Vedic Heights, Keemaya & MLH Group, Kandivali, Mumbai
Guys, Has any one booked a flat in Vedic Heights I visited the site today. the work is going on in full swing they have the CC till Plinth level and I was told plinth will be ready in a month time next to it is the SRA building which is at its 1st Slab level.
they are quoting 9100/Sq ft for slab wise payments and 10,100/sq ft for 80/20 Scheme. the Project is approved by HDFC and 1 BHK with area 600 sq ft plus additional 152 sq ft carpet for the balcony can be added after OC. Possesion by march 2015 and would be included in the agreement. and builder liable to pay 9% after that incase of delays.
Sounds like an OK deal as the Bhoomi project("Legend" I believe) near this location is quoting 10100/sq ft with 705 S. build up area.
Its a Jt venture between, Keemaya and MLH group don't know much abt the credibility of these builders as they don't have any completed projects in Mumbai.
pros i found was the additional 152 sqft after possession, 9% interest rate in case of project delays, Approved by HDFC and 40% of the total Slum area will be redeveloped by same builder in next 5 yrs lot of slums have already been demolished.
What do you guys, think of this project??? How the 80/20 Scheme is beneficial (as you have to pay 1000/sq ft extra to opt for this scheme)? Can I expect a good returns on my investments??
Rakesh,I have received an email from prop Tiger on 22nd Dec 2012, below are the details. I think you should go ahead the book the flat because this is very attractive rate but you have to wait for 5 years to get good return on investment, If you are ok with the SRA.
Today Mumbai have no open to land to build the buildings the only land is left is SRA land.Many big builders have taken SRA project in mumbai and also SRA authority have become very strict now a day.So need not worry.
Yes I think you expect a good returns on your investments because of Western Express Highway Just 0.3 kms away, Kandivali Station(East) is 1.5 kms,Multiplexes and Malls
Atttached is the email...
Greetings from PropTiger!
Thank you for showing interest in buying a property in Western Mumbai. As discussed, please find below basic details of Vedic Heights (Kandivali East).
The Project consists of G + 21 Floors Tower, 3 Levels podium parking + 18 Floors residential. It gives you the concept of living, that makes your home a heaven for living, The premium apartments come with distinctive sense of elegance and exclusivity. VEDIC HEIGHTS incorporate contemporary international design. Options :
Type Area (In sq ft) Basic Rate(In Rs) INR*
1Bh 600 =>9100 =>54 60000
2Bhk 800 =>9400 =>7520000
*Other charges as applicable
1) Western Express Highway 0.3 kms
2) Kandivali Station 1.5 kms
3) Airport 13 Kms
4) Multiplexes, Malls Schools in Close Proximity External Amenities :
1) Decorative entrance podium lobby
2) Landscaped garden and children’s play area
3) Well Equipped Gym
4) High Quality passenger lifts & Stretcher Lifts
5) Ample Podium Parking
6) Security with Intercom Internal Amenities:
1) Good quality flooring with vitrified tiles
2) Aluminum sliding windows with clear glass
3) Flush door with security locks
4) OBD paint for internal walls
5) Concealed copper fittings with extensive layout in all rooms including switches
6) Natural Light and good ventilation
7) Earthquake resistant structure
8) Granite platform for kitchen with stainless steel sink
9) Premium Sanitary fittings
Also attached with this e-mail is the location Map, project layout and floor plans for your reference
Yogesh bhai, thanks a lot for the detailed explanation, really appreciate it.
your views have brought some clarity in my thoughts.
Also how much return I may expect as I plan to sell it on possession or may be 1+ yrs.
Rakesh, friendly speaking as an end user never sell any asset provided if you need any emergency money.As it is your investment try to get money out of it.In investment in Real estate will never become double overnight.it take time and patience.After it's get ready give it on the rent.Current rent is going around Rs12,000 to 15000 for 1BHK.
But as a investor you have to wait as it is SRA project.It depends upon the builder how much time he takes to finish work on SRA project as the saleable building CC is depends upon the SRA project.But I can tell you that you will get a good return only after ready of flat.As of now in sales are down in real estate market.
Check the builder credibility and if they have any lock in period of investment.if you are buying a flat in Vedic heights then make sure they write and give you 9% interest rate in case of project got delays in allotment letter.
thanks for the reply bhai...they do have a lock in period of 1 year from the booking date.
I was told that it will be mentioned in the agreement abt the MOFA ACT abt the 9% return rate in case of delays, I will double confirm on this. thanks once again.
you are welcome Rakesh.But I think you should ask for maximum limit of 15% as per The Maharashtra Housing (Regulation and Development) Bill, 2012 instead of 9% return rate in case of delays.They will agree on 15% as every builder needs money.anyways best of luck.
Yes, I agree with you Jaycee homes did gave me 15% in the allotement letter for their bhagtani Sapphire project. I will try to negotiate in these terms but I doubt as they not willing to negotiate even 100 Rs on the rate. Still thanks for the tips.
I have read the The Maharashtra Housing (Regulation and Development) Bill, 2012 which says 15% and MOFA 1963 which says 9% which one applies to the current project ?? or Was MOFA superseded by Maharashtra Housing (Regulation and Development) Bill???? Pls help, thanks man
Rakesh, if you read RealEstate-20-7-12-PL.pdf it say clearly say that The Maharashtra Housing (Regulation and Development) Bill, 2012 is the new Act. it is the modifications of Maharashtra Ownership Flats Act, 1963,
"Status of the Bill: In a step which could bring in a fair amount of transparency into the Real estate sector, the Maharashtra Housing (Regulation and Development) Bill, 2012, has been cleared by both the houses of the Maharashtra State Legislative Council and awaits Presidential assent.
The Act shall repeal the Maharashtra Ownership Flats Act, 1963, which has been the primary Act till recently to provide relief to the flat purchasers against sundry abuses, malpractices and difficulties related to the construction, sale, management and transfer of flats. This Act was also adopted by majority of the other states with certain modifications. However, with the passage of time, the Act has been rendered ineffective in protecting the interest of flat purchasers and hence, the need for a new Act."
See Rakesh Interest is secondary.
In the act of cancellation the builders should give your principle money back with interest.I have see cases where builders are selling under constructions projects but when we try to sell or cancel the project after 2 to 3 years later they will avoid to give interest.He has your 20% booking amount and who wants to file cases in Indian court as you know you will get dates after dates in court and we don't know till how many years the case will go on.At last you will say "atleast am I getting my 20% amount back and leave the interest.[B]which will be loss to you.
so the builder credibility is most important thing.
Well said Yogesh bhai, Builders credibility is most important, but in this case its a Joint venture between Keemaya(who is a newbie) and MLH group which came in existence in 2010 and is sister concern company of some other company (unique).....overall there is no clarification on the existence and past track records of both the companies, I will check with the agents but I doubt I will have proper answers