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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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  • #41

    #41

    Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

    exactly ...i think the hike in prices is due to brokers and the hype surrounding gurgaon properties...i wud not be willing to pay more than 8000 rs psf for them....which is quie fair considering he age of apartments, newer options, and verage construction quality in essel...

    Originally posted by RAMRATAN74 View Post
    If I am spending that kind of Money, I would look something on GCR or SECTORS close to GURGAON EXPRESSWAY .

    Did I tell you, that Walls Plaster was particularly bad for IC Towers.

    Constn Quality, the least Said. The better.

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    • #42

      #42

      Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

      Originally posted by asheesh1963 View Post
      exactly ...i think the hike in prices is due to brokers and the hype surrounding gurgaon properties...i wud not be willing to pay more than 8000 rs psf for them....which is quie fair considering he age of apartments, newer options, and verage construction quality in essel...
      It is a well known fact that Essel Towers houses several blocks of different construction quality which were targeted at different end users. So, don't generalize Essel Towers as a whole.

      Pilot Court and Ivory Court are shabbiest blocks in Essel Towers. On the other hand, one would rarely come across disgruntled residents in Pearl Court and Diamond Court.

      We entered Gurgaon real estate market back in 2003, and as of now, we have properties in 6 different complexes across Gurgaon. Among all of these, Essel is the oldest complex, and yet, the thought of shifting to our newer apartments has not even come up once. Reason? Essel's prime blocks (Pearl & Diamond) have excellent maintenance (apart from location).

      Many people think that a newer complex is better than an older one. Well, this is a flawed assessment. What matters is maintenance. A new complex with a bad maintenance will be a derelict within few years.

      However, good maintenance can make even an old building stand out. Laburnum, Pearl Court, and Diamond Court are all proof of this. Fact remains, that even though these blocks are 5+ years old, buying a unit is still very difficult because very few owners want to sell their properties. On the other hand, one can buy an apartment in a new building on GCR any time.
      Last edited April 14 2013, 12:39 AM.

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      • #43

        #43

        Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

        Originally posted by Ultimate View Post
        Saxena ji, I am not sure how many people really want to move from Delhi to Gurgaon.....it cld be possible in few cases but dont see this as a trend at all....once you are used to living in Delhi you dont want to move to Gurgaon (Haryana)....

        Few months back I was looking to buy something for end use but dropped the plan after looking at these stupid levels.....i can tell you that I keep getting emails from IREO almost every week trying to sell me their plots at 108k.....they have already followed up with me 4-5 times asking me why I am not interested etc etc....The feedback I have given them is that their prices are unrealistic and STUPID and that I wont gamble with my money by investing in them when so many chaper and better locations are avaliable for less and not really selling
        Well said, its actually true for all the moron builders of gurgaon. Have a look at NPR rates and the actual condition of NPR. Its laughable when you look at the rates !!

        But then the general perception is that " i wil buy at 8000 / sq ft and would sell it at 12000 / sq ft"...funny !!

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        • #44

          #44

          Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

          Originally posted by REAmit View Post
          Well said, its actually true for all the moron builders of gurgaon. Have a look at NPR rates and the actual condition of NPR. Its laughable when you look at the rates !!

          But then the general perception is that " i wil buy at 8000 / sq ft and would sell it at 12000 / sq ft"...funny !!
          The problem is that most end users flock to new projects, rather than already established ones. They will take a loan with a high EMI and hope that property price escalation will not only take care of the EMI burden, but also give them a handsome profit should they decide to sell their property.

          I can say with utmost certainty that if someone invests in an already well reputed established project, or in a new project with a good future outlook, he can reasonably expect 15-20% growth in price on average over the next 5 years.

          But there are also plenty of other projects which are doomed to fail.

          The real estate market is very dynamic and complex. Some people think they've cracked this market, and tend to make a generalized assessment... like this one... "Have a look at NPR rates and the actual condition of NPR. Its laughable when you look at the rates".

          There are plenty of projects whose rates are unreasonably high. But there are also others which are surprisingly low. Smart investors know them, and will make money. There seems to be a perception among some that there aren't many buyers due to such "laughable" rates. For golden units, its the other way around... there aren't many sellers due to such "laughable" rates.

          But that said, the era of unrelentless boom which Gurgaon experienced during last decade is definitely over. But as I said before, one can still expect 15-20% annual growth on average in some Gurgaon areas... which is good enough for me. The growth potential in fact is much higher, but can be realized only if the Haryana govt pays more attention to infrastructure / civic amenities.
          Last edited April 14 2013, 09:18 AM.

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          • #45

            #45

            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.
            100% agreed on ur POV...

            Comment

            • #46

              #46

              Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

              Originally posted by inkman View Post
              The problem is that most end users flock to new projects, rather than already established ones. They will take a loan with a high EMI and hope that property price escalation will not only take care of the EMI burden, but also give them a handsome profit should they decide to sell their property.

              I can say with utmost certainty that if someone invests in an already well reputed established project, or in a new project with a good future outlook, he can reasonably expect 15-20% growth in price on average over the next 5 years.

              But there are also plenty of other projects which are doomed to fail.

              The real estate market is very dynamic and complex. Some people think they've cracked this market, and tend to make a generalized assessment... like this one... "Have a look at NPR rates and the actual condition of NPR. Its laughable when you look at the rates".

              There are plenty of projects whose rates are unreasonably high. But there are also others which are surprisingly low. Smart investors know them, and will make money. There seems to be a perception among some that there aren't many buyers due to such "laughable" rates. For golden units, its the other way around... there aren't many sellers due to such "laughable" rates.

              But that said, the era of unrelentless boom which Gurgaon experienced during last decade is definitely over. But as I said before, one can still expect 15-20% annual growth on average in some Gurgaon areas... which is good enough for me. The growth potential in fact is much higher, but can be realized only if the Haryana govt pays more attention to infrastructure / civic amenities.
              My statement was not generalised. yes rates are laughable, i maintain it.

              For many projects on NPR, the launch rates are equal to or even more than RTM property on sohna road. No matter how complex or dynamic the market is, there is something called " common sense" which drives the investment decisions ( atleast for me)

              For the rates which you call surprisingly low, I call them realistic.

              I choose to be a smart investor and would rather stick to SPR which has so less dependencies than NPR which has virtually everything proposed. And what is proposed? Expressway, metro, iSBT which will take forever.

              Just roam around basai road and have a look at the farm land which is currently called sector 102 where bptp rate is 6000 and you would know what i am talking about.There are similar stupid rates around. This was just an example so please don't stick to it.

              And how do builders sell it? Ultra luxury, lol

              Builders in the past 24 months are now including premium on properties which should be due 5 years from now, so yes its laughable for a smart investor.

              Can you tell me the driving factors which led to the rates whooping at such prices in just past 24 months on NPR ? What really happened which triggered this foolishness. There was no such great news in the market on the infrastructure projects.

              Interestingly, on the contrary, the SEZ hype no longer exists as its been taken back by the Government from reliance. And what next, that land bank will be allocated for mixed use.

              The rate on a property makes sense given the development potential but also is dependent on time scale. you can't make them exclusive to each other.

              I am not saying that there no worthy projects on NPR. Yes there would be, but if i can get something in South gurgaon instead of so called new gurgaon at the same price point. I would rather buy in south gurgaon.

              There are good properties on SPR and what is interesting? Cheaper than laughable and so called low ates of NPR with development potential which can be clearly seen and not just " proposed" hype built by brokers as in the case of NPR.

              Bottomline, common sense helps. Hype does not. If you can't visualize future of the location cos of so many damn " proposals" don't buy it and if a farm land is shown to you with the vision of Shanghai or Singapore and that too in next 3 years ..better stay away from it.
              Last edited April 19 2013, 06:20 PM.

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              • #47

                #47

                Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

                Originally posted by asheesh1963 View Post
                i am getting price quotations of RS 10500 / sqf in ivory..i think its too high because of many new options avaialble in gurgaon ..
                any one who can evaulate the prices correctly for essel tower....thanks
                @asheesh1963: Just my 2 cents..............
                The rates have increased alarmingly to almost 12000 INR PSFin Essel Tower. the stay on Orlov court has been let off & ppl hv started living there. There are very few options available for resell (bcoz if u plan to spend 1.5 Cr for a house, u want it to be the best in all possible ways). The new towers they are launching 16000 PSF.

                If u look at construction quality of DLF apartments (Princeton, Ridgewood )or regency park, frankly speaking Essel is far better.

                And Golf course extension itself is having rates of 10,500-11000 PSF.

                The data is as per my survey of ggn as a whole. Please do your own due dilligence. The plusses of Essel Tower has already been posted.........

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                • #48

                  #48

                  Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

                  Just to bring closure to this thread initiated by me many months ago:

                  - I finally sold the pilot court apartment at 8500, 3months ago.

                  - I think old society, poor maintenance was the primary reason for lower price.

                  - Around 150+ parties came to take a look at my quoted price of 9000+. But poor maintenance and old-fashioned layout put them off and I never heard back from 98% of them.


                  Thanks for all the help/suggestions from IREF members. I had been reading all your comments even if I did not reply to most.

                  Cheers,

                  Comment

                  • #49

                    #49

                    Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

                    i think we are interested in orlovs court now. was wondering what psf rates to expect, for a 3000 sq ft place?

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                    • #50

                      #50

                      Re : Essel Towers, Suncity Projects, Mehrauli, Gurgaon

                      Hi can any body give me any idea on construction quality in emerald towers? I know this being an old project - but seems to be nicely maintained...both my wife and i are working and I particularly have to travel in NCR for meetings, so looking for a project with good connectivity...If I get a good deal (say 11,000 - 11,500 psf) is it worth buying?
                      Last edited July 23 2016, 07:25 PM.

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