every week some one month back though now i have shunted all.
    Yesterday also i just enquired someone in spaze and he said that possession will be offered max by dec for all towers.
    Got clarity on penalty clause and spaze said that it starts from the day the first builder buyer agreement is made and confirmed that they will adjust penalty amount during the last F&F settlement on possession.... they have been very transparent till now and my experience has been very good with them
    Will check the ground reality at construction site next week.
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  • Originally Posted by ravi2010
    In Gurgaon all the builders have an agreement with the village. We all are staying on rented/bought apartments which were earlier villages only.
    Are you thinking that you will end up occupying a unit on a floor which is owned by village ...... very remote possibility.
    For this government has already through a notification have asked all builders to build EWS which is never occupied or is occupied by maids/helpers.
    Good news is that it seems there is genuine end user demand for this project which is already sold out. I used to receive a call from broker every week some one month back though now i have shunted all.
    Yesterday also i just enquired someone in spaze and he said that possession will be offered max by dec for all towers.
    Got clarity on penalty clause and spaze said that it starts from the day the first builder buyer agreement is made and confirmed that they will adjust penalty amount during the last F&F settlement on possession.... they have been very transparent till now and my experience has been very good with them
    Will check the ground reality at construction site next week.


    There is difference between Builder out right buying from the villagers or having a collaboration.

    What's wrong if Spaze clarifies on this issue and give list of flats given to the land owners.
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  • I think, looking to all other projects around sohna road, spaze privy is a good bet
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  • Yes, it's in advance stages of const and price is quite reasonable. I am also looking out in tower a or b for a relative
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  • Today received demand for completion of flooring.Another annexure says that construction is ongoing at fast pace. Now at least i can expect possession by Dec end for fully loaded units as well.
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  • Originally Posted by ravi2010
    Today received demand for completion of flooring.Another annexure says that construction is ongoing at fast pace. Now at least i can expect possession by Dec end for fully loaded units as well.


    Was wondering whether possession of all towers will be given together or they will give unloaded towers earlierb. The other issues are approach road, the nala closeby.i heard nala will be taken care of by the builders and the road to will be repaired to make a smooth access and that cremation ground is a future plan and may not come through at all.still there is no confirmation as yet on all these aspects.
    Strategically, unitech residences are much better located but then the prices are in the range of 8000 psf. So it all depends upon one"s pocket and ultimate comfort.Spaze is just less than a km off sohna road so malls and markets are not a problem. Hoping for the best. Have booked an apartment in Spaze mostly for end use purpose.
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