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It is quite apparent that lot of people have got this email. The story is something like this...
They have overall 13 towers. The current plan shows only five towers. The builder has completed the slabs for only ONE tower and is claiming that the possession will be in 15 months. Problem is since he has completed all the slabs, almost 90% of the payment becomes due within one month of booking/registration which is outrageous. At the same time, the builder sort of laughed when I asked him about the penalty clauses because this being a high value property, any delays will hit the buyer very very hard. Builder cited some clause related to slabs and said that practically the slabs are already done and so that clause will really not be applicable. I guess banks also work in liaison with builders and demand for completion of slabs only and as can be seen in this project, laying down slabs is not very difficult and time consuming. Also, the prices quoted are as mentioned in the email and strictly no negotiation (at least in the first discussion).
Regarding this email, there apparantly seems to be a story about some big investors willing to raise some cash for some other projects and hence they have an agreement with the builder to sell flats in building B at whatever rates they can. Since the investor is supposedly in an urgent need to raise some cash, he is willing to sell these properties at some discount (optical only). It is quite obvious that he would still be making profit on his original investments. The reason why I call this discount as optical only is basically the fact that if you compound 2750 at 10% pa, in two years it will be 3327. And if someone has parked money at a higher interest rates (late 2008, early 2009) of only 12%, then it becomes 3450. And add six months of delay (minimum - based on past history), then this is close to what the builder is quoting currently for fifteen months possession building.
Also, getting the email addresses is not a big deal as there are so many ways in which emails get shared across groups . Though this is illegal, there is no control on it.
At the sametime, one can try and negotiate for the fifteen month possession building and bring done the rates by 150-200... Overall in a nutshell, there is a significant opportunity cost involved in doing an ADF for the 24 months possession property.
Now coming to a situation if someone is willing to still go ahead and get into this deal inspit of knowing all this basic maths...
Property as such is pretty decent. I have seen the sample flats (4 BHK, the one with the photographs available on website and a 3 BHK, the unfurnished one.). 4 BHK is quite big and with all the plush interiors it is actually quite intimidating. But 3 BHK seemed to be quite good and cozy. Honestly, I liked it (though there are some basic flaws in the sample apartment like flaking of the paint on walls, lack of a larger balcony/terrace etc). But keeping them aside, overall it looked decent. Also, majority of the construction in the project is over. So, the dust and other problems will be to a lesser extent. The internal roads etc are also done. So no problems on that front either. Also, the whole project is on the main Kalewadi phata road. So, if someone wants to buy a property in this area, this is not a bad place. The main road itself is being widened.
The main problems are:-
i. Attitude of the sales staff - Arrogant and quite rude. It seems as if they are doing a big favour to you by selling you a flat. And this is no based on one or two interactions. I have been talking to them since the launch of Park Street project as such and I have faced the same kind of behaviour. ANd I also enquired from a few of my other friends and all have the same complaint. So, if the sales process itself can't make you happy (which is very basic and you will at least get a good treatment even if you buy a Rs 500 shirt), then think hard about the post sales experience.
ii. The second biggest problem is the execution risk. Once you have paid the whole amount, there is hardly any control on the execution (not that it is there in other instances as well, unfortunately). So any kind of delays will hit you hard as the whole payment would have been done in advance.
iii. The horror stories of their past projects. However, I am discounting it to the extent that they would have learnt from their experiences and would have improved on those mistakes.
However, still it seems to be one of the better projects because it at least has the basic infrastructure (like roads and water etc) in place which is missing in places like Balewadi (water) and Baner (roads near the PAN card clubs).
I have decided against this project for now. I will probably wait and see how it goes and won't mind paying a little extra at a later stage if things go as promised. The biggest risk is execution and if they can guarantee about the possession in 24 months, the Rs 2750 psf deal would be a pretty decent one inspite of all the other flaws.CommentQuote0Flag
- Originally Posted by pjain2Guys,
....something like this...
Is the story part missingCommentQuote0Flag
It was a long post. So, I thought of utilizing some of the tips posted to make long posts appear instantly (by posting them in two stages; one short one and then edit the same for the larger message) :-)CommentQuote0Flag
- Based on what I hear from my friends who have booked flats in their projects, you can be pretty sure of a few things,
1. There will be delay in possession. Park steet is delayed more than a yr and Park royale by atleast 5-6 months now. No matter what they promise do not believe them unless they give you the possession date in the agreement and have a compensation clause.
2. Dont be fooled by the sample flat. You will not get whatever fittings, tiles etc are shown in the sample flat. Again dont be fooled by what the sales staff promise you. Later on they will claim that those fittings/tiles etc are not available anymore, hence they are giving alternatives.
3. Very poor after sales service. After you buy a flat, there will be no one to hear your grieviences. You will keep visiting their office, but you will get only deaf ears.
4. As mentioned above, sales staff can be quite rude and arrogant.
Though in Wakad area, they have some of the better projects, the above points are enough to increase your stress levels. All their projects have problems and the have definitely not learnt from their past mistakes. Do your homework thoroughly before investing hereCommentQuote0Flag
- Agreed lazybone...
There are enough doubts in my mind regarding PP group. There are so many other thoughts in my mind, but it is difficult to put them here due to the limitations of time. But when one has enough doubts about a product, it is better to stay away (which is always the less risky option)...CommentQuote0Flag
- Pjain2i. Attitude of the sales staff - Arrogant and quite rude. It seems as if they are doing a big favour to you by selling you a flat. And this is no based on one or two interactions. I have been talking to them since the launch of Park Street project as such and I have faced the same kind of behaviour. ANd I also enquired from a few of my other friends and all have the same complaint. So, if the sales process itself can't make you happy (which is very basic and you will at least get a good treatment even if you buy a Rs 500 shirt), then think hard about the post sales experience.
True; I went to their Park Street project and sales people were arrogant and non-cooperative; non informative.CommentQuote0Flag
- Thanks for this useful info, pjain2:).
Based on my info, it is better to avoid PP Group in general, more so if the project is under-cons.CommentQuote0Flag
- Thanks 'pjain2' for detailed analysis and most importantly sharing.CommentQuote0Flag
- pjain2. Thanks for the info. Please provide all the details you have as it might benefit other people on this forumCommentQuote0Flag
- Thanks 'pjain2' for detailed analysisCommentQuote0Flag
Rates at comfort zone are rs. 3500 psf and dat even non-negotiableCommentQuote0Flag
- Originally Posted by rajdev.divyahi,
Rates at comfort zone are rs. 3500 psf and dat even non-negotiable
Good, so lets not discuss Comfort Zone now:D.CommentQuote0Flag
- Originally Posted by realacresGood, so lets not discuss Comfort Zone now:D.
since that duz not fall in our mental comfort zone :DCommentQuote0Flag
- Jill, are you a member of PBAP?:DCommentQuote0Flag
- Park Street residents go up against the builder for false promises. Other societies should also wake up
Club house swimming pool made way for world school owners protest - Pune Mirror,Pune MirrorCommentQuote0Flag