There is a Pre Launch Offer from Jaycee Homes in Dahisar East. The Proposed name of the building is Sapphire or Bhagtani Sapphire. The building planned is of 35 floors and it is basically a SRA project. I am planning to buy a flat in this project for living. Sales manager informed that it will take about 5 years for the project to complete and they are waiting for something called IOD, which they say, will come in one year. To get a good rate the builder has asked for a high percentage of flat cost now in advance. Since this is a pre launch offer and construction will start only after a year I am little nervous whether to invest my money in this project. I don't know anything about this builder also. Can anyone please guide me what all things to check first before investing?
Just an update on the project. They have got more F.S.I. From proposed 35 storeys it has now been increased to 65 + storeys. This would be a one-of-a-kind project in the western suburbs. The ongoing rate is above 6500/ SqFt.
I had been to the site as well as to the Jaycee office. Everything seems to be in air. I was told by Jaycee that no proposals have been submitted for approval yet. They are in phase of Annexure I, to be followed by few more Annexures and then LY and finally IOD (land clearance). The rate being quoted now is Rs 6750/ SqFt (I was being offered 30th - 40th floor), though Jaycee keeps insisting that most of the apartments are booked with only few remaining.
On my site visit, I saw a huge slum on the land and as I had seen in earlier SRA projects. One can't be sure on how and when the land can be cleared. As per guidelines, once the builder is able to clear the land - SRA block should be constructed first for the existing slum. Based on space availability, plans may or would change as required. So one doesn't know when and what kind of building would come up. On enquiring around I also got to know that builders from these kind of projects tend to approach you later asking for more money or refund your booking amount, so in a way once you have deposited 30% or more you are stuck.
The only plus side was that the allotment letter states (from what I saw in sample) that if the project doesn't kick of in an years time, you can seek refund of your deposits with 15% interest. However, I don't know how easy would it be to get your money back from Builders.