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Supertech Ceyane What is your opinion

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Supertech Ceyane What is your opinion

Last updated: October 8 2013
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  • Supertech Ceyane What is your opinion

    I would like to hear the opinion of members here about this serviced apartment as an investment.

    DO you think it is a good idea?

    Are the bookings still open and has anybody booked?

    Thanks, Venkat
    Venky (Please read watch a or before posting)
  • #2

    #2

    Re : Supertech Ceyane What is your opinion

    Instead of that do booking in AMR as they are giving returns even after possession.....Second supertech is serious doubt of delivery on time.

    Comment

    • #3

      #3

      Re : Supertech Ceyane What is your opinion

      Thanks searchingproperty

      AMR is in pari chowk GN.

      Ceyane is in sector 93 and is charging double of AMR for the location.

      Is there any office or commercial property in sector 93?

      Issue is, AMR is giving low returns after possesion, Supertech is much higher. But cost is also high for a studio apartment of 475 sf size, at 24 Lakhs.

      What is your opinion of serviced apartments in general?

      Regards, Venkat
      Venky (Please read watch a or before posting)

      Comment

      • #4

        #4

        Re : Supertech Ceyane What is your opinion

        The CEYANE towers in sec93 are still to be given wothwhile shape.The builder himself is not clear about the exact plan, number of studio apartments and its specs.

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        • #5

          #5

          Re : Supertech Ceyane What is your opinion

          Thanks Nisardel.

          If what Supertech promises is given shape, it would be a good, maybe fantastic investment.

          But I suspect that Supertech is trying to solve its liquidity problems by building castles in the air and will not deliver on time.

          Bank FD may be a better investment after all.
          Venky (Please read watch a or before posting)

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          • #6

            #6

            Re : Supertech Ceyane What is your opinion

            Originally posted by Venkytalks View Post
            Thanks searchingproperty

            AMR is in pari chowk GN.

            Ceyane is in sector 93 and is charging double of AMR for the location.

            Is there any office or commercial property in sector 93?

            Issue is, AMR is giving low returns after possesion, Supertech is much higher. But cost is also high for a studio apartment of 475 sf size, at 24 Lakhs.

            What is your opinion of serviced apartments in general?

            Regards, Venkat
            HI Venky
            Supertech won't be any return after possession. Ask them to provide legal copy of LOI after possession.They started this project around 8-10 months before and till now no group work. They are just in liquidity problem and trying to find out money from land they are having with them and launching projects on old locations with new names.

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            • #7

              #7

              Re : Supertech Ceyane What is your opinion

              Service apartments have not been a successful concept in India, as seen in developed markets of Mumbai, Bangalore so far...

              The kind of returns that these firms are promising are not sustainable, and if the Govt had any balls it would intervene and prevent companies from marketing such high rates of return to gullible customers.

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              • #8

                #8

                Re : Supertech Ceyane What is your opinion

                There are 2 issues with Ceyane. One...the plan is defective, the buildup is almost 40%. Secondly, there is PLC on every floor, despite the fact that there is hardly any view from the balconies provided.

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                • #9

                  #9

                  Re : Supertech Ceyane What is your opinion

                  Originally posted by amit_2009 View Post
                  Service apartments have not been a successful concept in India, as seen in developed markets of Mumbai, Bangalore so far...

                  The kind of returns that these firms are promising are not sustainable, and if the Govt had any balls it would intervene and prevent companies from marketing such high rates of return to gullible customers.
                  Amit,

                  I thought that the serviced apartments in powai (renaissance hotel complex) were working out fine in Mumbai. Assotech runs cabana in Indirapuram and they're usually sold out (bookingwise)

                  I would think that the following factors should prove conducive to service apartments working out fine:

                  1. nearness to business district (can be far from airport/station).
                  2. Low price per week and consequently no frills.
                  3. Good corporate clientele and tie up.


                  Its the ROI that the builder needs to carefully calculate while promising returns. So, true - the execution is often flawed and hence the returns are unsustainable ....

                  please share other examples that you had in mind since i'm tempted to look at these investments as well .....

                  thanks much

                  Comment

                  • #10

                    #10

                    Re : Supertech Ceyane What is your opinion

                    Hi Vaibhav, Amit and Nisardel.

                    I agree that serviced apts have not taken off, but early movers will get the worm! Hence my interest.

                    In Mumbai they are extremely high end and not sustainable in any more numbers and given the cost of RE there, no space for more.

                    In Bangalore, they did not take off because everybody bought multiple flats and rented them out to IT guys. There was a glut of rentals. And people were not discriminating regarding luxury, most were bright guys from middle class background, not used to living well.

                    In Chennai, rental managing is taking off. But at lower rental levels.

                    Re. Ceyane, I visited the place yesterday. Nisardel is right as far as Apex is concerned - does not justify the premium tag.

                    But location is fantastic for a serviced apt for which greenery is not an issue. It is on the expressway, close to the business sectors coming up, and HCL Tech. The area will look really posh in a couple of years.

                    The Apex foundation (which was earlier supposed to be Ceyane foundation) has been dug. But Ceyane is going to come up on what is currently their sales office!

                    They have reduced the floors to 24. Theyare charging PLC for almost everything, but it is a small amount only. The sales rep claimed that first 15 floors have been sold to a corporate deal by his MD and he doesnt know which company. Could be a ploy to sell or could be true - it would be a good investment for a corporate. The psf rate is about 4700 to 5000 depending on PLC, fully furnished. I did not get to see any approved plans.

                    Corporation bank is the only one readyto fund this and will give only 80%. A 15 year loan with 20% downpayment will cover your loan for first 8.4 years, if Supertech honours its promises and its monthly post paid cheques do not bounce.

                    The main risks are total non-delivery of building and bounced post paid cheques - a double whammy for upfront payment of 20-25 Lakhs and a 15 year EMI to Corporatin bank.

                    Supertech is a dicey builder with cash problems and known for bounced refund cheques in the last 2 years. I would look at this after the foundation is laid and not before.
                    Venky (Please read watch a or before posting)

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