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Essel Towers, Suncity Projects, Mehrauli, Gurgaon

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Essel Towers, Suncity Projects, Mehrauli, Gurgaon

Last updated: July 23 2016
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  • #11

    #11

    Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

    Last month i was looking for a property on rent and i did see Essel tower but i had to drop it out because of following drawbacks:

    1. Its right on Iffco chowk intersection which is so crowded and so is the MG road at all times.
    2. Other building like unitech palms is much better maintained and that too at the same or lesser price point, plus its pretty strategically placed.
    3. From the way it looked i felt as if the age of property is probably more that 8-10 years old.

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    • #12

      #12

      Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

      No buyers

      Hi Sequence, I am not sure whether you saw my post abt a week back on one of the other threads regarding property prices in Gurgaon and a lack of buyers in the market. I know my friends (atleast 3) who are trying sell their properties (very gd builders) but have not been able to find any buyers for months and months now. They have been trying to sell it for 10-11k per sq ft but getting no buyers. The best they are getting on the MG Road is 7,500 -8k per sq ft.
      I have said this for some time now that all the people expecting properties to sold at unrealistic prices will struggle big time. There are not that many end users who can afford such prices. You are facing this problem with the property in such a good location and metro right outside. Imagine what will happen to people holding properties worth crores and crores on the Golf Corse Extn and marking them at 11k-15k already. There are not end users at these levels. Its a massive bubble and sham created by builders, brokers and investors. These investors will struggle big time to exit in the future. The number of apartments available in resale are only increasing and imagine what will happen in few years time when thousands more will be on the offer.

      As far as your circumstances are concerned, if I were you, I would sell this at the best possible offer you have received.
      All the best.

      Comment

      • #13

        #13

        Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

        Absolutely right sequence - when there are newer options available in the vicinity, at least I as an end user would probably pay a bit more and get a new unused unit.

        In fact, I have been very puzzled by this question and asked it in some other thread couple of days back - why would someone buy my used 2000 sft (for e.g.) flat in a 10 yr old building if I ever have a need to sell it in future. This is my question to people (including my well wishers and relatives) who think its very easy to dispose off old houses and move to newer cities if the need arises few yrs down the road. You are a live example of how difficult this is in practice.

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        • #14

          #14

          Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

          Originally posted by Ultimate View Post
          Hi Sequence, I am not sure whether you saw my post abt a week back on one of the other threads regarding property prices in Gurgaon and a lack of buyers in the market. I know my friends (atleast 3) who are trying sell their properties (very gd builders) but have not been able to find any buyers for months and months now. They have been trying to sell it for 10-11k per sq ft but getting no buyers. The best they are getting on the MG Road is 7,500 -8k per sq ft.
          I have said this for some time now that all the people expecting properties to sold at unrealistic prices will struggle big time. There are not that many end users who can afford such prices. You are facing this problem with the property in such a good location and metro right outside. Imagine what will happen to people holding properties worth crores and crores on the Golf Corse Extn and marking them at 11k-15k already. There are not end users at these levels. Its a massive bubble and sham created by builders, brokers and investors. These investors will struggle big time to exit in the future. The number of apartments available in resale are only increasing and imagine what will happen in few years time when thousands more will be on the offer.

          As far as your circumstances are concerned, if I were you, I would sell this at the best possible offer you have received.
          All the best.
          Truth spoken.

          Comment

          • #15

            #15

            Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

            Originally posted by SGanguly View Post
            Absolutely right sequence - when there are newer options available in the vicinity, at least I as an end user would probably pay a bit more and get a new unused unit.

            In fact, I have been very puzzled by this question and asked it in some other thread couple of days back - why would someone buy my used 2000 sft (for e.g.) flat in a 10 yr old building if I ever have a need to sell it in future. This is my question to people (including my well wishers and relatives) who think its very easy to dispose off old houses and move to newer cities if the need arises few yrs down the road. You are a live example of how difficult this is in practice.
            I don't know the exact answer to your question BUT ground reality is that in Delhi people are paying Rs 2 Cr to 2.5 Cr for a 25 year old 3BHK flat of around 1500 sq ft in Mayur Vihar-1. See the psf price. In Rohini, 2BHK DDA flats that are 20-24 year old are selling for Rs 80 lacs and above in sectors with very average type of gentry, no maintenance, poor construction quality and most flats in decrepit state. Similar is the case in Janak Puri, Paschim Vihar and many areas of South Delhi. Clearly old flats do sell and at very good prices.

            May be it is Gurgaon market that has issues because it is driven by speculators. A typical end user such as an MNC employee having a job with a boss may not need a 5BHK flat.
            Last edited June 21 2012, 07:45 PM.

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            • #16

              #16

              Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

              This is the situation everywhere. We in india have so many young innocent people who can't understand & are fooled by dealers/brokers... Financiers/Builders/middlemen earn big bucks & eating all the pie at the buyer's expense. Poor buyer has to pay emi's plus & still unable to sale it at the needed time. So i request all buyers, sellers to be realistic & communicate better. if seller is realistic, buyer have no problems in paying a price.
              Why he would be making a middlemen a part of his payment.Think over it.. Everyone has his limit..
              If we work on this, soon you would see less no of brokers/middlemen..
              MrPunjabi.In delhi the scenario is slightly different where people living in joint families are selling their property & everyone is going in different directions & buying these old dda flats. Moreover in delhi there is a large amount of color money involved therefore these deals are happening. Also it comprises most of the business class who have businesses in nearby areas & would live to reside near their workplace.But these deals are far & few.\
              Also one can't compare the facilities available in delhi wrt NCR place like ghaziabad & gurgaon, faridabad.....

              Comment

              • #17

                #17

                Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

                Sorry to be blunt, but... Pilot Court is a poor man's dwelling in comparison to Pearl Court and Diamond Court.

                Both Pearl Court and Diamond Court have excellent maintenance, and construction quality is much better (far better than other apartments in the area, including Beverly and Heritage). Therefore, Pearl & Diamond Court asking price is easily in the 10500 - 11000 sq.ft range.

                So, don't get your expectations too high for your Pilot Court apartment just because other blocks in Essel Towers have high price / sq.ft.

                And to others with the "no buyers" non-sense, fact remains... if your apartment block is maintained properly, has good location, has strong and active RWA and construction quality is good, then it is still very much in demand. On the other hand, if your apartment is a subsidized one made exclusively for Air India pilots, then don't expect much buyers even during boom time.
                Last edited June 21 2012, 09:09 PM.

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                • #18

                  #18

                  Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

                  Originally posted by inkman View Post
                  Sorry to be blunt, but... Pilot Court is a poor man's dwelling in comparison to Pearl Court and Diamond Court.

                  Both Pearl Court and Diamond Court have excellent maintenance, and construction quality is much better (far better than other apartments in the area, including Beverly and Heritage). Therefore, Pearl & Diamond Court asking price is easily in the 10500 - 11000 sq.ft range.

                  So, don't get your expectations too high for your Pilot Court apartment just because other blocks in Essel Towers have high price / sq.ft.

                  And to others with the "no buyers" non-sense, fact remains... if your apartment block is maintained properly, has good location, has strong and active RWA and construction quality is good, then it is still very much in demand. On the other hand, if your apartment is a subsidized one made exclusively for Air India pilots, then don't expect much buyers even during boom time.
                  So you mean all the NRI's and Delhi Moneybags who book these fancy apartments need to come down to Gurgaon in the wornderful setting and live here in those apartments to roost eggs and help properties appreciate? Boy thats asking a bit too much now don't you think so?
                  Coz if the NRI's came here to settle, the earning potential of GGN jobs, facilities and standard of living would be a eye opener for them to catch the next flight back and about the moneybags the least said the better.
                  So how do we maintain these apartments where No one lives?
                  BTW - 60-70% of the apartments in Gurgaon are 1cr+ and if AI pilots are spoiling the show at MG road... wait till you see what the rest of Gurgaon is composed of.
                  Last edited June 21 2012, 09:59 PM.

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                  • #19

                    #19

                    Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

                    ...

                    https://www.indianrealestateforum.co...urgaon?t=30356


                    ...

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                    • #20

                      #20

                      Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

                      Even plots are not getting sold,that too in prime areas.Why?

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