Manesar – No Sir … Yet!!!

Gents!

At this time end users are thinking whether they really need the fancied layouts of the builders lobby at a hyped up price and at high interest rates? The answer is no! If anyone wants to buy purely for investment purposes then that person really needs to answer the question abt what triggers either exist or may appear in next 2-5 years for the prices to shoot up exceedingly. 2003-05 saw relatively low home prices, low interest rates and higher salaries which had no existing commitments i.e. existing loans to be repaid. Out of these three, home prices have jumped 100% or more in most places, interest rates are up atleast by 4% per annum and salaries may not double in next 3-5 years. So simply a combination of these has to correct. People who think crashes do not take place or things don’t come down, don’t live on this forever. In the US, banks after banks have closed and our own sensex has halved so continuing to expect super natural returns at these times may be out of place. There were people who had spare cash and wanted to catch the realty bandwagon…. most of these have learnt their lessons and will continue to do so. Don’t bet so much so soon on Manesar when more then half of Gurgaon is vacant. If one thinks that demand/ supply only works in sellers’ favor, welcome to the real world!

Source: Written by dheerajmatta on Mon Nov 03, 2008 (www.gurgaonscoop)

Vatika City!!! Check This Out!!!

India, Republic of (Press Release) December 27, 2008 — Welcome to Vatika City – the largest ever
group housing development in Gurgaon.
Spread over 53 acres with 35 acres of greens and 18 acres of homes, Vatika City is located at the intersection of Sector Road, passing through the Golf Course and the Gurgaon- Sohna Road.

Designed by studio u+a, London, in association with Spazzio, Vatika City will be a synthesis of contemporary design, traditional landscapes and understated elegance. It will feature a series of Low-rise, Mid-rise and High-rise buildings offering over 1400 apartments in combination of two, three, four, five bedrooms, duplexes and penthouses with complete range of facilities exclusively for residents.

Interesting – People in July 2008 Said Wait, Vatika City Prices Will Fall. They Have Infact Gone Up By Rs. 1100 – 1700 Sq. Ft. … And Still Rising!!!!

Should One Invest in VATIKA “CITY HOMES – GURGAON AT 3 BR (36L) 2 BR (29L)?

By Unregistered Visitors, Section Ask Questions
Posted on Wed Jul 09, 2008 at 04:42:50 AM EST

Editor’s note: Vatika’s earlier project was launched at Rs 2470 psf and by the time they closed booking, the prices had been jacked up to Rs 2720 psf. In addition to this they were charging a minimum PLC of Rs 200 psf in over 80% of the apartments.
Thus the earlier launch of Vatika called Gurgaon 21 had an effective price of Rs 2920 psf (2720 + 200) and this before adding parking, etc.

This new launch Vatika’s of City Homes is 29 lakhs all inclusive for 2 BR (1180 sq.ft) and Rs 36 lakhs (1457 sq.ft), which works out to be an effective price of Rs 2470 psf …. and the efficiency (i.e builtup area divided by saleable area) in these new G+3 apartments is around 72 %… i.e. wastage of 28%.

Seems like the prices have fallen … what gives? Any ideas?

Hi,

I am planning to buy an apartment in VATIKA “CITY HOMES – GURGAON” with an element of return on investment. Can anyone provide me your opinion whether this is a good option from the point of Investment purpose and also from an residence purpose.

I am offered a rate of 3 BR- 3T 1457 sq. ft. Rs. 36, 00, 000 – inclusive of BSP, EDC/IDC and 1 Car Park (Stilt); 2 BR 1180 sq. ft. – 29lakhs

Thanks.

Should One Invest in VATIKA “CITY HOMES – GURGAON AT 3 BR (36L) 2 BR (29L)? | 25 comments (25 topical, 0 hidden) | Post A Comment

Has Vatika ever completed a project on-time? (none / 0) (#22)
by Unregistered Visitors on Fri Jul 18, 2008 at 05:55:25 AM EST

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Vatika has NEVER completed any residential project on-time. So their track record in delivering what they promise is bad.

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Vatika: A Synopsis (none / 0) (#26)
by mkm on Sat Jul 26, 2008 at 11:13:32 AM EST

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I totally agree that Vatika hs NEVER delivered any project on time. I also think, it is true of each & every builder in the NCR area. At the time of initial launch, most builders quote a standard delivery period of 2-2.5 years, but fail to deliver even in 5 YEARS.
Just to put forward a simple example, Plots in Vatika Infotech City, Jaipur were pre-launched in Nov-Dec’2004, but not even a single plot hasbeen delivered now. In fact, there has been no communication in the recent past by Vatika stating when they will start handing over the possession of plots. This effectively means that there won’t be any possessions in the next 6-9 months. Even, if I take the best cse scenario that Vatika delivers the plots in the next 9 months, it means that they have taken 4.5 YEARS to handover a plot. If they can take FOUR AND A HALF YEARS for handing over raw plots, just imagine how much time they will take for delivering constructed homes.

Similar is the story of all the Vatika projects in Gurgaon. If you find out the dates of the pre-launch period of any of their projects in Gurgaon, you will realise that there was an elapsed time of five years between pre-launch & delivery. The situation is going to be worse now beause the real estate market is definitely not as goos as it was over the last four years.

I am pretty sure, firstly Vatika will take AT LEAST SIX YEARS to deliver the Vatika City Homes project. Secondly, as has been already pointed out by someone, the project is not on their website. The location of the project is not known. It may turn out to be a location quite far from the centre of Gurgaon. Looking at all these factors, I would not like to burn my fingers by booking in the project. If I have to buy a house/flat, I will be more happy to go for a ready possession house/flat even if it costs slightly more.

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Vatika City Homes : What’s the truth? (none / 0) (#16)
by Unregistered Visitors on Mon Jul 14, 2008 at 06:35:48 AM EST

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I am interested in booking but I am not very sure about the legality of this project. This project is not listed on the Vatika group website. Moreover, Vatika has not published even single ad in the newspapers. So far only few brokers have advertised about this project. Most prominently indiaspaces.com. However, now all Vatika projects have disappeared from their site too including City Home for no clear reason.
Since the pre-launches/soft launches have been termed illegal by the Supreme Court, the builders are careful not to advertise the project unless they have all the approvals because they and especially the reputed ones will find hard to get away if they get caught.

On the other side brokers find it ok to indulge in soft/pre launches even if they are illegal because they have less chances of getting caught and reputation had never been an issue for brokers because they can start operating under new name.

I am wondering what is happening to this project. If you have booked then I want to know the status. I am interested in this project but it seems that things are very unclear.

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Wonderful project (none / 0) (#18)
by RigidRock on Tue Jul 15, 2008 at 09:38:45 PM EST

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This project:

No location

No plans of houses

No specifications

No artistic drawings

But it is sold out.

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Vatika city homes (none / 0) (#19)
by Unregistered Visitors on Tue Jul 15, 2008 at 10:24:01 PM EST

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Nothing is sold, these are marketing strategies to fool the public. Government should make rules to show their records public, so that everyone know the status.
One can guess in todays situation for any new projects even a reputed builder can not get more that 10 percent booking. Thats why Vatika has launched a Soft launch in which nothing is concrete from Vatika side. The persons which have booked now can not resist if Vatika ask them for more money than told now because nothing is fixed now and people will have no option but to pay them and in addition there is no start date and end date of project and they will take good amount of money in advance.

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Stay away (none / 0) (#20)
by RigidRock on Tue Jul 15, 2008 at 11:09:47 PM EST

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We should just stay away from the property market because:

Prices are unrealistic

Projects in NCR are delayed by two years because money has been diverted to build land banks.

Cash component on property is very high which is usually not possible to pay for salaries class earning in white

Danger of oversupply and cash shortage is looming

Companies are firing people

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price is high (none / 0) (#14)
by Unregistered Visitors on Thu Jul 10, 2008 at 05:48:59 AM EST

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these prices are still on higher side. you can get possession houses at 50 lakhs in the heart of the city. Believe me…

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Villas @ Nirvana Country (none / 0) (#11)
by SandeepDas23 on Wed Jul 09, 2008 at 09:16:49 PM EST

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I got this information from Unitech:
“Unitech is pleased to announce the soft launch of independent floors at Nirvana Country, Sector-50, Gurgaon.

Some details of the project are as follows:

Name: Wood Stock Villas, Nirvana Country
Plot Size: 191 sq. yrds to 358.8 sq. yrds.
Floors: Ground + 2 floors
Unit Type: 2 BR to 3 BR
Unit Size: 942 Sq. Ft. to 1624 Sq. Ft.
Price: INR 40 Lacs to INR 90 Lacs approx.

We are also offering some inaugural discount applicable for pre-launch period only.”

Let’s have some discussion on this..

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Wood Stock Villas !!! (none / 0) (#21)
by Unregistered Visitors on Thu Jul 17, 2008 at 06:23:40 AM EST

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Best part about this new launch (or shall we call it desperate launch from Unitech !!!) … it has 444 floors (148 plots x 3) in a zig-zag line with one small park and 2 nursery schools at one end and a High school at the other end.
No open spaces in the entire project.

And why is the project called Villas when they are selling floors!!!

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This is a fraud being played by Builders and Govt. (none / 0) (#13)
by creative on Wed Jul 09, 2008 at 09:44:13 PM EST

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Why should anyone buy these floors when the registration of the same has been blocked by Haryana Govt. for more than 4-5 years.
Who in the govt. gives the builders permission to build floors and who blocks their registration thereafter? Why do the authorities give permission to build floors in the first place, if these are to be found ineligible for registration?

Anyone buying these floors must, in his/her own interest, ask the builders as to when the registration of the same will take place. Otherwise, the hard-earned money will stay stuck as the owner will not be able to sell the floor as it is not transferable in the absence of a registry. The last time I read that even General Power of Attorney is also no allowed anymore in Gurgaon.

Anyone’s comments?

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Do not invest in Vatika (none / 0) (#8)
by Unregistered Visitors on Wed Jul 09, 2008 at 06:37:11 AM EST

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There are so many cases going on against vatika group in consumer court — DO NOT INVEST IN VATIKA.
They are big time crooks — once you will fall in there pit then no coming back.

check various thread on gurgaonscoop and google.

stay away from this group and if possible for the real estate market for another 6 months

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VATIKA “CITY HOMES – GURGAON (none / 0) (#5)
by Unregistered Visitors on Wed Jul 09, 2008 at 03:21:53 AM EST

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DO NOT INVEST NOW THIS IS NOT THE RIGHT TIME AND PROJECT IS FAR FROM THE CITY … WAIT 3 MONTH …NO ONE IS BUYING THESE DAYS ..PROPERY RATES ARE ALSO HIGH LIKE SENSEX WAIT SOMETIME WILL FFALL LIKE SENSEX

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Price (none / 0) (#4)
by Unregistered Visitors on Tue Jul 08, 2008 at 01:50:39 PM EST

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DLF sold their apartments at Rs 2250 psf sometime ago in the same area.
2400 maybe on the higher side.

Is this offer from Vatika or resale from a Vatika buyer?

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Wait and Watch.. (none / 0) (#3)
by Unregistered Visitors on Tue Jul 08, 2008 at 05:08:31 AM EST

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Why not wait for some more time to see if the crash everyone is talking about is real… According to me, its worth waiting.

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good deal (none / 0) (#2)
by ritutyagi79 on Mon Jul 07, 2008 at 11:48:25 PM EST

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I think its a good deal….the rate is comming out to be about 2400 rs per sq.ft. I recently did some house hunting & observed that any livable ready to move in place is costing at least 3300 – 3500 rs per sqft. So, One can safety assume that even if prices fall in a few months time, you’ll be able to get reasonably good rate by the time this project will be completed.
However, don’t expect the kind of unjustified returns that gurgaon property gave in past few years…the pace is slowing down !

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Vatika city homes (none / 0) (#1)
by Nanu on Mon Jul 07, 2008 at 09:17:09 PM EST

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I think it is a good deal.
But if you can wait for 6-8 months , it will be further down, as there is going to be a massive correction in real estate prices.

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What makes you sound so confident? (none / 0) (#6)
by Unregistered Visitors on Wed Jul 09, 2008 at 04:58:23 AM EST

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I know these days it is fashionable to say that property is going to crash/correct. this happened couple of years back also. but has it really happened?
how do we know if it is a bubble or not? without data is it speculation !! (no claims that i have good data)

it is not only gurgaon, same story with Hyd/Pune and other upcoming towns.

Isn’t this true that what happened in last 4-5 years to property was some sort of logical boom?
buying power going up, money flowing in, so prices had to rise.

Henceforth, it is going to be, hopefully, rationale appreciation/correction. Massive change either ways seems unlikely to me.

On second thoughts, I may be wrong again, as I had been 5 years ago when I MISSED THE BUS thinking prices were not justified.

Vatika seems to be okay option at current pricing, assuming ‘they’ and ‘all other builders’ operating in that area deliver on time (or should I say with reasonable delays) !!

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Definitely a bubble (none / 0) (#9)
by Unregistered Visitors on Wed Jul 09, 2008 at 11:57:45 AM EST

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Did buying power go up 3 fold in the last few years ? No, and interest rates are going up too. So I would say its definitely a bubble.
Very high end, much sought after real estate (say bungalows in Delhi’s Lutyens zone) will likely not depreciate that much, but other areas will definitely fall.

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Vatika on Sohna Road (none / 0) (#7)
by Unregistered Visitors on Wed Jul 09, 2008 at 05:33:33 AM EST

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Please read the post at following location on Vatika. http://www.gurgaonscoop.com/story/2008/6/10/2369/60977

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Vatika Homes (none / 0) (#10)
by Unregistered Visitors on Wed Jul 09, 2008 at 01:24:07 PM EST

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Before investing in Vatika City Homes, I would get clarification on the location i.e which sector since they have a land bank of 600 acres. The price is reasonalble but not cheap, since it does not inclide other amenities like swimming pool, gym etc. These add to the builder’s costs. Depending on your budget, it might be better to invest in sectors closer to Delhi as there will be more appreciation. Builders will soon be launching projects in those sectors.And lastly please check the covered area of the apt. Prices have already been revised by 1 Lakh. I do not see anyone losing money on this project. And Vatika group is reputed although there are many consumer complaints, but their earlier projects have been given significant appreciation to investors.

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[ Parent | Reply to This ]

ha ha (none / 0) (#15)
by Unregistered Visitors on Thu Jul 10, 2008 at 06:27:15 AM EST

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For this amount vatika will provide just four walls and basic tiles on the floor.
– no kitchen – Just one slab n one sink
– no Bathroom fittings – basic seat + one wash basin
– No proper wood work or quality of doors/windows

basically just basic “chaar – Diwari”

Vatika is still making a profit of more than 100% on this deal ( I can bet – out of 36 lacs – vatika will be making 20 lacs out of it).

Do you really think – someone will pay 70 lakhs + for this property after 3 years that too at this location ??????

not worth it

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agree (none / 0) (#17)
by Unregistered Visitors on Tue Jul 15, 2008 at 02:12:43 AM EST

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totally agree with u…
People should wait for some more time before buying a new property…

Let these crooks understand that ‘customer is the king’…:)

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Vatika (none / 0) (#23)
by Unregistered Visitors on Sun Jul 20, 2008 at 02:15:26 AM EST

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Those who are giving comments,Aap ne suna hoga ke jab kisis ko angoor nahi milte to angur khate hain!!!!!!!!!!!!!!

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Lekin (none / 0) (#24)
by raul on Sun Jul 20, 2008 at 11:03:42 AM EST

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Lekin janab, yaha to angoori ki bharmaar hui padi hai. To naa milne ka to sawaal hi nahi. Jarurat hai aankhey khol ke kharidari karney ki. Angoor jitna bhi mitha ho, agar kudey ke dher mei pada hoga to kaun daam dega.

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Vatika city homes (none / 0) (#25)
by Unregistered Visitors on Sun Jul 20, 2008 at 11:06:46 PM EST

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What is the price now for Vatika? Can anybody provide? On sunday Hindustan times, they have given big add but price was mising. It is fashinable to give adds with many advantge points but not the price which is MAINLY important to end user with incresing interest rates and inflation. They have soft launch and within a week I heard they have increased the price without doing anything. Such tactics can work only for short term but not in long term to complete full booking beacuse so many new projects are launched and going to be launched.
Vatika and most of builders book through agents and giving some percentage of maoney to agents but not giving discount to end user. If they reduce rates and give direct discount to end user then they can get more bookings. But they think agents give them bookings. If end user has no purchase power then he will not buy through agents too and end user certainly tilt towards a builder which suites their pocket.

In todays market of excess supply, high interest rate, high inflation etc builders should not waste money on big adds and give money to agents but if their rates are very genuine( means low price then others) and they are genuine then customer will reach them directly. By giving a threatening add in newspaper that “rates are revising soon” will not help them nor the customer because so many options. They should write price detail with other details very clearly and genuinely itself in newspaper in normal add so that people can understand the project and book directly.

Source: www.gurgaonscoop.com

Time to Part Invest in Life – Write to Me – I Have Taste

Hi,

I have invested in a mall property in Gurgaon. The possession is due in end 2010. The property is under construction. The builder has already collected 45% and expects the remaining to be paid April / May 2009 onwards as per the construction status. The mall is called: Landmark the Mall and is situated in Sector 66, Gurgaon.

The total value of the mall is around 90 lakhs. Location: Ground floor, both sides open, 60 meters road facing, garden facing. Shop size: 820 sq. ft.

I am looking for a co-investor. The power of the Internet will help me find one. 

Let me know and we can work out something that works.

Hope to meet you soon for a long and eventful journey together on the road called life.

Who knows where this will go.

If you are the one let me know.

Central Park 2, Gurgaon – A Dead Investment

I now change my opinion about the property. Recently my bank refused to honour the loan agreement stating that the builder was in trouble with commitments and the bank’s exposure is more than they bargained for. Same with HDFC and other banks.

I have tried my best to get rid of this property. There seems to be no help from any quarter.

My view is that any serious investor shoud stay away from this property at least till possession of Phase 1 is delivered. There are other properties in the market selling at sub-allotment rates. These are the ones you should go for. Possession properties should be preferred.

The funny thing is that all properties (Uniworld Garden, Unitech Close, JMD, Park View 1 & 2, Vatika City, Omaxe Nile, Petals) that launched around the same time as CP2 are at some stage of possession handover. But not so with our dear friends.

They seem to be having a really easy time and the crisis doesn’t seem to be helping the flat owners.

Curse the fellows!!!

Central Park 2 – A Dead Investment

I now change my opinion about the property. Recently my bank refused to honour the loan agreement stating that the builder was in trouble with commitments and the bank’s exposure is more than they bargained for. Same with HDFC and other banks.

I have tried my best to get rid of this property. There seems to be no help from any quarter.

My view is that any serious investor shoud stay away from this property at least till possession of Phase 1 is delivered. There are other properties in the market selling at sub-allotment rates. These are the ones you should go for. Possession properties should be preferred.

The funny thing is that all properties (Uniworld Garden, Unitech Close, JMD, Park View 1 & 2, Vatika City, Omaxe Nile, Petals) that launched around the same time as CP2 are at some stage of possession handover. But not so with our dear friends.

They seem to be having a really easy time and the crisis doesn’t seem to be helping the flat owners.

Curse the fellows!!!

Central Park 2 – A Dead Investment

I now change my opinion about the property. Recently my bank refused to honour the loan agreement stating that the builder was in trouble with commitments and the bank’s exposure is more than they bargained for. Same with HDFC and other banks.

I have tried my best to get rid of this property. There seems to be no help from any quarter.

My view is that any serious investor shoud stay away from this property at least till possession of Phase 1 is delivered. There are other properties in the market selling at sub-allotment rates. These are the ones you should go for. Possession properties should be preferred.

The funny thing is that all properties (Uniworld Garden, Unitech Close, JMD, Park View 1 & 2, Vatika City, Omaxe Nile, Petals) that launched around the same time as CP2 are at some stage of possession handover. But not so with our dear friends.

They seem to be having a really easy time and the crisis doesn’t seem to be helping the flat owners.

Curse the fellows!!!

In Deep Shit – Central Park 2, Gurgaon, Keep Away

It is now getting really painful to hold on to this property. I bought my apartment in a 2nd sale transaction paying Rs. 3500 per sq. ft. That comes to Rs. 1.1 crores for the apartment. I am currently paying a pre-emi charge of Rs. 80,000 per month to the bank. Imagine putting 80K down the drain every month with no respite in site. The bloke who sold the house to me made a cool 35 lakhs. If I now want to sell, the property rate has fallen to Rs. 2600 per sq. ft. Which means I will have to pay an addition Rs. 22 lakhs to the bank to get rid of this property apart from the Rs. 5 lakhs (transfer charges) to the builder.

The whole thing sucks. I dont know when possession will come. And dont know what the builder will demand due to the delayed handover. I am told there is a plan to demand an additional amount as escalation at the time of possession.

Enough is enough. We all should get together and demand that the builder either give possession by June 2009 or start paying our EMI’s to the bank. No futher payments should be made to the builder till possession in sight.

Getting screwed from all sides is surely not something I enjoy … do you.

To top it all ICICI bank has reported that old customers will need to bleed till their very last. The bank has dropped interst rates for new customers. For old ones the rate of interest will be 13%. Bullshit, I say.

Can anyone help with this shit I am in.

Please post details and I will follow through.

Profit Sharing – Become a Co-Investor With Me, Ground Floor, Both Sides Open Shop, Garden & 60 Meter Road Facing, Underconstruction Super Mall Property, Sector 66, Gurgaon, India

Buy 50% space in a mall with me. I have already paid 45% of the total value. You pay your share only after April 2009 on construction linked plan basis. Likely possession in December, 2009.

Profit Sharing – Become a Co-Investor With Me, Ground Floor, Both Sides Open Shop, Garden & 60 Meter Road Facing, Underconstruction Super Mall Property, Sector 66, Gurgaon, India

Buy 50% space in a mall with me. I have already paid 45% of the total value. You pay your share only after April 2009 on construction linked plan basis. Likely possession in December, 2009.