Dear members,

I want to know if anyone of you have some update on Spire South project if they have got the required licence and approval or not.

Also please advise if I should continue with this project or not.

Thanks

Millennium Spire Ltd presents its new residential project Spire South in Sector-68, Gurgaon. Presenting a unique and new concept in housing, Millennium Spire South offers apartments customized to your lifestyle and desires, means it is you decide everything about the interiors from the colour and type of the tile to the type of paint on wall and ceiling and the fixtures in the kitchen and bathrooms. Millennium Spire South offers 2 and 3 bedroom apartments with areas ranging from 900 Sq ft to 1500 Sq ft.
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  • Even I have written to them advising that I am not going to pay up for this demand raised till they resolve the late payment issue as the delay was on account of spire completing the ornate formalities and getting approvals for bank loan sanctions.
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  • Similar case please drop a mail to gaurav and jitin to get it waived in the next demand. I am in the same boat have deposited the penalty but waiting for the waiver to come.
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  • Ocus launches a new project in sector 68 that is a commercial one and has studio appartment / service apartments.... Sample apartment ready.....

    Source.of this information is a TOI supplement dated 9th May 2013
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  • Possible impact on apartments above 2000 sq ft.....due to Service tax amendment

    Background: Construction of a complex, building, civil structure or a part thereof, intended for a sale to a buyer, wholly or partly (except where entire consideration is received after issuance of completion certificate by the completion certificate by the competent authority) was subject to service tax @3.09% (i.e. 12.36% minus 75% abatement).

    However, w.e.f. 01.03.2013, developer’s services (vide Notification No.2/2013 dated 01.03.2013) were become subject to service tax 3.708% (i.e. 12.36% minus 70% abatement). Said notification had reduced the abatement to 70%.

    However, for residential unit having carpet area upto 2000 square feet or where the amount charged is less than rupees one crore, abatement was continue to be 75%, i.e. effective rate of service tax remained 3.09%.

    Now, the above notification has been amended to make it clear that benefit of 75% abatement shall be available only if all the following conditions are satisfied:
    i. It should be a residential property;
    ii. Carpet area of unit is less than 2000 sq feet; and
    iii. the amount charged for the unit is less than rupees one crore.

    Hope you will find above useful. was subject to service tax @3.09% (i.e. 12.36% minus 75% abatement).

    However, w.e.f. 01.03.2013, developer’s services (vide Notification No.2/2013 dated 01.03.2013) were become subject to service tax 3.708% (i.e. 12.36% minus 70% abatement). Said notification had reduced the abatement to 70%.

    However, for residential unit having carpet area upto 2000 square feet or where the amount charged is less than rupees one crore, abatement was continue to be 75%, i.e. effective rate of service tax remained 3.09%.

    Now, the above notification has been amended to make it clear that benefit of 75% abatement shall be available only if all the following conditions are satisfied:
    i. It should be a residential property;
    ii. Carpet area of unit is less than 2000 sq feet; and
    iii. the amount charged for the unit is less than rupees one crore.

    Hope you will find above useful.
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  • Update

    I have been getting some SMSes about buy/sell deals for SS-68 so I called 2 brokers in search of any units. Here is an excerpt of the conversation.

    1. Prices quoted were around INR 4200-4300 for 1460 sqft unit and for 18xx sqft it was around INR 4100/- (sounds practical and inline with my previous inquiries)
    2. Broker said that the deals are touching 4400/4450, so it is a steal at such level (yeah.. broker BS).
    3. Broker offered to take back the unit at 20% premium in 6-8 months (not getting too excited yet but sounds good).
    4. Broker mentioned that the current pace of work is good but watch-out for next 6 months and it will even faster now that the foundation work is complete, which takes time (sounds reasonable).
    5. Broker also blabbered about Sohna road widening and 24 mtr road starting in a year which will be another kicker to the price at that time (we will see when we get there).
    6. Broker also mentioned about increasing visibility of this project among the prospective buyers as something which will skew the demand-price equation in its favor.

    My tuppence, to each his own but patience for 6-8 months might be given a thought.
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  • Originally Posted by Tekzo
    I have been getting some SMSes about buy/sell deals for SS-68 so I called 2 brokers in search of any units. Here is an excerpt of the conversation.

    1. Prices quoted were around INR 4200-4300 for 1460 sqft unit and for 18xx sqft it was around INR 4100/- (sounds practical and inline with my previous inquiries)
    2. Broker said that the deals are touching 4400/4450, so it is a steal at such level (yeah.. broker BS).
    3. Broker offered to take back the unit at 20% premium in 6-8 months (not getting too excited yet but sounds good).
    4. Broker mentioned that the current pace of work is good but watch-out for next 6 months and it will even faster now that the foundation work is complete, which takes time (sounds reasonable).
    5. Broker also blabbered about Sohna road widening and 24 mtr road starting in a year which will be another kicker to the price at that time (we will see when we get there).
    6. Broker also mentioned about increasing visibility of this project among the prospective buyers as something which will skew the demand-price equation in its favor.

    My tuppence, to each his own but patience for 6-8 months might be given a thought.




    Thanks for the above . I think one should further hold for about 10 to 14 months to extract optimum premium from this Project .
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  • Hi SRK,
    At what rate you got it, size etc.
    Regards,
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  • Gurgaon to get its first-ever education city

    Most parents in Gurgaon prefer local schools over Delhi but when it comes to higher education, it is the opposite, a recent survey conducted by Hindustan Times- C fore has revealed.


    Management Development Institute in Gurgaon. HT photo
    The findings strongly point to the need to have more quality institutions for higher education. But there is hope in store.

    Gurgaon will soon get its first-ever education city. According to the master plan of the Gurgaon-Manesar Urban Complex for 2031, the Haryana Urban Development Authority (HUDA) has earmarked 470 acres for the education city in Sector-68.:D:bab (59)::D

    Of this, 250 acres has been specifically marked for a government university, while the rest is for private educational institutions. The education city is located nearly 5km from Rajiv Chowk on Sohna Road.

    "There is a need to bring international educational standards to our students. Moreover, with the demand for land going up day by day, land holdings are shrinking. Half an acre of land is not enough to provide for the livelihood of a family. They need jobs, for which quality education is a must," said Bhupinder Singh Hooda, chief minister of Haryana, at a recent Hindustan Times' leaderspeak@ht Conclave.

    The HT survey further revealed that though the city is home to the highest number of international curricula schools, 67% parents would prefer a traditional board school over an international one.

    On the health care front, Gurgaon's swanky multi-specialty hospitals are becoming crowd pullers, with 600 international patients flocking to these hospitals on an average every year.

    Residents are also satisfied with health care though they believe there is a need for government hospitals with advanced facilities.
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  • Trying to make Haryana the education hub of the country: Geeta Bhukkal

    Haryana education minister Geeta Bhukkal tells Hindustan Times why Gurgaon is a better destination for education than Delhi.

    In the last decade, Gurgaon has become home to some of the best schools in the country and is known for its new age universities. How do you view this education boom in the city?
    As per the chief minister's vision, we are trying to make


    Haryana education minister Geeta Bhukkal tells Hindustan Times why Gurgaon is a better destination for education than Delhi. HT photo/Sanjeev Verma
    Haryana the education hub of the country. Gurgaon is an investment-friendly city, close to the national Capital, and has seen a huge increase in the number of MNCs setting a base here. So it is our goal to set up good quality schools, colleges and universities. We want to provide human resource for these companies as well as good schooling experience for their wards.

    The HT-C fore survey revealed that 61% residents prefer schools in Gurgaon over Delhi. What factors, you think, are responsible for this shift?
    Gurgaon provides an eco-friendly environment as compared to New Delhi, which is highly polluted and populated. The government, and more prominently, the private schools in Gurgaon provide good facilities in terms of infrastructure, recreation and quality of education.
    There are 605 government schools in Gurgaon, including model schools, Model Sanskriti schools and Aarohi schools. Last year, we also launched the national vocational education framework which entitles economically weaker students to jobs right after school.

    We are also planning to set up a number of colleges as there is tough competition for admission in the existing government colleges in Sector 14 and Guru Dronacharya College.




    Can you elaborate on the proposals for setting up of more colleges and universities in Gurgaon?
    We will soon inaugurate a defence university, the foundation stone of which will be laid down by Prime Minister Manmohan Singh this month. A government commerce and economics college, on the model of Sri Ram College of Commerce in New Delhi, is also on cards.

    Land has already been allocated for this project. According to Private Universities Act 2006, many international-level private colleges are to be set up in Gurgaon, plans for which are in the pipeline and are expected to materialize soon. Land has been allocated in sectors 51 and 68 for setting up of educational institutes.

    According to the survey, not many people prefer to send their children to Gurgaon for higher education. Is the government planning on some higher education projects?
    We already have five government colleges in Gurgaon. More than 5,800 girls, coming from across the state, are currently studying in the Sector 14 college. Colleges in Gurgaon are of international standards and can compete with any college in India. Though there are many private institutes in Gurgaon, students generally prefer the government colleges.

    Our survey also revealed that most parents prefer sending their children to CBSE and ICSE affiliated schools. Is the government planning to allow the entry of more such schools in Gurgaon?
    Gurgaon has a lot of options in terms of government, private, aided and international schools. There are many CBSE, ICSE as well as Haryana's Bhiwani Board schools here. It should be left to the discretion of parents as to where they want their wards to be educated. However, government schools offer various facilities such as free education (as per the Right to Education Act), stipends and scholarships.

    What is your vision for Gurgaon for the next 10 years?
    It is our aim to make Haryana the education hub of the country. Gurgaon, being an international city, attracts more attention than any other city in the state. In the near future, people can expect many new private colleges here as it is fast becoming the first choice for all private institutes.

    In the government sector as well, we are planning to establish more schools, colleges and a university. The Gross Enrollment Ratio (GER) of Haryana is already 20% more than the national average.

    We are also implementing the RTE in letter and spirit. We are trying to increase the GER further and urge students to take up higher studies.

    We want to convert our manpower into skilled human resource. We are setting our curriculum according to industry needs. We are not producing unemployable youth.
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  • Getting an offer from some big investor thru broker @4050-4075 (nego. of 15-25rs) still possible, wonder y he wants to sell when people on this thread are so optimistic.
    Try to corelate this 1.Proposed flyover Badshapur will take years to complete till date making life of commuters hell.2.Education city will take years to complete nothing as of now.3. No proper access road
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  • @NewInvester9,

    What is the size of the unit being offered to u ?
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  • SPIRE update

    Originally Posted by NewInvester9
    Getting an offer from some big investor thru broker @4050-4075 (nego. of 15-25rs) still possible, wonder y he wants to sell when people on this thread are so optimistic.
    Try to corelate this 1.Proposed flyover Badshapur will take years to complete till date making life of commuters hell.2.Education city will take years to complete nothing as of now.3. No proper access road

    Hi
    Well every one has his own reasons, maybe he has achieved his target of return. As he might have invested at the initial rate of Rs 2350 psft and thus has a 75% absolute return on investment and a 1.84% CAGR.
    At the same time he might have invested in Palm Hills at of 3550 which now sells at 5200, thus in pure financial terms spire has given the returns that it was required to give,
    ANd a hunter will hunt for the deal maker deal.
    Well or you can ask him why is he selling it,,
    But the more important question is why are you keen to buy it. Never make a decision based on fear of failure ..
    Bye
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  • ManojA offer price is for 1460. Merril2222 I am not very keen to buy here just weighing between sector 68,37 and 92 as the price are almost identical 92 being the cheapest.
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  • Originally Posted by NewInvester9
    ManojA offer price is for 1460. Merril2222 I am not very keen to buy here just weighing between sector 68,37 and 92 as the price are almost identical 92 being the cheapest.


    Isn't it intriguing that you aren't too keen on this property because you have doubts on development of education hub and a flyover but are weighing on other sectors which do not even have any infra in place ?
    Now, whether you are considering for investment or end- use, I can give you umpteen reasons why sector 68 has better location than the other two sectors. But I believe if you like introspection,then you can ask yourself these questions and you yourself would know why:
    1) Are there good schools nearby for my kids to study ? If not now, when in future?
    2) What will happen in case of a medical emergency. Quality hospitals nearby?
    3) How much time would it take to commute to offices on MG Road or Sohna Road or upcoming office on GCX or even Udyog Vihar. Whether I have to rely on one main road which is NH8 or two ie Pataudi road and NH8 or various options like GCX,Sohna Road, HUDA city centre road, Faridabad Gurgaon road etc.
    4) If I am buying in resale and construction progresses as expected for all three and I ultimately sell it to an end user. If he is intelligent, would he consider above three points ? If yes, which property would be the easiest to sell?
    5) Leaving aside hype, which areas in close proximity have premium properties at the moment GCX or NH8 or Boundary of Manesar?
    6) What would boost prices the most : a small new industrial unit near sector 37 industrial area, a new DLF hyped launch for 20000 psft with no takers and a replica of Galleria or Gurgaon's very own University? All look good on paper and may never see light. But what if they do?

    If you believe introspection is for logical investors and Gurgaon is a place for hype investment with no place for logic, then please ignore whatever I just wrote.

    Happy investing !! :)
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  • ggnkaaadmi read ur comments I would say that they are like mix bag, well agreeing to few points while disagreeing with few others , Gurgaon or any other market is driven by logics only,hype can work to a certain limit. I as an investor has always invested after lot of research and logics receiving very handsome returns. Had Dwarka express way be ready by now prices would have move north and would had left rest of gurgaon in pricing . The issues with Sector 68 were discussed my earlier posts. Sector 37 has its own benefits 2 kms from dwarka express highway , 3 kms from NH8 , very near to pataudi road and basai road. Prime issue is of flyover at honda chowk. U can continue investing without logical research but I would certainly not recommend anyone to invest without proper research.
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