Prestige Tranquility
Prestige Tranquility is a new project coming up on Budigere Road, Bangalore – also known as the access road to the International Airport Bangalore, from NH4/Old Madras Road.
Spread across 38 acres of land, the project is set to house a total of 2330 apartments.
Currently Prestige is running a pre-launch campaign with a pricing of Rs.2628/- per sft, with car parking charges extra. Approvals are in progress and are expected by end of July. Official launch of the project is expected to be on 25th July, there is also a hint that the price will be revised upwards by Rs.100 per sft.
On July 25th Prestige officially launched the Prestige Tranquility project, Ads were placed in several leading news papers announcing the much awaited launch. As expected there was a revision in the price and the official launch price ir Rs.2728, exactly Rs.100/- more.
Scheduled completion of the project is June 2014 Dec 2014 with a grace period of 6 months.
There would be about a total of 17 towers with the tallest being G+27 floors.
With Prestige Shantiniketan on ITPL road becoming a landmark project by Prestige Estates, this project on a similar scale with attractive pricing will be well received.
Public Opinion – Is Prestige Tranquility a right investment?
- June 22 – With about 160 poll votes, we have a decent sample size to examine what most people think about this project, 47% think that Prestige Tranquility is a good investment, 23% don’t think so and 30% are not sure. 30% Not Sure – is a huge figure, the number one reason for this could be the location of the project
- July 24 – With over 270 votes now and a lot more people being aware of the project and as well as people actually visiting the project site the results are getting realistic with 46% – saying YES, 27 % NO and 28% NOT SURE on whether Prestige Tranquility is a right choice. Compared to the last time when we examined the results the percentage saying YES remains almost the same but there is a 4% increase in NO
Check the latest results in Page 2.
Prestige Tranquility Location
With projects like “Pruksa Silvana”, “GR Sun Villas”, “Brigade Exotica”, “Signature Dreams” and “Signature Tulips” in the surrounding Budigere road may see some positive developments in the future.
Prestige Tranquility Options
- 1 BHK – 653 sft and 712 sft
- 2 BHK – 1073 sft to 1130 sft
- 3 BHK – 1628 sft, 1797 sft and 2019 sft
Call 9980808080 to book the last few units in Phase 2 (ad)
Prestige Tranquility Pricing
- 1 BHK from 20 lacs onwards (Booking Amount: 2 lacs)
- 2 BHK from 31 lacs onwards (Booking Amount: 3 lacs)
- 3 BHK from 45 lacs onwards (Booking Amount: 4 lacs)
The pre-launch offer is Rs. 2628/- per sq.ft (base price). The official launch price is Rs.2728/- per sft (base price)
- Car park Rs. 250,000/-
- Floor rise Rs. 15/- psft for each floor
Rs. 50/-Rs 75/- psft for premium units- Approximate additional charges
- Bescom/ BWSSB- Rs. 100/ Sft
- Adv. Maintenance – Rs. 42/ Sft
- 1st year Sinking fund Rs. 42/ Sft
- Generator for 2 BHK- 75000/- and 3 BHK Rs. 120,000/-
- Exact charges of the above will be available in the next few weeks.
- Service tax, VAT, stamp duty, registration charges payable at possession.
Prestige Tranquility Locality Review
Budigere Road already has big projects such as Brigade Exotica (3km), Pruksa Silvana (0.5 km) and GR Sun Villas (0.5 km) being launched in the first half of 2011. However the stretch between KR Puram cable bridge and Budigere Road has very few large apartment/commercial projects. Pashmina Waterfront (8km) & Mahaveer Chalet (9 km) to name, and the stretch between Budigere Road junction (2 km) and the Prestige Tranquility project, is industrial and mostly barren, with the nearest shopping center easily 5 kms away. Baldwin International School would be the nearest school about 2 km away. Nearest Hospital would be in Whitefield/Marathahalli (12 – 15 kms) or KR Puram (10 km)
Hebron Mall is the biggest commercial project underway located right opposite to Mahaveer Chalet and about 9 km from Prestige Tranquility.
Beary’s Global Research Triangle (tech park) is located about 4.5 kms away. ITPL about 13 km.
The widening of NH4 to 6 lanes with 2 service lanes has reduced the travel time from KR Puram Cable bridge to Budigere Road to 15 minutes. Budigere Road also has easy access to Whitefield Road which is developing rapidly. As per the CDP (Comprehensive Development Plan) Budigere Road will be widened to 300 ft and is part of the ITRR (Individual Town Ring Road)
Large residential projects can trigger developments in the immediate neighborhood however this seems easily to be 3 to 5 years from now.
Prestige Tranquility Concerns / Issues raised by readers
- Lack of facilities (shopping, medical etc) in Budigere Road
- Industrial Animal Feed Factory right adjacent to the project, close to towers T17 & T1
- Agro Food Factory close to towers T16, T15, T14
- Other Industries close to T3, T4
- Situated in the midst of an Industrial Belt
Premium flats are not being included in the pre-launch- Payment schedule not linked to construction progress – however representatives from Citi Bank and Axis Bank at the project site confirm that before a disbursal a construction status/valuation report will be requested
It’s best to choose an apartment facing the clubhouse / landscaping area, outer facing apartments would only overlook industries. For outer facing apartments its better to choose one facing GR Sunvillas or Pruksa Silvana in towers T6, T7, T8 & T9
Prestige Tranquility in Media
Ahead of the launch on 25th July, hoardings are coming up all over the city.
Here is one at Hope Farm junction
Prestige Tranquility Ad – Hope Farm Junction
Prestige Tranquility Official Launch Ad
Prestige Tranquility Videos
Prestige Tranquility Entrance
Prestige Tranquility 360 degree view
Prestige Tranquility – Adjacent Industry
Take the poll
Do you think Prestige Tranquility is a good investment? What is your opinion on Budigere Road? Take the poll.
Other Projects that might interest you
Pruksa Silvana Villas/Row Houses – Behind Prestige Tranquility
GR Sun Villas – Behind Prestige Tranquility
Abhudaya Lotus Garden – Plots (review coming soon)
What do you think is a better choice?
Prestige Tranquility Buyers Group
Are you really serious about buying a villa/apartment in this project, then why not join the Buyer’s Group. It’s a well known fact that approaching a builder as a group has its benefits, who knows you may get a good discount. Of course you are only planning or undecided then you should leave a comment here or check out the forum.
Update: 12 Aug – With Prestige Developers the buyers group has not had any effect especially with Prestige being a large player in the market and the high demand seen for this project. However the Buyer’s Group does have some interesting discussions that you may want to check out.
If you already own an apartment in Prestige Tranquility then there is a google group dedicated to it which you might want to join.
https://groups.google.com/forum/#!forum/prestige-tranquility
Latest Pictures including Prestige Tranquility Floor Plans
-
- Budigere Road Junction
-
- Budigere Road
-
- Industry adjacent to Prestige Tranquility
-
- Prestige Tranquility Ad – Hope Farm Junction
-
- Prestige Tranquility Official Launch Ad
-
- Prestige Tranquility Master Plan
-
- Prestige Tranquility Approach Road
-
- Prestige Tranquility Entrance
Check out the whats going on in the Prestige Tranquility Forum
Prestige Tranquility Master Plan
Prestige Tranquility CDP Map Overlay
[suffusion-widgets id=’1′]
Share your views and concerns about this project with your comments!!
Hi All,
I have a 2 BHK, 1087 Sq.Ft apt in Tower 8 18th floor which I’m interested in selling. If interested, please mail me at .
Thanks & Regards
Raj
Hello All – I am looking to buy a 2 BHK (1139sft).
Should anyone be interested in selling, please mail me at
Thanks,
Rayudu
Latest construction photos of Prestige Tranquility:
http://mypt.parseapp.com/
Looking for 2 BHK, East or North facing.
Please email with the details of flat no, tower no, dimension, direction facing and total cost expected
I was surprised to see android app for this slum project. Is this some kind of marketing tactic for the investors to dispose off their flats to gullible buyers?
Bhola can you share the link ?
thanks
are you the same one who keeps on writing bad about every other project on this site ? I have seen few of your comments on other projects also.
Btw, have you seen the project as on date and can you define the word slum ? You seem to be staying on mars it seems !!
If you don’t want to buy or do not hold any flat here, better you visit first and then write !
People do not buy apartments on app, especially the genuine buyers who planned to stay. They go and see it by themselves, probably multiple times before they finalize.
I do agree with your multiple comments on real estate and the current situation on how the builders and govt. have increased the prices that common man cannot afford and its not sustainable, but targeting particular project or few projects is not good, especially when your facts are not right. I would suggest you to go and see this project in person as now its in completion stage and please tell any other project better than this for comparison to the potential buyers 🙂
Thanks for the info Bholu..Lets download…
Are you able to sell your flat in PT you were trying for the last 2 years?
I am planning to sell my PT flat for last 5 years..but no one in the world is buying any property from Prestige builder and its just because of your honest feedback…:) 🙂 :)….Not sure where did you receive these emails that you are posting here, may be 2-3 frustrated buyers….99% of buyers are happy and busy in Interior planning. Curious to know, what do you guys do for earning??? 🙂
Who are you trying to make fool. People are much smarter than you think. Even I, posing as a prospective buyer, was able to get into the owners group and was able to read myself all the comments from the owners. Its much much more horrible than being reported here. Now I know why it is being sold at around Rs 4000/- for the last 2 years and still people are not able to sell.
I know you somehow want to pass the baton to someone else and get out of the mess. There are 2 things in life – being ethical and being greedy. You choose what you want to be. By the way, I discovered one more place where PT owners are commenting against Prestige Tranquility. Have a look here:
https://www.facebook.com/Prestige.group/reviews
Anyway, I want to convey my best of luck to you to be able to find some fool who can purchase your flat in PT.
what are those red color pipes hovering around everywhere? It looks ugly…
I am not here to talk about profit or loss or buying or reselling but as a buyer people should get proper quality flats.
I am looking for new investment and seeing these pictures from tire 1 builder i am afraid now to do any sort of investment.
Prestige lost the credibility of tier 1 builder by leaving these pipes exposes purposely to save costs. Cheap trick by sub standard project managers not followed by even grade 3 builders. I am not sure if prestige management has a hand in this decision or not, but overall they do not qualify for tier 3 builder after this project is delivered in the shape they plan to. Thia shows the incompetency & greed of a builder to handle more projects then they can actually handle at one time
Every builder have teething issues during Possession. This people learn by experience. You can check any forums/groups. Best wishes for you all to get a dream flat.
Even if the building collapses, you will call it a teething issue, right?
i havent booked any flat here.
but i hope this place will sell like hot cakes in 2-3 years.
the four lane road to airport is via this place. and a pla for metro though this side is also there.
The four lane would come to reality, but Metro via this route isn’t proposed.
Cost put forward for Metro from this route was extremely high as compared to other routes which were proposed by the committee, unless Builder/Developers having land parcel on this route bribe the Government.
The issue here is about the Quality of work being done by PT.
They have used a superior technology where you can see other part of the wall, just by drilling a 1mm hole.. (just kidding)
But Prestige could have improved in lot of aspect when it come to construction quality.
i agree with u. the metro is not proposed yet.
but the chances via budigere is more, as construction via other route disturbs whole traffic in that route which is a congested route. so possibility via this route is more as land parcels are more.
the price what prestige quotes even now with flats ready is too less compared to other builders there. brigade asks for 4100rs before the construction starts. it will take 3years more to build n come to the level of prestige tranquilty.
i cant believe people who pass negative comments towards this project cozz its a strategic investment point in 4 years.
if the golden triangle is complete and orion mall opens u can see 1000rs/sqft increment in this area immediately. and no one gives at this price
i construction quality is not great as the name of the builder. they could have made still better.
Another reason for rates not increasing substantially in PT is because of near by chicken feed factory which is still smelling too much. That could be the major factor why people are still not able to sell their flats at competitive prices. Any update on chicken feed factory?
I am Nakul , looking to buy 2 BHK ,
mail me at
Hi All,
I am looking at selling my 2 BHK + 2T, 1139 SFT, inside view (pool and club house) facing on 10th floor, unfurnished with tentative possession around March 2016 for woodwork. If you are interested, please mail me at
Best Regards,
Possession Dates Out for Tower 1,2,3,4,5,6,7..Atlast The Wait is Over…Possession Starting JANUARY 2016…
Hi,
I am looking for a 2 BHK apartment in Old Madras road. What is the current resale price(psft) in Prestige Tranquility?
Regards,
Bichu
Share your number.. or mail it to
Hi,
Is your requirement still open ? If yes, please mail me at .. I am looking at selling my 2 BHK, inside facing 1139 SFT flat for sale on 10th floor with possession on March 2016.
Best Regards,
BTW.. I am part of owner group and I never see these discussion happening. These are imaginative writing of someone with vested interest.
It is very easy for someone to verify the truth of these negative post. Just join the Prestige Tranquility owners group and see for yourself the truth. It is very easy to become member. Just fill in the information requested on the PT google group page by filling some fake flat number and other details. Satyamev Jayate.
Guys,
I stongly suggest not to believe in any of these negative commenst by these Vinay’s and Bhola’s.. these are the agents of PT competitors. I have visted the sites multiple times and yes there is smell but not this much described here, that too near T17 and T1. That too on week days when the CFF is running. I was surprised to see some body visited on sunday and he felt unbearable smell :). That confirms these posts are fake. On sundays CFF is off and you dont find much smell.
Regarding the health hazards.. let me tell you they manufacture food not poison for animals and the smell is due to the dry fish and ground corn which is the main igredients of chicken feed. Smell is the only issue else there is no poison gas as such. the chimney is just the generator smoke which we see in any apartment, company
I would sugegst visit the site before concluding anything. The left side of the PT is full of eucalyptus trees giving a plasant feeling. I got a chance to talk to the HR of CFF and he confirned that the lease it expiring by end of 2016 and they alredy have a plan to relocate.
I am not an Agent or going against Prestige owner. Ain’t sure about Vinay or Bhola
I told my experience which I had. As said earlier, I had visited the property before and never felt the smell except for the last visit.
I was accompanied by Proptiger Resale team and they also had a similar experience.
Sadly, I was very disappointed.
With CFF working on Sunday – A correction 5th September 2015 falls on Saturday !
There are also few others who had expressed their disappointment –
http://www.mouthshut.com/review/Prestige-Constructions-Bangalore-review-rttssmqtos
With regards to CFF, I heard that their lease has got extended for another 5 yrs. Ain’t sure what is true, but at present I would stay away from this property until I as a consumer get a concrete answer about CFF going away
Some of the interesting discussions happening on the PT owners group. When I was highlighting these problems, these guys used to call me competitor. Now they themselves are discussing the same thing but sad thing is that they themselves are owners and not competitor. People are so opportunistic. Enjoy reading.
————————-Start of Discussion —————————-
I went to PT today. The smell was quite strong even in tower 6 higer floors. This was around 3pm.
———————-
I visited PT on 5th Sept Saturday at around 2PM and trust me guys it was unbearable even to stand anywhere around those towers which are close to CFF. This is the first time I experienced it and so far I was a bit sceptical when everybody used to complain regarding the bad smell. I couldn’t take my hanky off my nose even for a sec. More than the unbearable smell I am now more concerned regarding the impact on the body of poisonous smell especially on children. I have a top floor flat and not sure if the bad smell will be as strong as the ground the higher you go up.
But, this is very serious matter and I wonder how the workers are working there with this toxic smell around.
———–
This is very concerning. Are there any company who can check the pollution level and give some sort of report on how toxic the air level is in that area? May be with that report if we approach pollution board, it may help.
——————————–
i too went yesterday about 5:30-6 pm. the smell was strongly felt till about tower 4 -5, after that it faded, maybe wind direction changed since it was about to rain/windy.
if this continues i am worried now about livability of the place 🙁
construction wise the apartments are coming up nicely. but the common areas/ landscaping will take another year if not more.
——————————–
It smells terribly bad at times, not possible for anyone to live there.
If the situation continues, i am worried whole of project will come up nicely but no one will be living there.
It will be bad for the people who have put there hard earned money in the project. But it will be a marketing disaster for Prestige
—————————————-
This is heart breaking 🙁 My current rented apartment lease is ending on 3oth October and was hoping to move to my apartment in November (too much optimistic) 🙁
can we atleast make a list of actions that we can take to solve this problem.
——————————————
We were at prestige site on Saturday around 2 PM and stayed there for an hour. It was in deed unbearable near tower1,2,3 & 4…we climbed up to 17th floor in tower 3 and there as well the smell quite made us feel its presence…and while we came down to level 14/10/ even 8…the smell was just horrible. we did notice the chimney in the factory in working state …hope that’s the culprit behind the smell.
not sure even when we get the handover by dec. this year, how far this place would be livable due to this smell.
——————————————
+1 I was also at site yesterday, un-bearable smell
—————————————–
if it is not possible to move the cff,can we atleast force them to use some filter etc to stop this smell and smoke from chimney?
————————————————-
Yes, time has come to take some serious action.
In background we can work with some lawyer to see What options we have, If we have lawyer here in the group then that would be helpful.Exercising any kind of legal action right now can backfire.
Anyways there is always a dharna for the last try.
————————————————-
maybe i am too much pessimistic:
say I have a perfectly working factory in place A which is running peacefully for years and i am having lease for further.
it is emnating foul but not health hazardous chimcal smell, which is within the limits prescribed by govt.
now someone buys the plot next and sells it to numerous other people promising that my factory will close down and i will sell it to them. ofcourse i am not party to this sale.
why will i bother to move or close the factory which is running fine, minting me money ? 🙂
hope we got the point, unless there is some unhealthy or hazardous chemical fume, or there is ground water contamination or as such, it is next to impossible to move/ close a factory unless they want to do so.
—————-End of Discussion———————————–
Sad to read this. Suggest some solution for them. Such a great property, but the air u inhale is bad wats the use. Shifting of Mandur news was there sometime back .Hope tat should give them solace.
Seems a serious issue of air pollution…if the factory was always there,not sure why it was not noticed during the launch itself..one reason could be that majority of the buyers are not local residents..you cannot smell much if you are sitting abroad…but such investments has resulted to driving up the prices and making re out of reach from genuine buyers..also, bangalore is not on the list of 98 smart cities list…not sure what that means in the long term..I guess some kind of regulation is red while approving projects…similar sorry state is also with the lakes…
Dear Bhola, all these are fake posts by competitors, like you.
Very soon, every 2bhk in PT is going to cost 20-30 crores and all owners are going to be crorepatis.
Please stop discouraging 🙂
p.s. that was sarcasm, i know bhola is not a competetor
Good collection Mr. Bhola…..
but it would be much helpful if you could have mentioned the date/time of comments/discussion as some of them might be a year old and not the recent one.
Some of the investors have realized the ‘foul smell’ just now and they are cutting to the size their expectations, i already got lower offers than what I used to get in Dec’ 2014…
This is true. I was so close in booking this property. Went with 4 of my friends. Thanks to them they climbed upto 12th floor since lift was installed but not started. Has resales on Ist,2nd, 6th, 8th, 9th block
Sharing this for the benefits of others –
Went on 5th September 2015 – Sunday in Afternoon.
Was in this project of nearly 2-3 hours. Thanks to the perfume on my hankie,
Smell – Unbearable – Note – You would not get smell when you stand outside the project. Once you enter the project, the smell is just unbearable.
Garden – Smell was unbearable
6th, 7th, 8th, 9th Block –
2nd Floor – Slight smell
4th Floor – Unbearably
6th/7th/8th/9th/10th/11th/12th Floor – Slight smell
– Went to balcony of Garden Facing apartments (1139 sq ft) and the smell was unbearable
Ist Block –
Till 11th Floor can easily smell strong smell.
NOTE – I have visited this project 3 times till now, but the smell on this Sunday visit was just unbearable.
This would 100% lead to Serious respiratory problems and I feel really sorry for the owner of PT who were being cheated by PT stating that the poultry would get closed. As per the talk I had with locals as this is a small scale industry and since the lease was extended by another 5 years, only way to tackle this is to go to the court or have them improve their facility to have minimal impact on environment.
Hopefully they find a solution to this issues.
No question about the construction quality.
NOTE – Block 6, 18th floor, 1162 sq ft got booked for 48 lac(includes basic cost + car parking, floor rise, transfer charges) by someone else. Extra to be paid during possession was approx 6-7 lac.
Also sale of Block 8, 18th floor, 1087 for 43 lac(included basic cost + car parking, floor rise, transfer charges). Not sure if this got sold or still available. Not sure about the desperation of these owner to sell the property
Editing – ** Car parking extra for Block 8, 18th Floor
Also sale of Block 8, 18th floor, 1087 for 43 lac(included basic cost + floor rise, transfer charges). Not sure if this got sold or still available. Not sure about the desperation of these owner to sell the property
if you did not book and did not get interest in this project then I really wonder how can you have so much time to write this much story. I see something fishy. For you kind information on Sunday CFF does not work and hardly there is any smell and you felt unbearable smell. LOL
Dear AVI,
For your kind information prestige group does not allow any Person ON SITE till possession…Are your friends worker working there that they got access to the tower or Owner of prestige group…And by the way were there boards put in front of the flat that you got know its for RESALE…now don’t discourage owner of PRESTIGE TRANQUILITY with your fake rumors…
Looks like you are an investor trying to protect your investment. Go and see on week-ends how many people visit PT to have a look at their apartments. Don’t try to fool others just because you want to safe guard our investment and want to exit comfortably. Builder made all you guys fool and now you are trying to make others fool just to make money. Human being cans go this level just for making money.
Am sorry if I have hurt anyone with my comments.
I am looking for a 2BHK – Smaller size, let me know if anyone is selling
Bala
Hi Bala, Please contact me (), i am planning to sell my apartment, and get in touch with you
I am planning to see my 2bhk, pls let send me know your number at
I think its time to write for the attention of first time buyers and investors. Guess both of you will be equally worried with all these posts. I am also a proud owner of PT apartment for the simple reason that it makes long term sense:
1. Location : Closer to airport. Closer to ITPL. Close to city thanks to Old Madras Road. Nearby Sai Baba Ashram road is converting from a village to city
2. Project : The power of 38 Acre project from a Tier 1 builder, is unparalleled. The facilities and 15-20 Acre open central space in middle of PT will speak for itself. It most likely is bigger than 10 Acre park in Prestige Shantiniketan.
Let me tell you my story and what worked. I bought Shantiniketan in 2007. 2008 was a downturn. Few investors became desperate. I forgot about the project for 2 years as fundamentals were strong. Last month, after taking rent for 4 years, I sold the apartment in just 2 weeks tripling my investment. Good location and sound project is a solid story. We just need to avoid big loans as much a possible and not try to time the market. The population of India is about to beat China :-).
Take a hard look at your finances to minimize interest and then sleep easy. You can not go wrong with a 38 Acre Project from Prestige at this location.
About nearby industries….Sai laxmi industries (near Chaithanya Samarpan) was sold to Marq as running that industry was not a good business compared to making money from selling the land. Economics will take care of industries near PT. Just a matter of time.
Good Luck!!
Buying an under construction property from investors is pain in the ass. Read this why:
http://www.moneycontrol.com/master_your_money/stocks_news_consumption.php?cat=realestate&autono=1855301
Buying directly from the builder is far far better.
Vinay – Do you know any best interior guy in that area?
Bengaluru, Mysuru fail to make it to Smart City list
http://www.deccanherald.com/content/492838/bengaluru-mysuru-fail-make-smart.html
Will Bangalore Real Estate be affected because of this? Or will we continue to be a DUMB city?
I would like to sell my 3 BHK flat on 18th floor
http://harshasagar.com/real-estate-classifieds/property/3-bhk-in-prestige-tranquility/
Vivek – Prices are going to drop by 50 % or less..Let me know if you are ok with that..I am asking as per the market rate..You can also google and find out the real estate stagnation..there are hardly NO BUYERS..i wanted to buy to save tax..that is why i am ready for negotiable if the price is less than 50 %.
As someone who has followed PT since its pre-launch, I would strongly suggest to wait a bit and am analyzing their behavior on mailing lists, the investors are getting desperate. Prestige has delayed possession by 6 months!!! Can you imagine that Grade A builder saying they will not complete on time. That is situation and all are desperate. So, they want to exit before possession, since they will have to pay possession amount, and after possession prices will stop appreciating (ha ha, as if they have appreciated!!).
Possession may be done in few months, so all these investors who want to minimize their losses before paying possession amount, will desperately want to sell. Prices should fall more. There is one person on PT mailing list, on ground floor flat who is willing to sell for 4000. Of course, that is very high given current situation of Bangalore realty estate. If you time it properly and wait – I am sure you will find some buyers who are in desperate financial conditions and will be willing to sell for 3500 or even 32/3300. I assume that is the range you meant when you said 50%. Unless of course, you actually meant 50% of that 4500 price = 2250 which Vivek is quoting. That is difficult. That is ONLY possible if Vivek has some desperate financial or medical emergency (just giving an example, not meaning any harm to Vivek)
Patience is Key in buying a home.
Why 50% ….Wait for some more time and maybe you’ll get couple of flats free of cost . Won’t that be a better deal?
Patience us the key, so please wait for about 20 years or so?
@FMK
How about 2lacs per sft for your flat, when you evaluate?
PT is much valuable than Taj Mahal, Prestige is planning to make it as historical monument for being too far from city and next to dumping yard !
Its easy to make fun of someone, good luck with your investment !
@FMK – I apologize if I had hurt your sentiments…The problem with the RE market now is it has appreciated beyond common mans reach. Whatever black-money is available is already invested in the RE in india. It is the holding power of the Developers that the price is not coming down..Since sales are not happening developers are stuck with money now..They do not have enough cash flow for construction..Most of the banks and PEs are already out of the real estate market..and we have enough inventory for atleast 7 yrs for absorption. The rental yields are less than 2 % today..considering all these things the prices of the property is going to crash like anything ..that is why i asked for 50 % less..i am not criticizing you..even i have a property in chennai and want to sell that and buy in bangalore..I am OK to sell my flat for 35 lacks ( 3BHK) but no takers..
@buyer
Your analysis is right. There are simply no takers. As I have been saying for long, sustainable Real Estate prices depend on the affordability of the masses and not on SPECULATION of the investors. Given the fact that housing is a basic need, Home-buyers can stretch only as much, and investors and builders must try to play within that window. Currently, it’s been stretched beyond repair.
>>>>>>>The problem with the RE market now is it has appreciated beyond common mans reach.
Very true. This Unaffordability has, in fact, created a PARADOX which investors face today.
We all know that given the sheer size of our population, there is a humongous demand for housing. But at the same time, we see that there is a glut of unsold inventory, which investors are trying hard to sell. Don’t you think, that’s a PARADOX? If people need housing and there is a abundant supply, what stops them from buying their dream houses and stay happily there after?
Let’s see this paradox in more detail:
Well aware of the housing demand in this country, Investors basically want to cash in on this factor. They end up committing huge amounts on property, thinking someday they will be able to sell it at even higher prices. But then they must find a home buyer who can afford to buy at their quoted prices. Investors won’t be able to sell to another investor, as new investors will always go for pre-launch offers, comfortably paying up for his investment over a period of time. We need to understand: New investor is not in a hurry, and most likely already holds a house to live. Why would he buy at these exorbitant rates? He would rather go for pre-launch “offers” and get maximum appreciation for his investment. Moreover, there is no shortage of supply of new apartments. We see so many pre-launches coming up every month to entice new investors, whereas under-construction projects don’t nearly catch up with their completion schedules.
In current scenario, Investors must exit at whatever prices they are getting now. Holding on to the property for a long time won’t help either: it will not appreciate and in turn, increase the opportunity cost .
Housing has gone beyond the reach of common man, particularly for those without a house. No wonder, we see a glut of unsold inventory in the Bangalore RE market. It’s going to continue like this for a long time until prices come down or general salary levels go up to make housing affordable to the masses.
Until then, this PARADOX will continue to haunt the investors.
Looks like real estate affordability is a concern even in Vancouver and is a serious political issue.
http://www.bloomberg.com/news/articles/2015-10-06/in-north-america-s-costliest-city-rich-chinese-face-backlash
Real estate bubble is an INDIAN and CHINESE export to the new world.
Hi,
But the prelaunch prices will be always lesser by the time the projects get ready and will give sufficient window for the investors to play with as the prices by then will be huge in comparison.Which is sufficient enough to lure the end user.
Almost 100 apartments are on sale @ PT in commonfloor alone.
any takers??
Also around that area, Pruksa row house is qouting for 80l for 3BHK.
When I enquired with the builder 1.5 years back, he quoted 1cr.. go figure out where we are heading
Mr LMK is a prestige agent. If you see all his comments on this forum, he has always supported prestige. He is also supporting prestige for delayed possession. Just read his post throughout this blog. It is easy to understand who he is.
While I’d love to be associated with prestige as I have invested my hard earned money to buy a dream house at PT, unfortunately I’m not.
Be my guest once my flat is ready for possession ?
@Vinay .. what makes you talk so much crap about this project? Are you still searching for a killer deal?
Secondary market has already started showing the weaknesses. Disgruntled investors will be the first to jump the guns and sell for lower than “market” rates. And it makes sense. As more and more investors try to sell, they need to compete with each other to dispose off their units. Only steep discounts can attract potential buyers.
Understandably, it’s in the best interest on investors to exit early, even if it means selling at lower prices. As the competition among investors increases, they won’t be able to quote the prices they are quoting now.
Days are not far when investors will fall over each other to sell their units. But I don’t expect prices to fall by as much as 50% though.
Primary market is anyway FLEECE market. Builder will find innocent and IGNORANT buyers any day. Investors can hardly play marketing GIMMICKS like the builders do; running full page ads. in TOI, maintaining an army of salesmen and customer care executives, with tons of “channel partners” to augment them.
Very well articulated Manjushree. I follow your post and find them quite mature and rich in content.
@Manjushree,
I have nothing valuable to add to this forum so never wrote here till now. Just wanted to say keep up the good work. I used to think in similar vein as you do today for quite a few years when I was an incorrigible idealist. Now after having spent quite a few more years in this country, I have come to believe that this country is run by a few oligarchies. Each running a bunch of industries. There certainly is no free market. Across the world there are only levels of free market, there is nothing pure in any case. The best example of free market has a social media company more valuable than a engineering giant. so much for free market then. In any case, you want to make money you ride the tide created by these oligarchies. Of course you may get burnt as you are not privy to all their interests and there are occasional disruptions in power structure of these oligarchies too.
I wish as I know the prices would be where they are supposed to be, but then is the world such a fair place. Can everyone of us match you in your skill of writing and logical analysis.
You should consider writing a book on RE. I would read it for the humor if not the content.
Have fun.
Another Fan boy
” a social media company more valuable than a engineering giant.”
True. Very true.
@FMK and @arab
I am glad that you found my posts useful. Thank You !!
Today, most of the articles and “research reports” that we come across in news-papers and on the internet are hopelessly one sided, mostly paid for to waylaid gullible investors and home-buyers. Marketing agents and “channel partners” also try to reinforce this same picture.
This is my small and humble effort to balance that picture out and make people aware of the ongoing in the Bangalore Real Estate Market. All thanks to http://harshasagar.com for providing this platform.
Best we can do at our capacity is to make people aware of this website, so that they, too, can benefit from it.
Manju.
Property demand in Delhi-NCR slumped by 35%
http://timesofindia.indiatimes.com/business/india-business/Property-demand-in-Delhi-NCR-slumped-by-35-Assocham/articleshow/48097245.cms
According to the article:
“Prices of 3-bedroom, 2 BHK and single room flats have seen correction by 30 per cent in Noida, 25 per cent in Gurgaon and 15 per cent in some key areas of Delhi but still, the demand stays subdued”
@Vinay
While demand and sales are down, I don’t expect prices to come down soon in Bangalore RE market. Builders are still holding on to their inflated prices and are playing all sorts of marketing gimmicks (today’s TOI is full of 20-80, 10-10-80 offers**)
However, cracks are appearing in the secondary market, which these reports won’t cover. When was it that investors sold their units in 20-80 offer? Why don’t banks extend such facility to investors as they do for builders?
Read my related post on this topic here:
http://harshasagar.com/2011/06/09/prestige-tranquility/comment-page-5/#comment-31095
Reeling under grim despair, few sensible investors are finally relenting.
Price has already started coming down ……
Few examples
1. puravankara: They are offering upto 720 psqft off (from 17th to 19th July )
check http://www.puravankara.com/
2. Goel corp: Also offering discounted price go and check with builder or channel partners
Above are two offers, I came to know today. Many more price cut on the name of offer/discount will come in future… as builders/investors are not able to sale on current virtual market price and people in need of end use are not able to buy.
Some of the interesting discussions on the PT owners google group from BholaLeaks.com
——————— Discussion in PT google group starts here ———–
Here is the response from Prestige on the delay compensation.
The delay in completing the project was caused due to unforeseen events that interrupted work at various stages, such as sand lorry strikes, shortage of sand due to the Government’s ban on sand mining across India which is still continuing restricting us to complete the project, truckers strike affecting supply of cement and steel, etc. and various other challenges.
All the same, we cannot compromise on the quality of the project by speeding up construction which will end up in dissatisfaction on both ends. Therefore, as per provisions of the Agreement, we propose to consider a period of six months, beyond the grace period, as delay caused due to unforeseen reasons which were not in control of the builder.
Since the inception of the project, there has also been a phenomenal hike in the prices of inputs such as steel, cement, sand, and labour and this is beyond normal cost escalation parameters. The rate of sand which was about Rs.6000/- to Rs.9000/- per truckload when the project was launched in 2012 has gone beyond Rs.65,000/- per truckload in 2014-15. As per the RBI Wholesale Price Index, prices of steel, cement and tiles have gone up by over 25%. Labour cost has also increased substantially. In spite of this, Prestige has absorbed the entire cost escalation and neither allowed this to impact completion of the project nor passed it on to customers.
In view of both these reasons, interest on delay is not being considered.
We look forward to your support and understanding on this.
———————
Further responses from Prestige today:
1. Why is it that Prestige is only bringing up the news about sand strikes and other issues now post the grace period has expired?
This issue was gradual and we were banking on availing the sand from various sources and completing the project earlier than the time taken. But, since there were lot of interconnected dependencies the time got extended.
2.Why didn’t Prestige keep its customers updated with these price rises and developments that affected completion of the project in time as they occurred?
As we are not billing the escalated prices to our customers and absorbing the same, it did not deem fit to share it with our customers.
3. Why did the Project Newsletters and very recent responses from CRMs convey that the Project is on schedule and that 1,2,6 and 7 are being handed over between Apr – June when from your response it is clear that the delay was inevitable and an additional grace period was already budgeted for?
We have already started the handovers for priority units for tower 1,2,6 & 7 for the customers who had opted for the same. We are trying our level best to facilitate customers to the best of our efforts despite the challenges and we will continue to do the same.
4. When is the next Project newsletter coming out? The last was sent in Jan 2015 saying things are as per schedule.
We are going to share a letter mentioning all the issues as well as the readiness dates with our customers by next week.
5. What is the guarantee that Prestige will complete the project in the next 6 months and get OC for all the towers?
Delay in project is a big loss to the company as well as we have to keep paying the contractors for a longer duration. We also cannot collect the due amount from the customer due on possession even though we have paid the same amount to the concerned authorities for various approvals. Even the price escalation keeps taking place during the delay period which the company has to bear.
So, be assured that we will complete the project within the earliest possible time with the best of our efforts adding to our customers delight. We request for your continued support on this so we could together create a beautiful project which will be a signature project in that area.
—————-
Their response to the first point is ridiculous! How is it possible that the towers which was opened for pre-launch and got sold out, struggled for sand while the signature tower which opened up very late and struggling for customers had all the sand to complete in short span? If they really cared for customers (who has taken loan), they could have made the place liveable first and started with the signature tower.
Other thing, even the customers have absorbed huge losses in the form of interests paid to the banks, for something which is not liveable yet, and also paying huge rent in parallel. And due to this delay from Prestige there is no tax benefits too on those interests!
It’s not only customers who should abide to the agreement, even builders should – in this case compensate for the delay!
BTW Abhishek, who is responding to you? Can you share the email id? Looks like my CRM has been instructed to avoid interaction with customers on such matters.
————-
There is actually no sense in this. Why most projects are getting delayed if builders don’t want to delay. It is simply because they collect all money from customers and then divert the funds to new projects and let the older projects slow down. It is same classic case here. Otherwise how could they build signature tower so fast but other buildings are still struggling to complete ?
——————— Discussion in PT google group Ends here ———–
Now, one guy by name LMK (claiming to be an owner of a flat in PT) in harshasagar will jump in support of Prestige giving all sorts of arguments in support of Prestige. Just watch out.
Good job Bhola. I own a flat in PT and I was suspecting there is a rat in the owners group. I was in fact suspecting the same name with one initial difference. But really u done a good job in bringing the builder crooked mind to light.
This is nothing new, the same thing happened with prestige shanthiniketan too, no compensation was given for all the delay after having taken all the amount in a time bound manner. I expect the same with PLH too whihc is going slow on sales. After a decade all is forgotten of the past. People recover the money with new faces coming to the city in search of property as freshers not knowing the past. This will continue. Prestige still does not link payments to Construction and collects on a time bound manner for all their projects. You are lucky if the project scale is small where in it gets completed. If the project is big then it will be risky.
To avoid compensation all builders resort to the sand strike and lorry strike as an excuse.
san
1153 Sqft. -2 BHK, -2 Toilets, 2 balconies. on higher floor (18th level) for sale.
Base price:4400 INR per sqft . All inclusive cost will be around 59 Lac. Almost ready for possession. Handover can be taken immediately for interiors.
Will be interested with BASIC@3900 INR per sqft
Regards,
Gaurav
Thanks for the offer. But No. You may try Shriram Greenfield in that range. Prestige opened new tower -3 BHKs at 4650 base rate. I am selling at a discount. Rate not negotiable.
Why are you desperate to sell at lower than market price ? Anything wrong with the project ?
There is nothing wrong with the project except a few discussed widely in this forum.
I am willing to sell my 2-BHK, 1087 sq. feet at Rs 4,000/- psft (Non-negotiable). If interested, drop me a mail at .
Realty prices set to come down as per this report:
‘Financing realtors to cut housing cost’
MUMBAI: HDFC chairman Deepak Parekh has called for an end to the ban on loans for acquiring property for development. According to Parekh, easing finance to developers would help bring down cost of houses.
“In 2006, the regulators prohibited banks and HFCs (housing finance companies) from funding land transactions. Such actions may be justifiable when there are fears of asset price bubbles. Over two years ago, the regulators reduced risk weights on exposures to commercial real estate-residential housing. This signalled that there were no fears of any speculative bubble. Then, logically, the regulators now need to relax this near decade-old restriction. The regulators should, within limits, permit banks and HFCs to fund land transactions — or at least land transactions that are acquired specifically for residential purposes,” said Parekh in his address to shareholders in the institution’s annual report.
“This is a simple, doable solution. It will bring residential prices down, increase the stock of affordable housing and fulfill the aspirations of more Indians becoming homeowners. So the key question remains — will the regulators oblige?” Parekh asked.
Commenting on the government scheme to have housing for all by 2022, Parekh said that HDFC understood that housing is a unique asset and would work tirelessly towards this goal. Given that 600 million Indians are expected to be living in urban India by 2030, Parekh said that one of the key issues in housing is affordability in cities.
He added that one of the main reasons for the high cost of houses was that builders had to borrow at 18-24% through non-bank channels to fund land purchase.
http://timesofindia.indiatimes.com/business/india-business/Financing-realtors-to-cut-housing-cost/articleshow/47823512.cms
Vinay – How much is registration cost in that area …?
Price of PT has started coming down. Even agents are listing it for Rs 3,700/- per sqft. See the following link:
http://www.magicbricks.com/propertyDetails/2-BHK-1162-Sq-ft-Multistorey-Apartment-FOR-Sale-Old-Madras-Road-in-Bangalore&pkg=10075&id=ccUFdwHVEnVzpSvf+uAgZw==
Disclaimer: The above post at magic bricks is around 1 month old. It was posted on 19-May-2015.
Dear Vinay. .you may want to scroll down the magic bricks ad to read the full note. Total price for 1162 sqft flat is 55 lacks + registration.. which is 4,733/-
Sorry to disappoint you… 🙂
Are you still in search of a killer deal but unable to find one ? Continue with your petty activities of foolong owners and investors with your gimmicks and who knows when someone gets trapped and sell it to you at a huge discount.
4700 all inclusive( except registration) is almost equal to 3700 base price .
Wait, Mr LMK, who has a CA degree will prove your calculation is wrong and is inspired by competitors. He will show his own calculations showing the price as Rs 5,700/-.
The base price is mentioned as 3770 at the top of the ad itself. Hope you have seen that as well.
And yes, I am still looking for a killer deal. I am willing to pay a max of Rs 2000 psft so that I can keep my buffaloes. I hope my buffaloes won’t complain living near a stinking and poisonous factory.
Looks like there are 215 units up for sale already @ commonfloor.com. Check this link:
https://www.commonfloor.com/apartments-for-sale?search_intent=sale&city=Bangalore&property_location_filter%5B%5D=apartment_1rjjij&prop_name%5B%5D=Prestige%20Tranquility&use_pp=0&set_pp=0
Rates are in the range of 3,700/ to 4,300/-, currently.
But wait for a while before you conclude. Currently, investors are quoting rates close to PRIMARY / Builder’s market rates. The construction is not over and investors are yet to hit the reality.
When even after waiting for 2 years, investors won’t find buyers at these prices, real SECONDARY / RE-SALE Market prices will show up then.
It takes some time for the secondary market to adjust to the realities. And the gap between the re-sale market and the builder’s rate is a good indicator of how big the crack is in the real-estate bubble.
Vinay / Manjushree : I think you guys should now target some other project as you have tried enough to bring down its price but nothing worked so far. Resale or direct sale is going on as usual.
There are many upcoming projects and first time buyers who will probably believe you that price will come down.
Its been more than 1+ year you are putting effort but not a single rupee is reduced.
@Swati, seriously? do you actually think that real estate market in India is so weak and can be controlled by few comments in a public forum? Get a life.
They were just trying to be helpful to prospective buyers !
If you see their posts and content quality, there is lot of difference between them and RE sales guys speaking bull crap. You can ask any rational questions to these guys, at least these guys much knowledgeable than RE sales guys, who show only one side of story !
@Swati
>>>> you have tried enough to bring down its price but nothing worked so far.
>>>>>>>Resale or direct sale is going on as usual.
I am no one to bring down the prices. Nor am I trying to do so. We are just trying to show the reality to the investors; A reality that neither the marketing agents nor those PAID “research” reports dare to acknowledge.
Prices have stagnated in primary market and have came down in the secondary (re-sale) market in the last one year. If you follow my posts, we have been pointing the same across projects. Additionally, I make sure to post relevant web links to make it credible enough for the investors to verify for themselves.
Re-Sale market is a FREE market. Demand (and NOT Manjushree) dictates the prices. Clearly, SPECULATION can hold only as far in such scenario. Investors must start looking at the secondary market condition seriously and stop getting buoyed by builder’s inflated prices. No research report talks about secondary market; for them it simply doesn’t exist.
If sales in re-sale market were to go as USUAL, there would not have been a glut of unsold inventory in the Bangalore Real Estate market. And did I tell you; most of these unsold units remain stranded in the re-sale market while investors are busy lapping up per-launch OFFERS.
Guys economy is going southwards. All the castles in the air is bursting. Sensex is now 8 months low. Latest report from times of India.
http://timesofindia.indiatimes.com/business/india-business/Sensex-falls-to-nearly-8-months-low-down-245-pts/articleshow/47585865.cms
Happy investing…
Services sector shrinks for 1st time in 13 months: HSBC survey
http://timesofindia.indiatimes.com/business/india-business/Services-sector-shrinks-for-1st-time-in-13-months-HSBC-survey/articleshow/47535659.cms
Realty stock unitech fell by more than 35% today.
I have also brought a flat at prestige tranquility and had been to PT yesterday where they were dismantling the model flat ,To my surprise there was NO smell at all even being for 20 min there… Work going it good pace.hope they give possession as early as possible…
The smell does not come 24×7. So its not a surprise. You stayed there only for 20 minutes.
Vinay – Do you know any best interior guy in that area?
I am selling my 2 Bhk apartment(1162) For Rs 4300 psft including floor rise. if interested u can reach me on my email id or ph no:- 9880037655..
Read this article and add your apartment to the list of unsold inventory:
http://articles.economictimes.indiatimes.com/2015-03-20/news/60322930_1_bengaluru-s-unsold-inventory-brigade-enterprises
In the process, Prestige handover key to one buyer from tower two in PT.
By the first owner who got possession, entire experience of Handover was good as everyone was very friendly and supporting.
Any way good news and will appreciate professionalism of Prestige.
For the benefit of new investors and new buyers of PT, I have composed a list of factories which PT is surrounded with. This will help people to take a informed decision:
Chicken Feed Factory (CFF) – sharing the boundary with PT
Apoorva Agro Foods Factory – sharing the boundary with PT
Grindwell Norton Factory – opposite to PT
GlaxoSmithKline Pharmaceuticals Factory – 0.5 KM from PT
EID Parry India Factory – 0.5 KM from PT
Halosource technologies factory – 1 KM from PT
Cheemasandra BBMP Landfill – 0.5 KM from PT
Then which one we should buy bhola???
If you and your family have medical insurance then you should definitely buy in PT. Also buy some face masks in bulk. That will be needed while staying in PT.
Beta,
I want to know why You missed Saint-Gobain SEVA Engineering India (0.5 km from PT) ,
Siemens Limited(1 km from PT), Lincoln Helios India Limited(0.8 km from PT) etc.
And give clear answer of MR.sb”s Question , i will repeat his question “Then which one we should buy bhola??? ”
your answer is not related to Question. this time no mistake beta…
Bhalooo..What is registration cost in that area?
In real estate terms, all these factories are with in 1 min drive :p
No. In real estate terms all these are offices at walkable distance.
Bholaji means that the area is well inhabited and there is also job opportunity.
Staying in PT will also create lot of job opportunities for doctors and nurses as well.
If you are really concerned for the common people, why dont you fight for the poor laborers working in these factories? Why worry about someone who has lot of money but no brain (as per you) who is buying in PT for end-use? Is it because, you need to move your a** to fight for the people in need??
Also you conveniently avoided when someone pointed out that you have posted a news article which is 2 years old. Also no response from you on the best project to invest in bangalore. With so many flaws on your intention, what are you trying for??
I have the same question for you. Why are you worried for someone else and wrote this post?
Nice way of dodging the questions. I am not worried about anyone. I am trying to understand why you are worried and voicing your concerns on some superficial stuff (home buyers of PT) without fighting for the actual problem that lies somewhere else (factories and the pollution it causes and the laborers who are worst affected).
They may have their own interest. Why are you worried. It is better to avoid some people.
Tell me why do you need to understand why I am worried or not. I am expressing my opinion and I don’t think I need to take your permission for expressing my opinion. And why do I need to fight on behalf of the gullible owners of PT.
Hi,
I am looking to buy 2 BHK(1139sft).
If anyone is willing to sell can reach me on or 9986821212
Thanks,
Kundan
Gosh. vinay will personally hunt and kill u for investing in such a project. This is such a crime…
Irrespective of all the negatives PT has, I think few people should buy in PT as well otherwise who will bailout the investors who are stuck for a long time looking for buyers.
The plight of the investors are because of themselves only. Greed of making easy money made them blind.
I need not kill anybody. Gases from the factories around PT are sufficient for that. It may take a few years before you go for the final rest.
Hi,
I am looking to buy 2 BHK (1139 sft). Please let me know if anyone wants to sale.
Thanks,
Kundan
No reply for so many days. Looks like no one want to sell their flats to you because they know you are a fake buyer.
Some discussions from the PT owners group:
I think the reason Prestige is eager to give early possession is that they can not do anything about CFF and with CFF around they may not be able to sell signature tower. They are now counting on us to fight with CFF management so that Prestige can sell their signature tower.
Another one:
I also went on Sunday. Smell was unbearable. Does not see much progress in the project from last 6 months except the front gate. At this rate it will take another cool 1 to 1.5 years to make this place liveable. If CFF does not move by then, this place may not be habitable at all. We should work out a plan for resolution, otherwise ultimately all of us will be looser only.
Yes, last time I spoke they told they would start handing over 15 may which now they have again postponed.
It’s high time we act, instead of bashing here on internet forum ( applies to me as well). You see there are lot of heated debates which didn’t go anywhere. I don’t mean legal right now but atleast meet in group with and demand a visit. We approaching individually – easy for them to shove us off.
There are already many other suggestions which are good. However we do need to take beyond this internet forum.
Anyone with similar thought’s?
Reply from Prestige:
If Prestige as a reputed builder is doing something to remove Chicken Feed Factory? – We would like to inform you that chicken feed factory is not under our premises hence we do not have any control over the same. However, we shall update you, if we receive any clarity on the same.
Bhola, Yes i have a same thought.
we should form some groups to put pressure on builder to work completed as much as possible.
Do we have any forum group like (Commong floor/Google group) for PT owners?
Kumar
Apart from builders, Govt. is equally responsible for such sorry state of Bangalore Real Estate.
Why do they approve such massive projects by Reputed builders which are:
1) Either on or beside the grave yards.
2) Beside factories that fume obnoxious and unhealthy gases all day and that can’t be moved either.
3) On or beside garbage dumping grounds with contaminated ground water.
4) On lake beds.
5) On lands with litigation or are encroached illegally.
6) On forest lands
7) On land that are allotted for industrial use.
WHY ? WHY? WHY?
Govt. authorities turned a blind eye on rampant violations when Bangalore Real Estate was in upswing. Corrupt officials made their share of profits.
Now, every passing day INVESTORS are sinking into a condition of mental stupor. Who is the real culprit for all these?
Residential Sales in Bangalore Drop by 16%
The residential real estate sector in India continues to witness a lull despite discounts and schemes on offer by developers.
Sales in Mumbai Metropolitan Region (MMR) grew a mere 1% to 10.45 million square feet in January-March quarter from 10.3 msf in the preceding quarter, while they declined in Hyderabad and Pune, according to Liases Foras Real Estate Rating & Research.
Pankaj Kapoor, managing director, Liases Foras, said, “Residential sales in Bangalore and Pune decline by 16% and 7%, respectively, while Hyderabad presented a gloomy picture with sales plunging 46% sequentially.”
Housing prices rose across cities, with the highest increase seen in Bangalore at 6% to Rs 5,004 in Q4 over the preceding quarter.
The Mumbai market saw price gain of 3%.
Pune and Bangalore markets suffered mainly due to escalation in prices.
The sluggish IT industry in these markets indicated the private equity investments, cash-out deals and high land valuations were the main reasons for price rise.
On the whole, the price of new supply was lower than that of existing supply.
While the Mumbai market saw maximum number of launches, NCR, Pune, Hyderabad and Bangalore showed significant shrinkage in their numbers.
“Maximum new supply in MMR is in the cost range of Rs 1-2 crore and it is affordable housing that led the pack in NCR. Other markets saw a mix of budget and affordable housing in terms of new supply,” Kapoor said.
“With unabated price rises and limited launches this quarter, it remains to be seen whether the cash strapped developers are successful in selling out their existing unsold stock with the prevalent schemes and waivers. The lowering of interest rates would also prove to be a boon in the long run,” said Kapoor.
While inventories declined in Chennai and NCR markets, Hyderabad painted a dismal picture with inventories at 49 months compared with 23 in the preceding quarter.
Happy investing…
@Vinay : This news is two years old
https://www.bangalorenest.com/Realestate-News/Sales-Drop/
(Notice dates on which this article is published)
Latest report mention Bangalore is top investment destination in Real Estate in India
http://www.rediff.com/business/report/pix-special-indias-top-10-realty-hotspots/20150511.htm
http://content.magicbricks.com/industry-news/bangalore-real-estate-news/bengaluru-favourite-among-investors/81375.html
2 years back situation was much better than its today. Even if the report is 2 years old, today its much worse than that. Wise men know how to interpret that.
@Vinay :
When you posted copy pasted article from this link then why you have deleted into your post this statement :-
‘Only National Capital Region (NCR) and Chennai markets saw 24% and 36% rise in sales, respectively. ‘
Link :-
https://www.bangalorenest.com/Realestate-News/Sales-Drop/
Have you removed intentionally or was there issue in your copy paste functionality as well to copy only negative out of anything.
However if we assume 2 year old data is enough for any analysis of present scenario then in that case we should believe price will increase further since from last two years prices are going north only in Bangalore.
Latest News as below suggest sales has increased this year in bangalore exception to rest of India.
http://www.moneycontrol.com/news/real-estate/should-you-buy-homenext-six-monthsbangalore_1372118.html#anchore_top_strip
So what wise man can interpret from above link kndly suggest
@End_User
>>>>>>>>Latest News as below suggest sales has increased this year in bangalore exception to rest of India.
Read my latest post on:
Why INVESTORs and, home buyers alike, should take such reports with a pinch of salt?
Why such reports present only partial picture of the Real Estate market? and
Why such partial and SELECTIVE data is irrelevant for Investors?
Find my writeup here:
http://harshasagar.com/2012/10/25/bhartiya-city-location-price-review-public-opinion-more/comment-page-5/#comment-36172
Bonus Reading: Idly and Bangalore Real Estate. Find here:
http://harshasagar.com/2012/10/25/bhartiya-city-location-price-review-public-opinion-more/comment-page-5/#comment-36180
(served with SAMBAR of usual grumblings from few GRUMPY investors!!!)
Hello PT Flat owners,
Big news about KIADB (Joy Ice Cream) land recoverd from Prestige, Whitefield.
http://www.bangaloremirror.com/Bangalore/Others/Rs-1000-cr-land-taken-back-from-builder-by-govt/articleshow/47422044.cms
PT is surronded with KIADB Comapnies. We need to check this with Prestige group team.
It could be a big worry for the PT owners and investors as PT is surrounded with industries and you never know even PT land may be on some kind of industrial land. Moreover, backside of PT has dried up lakes. Not to sound negative, but you never know, even PT may be encroaching some part of the dried lake. You will not come to know about these issue immediately. Only after some 20 or 30 years, govt agencies will wake up and then serve notices. It has become very difficult in bangalore for investors. Think about Prestige Meadows, some 4-5 villas and 100 flats are getting affected with the recent govt order. Good luck to PT owners and investors.
As per recent news on NDTV profit, Pune & Bangalore on top. Any way the issue here is how to work as ateam to get things done faster. I will support
Pune and Bangalore are better compared to other cities in India but compared to last 1 & 2 years, sales even in Pune and Bangalore have come down drastically and there is very less chance of improvement at least in the next couple of years.
The below article proves that the CFF (Chicken feed factory) is going to be there for decades to come.
http://www.thehansindia.com/posts/index/2015-03-22/CP-Foods-bets-on-TS-AP-139018
Happy living in PT with deadly poisonous gas and perfumes of the aroma trees that the prestige is planting near the factory.
But prestige sales team is saying that the factory will move out in the next 3 months. They are very consistently telling this for the last 4 year. This way I will rate them a very consistent builder.
Here is my point , some time when we r going for allegation then will go ahead with some false or accelerated points.
Initially phase of project sales person told me that prestige is trying hard to buy CFF but there is no confirmation from higher management . so believing on sale guy is buyer immaturity.
Not sure Vinay how this article proves that CFF factory will stay for decades unless this particular unit is the manufacturing base of Bangalore based “Five Star Chicken” outlets… which I don’t think is the case.
Looks like you are yet to strike a gold deal of getting an undervalued unit in PT as yet.. keep trying… luck favours the brave !
I really pity your ignorance. By the way, do you work for Prestige?
@vinay: are you working for PT competitors or lost huge amount in real state investment? as you sound always negative.
Yes I have lost huge amount in real estate and want to warn my fellow citizens to be cautious in real estate investments.
China home prices fall 6.1% year-on-year in April
HONG KONG: China’s new home prices fell for the eighth consecutive month in April from a year earlier but were flat from March, adding to hopes that a property downturn which is weighing heavily on the economy is beginning to bottom out.
But analysts warned any recovery in the market will take some time given a huge inventory of unsold homes, and said the property sector remains the biggest risk to the world’s second-largest economy, which looks set for its worst year in 25 years.
That will keep pressure on policymakers to roll out more interest rate cuts and other stimulus measures later this year to boost activity.
http://timesofindia.indiatimes.com/business/international-business/China-home-prices-fall-6-1-year-on-year-in-April/articleshow/47325971.cms
officially one person from prestige has admitted chicken factory not moving; this while the sales folks are sitting and bullshitting to wannabe customers for signature towers that it is moving in 6 months.
from the PT owners group
I got a call today from prestige that my unit in Tower-2 is ready for handover and the whole process would start from 1st June. She called me to give a heads up to arrange for remaining(bwssb/generater charges etc) payments. I asked about when is CFF moving out, she said Prestige have tried but now it’s upto PT residents to fight it out.
fun times galore 🙂
Hi,
we are looking to buy a 3BHK in PT directly from the owner. In past few weeks we have been in touch with many agents/owners and obviously all quoted price around 4300-4500. I have few concerns before I purchase, and need guidance-
>Whatever configuration / floor /facing apartment we demanded from broker, they were able to arrange an option for me. Saying that it is from investor’s quota. There is nothing like we ran out of choices. If all are from investor’s quota, they where are the real buyers.
>Would it be wise to buy at the current price as it seems everyone else is selling.
>Out of 2300 odd flats, I wonder how many are the end users, and how many would turn to move to PT within next 2 year.
>Is there a group/community where actual end users are discussing their plans.
>IMO CFF is definitely not moving, are there other industries in the vicinity which could harm the future of that area/project.
As it seems PT will be livable in next 2 years only, we also considering salarpuria eastcrest which is right on the highway and be ready in 4 years.
thank you,
Hi Sandhya,
I am an owner and if you could message me on my email id
Regards,
Ankur
Looks like you are an investor and in hurry to exit. You did not read her post properly. She knows all the negatives of PT and highlighting the same. She is not fool to buy in PT after knowing all the negatives.
After a long wait finally Prestige Group has announced the opening / booking of signature tower at a very attractive price 4500/- per st for the first few only. call me on 9845014561 for more details.
Harsha Request you to pass this post as this will be helpful for those buyers who have been waiting for a long time.
But who the fool will buy the flats with the stinking and polluting chicken feed factory just beside the building. Any person having the slightest of brain will not buy even at 2,000/- psft and that too, not for staying but to keep their buffaloes.
Sir.. Aap to jaan le ke hee maanege… I agree selling signature tower is tuffest job for marketing team of PT… that too after two area things have not gone well:
1. Chicken Feed Factory
2. Tresspass Notice on the 2.5+ Acre of front area…
Ibrahim, senior marketing manager of Prestige, am I right?
Dear all,
Thanks for your beautiful comments.
My message was for those who really feel that they has missed the earlier option.
As on today also we have sold the flats, the buyers stood there for 45 minites and then issued the cheques.
Been in the industry for more then two decades i have seen the up’s and down, good and bad, it is part of it. cannot change.
When Shantiniketan was launched every one said who will go to that retirement paradise to live, no water, infrastructure, so on,price was 1845 per sft and today a 2 bhk goes upto 1.05 ( which is 6800 per sft). No one talks about A B C.
The same here when PT was launched @ 2628 per sft everyone said it is jungle, …… …….etc, but they still did booking. Today it is selling @ 4000/- upwards.
In few days the chicken will become chicks and buy to occupy. ):):
Shortly Everyday morning we will have more then 1000 liters of Cow / Buffalo milk in the project. So your dream also come true):)))::
Ibrahim sab, your observation is correct about ups and downs and areas developing into chick areas.The day will come. But I can’t believe that even today people are queuing up to book PT. In one post you said 4500 and in another post you say that it is 4000, which one should people believe?
Dear Sir,
Really appreciate your response.
Sir seeing is believing, when you visit site you will see ( specially weekend) clients coming and asking the availability.
This is my personal opinion only – Most of the time i have seen people talking negative about the project without even (SOME FACT) into the account, like :
CFF : Prestige promised, they cheated, fraud, etc.
Price : Over price, said one but giving another.
Location ; worst, no infrastructure, Mandur dump yard
If you do the survey and study the statistic i am sure you will not be able to find one single project which beat PT
Currently builder has only signature tower to sell which is priced @ 4500/-
in resale the price is 4000/- upwards.
Once again my humble request i don’t intended any offence to anyone.
Need any assistance in real estate do call me, not necessary that i will share my gyan only when you buy from me.
After a long time, I am back to harsha sagar. I know lot of people love me here and so I did a come back for all my fans.
Here, I bring you one of the latest post in the PT owners google group posted by one of the owner.
Sunoj, I agree with Sanjay. Of course you have a point too. We took forever to book our flat and the main reason was the ‘horrible smell’ that we encountered when we went to see the model flats.
The sales representative told us a multiple of times that Prestige will buy the CFF land and plans to make a mall there. He also said it will be called ‘Forum Four’. We asked him to put this in writing and he said the management forbade him to put anything in writing as the talks with CFF owners had not been finalised. We did buy the story.
I told this to Nalini the other day. And she refused to believe that any sales rep could have said so. I was aghast. I guess he was trying to fulfil his targets and we should have been more thorough.
What is scary is that after escalating the price to 5500/- sqft, now Prestige is quoting 4500/- for Signature Tower. Does it mean that the CFF is not budging?
Then what made you to lower the launch price to 4500 after announcing 5500 a few months back. Is prestige becoming so generous to give chance to those who missed to book at 2628. Or is that you tried all possible options to move the factory and when the owner of the factory did not budge, you thought lets give a discount of 1000 rs psft and clear the inventory by promising the new buyers that factory will move out before handover of the flats.
I guess a few chicks I mean chickens would be interested. after all a feed factory that would be a great treat for their olfactory nerves would be very enticing to the chickens. Hope they can afford it.
I was interested to buy an apartment in signature tower but I saw chicken feed factory running next to it. My friend has an apartment in PT and as per him, it assured to him chicken feed factory will move from there but it is still running there. So I found suspicious to trust marketing guy and dropped the plan to book an apartment in signature tower. I like PT project so if chicken feed factory get removed in future then I will re-think to buy an apartment in signature tower but not now with chicken feed factory.
You are already a buyer in PT. Is this your pressurising technique. Good try buddy.
2.5BHK (1328sft) for Sale in Prestige Tranquility
Price: Rs 5000 /sft
1st floor, Tower 10
Sale directly from owner
contact:
Please limit your greed. Builder himself is selling at 4,500/-. Other resale are happening at 4000 to 4200. Is your flat stud with gold or something?
With the news that CFF is not moving out, even resales have stopped. No one want to live in their houses wearing masks.
Hello,
Am looking for a 3 BHK in PT around 4000 . If someone interested, do mail or call me / 9886481979.
We have an exclusive 3 bhk with study 1820 sft on 5th floor, 5th block flat no 4, price quoted is 4500/- including floor rize and transfer fee. only genuine buyers call on 9845025663
Prestige is selling their signature tower for just Rs 4,500/- with exclusive amenities for the signature tower. Who the hell will buy from you?
For all those who are interested in tranquility, I would like to bring in to your notice that a portion of the land of this project has been taken back by the government and a legal board has been placed there.
This land which I am talking about is around 2.3 acres and was supposed to be a nicely landscaped area with water fountain and a garden.(As per the brochure).
To me this is clearly an act of cheating. Luring the buyers by showing fancy stuffs in the brochure on a government land!!!
This was not part of the 38 acres of the land that is part of the agreement. It was just put on the brochure to represent the greenery in that land. Stop spreading canards please.
this 2.3 acers land is kharab land and it’s not a part of project as per the sale agreement also.
mentioned on brochure but such type of marketing strategies all builder is doing.
anybody notice at least prestige didn’t put under part of mater plan just see in this site only as they didn’t mark as a amenities else no builder wouldn’t loose a chance to increase no of park etc to show.
Urgently required 2bhk 1139sqft if you have any direct owners please send details
I am selling my 3BHK flat, 1636 sft in Prestige Tranquility. Tower 5, Level 17. Please mail me if interested ()
We have a few 2-BHKs and 3-BHKs apartments for sale in Prestige Tranquility. Details are as follows:
Price – Rs 3,999/- psft (Non-negotiable) + floor rise charges + car parking + other charges.
Possession: End of 2015 (tentatively)
Note: No brokerage or transfer charges.
This offer is till 31-Dec-2014
Please contact: Sreekumar at
by the time *development* reaches PT, Modi’s Smart Cities will already be on the horizon. Moral? PT might stay the way it is today.
when one buy and finally moves in , it would be atleast 6000-7000 psft expenses,including everything.Bribes,registration,taxes,car park,amenities,wood work,bescom ,interest rate expenses etc. but how much rental return one can expect after completion.How long overvaluation or a bubble can sustain.
Mistaking black money in real estate as genuine demand from home buyers, many developers overbuilt in the last few years. As a result, most real estate markets are sitting on massive inventories. According to data provided by Liases Foras, Delhi and its suburbs were sitting on inventory of 83 months at the end of September 2014. In Mumbai as well as Chennai, the inventory would take 50 months to clear. In Bengaluru, it would take 41 months; and in Hyderabad, 38 months.
Complete report at:
http://www.business-standard.com/article/opinion/bhupesh-bhandari-an-industry-built-on-black-money-114120401285_1.html
Please extend the offer for the next 5 year. I want to buy at Rs 3,999/- in 2020. I am not joking but serious.
Prestige Tranquility Date of completion
Towers 1 , 2, 6 & 7 April – Jun 2015
Towers 3, 4, 5 ,10, 11 & 12 June – Sep 2015
Towers 8, 9, 15 & 16 Sep – Dec 2015
Towers 13 &14 Nov – Dec 2015
Tower 17 June 16
These dates are given by the builder. Initially builder proposed to deliver by June-2016 including 6 months buffer and when the time is nearing, they are giving new dates. I am not a fool to believe builder times lines until it is delivered. When the new dates approaches, builder will give new dates. Don’t be fool or try to make others fool.
So any possessions taken by end owners as of now ?
Chicken feed factory (CFF) can be a big issue for buyers of Signature tower. PT sales teams trying to fool new customers by saying it will move out soon but later they are saying it’s not under their control.
It’s better to wait and buy later the apartment in Signature tower.
Find out “BRIEF REPORT ON INDUSTRIAL DEVELOPMENT PLAN OF GUDIBANDE TALUK, KOLAR DIST.” , —–> CFF may be moving to this area.
Good Luck Bhola, Vinay and Golu.
CFF lease has already been extended for the next 5 years and this has been revealed by the PT sales team itself. So enjoy staying in PT for the next 5 years.
I went to PT last week and enquired with sales guy about CFF factory movement, He says Prestige is unable to move them. He is asking us to give the complaint to Bangalore Polution control board for moving out CFF from this area.
I guess same like mandur villagers, we have to do the protest with Bangalore PCB to move out this CFF……Very sad.
got a mail from crm about the possession date for each tower. I am in tower 2 and the date set for possession is apr- June 2015. A big relief from the people who have been cribbing about PT that the possession is feb 2016.
http://www.newindianexpress.com/cities/bangalore/No-More-Waste-to-Mandur-Landfill-Site/2014/11/21/article2533759.ece
BENGALURU: Bruhat Bangalore Mahanagara Palike (BBMP) has decided to advance its deadline to stop sending garbage trucks to Mandur. The trucks will not go to Mandur from Friday itself.
After staging protests in July, the villagers finally agreed that they will allow trucks till November-end.
Chief Minister Siddaramaiah too assured them of the same. Now, the Palike seems to have advanced the deadline by over a week.
Sridhar, a resident of Mandur, told Express that they have been informed that BBMP shall not send waste from Friday.
“About 65 trucks came to dump waste at our backyard on Thursday night. Those were the last ones. We can finally heave a sigh of relief,” he said.
BBMP sources said since the past four to five months they had been constantly working towards stopping waste disposal at Mandur. “We are happy that we could achieve this 10 days before the deadline. People had lost faith in us. We wanted to prove that we are not anti-public,” said an official.
One of the best comment I came across in the PT google group recently:
“Did anyone notice, possession is after Feb 2016.
They might be giving false promises that CF Factory will be relocated by then.
Signature tower, being the closest to the CFF, has the extra amenity of the aroma, I mean more aroma than the other towers.
Just wanted to share – Not to sound Negative – With a hope that the CFF will move away –
I visited this afternoon – Sunday – the smell from CFF was just unbearable. Most of the construction workers were wearing face masks.
Bookings for Sig tower will have to happen only online or when the factory does not emit aroma.”
And this is another one from the PT google group:
“This might already be known, but today while speaking to PT CRM, I was told that CFF shifting is not something PT is actively tracking.”
Prestige is selling the 800+ left out flats in PT at the price of Rs 5,500/-. But they won’t reveal all the flats at a time. They are trying to sell from the top floor. So when you approach them they would tell you that only 10 flats are available for sell and that too on the 19th floor. Once they sell 19th floor, they will sell the flats on the 18th floor and so on. I wonder, from the last 2 years, they are still trying to sell the flats at the 19th floor.
In my opinion some 500+ flats are left out for sale.
Signature tower (all are available for sale)
In all 16 remaining tower, some 20 flats are available for sale in each tower.
So,
27 x 8 = 216 (signature tower)
16 * 20 = 320
————————-
Total = 536