Hi All,

Can you guys please suggest if Emaar Emerald Estate in Sector 65 ,Golf Road Extension is a good buy at 5000 psf in resale.

Any update will help me decide further.

Thanks
Read more
Reply
509 Replies
Sort by :Filter by :
  • Originally Posted by JethroNull
    Guys

    Needed advise on this project.

    Would this project make sense for investment considering that majority payment has been paid and the builder might stop or delay construction having collected the payment?

    Assuming the resale to be at INR 7000 psf, expected delivery time of Q2 2015, size of 1020 sq. ft, would it be realistic to expect a rate of INR 9K at the time of possession?

    Also, anybody aware of the actual transaction rate in Emerald Estate? I was getting quotes of INR 6500 some 4-5 months back when the construction had been stopped. Now, I am getting quotes in excess of INR 7000+.


    Although there is never a guarantee on the progress of the work, but seeing the speed of construction, I really don't think they would stop the work. I own a 2 bk in Tower B and most of the payment has been made. Yet, the work is going on. With GCX coming up well, prices are bound to rise, especially when possession will be offered, so considering the 7000+ prices being quoted, 9K is not impossible. Yes, prices for 2bhk being quoted by brokers are in the range of 7100-7300. I get a minimum of 2-4 calls a day and equal no. of emails, so I guess demand for 2bhk is high. My POV.
    CommentQuote
  • Emerald Estate project

    Sorry for this unsolicited approach

    Since last couple of weeks I am looking for 2 bed room flat( Area around 1020 sq-ft) in Emerald Estate project in Sector 65. I spoke to many dealers which passed on my contact details to one another and end up asking for very high asking price or no unit at all, just hot air.

    I am looking around Rs.6800 per sq feet.Is it possible that i can get at this rate ?


    regards,
    Sandeep
    CommentQuote
  • Emerald Estate is a strange project in terms of resale prices.

    Some 5-6 months back, prices being quoted were 6500 BSP (without negotiation). Many units were available in the market. Point to note is that construction was stopped because of ban on use of ground water (reason given by Emaar :D).

    Now when the construction has started, units are being quoted at 7200 - 7500 BSP. Frankly I do not see the reason for such steep price hike especially since bulk of the payment is gone and construction would take atleast 1.5 years.

    I have been looking for a unit in EE for the same price range but no luck :D

    I have a feeling that either only a handful of units are up for grabs or brokers are playing smart or market is recognizing that EE is relatively undervalued.



    Originally Posted by centennial
    Sorry for this unsolicited approach

    Since last couple of weeks I am looking for 2 bed room flat( Area around 1020 sq-ft) in Emerald Estate project in Sector 65. I spoke to many dealers which passed on my contact details to one another and end up asking for very high asking price or no unit at all, just hot air.

    I am looking around Rs.6800 per sq feet.Is it possible that i can get at this rate ?


    regards,
    Sandeep
    CommentQuote
  • Well there was an army of laborers when i did go see the site. I dont know if its exactly undervalued as much as being unique in the smallest investment/ticket size on GCX. My initial reaction was rooms are so small and 4 balconies means excessive loading. I couldnt bring myself to contemplate spending ~1C for this but than that was when I just started seeing the property market. I realize now after evaluating more projects that there are few options even at 1.5C in main Gurgaon!!.

    If an enduser were to give a limited budget, this is the first project and perhaps only one within limited budget which brokers would advice. I guess investors in this project dont want to switch to another project seeing how unaffordable everything else is. This has a lower base in terms of BSP so theres more scope of appreciation.

    There were a lot more mails from sellers 2 months ago (correct me if appreciation happened before). There were deals at 6500-6600 + PLC and plenty of inventory.
    CommentQuote
  • The main reason for quick appreciation in the past few months is that work has renewed at a fast pace. Additionally the tag of Emaar is another factor considering that it is one of the better known builders. I think 1020 sq. ft 2 BHK probably has a better floor layout than the 3 BHK. And 2 BHKs are on the corners and 3 BHK in the middle. If you actually look at the the other residential options, everything is above 7000 sq. ft on GCX.
    CommentQuote
  • I think we can attribute low inventory in the secondary market or some price appreciation over last few months (despite challenging RE markets) to a number of factors including
    - low price of the project (undervalued or not depends on your view as well as requirements),
    - decent builder reputation (not the best but better than a lot on GCX/SPR),
    - good location with some developed infrastructure,
    - you are not taking any risk of futuristic development or litigations,
    - availability of small sizes (3 BHK in 1,400 sq ft as opposed to many projects offering 1,700 sqft+ size),
    - small ticket size (1 CR or so) affordable by end users and relatively small/medium investors,
    - good pace of construction so far.

    The downside here is
    - consistent risk of delays given Emaar track record so far - However, I am surprised by the pace of construction of this particular project versus other Emaar projects. We still need to wait to see how quick is the finishing part, after most of the construction linked payments are gone.
    - This is a medium-quality and is not a luxury project - which I think is reflected in pricing and size.
    - Bulk of the payment is gone - However, I doubt you will find projects on GCX where bulk of the payment is not gone.

    fyi, I am invested in the project. However, I have tried to be as objective in my analysis as possible to give a fair idea to prospective buyers of the project. Obviously, this is my personal opinion and buying decision involves your personal requirements like investment or end use, location preference, luxury or medium quality project, perception of builder, leveraged buying or pure equity etc etc.

    Cheers
    CommentQuote
  • Excellent summary and unbiased!

    Originally Posted by NK2013
    I think we can attribute low inventory in the secondary market or some price appreciation over last few months (despite challenging RE markets) to a number of factors including
    - low price of the project (undervalued or not depends on your view as well as requirements),
    - decent builder reputation (not the best but better than a lot on GCX/SPR),
    - good location with some developed infrastructure,
    - you are not taking any risk of futuristic development or litigations,
    - availability of small sizes (3 BHK in 1,400 sq ft as opposed to many projects offering 1,700 sqft+ size),
    - small ticket size (1 CR or so) affordable by end users and relatively small/medium investors,
    - good pace of construction so far.

    The downside here is
    - consistent risk of delays given Emaar track record so far - However, I am surprised by the pace of construction of this particular project versus other Emaar projects. We still need to wait to see how quick is the finishing part, after most of the construction linked payments are gone.
    - This is a medium-quality and is not a luxury project - which I think is reflected in pricing and size.
    - Bulk of the payment is gone - However, I doubt you will find projects on GCX where bulk of the payment is not gone.

    fyi, I am invested in the project. However, I have tried to be as objective in my analysis as possible to give a fair idea to prospective buyers of the project. Obviously, this is my personal opinion and buying decision involves your personal requirements like investment or end use, location preference, luxury or medium quality project, perception of builder, leveraged buying or pure equity etc etc.

    Cheers
    CommentQuote
  • Hi ,
    where this venture is exactly locates? I am preparing to spend money on this venture and incapable to collect some opinions on this project? Any opinions ?


    Thanks
    The Talking Brick
    CommentQuote
  • Haryana DTCP link for project layout
    http://tcpharyana.gov.in/Licences/site%20plan/SITE%20PLAN/LC-1050A%20EMAAR%20REVISED%20PART-I%20&%20II.pdf
    The only thing noteworthy is the low green area(16.41%) and there are supposed to be parking slots even on green area?
    I don't get why so much parking space is needed, as there are already supposed to be 2 basement levels.
    CommentQuote
  • Tower A and B should ready in abt to 15 months. H J K will take 2 yrs. E digging and foundation has started. Im not to sure on the status of F G L M. I do have some pics. And I will put them up tomorrow.
    Rate wise is 7000 to 7200 bsp.
    CommentQuote
  • Demand raised for final floor slab for Tower G. The pace of construction seems pretty fast - looks like Emaar is trying to bridge the delay between this and other builder projects on GCX. Hope they continue at same pace for the plastering and finishing part - which is tricky to assume given long delays faced by Emerald/ Premier floor etc.

    Other holders of unit in Tower G - can you confirm if you received the demand and the construction progress is in line?

    Thanks.
    CommentQuote
  • Originally Posted by NK2013
    Demand raised for final floor slab for Tower G. The pace of construction seems pretty fast - looks like Emaar is trying to bridge the delay between this and other builder projects on GCX. Hope they continue at same pace for the plastering and finishing part - which is tricky to assume given long delays faced by Emerald/ Premier floor etc.

    Other holders of unit in Tower G - can you confirm if you received the demand and the construction progress is in line?

    Thanks.


    ya i went to the site yday, final floor roof slab is done for tower g...i got the demand too...this is the fourth demand since may, i.e. 8 floors in 7 months!
    CommentQuote
  • Originally Posted by retrofit
    Tower A and B should ready in abt to 15 months. H J K will take 2 yrs. E digging and foundation has started. Im not to sure on the status of F G L M. I do have some pics. And I will put them up tomorrow.
    Rate wise is 7000 to 7200 bsp.


    i have a diff POV on the time projections... went to the site yday, in terms of work i think tower a and b need max 6 months...expecting delivery of completed project in end 2014 or first quarter 2015...tower E has just 6 floors so it should not take time... tower l and m were scrapped a long time ago and for towers ghjk, final floor slabs are done...f is the laggard which is why it cud stretch till q1 2015...
    CommentQuote
  • a couple of pics for tower g with the final floor slab...
    Attachments:
    CommentQuote
  • Hi Chetani,

    Appreciate your help and proactiveness in keeping other thread members updated. I am not based in Gurgaon currently, so your feedback really helps. Lets stay in touch and keep sharing updates to keep this thread alive.

    Cheers.


    Originally Posted by chetani3
    ya i went to the site yday, final floor roof slab is done for tower g...i got the demand too...this is the fourth demand since may, i.e. 8 floors in 7 months!
    CommentQuote