Mantri Aura @ Hennur Road
Mantri Developers has announced the pre-launch of their new apartment project on Hennur Road. Mantri Aura is located about 8 Kms from MANYATHA TECH PARK and close to Outer Ring Road.
Mantri Aura Options
Update: 27th August. Based on a site visit report sent by Suresh
2BHK 990sqft & 1025sqft (Add 30 for balcony, as it is being redesigned)
3BHK 1265sqft & 1285sqft (Add 30 for balcony, as it is being redesigned)
Currently the size of the flats are undergoing change, as they are adding balcony.
Mantri Aura Location
Update 4th Aug: Exact Location is Next to Southern Asia Bible College, Bagalur Road, Kothanur
Mantri Aura Price
Here is the PDF with the pricing details.
Mantri Aura Pre Launch Pricing
As per the sales people at ‘Mantri Aura’ site, ‘No Pre EMI’ offer going on as part of the pre-launch offer.
Under this ‘No-Pre EMI’ offer, we need to pay the complete amount withing 21 days of booking the apartment
(Through bank loans available with ICICI/HDFC i think). Then Mantri guys will pay us interest at 10.5% to us for 24 months.
They said that construction linked payment option is not available at this point of time. – Suresh
Hi – I am looking for 1 more person to join us in booking apartment in Mantri WebCity (formerly Aura).
We are 2 families and there is a discount of 1.5% for 3 persons booking together.
Please contact me asap at 9900518403 – or 9886366194 – Chandra at if interested.
Regards,
Abhiroop
Hi, did you find the 3rd person for the booking?
Hi
Did you find the 3rd person? I might be signing up by the end of this month.
what is the current rate quoted by the builder ? I am interested in buying a 2/3 bhk , area of around 1300 sqft.
Rate quoted one week ago was. Rs.4740/- psf.
Anyone in this forum who has invested, interested to sell any flat?
Yes. I have a corner, north facing, 3 bhk in phase 1. You can please contact me on .
Hi
Please beware of IndiaHomes!!!! Please go through the below story of a owner of Mantri Aura!!!
Dear Friends,
We 3 friends booked Mantri Aura on February, 2013 and followed by 2 others through “Indiahomes”. That time the sales person “Srinivasa SN” (8095002221) promised us INR 40/sqft commission refund once Mantri pays them their share of around 3-4%. Once we got to know that Mantri already released the amount, we demanded our share and it was a complete change in commitments from their side. We never imagined a company like this will be so much unethical/Cheat/Fraud. Before that on getting a doubt I recorded a conversation with that cheater and send a MOM after call which he never responded and made our claim strong in our favor. But even than we were made liars when we met Mr Abrar Ahmed (AVP) in their office in Domlur after sending those proofs.
We have already escalated this dispute to their higher management including CEO (Mr Bagchi) but it seems it’s a common practice inside Indiahomes. Today we sent a mail to Board of Directors and have no hope that justice will be given without further fight. This is a community APPEAL to all “BEWARE OF INDIAHOMES”. Please pass this information to all of your near and dear ones so that they don’t go through this trauma. In any case we are not giving it us and fighting for our pride and will see an end to it very soon.
If any one of you had similar experience or expecting similar benefit from them please join us to make this movement stronger!!
If you need further details, mail trails etc please contact me (+91-9980470207).
Thanks and Regards,
Debabrata Debnath
Mantri Web City (D – 704)
+91-9980470207
http://faceofindiahomes.wordpress.com
I am also facing a similar situation but with a different channel partner. He is trying to cheat me saying the builder has not released the money to them even after 8 months.
I still believed him and made 3 of my friends book in a new project through him last month.
Not revealing their name now as I still have hope , will do it once their cheating is confirmed.
Mantri aura is launched a mantri webcity. All the major amenities are in webcity far from aura
Hi Guyz,
I am planning to visit Mantri Aura today and even planning to buy 2BHK flat over there. But after reading all the comments here, I am confused and need to have many information from them. If anyone wants to connect with me or already booked flat over there then please contact me at 9538360343 or mail me at . And if required we can meet also. Please do reply!!
Hi All,
All Mantri Aura Owner pls join this face book group. so that we can
communicate and track the progress. United we stand & divided we fall. I need your support.
http://www.facebook.com/groups/146590702175081/
Thanks.
What is the construction status and is there a google/yahoo groups created for all the owners for Mantri Aura ?
http://www.facebook.com/groups/146590702175081/
JOin this FB group 🙂
Guys, any more updates on launch status. Its almost feb mid now and still not a drop of word from Mantri. They say bookings 70% done. Lets start ping CRM people again
I just called CMR guys, and they say tentatively they may start mid of May. Guys I think we should give a push on this together.
BTW, why don’t you guys join Mantri Aura Adda, Abhijit has create it, please register with your flat number, Abhijit will approve your request
http://apartmentadda.com/adda/mantri-aura.php
or
https://www.apartmentadda.com/home/register_user_page.php?apt_id=4581
WE NEED TO CHECK IF ALL SANCTIONS HAVE BEEN OBTAINED. PLEASE GO THROUGH THIS NEWS ITEM FROM “THE HINDU” :
Platinum City residents protest against quit notice
Residents of Platinum City apartments here on HMT Road in Peenya held a protest on Friday against the recent notices issued to some of them by the Bangalore Development Authority (BDA) to vacate their homes as well as the inaction by India Builders Constructions, the builders, over the Occupancy Certificate (OC) and fire clearance.
Old issue
They also confronted BDA Commissioner Sham Bhat, who gave the builders a month to get the OC, overriding humanitarian considerations.
Residents’ association president Keshav Pai said: “On Monday, some of us got a quit notice from the BDA as there was no OC or fire clearance.
This is an issue we have been taking up since 2005 and have been writing to the BDA, the Bruhat Bangalore Mahanagara Palike and the Fire Department.”
Meanwhile, RTI activist Anil Kalgi, a resident here, filed a complaint against India Builders Constructions which built 2,400 flats as part of the residential complex.
Complaint
The complaint said the builder was granted 34 acres and 27 guntas for the construction and was supposed to provide lung space and parks for the residents but had encroached upon around eight CA (civic amenities) sites to construct parking lots. Based on the complaint, the BDA razed the parking lot but sold a CA site to the Karnataka Power Transmission Corporation (KPTCL) to set up a 66-kilowatt transformer for the complex.
BMTF action
The Bangalore Metropolitan Task Force has taken up a case against officials under criminal breach of trust and cheating and is investigating.
I went to Mantri Aura today.Sales representive told me about payment that is for first 2 years interest part by the mantri only.He discouraged for CLP.Also price psf will remain same in CLP , then there is no sense to go for clp.Ideally 300psf should be less in CLP.I heard only principal paid by us for 2 years actually benefitted Builder as psf cost he increased.
Has anybody took CLP scheme rather No EMI as introduced by builder
At end CLP always better than no EMI in terms of total amount invested and it keep pressure on Mantri to finish by Jan-15. 3 psf as penalty after jan-15 by mantri is very small amount and not sufficient to maintain the pressure
Discussed with Mantri regarding public road. They told this road will end to another big project.That project will use this public road to connect to Hennur Rd. Any one has any idea which project is it?
Apart from that they also told that on 4th and 5th phase they will construct mantri mall here.
Hi I m going to book in mantri aura very soon.if anybody is doing booking let me know to get discount.my email
hi harsha
Which one is better for investment mantri Aura or Vajram essenza.Kindly reply
Hi
Did you booked the apartment? I am planning to book in another ten days time.
Saravana
Please let me know when you go for booking.
I am also interested in that.
Do you have any idea of the complete price including taxes ?
Hi all,
I am looking for 3bhk flat near ORR i came across Many, but i feel i can select Mantri Aura or Unishire Terraza.price or location vise Terraza is good but Unishire brand is not heard much. Please give me some suggestions on this.
Thank you.
Hear price going up by 200/- from March 10th.
Hi,
I am also interested, please contact me
regards
Gururaj
Please approve my request to join the grp.
The google group still shows as “Pending”. Is it existing? guess its better to stick to Harshasagar.
HI
I am planning to book 2bhk flat for the investment.Little confused Which one is better option
1. Mantri Aura in Hennur
or
2. Samiksha by shriram properties in jalahalli
Which area is good for investment Jallahali or Hennur
Hennur is definitely a better buy.
am planning to flat in Mantri Aura fo investment purpose .I heard Thanisandra road is better option due to Coming Metro.Little confused.Pls guide
Hi guys,
I have created a community in apartmentadda site (www.apartmentadda.com) for our Mantri Aura. I hope you have already heard about this website, if not please go through the website. I can only say this is one of the most successful and India’s #1 Online Housing Society Accounting Software and Apartment Management Software. Please use any of the below links to join:
http://apartmentadda.com/adda/mantri-aura.php
or
https://www.apartmentadda.com/home/register_user_page.php?apt_id=4581
Regards
Abhijit
Hi, google group for aura doesnt seem to be working…is this working? how many have joined this group?
Hi, I visited the site yesterday and saw the so called digging started. Looks just to show to the curious people looking for construction started or not. Launch date feb-mid-end as they say and we need to closely monitor and keep the pressure by asking hundred of questions. At least will help in this stage. cheers
Hi Guys,
I had called up CRM guy last week about the launch date and also about construction start date.
He said that the construction will begin only by mid of March whereas the road activities going through the property has started. Any one who visited the site recently, throw some light on the same.
Kindly post your updates whenever you have something to share.
Yes. I do know someone on this forum who had the disbursement done. He did have some hiccups though before getting it disbursed
http://www.indianrealestateforum.com/group-buying-listings-discussion/t-group-buying-mantri-aura-45542-page5.html
Guys,
Did any one manage to get the loan disbursed from HDFC. Mine is still pending (close o 2 months now), just dropped a note to HDFC sales manager for clarification…
I got my loan sanctioned. It took 15 days to get it sanctioned. Disbursement is not yet done. Did you get your loan account number? Is it sanctioned?
Hi Srinivas,
Yes, the disbursement from HDFC for my loan happened last week.
I think that you can check with Manjunath (9902322144) about your status of loan by providing your loan a/c number.
Let me know if you need any more information.
Yes, the disbursement for min has happened now(HDFC). You may want to check if some other issue there. Project looks clean 🙂
Thank you guys for the confirmation. Yes got the loan sanctioned more than a month back and in constant touch with Manjunath. Looks like few hypothecation papers were pending to be signed by Mantri. He said will get it done in next few days.
I have sent a request to join the google group. Please check and approve the same.
What is the google group id for this ?
Have booked 3bhk. Had no problems with personnel, were friendly and cooperative. Have requested for launch date and as to where the entrance would be. Also have requested for clarification on sanctions.
I am planning to take this property of 3 bhl pls let me know should I go for the property and I have to make 20 percent down payment .rest I will be arranging through loan. I am mew into this pls help thanks
No EMI offer is ONLY for 24 months. if the construction exceeds 24 months we (buyer) has to pay the EMI from 25th month onwards. However builder (Mantri) will be paying a small amount Rs 3 /- per sqft per month until position post 24th month.
Looks like HDFC has not approved the loan for this property yet. Got my loan approved almost a month back. But the loan amount is not yet disbursed to the builder. When spoke to HDFC rep they say that they are still awaiting bank legal approval. Which means NO one getting loan from HDFC got their disbursement done.
Hi Friends,
Got a call from HDFC rep over weekend and he said that the HDFC legal dep has approved the loan disbursement for this project. Will have to sign the final paper and get it closed.
Meanwhile received the agreement papers from Manrti CRM. Have made a photo copy of it and will have to handover the originals to HDFC.
Good, CRM seems to act instantly for paperwork!!! But when is the launch?? They do not respond to emails requesting for launch date etc. Ms. Nayana Kariappa and Mr. Yohan Prasad of CRM should respond, hopefully, IF they check their emails!!!!!
Guys
Please let me know if anybody know if there’s an owner’s group for this property at yahoo groups or google groups ? if now we should create one.. Pls let me know
Hi Chandra,
I had a call with CRM, sales person and also India homes (through which I booked the property) regarding the launch date of this property. The news which I hear from them now is that one can expect the launch of this project by this month end but not giving any confirmation on mail though.
Appreciate if every owner of this property to ask about launch date and reason for the delay too.
Guys,
I am really disappointed now, checked with Mantri team today and came to know that they are going to start construction by Februray end and that too they are saying “tentatively”. I think we need to form a group ASAP and start building pressure on them or atleast ask questions together. Let me know your opinion on this.
Hi Guys,
Yes, I agree with you. Unless other project, you guys alreadt aware that we see more risk associated with this project. So Appreciate if everyone of owner’s to drop them a mail asking about the launch date.
I was foreseeing this to happen. I used to call up Mantri Aura CRM guy very frequently since my booking. He told me on december that he don’t see launch happening anytime before 2 months. It has become real now. We don’t want to hear any more surprises coming to us later.
Siva,
Can you drop an e-mail to my mail address mentioning your contact no so that we can get in touch on this quickly and try to form a group?
Hi, I had a talk today with Mantri Sales at site and they are saying excavation has started and launch mid-feb. Has anybody happen to visit the site and seen the progress?
Found brief summary of CCI order in yahoo mail group
VERY INTERESTING SHOULD BE USEFUL FOR ALL
The Competition Commission of India, in it’s supplementary order dated 03 Jan
2012 related to case No 19/2010 in the matter of Belaire Owners Association Vs
DLF Ltd & Othrs, has identified that the Apartment Buyer Agreement (ABA) for
apartments is often one sided andmany clauses in the ABA are dominant in favour
of builders. The have offered detailed modifications to the clauses in the ABA
to make the contract balanced, the list of modifications are in page 25 onward
in the attached order.
Significant points that are highlighted in the order that are also applicable
to most other group housing colony apartments are summarised below:
Besides detailed clauses, the modifications suggested in the clauses of the ABA
primarily highlight the following:
1. The ABA needs to be balanced and fair to both parties.
2. Draft of ABA must be proved at time of booking the apartment and ABA must be
signed after booking and before next payment can be taken.
3. Projects land area, approved layout plan details etc must be part of the
ABA.
4. Once an ABA is entered into, no changes can be made in the layout plan,
height / floors of buildings, size of apartments etc
5. The titles for the club/community centre and all common area and land will
be with the apartment owners.
6. Parking – It is clearly highlighted that parking spaces can only be sold to
Apartment owners along with the apartment. The cost of parking must be included
in the basic price of the apartment. Stilt parking can’t be converted into
apartments and sold independently.
7. The applicable rate of interest for any compensation or penalty must be same
for both parties.
8. Builder must maintain the complex or 5 years after completion.
9. Residential type electricity connection for the project must be arranged
from DHBVN by the builder. If the builder uses commercial connection, the cost
difference between commercial and residential rates must be borne by the
builder.
10. Many of the clauses which were one sides in favour of the builder are to be
deleted from ABA’s.
In addition, some of the specific clauses are further highlighted.
a. Clause 31 that a copy of the ABA should be made available to applicants at
the time of booking of apartment and after booking is made, next instalment can
only be taken AFTERsigning of the ABA.
b. Clause 29 states that in the event of default of the ABA – such as delay in
instalment payment by buyer or delay in construction by builder, the applicable
penalty shall be SAME on both sides. If the builder charges 18% interest on
delay in instalment payment, they are liable to pay the same rate of interest
for delays in construction.
c. Clause 27 states that once a builder takes booking of apartments, they
cannot make any changes in the approved layout plans without approval of the
allottees. Further, they can only construct the project as per applicable FAR at
the time of sanction of the approved plan, any subsequent changes in FAR rules
will not be applicable on the project and the builder cannot increase the
construction area.
d. Clause 23 states that a buyer must have options to exit the contract if
there is default by the company – such as delay in construction. On page 71 of
the order, it states that in the event of construction being delay by more than
2 construction linked milestones, buyer has the right to stop making further
payments and also right to cancel the contract getting a full refund along with
interest within 30 days of cancellation
e. Clause 18 clearly defines Super Area and stated that builder will have no
right on any common area or land of the housing society after completion of
project.
f. Clause 17 states that builder cannot increase the number of floors of any
building after bookings are taken.
g. Clause 16 states that super area of the apartment can’t increase or decrease
by more than 2% of the contracted super area when construction is complete. If
the area changes by more than 2%, builder has to give detailed explanation of
the same.
h. Clause 14 states that open parking and stilt parking are part of common
areas and not sellable separately or along with flat.
i. Clause 13 states that apartment owners will have complete ownership rights
of all the land area of the project once it is completed and builder will have
no rights in the project after completion
j. Clause 12 makes it mandatory for builders to highlight their title of land
and necessary licenses along with approved layout plan details as part of the
ABA
I had visited the site and even though they tell the excavation has started, it is only a small patch that they have excavated …. I asked the sales about the status they told they will be starting mib feb and they have 3 contractors in place….
Can we all meet at the site at 12 o’clock on the coming Saturday .It will definitely put pressure on them .Plus if you go through the agreement they have mentioned survey No .That means the land is not Converted in to NA . arbitration clause is in their favor only . They got the commencement certificate and plan approval has any one seen the same . Please let me know if all is well I will book other wise ?
Hi, have recieved mail from Mantri CRM that all lands are converted for non-agriculture/ residential purpose and they have obtained the NOC from Airport authority.
I guess that part is fine as thay have sent it in writing, so no worries.
Can you forwar the same to my e mail address thanks viji
I have 3 points anyone have discuss the same with Mantri legal dept
(1) Have the lands been converted or, in any other way, excluded from the application of Section 79A of the Land Reforms Act.
(2) The Arbitration clause is not agreeable in view of the fact that the nomination of the Arbitrator is none other than a representative of the consortium of builders who will plainly be biased in favour of the developer. Please look into the possibility of amending the same.
(3) Have they got Conversion Order and what is mentioned in it , Is the property got Bangalore airport area planning committee aprrovals
Vandana,
Did you book any apartment in Mantri Aura? Is it possible for you to discuss on this with Mantri guys since you are much more aware of legal part of things? Just a suggestion.
Have been informed by Mantri CRM that lands have been converted to Non agricultural/Residential.
Also NOC has been obtained from Airport Authority.
Launch date will be informed soon.
Anyway I guess that delay does happen in many buildings, I hear Mantri does meet most deadlines give or take a few months.Have experienced same with another reputed builder earler.
Hoping for the best.
Any idea when this project is going to launch? Initially they told that they will launch it on 1st January, then they changed the date to 15th January. Can any one has any knowledge about the launch date of mantri aura?
what is the guarantee that construction will finish in 24 months from start? What if the construction is delayed to lest say 36 months? You will still be be liable to pay EMI from 24 month onwards.
Are they giving in written that if construction is delayed than EMI start will also be delayed? I bet you they won’t.
if they do please go ahead and book the project as than it makes it good investment if not my personal opinion is that the scheme is useless and just to fool people and boost sales.
Have any one dicuss this point with the builder recently . I was planning to book now backing up. Please advise me . if you have discuss . any one whose has booked got legal paper verified . what is the consultant view.
What about BWSSB water connection . The area has lot of bore well failure and water problem is huge
CRM( Aura) has said that Cauvery next phase covers Hennur and Thanisandra. Presently has come upto Jakkur ( Judges/advocates colony?) they say, should take about one to 1.5 years.
Hi,
I have checked with CRM guy but he is saying that they still have not received any information from senior management guys about launch date of this project. He says that they may not launch only since 50% of flats are already sold out which is not promising whereas while checking with Property Advisor through Toll free for Mantri Aura saying that it will be launched this month. Not sure what exactly happening though.
I am closely eyeing on the launch date of this project. Fingers crossed.
Hi Siva,
Any specific reason you are waiting for launch date. Technically buying the pottery in Aura is same now or even after launch. Just curious to know.
Hi Srinivas,
I have booked the flat already on Sept last year. Earlier I have been told that the construction will start by mid Dec or in the worst case by Dec end but didnt see anything happening till now.
So really worried about launch date just to make sure that the construction activities picking up actively.
Can you mail me your contact details at ?
HI, I am new to this forum, but i have boooked aptmt in Mantri aura in the month of sep 2012, I just wanted to know if anybody know if there’s an owner’s group for this property at yahoo groups or google groups ?
Thanks,
Kishore.
Hi Kishore,
Even I am not sure if anyone created owner’s group for this property.
Appreciate if you can create one and share us the details.
Thanks.
Regards,
Siva
Siva,
Thanks for your responce,
Friends,
I have created google group “” . Please join.
Thans,
Kishore.
UNABLE TO CONNECT TO GROUP. PLS CHECK.
Have you really created the group or is just fake id?
Hi,
I also booked a flat in Mantri Aura in Dec 2012, A-904. I want to join this group but i am not able to search for this group. Can you please check that group is created properly ? My Mail id:
Guys,
This Group id is working fine, i can see Siva has already joined the group. I am not sure what error you are getting. Siva can you pls guide other how to join the group?
Thanks,
Kishore.
Hi Guys,
Please follow the below steps and let me know if you are facing issues even thereafter
1) Type http://groups.google.com
2) Goto Browse all
3) type in mantriaura in the search checkbox
You should find the group as given below
Mantri Aura | Bangalore | Mantri Group |Residential Property
Alternatively use the below link https://groups.google.com/forum/?fromgroups#!forumsearch/mantriaura
Kindly check and update us.
Hi Siva / Kishore
I have already applied to that group. My membership is pending.
I can see the below message on this group:
“Your membership is pending”
Can you please add me to the group ? If you need any information please let me know.
Prem,
I have’t receive your request, anyhow i have sent invitation to your email. pls check and accept.
Thx,
Kishore.
Same here “Your membership is pending”
Hi Guys,
I am planning to book 3bk flat here, but before booking wanted to talk to some one, so can some one provide contact number to call
HI Chandra, did you buy premium or non premium.. He said he has icreased his flat price by 100 Rs
Premium in E. Am not sure of launch date, any idea? Have paid 13 lakhs+ already.
Hi Chandra,
When did you book? Is there any chance we get discount? Are they answering to your queries after you booked it?
Hi Harsha
We are also looking for investing in Mantri Aura. The builder is saying that they would be increasing the price by around 120 psf . Please tell us- is it worth investing 55 lakhs for a 995 sq ft? They have a CLP scheme also in place now. Which scheme would be better- 20 : 80/ CLP? We are purely looking at this for investment purpose. Would Hennur Main Road see a very good kind of appreciation in the coming 3-5 years? We are also looking at Yelahanka Side for investment. Please provide us a quick response as all the builders would be increasing their prices by 1st.
Thanks
Prerna
Hennur Main Road is good for investment. If your sole purpose of buying this flat is investment, then no EMI scheme will be Best. As you will not be paying anything for next 2 years and you can sell it for appreciated value after two years. Your total investment will be 20% booking amount + Bank loan processing fee. Did confirm with bank (HDFC) they do not charge any fee for pre closure, including take over from other finance institute.
Hennur Road is an excellent area. There will be appreciation there, but better still, it would be a good place to stay. Have booked 3BHK at Aura @4170 ( got 20 bucks discount!!)Moved out from Bharathiya City. The staff at Aura were helpful, above all, cordial. Hope all goes well and completion is done on time and if all else is per Mantri standards, am happy.
Hi Friends,
Have booked a 2BHK apartment on 30/11/2012. Rates are revised and is now Rs 4090/sqft non premium and Rs 4190/sqft for premium. Most of the lower floors are already booked. Total flats available are 486 out of which 136 are booked.
Any one get discount on price in mantri aura? Do they allow negotiation? Please share your experience !!!
They do not entertain negotiation. But was able to get some discount on total price as the price was increased by Rs. 100/- the day I finalized and the day I booked.
Hi Friends,
For everyone who is planning to invest in property around Hebbal and KR Puram. Check the TOI article from 21/11/2012.
http://epaper.timesofindia.com/APD26302/PrintArt.asp?SkinFolder=TOIBG&artType=Article
According to the article Hebbal and KR Puram are listed in the top 10 Indian destination for investment in next 5 years by Knight Frank real estate consultant with a growth rate of 90%.
Yes this is a good place to invest
Hi,
I am confused buyer, I am following this Aura since more than a month now and could not able to make decision. Here is what I have to say…
Prices are surely higher so if you think about just investment it may not be ideal, and if you want to buy for living its not ideal again because it will surely take about 3yrs from now for you to go and stay there.
If Mantri is so confident about completing in 2yrs why are they not providing the guarantee of full pre-emi scheme until hand over or a little more payment monthly then some 3000-4000 per month in case of delay
Having said all this I am writing to get suggestions, pls share if you have any inputs on this or other good projects on majithiabm AT gmail DOT com and we may end up buying together and get some discount or make more informal decision.
Hi TG,
You are right we are checking all those details then only will go ahead and book.Thanks for the heads up appreciate your honest feedbacks and inputs.
am sure mantri will have big plans for these 60 acres will become a landmark property in coming days …integrated projects alwaysfetch a premium
Why not look at thanisandra road …loads of appreciations points like Manyata / karle business centre / bharatiya city and divyasree sandy waters all HUGE spaces of more than 20 miilion sq feet of office space .
also metro is already coming to thanisandra road .(also plans to extend the metro along thanisandra road to BIAL..so why limit your search to hennur road?
Did you guys notice that the approach road to Aura is thru the main entrance(there will be a road they say…but u never know)…..distance from main entrance to Aura is 800 mtrs – almost 1 km !!! to catch an auto or drop off you need to walk 1 km !!! and btw…..since they have Aura as a seperate phase ….this is mostly going to be “Cattle Class!” ….and the main apartment blocks will come up later in the remaining 34 Acres!!! not paying 60 lkhs for cattle class …1km away from entrance !!!!
i think investors are being fooled in this project, they dont have a construction related payment option , where I’ve to take a loan or pay full amount within 21 days.. People are mad approaching such projects. What will you do if the project doesnt complete in 10 years .. who knows anything can happen
Why we have to block 60 lakhs of money without even having friendly payment plans .
You are right, the area Mantri is selling only 965 sq.FT they are just cashing on their brand name – not a good investment, they are charging 2.5 lacs for maintenance for 2 years, 193 lacs for Borewell and every floor rise from 1st floor they are charging close 40K premium and it doubles as you keep going up.
Yday i booked the flat,the area will come up well for investment purpose this is good project other B category builders are quoting in the range of 3500-3800 in the same location.
Yes, I would definitely agree that this will be a good investment! I still think this is a value for money considering the pre-EMI scheme.
For anyone who is getting fooled by Pre emi scheme. Please allow me to share first hand experience of ne such scheme offered by one of the most reputed builder in india.
I had bought an apartment in Unitech Capella project from Unitech in 2006 under excatly same no emi scheme for 36 months from unitech in greater Noida. Both ICICI and HDFC bank were providing this scheme in conjunction with Unitech. Exactly same concept what has been offered here, pay nothing for 2 years and builder will pay the interest only on the total loan amount which has been disbursed against your name.
What happened?
The project never took off due to whatever reasons and everyone who invested was trapped. There were about 200 + customers who got trapped in pre emi scheme. 36 months passed away without a brick being laid out on the project. People went from pillar to post and every single time got false promises from Unitech. Every time update was construction will start soon.
What abou bank and Unitech?
Unitech kept paying interest to the bank happily on a discounted interest rate as this is the nexus between bank and big builders where thay get loan on a significant low rate and you are charged home loan interest rates like 13%.
When 36 months passed bank started demanding hefty EMI’s from people who ha staken loan from the bank. Poor consumers either had to pay EMI to the bank on top of existing rent whuich they are paying in other societeis for a flat which doesn’t exist or else face default notices from bank and all the tension.
Trust me there has not been a tense period in my life other than that.
Luckily,I had faith in our legal judiciary and had filed a legal case against Unitech along with 4 other people once 26 months had passed and it had became clearer to us that Unitech is not going to build anything. We filed a case in National consumer court, delhi high court and filed a criminal complain against Unitech as well.
Luckily for us, Unitech agreed to an out of court settlement and returned our 10 % deposit without any interest and also settle dthe loan amount to bank. I am so glad that i am out of it, I had a 60L loan against my name and was defaulting an EMI of close to 60K per month.
Now, i know many people who didn’t took legal action and are stuck with unitech and are trying to get out of the mess and have raised their bp levels by various degrees.
you can google it and you will find several links for this on net.
So, please refrain from these schemes. no matter how big or reputed a builder is, it can happen to everyone. i am not comparing mantri to Unitech but no one knows what will happen tomorrow. Unitech has been/is one of the biggest builder in india and it happened to us and several others in their project. there is no guarantee it won’t happen in mantri.
once you sign these schemes you are legally bound by bank and bank has no responsibility of buider completing the project on time. they will happily start hassling you once 2 years are over.
Please invest only in properties where construction has started or in properties with consturction linked plans.
This is my experience and hoped will share with you.
Very informative.
Hopefully this will make folks to do a realty check before blindly following the trend
Hi TG,
Thanks for the heads up .But you know the best part of mantri when we discussed this issue.They say that 24 months pre emi starts only after the construction starts which can be latest by dec-12 so i pressume that this scenario will not exist.
Hi Pavitra,
What is the guarantee that construction will finish in 24 months from start? What if the construction is delayed to lest say 36 months? You will still be be liable to pay EMI from 24 month onwards.
Are they giving in written that if construction is delayed than EMI start will also be delayed? I bet you they won’t.
if they do please go ahead and book the project as than it makes it good investment if not my personal opinion is that the scheme is useless and just to fool people and boost sales.
Another very imp point is that : start of construction means “even excavation start” so technically a JCB digger on the ground is start of construction beware of such gimmic schemes they never benefit the buyer only the builder…he gets all the money upfront from the bank and gives a cut to the bank ….but the risk is all yours .
Thanks for this post TG
Thamks TG for a detailed writeup ….even Jaypee in noida did this under their “subvention scheme” we lost heavily as nothing happened for 2 y ears ….this is a textbook scam run by builders arnd noida and greater noida ….but mantri shd not resort to this..
Please share me your contact details as even I too interested in this. Wanted to clarify with you couple of concerns I have prior to booking.
Hi mohan,
Can you please share your phone no or personal email id wherein we can interact even i am serious about buying this apartment would like to take your inputs too.thanks
I was about to book in Mantri Aura. Second visit opened my eyes. Observed many issue which takes entire benefit of “no pre-emi”.
– Bank will start EMI (of which interest part will be taken care by Mantri) almost immediately after agreement, irrespective of the status of the project. Even if the project starts late, your 24-months clock will still tick, for no reason.
– Matri pays the interest part to you. You pay to bank as EMI. Now, whatever Mantri pays will be shown as an income for you and is taxable
– Price is hiked by 400/sqft for this scheme. Now, you get benefited only for 2 years. after 2 yrs you will continue the load of the premium. Needs a calculation which one is beneficial.
– If project completion delays you are in much worse situation as you already paid for things which you are not supposed to pay.
So, my advise is do some clever maths before you fall for it
Hi Varadm,
You are very correct in your observation about pre-EMI that needs to be treated as additional interest income and you will have to pay tax on it. (As we all know the tax could be 10%/20%/30% based on which tax bucket we fall into). So this is totally single sided scheme, which benefits the builder only, not the customer. I didn’t like their pre-EMI scheme and hence i didn’t book the flat.
Also they want us to pay complete amount without even launching the project (i.e without having all the approvals), which is ridiculous. I decided to wait till the launch of project and see whether they will have a construction linked payment option. The other issues like very small utility and single small balcony are also lingering my mind.
true .. we should back out of such kind of projects. But these builders are able to fool many and even succeeds in making profits .
Investors should think before they invest. rather than getting fooled
Construction linked payment is required for much better transperancy.
What if the builder runs away with all the money he got. Its not a small amount , 50 lakhs * num of apartments.
Hi varadm,
I checked with them regarding this point and they told that they will be giving us discount letter, so that it will not be calculated as our income. Also please let me know if anybody is interested in booking the flat at Mantri Aura. So that we can book the flat together and get some discount from the builder. please send me email at
All,
only as an FYI, after careful analysis and visiting every possible builder on hennur road i have decided to book at orchid woods by Galaxy developers… i think everyone who was looking at Mantri Aura should have a look and discuss with orchid guys…Overall i do think they are giving a decent price (on a comparative basis) for a well built, designed flats..they have started construction work in full flow without trying to get as many bookings and i have observed this for over a month…the finish, fixtures etc is actually on par with any premium builder…. while they are not a big name in B’lore yet, they are well known in Ahemdabad and have been in business for over 40 years…i have met the builder in person as well and found him quite good, forthcoming and realistic… also.. to everyone i would recommend that instead of looking at per Sqft price and offers like “no pre-emi”.. look at total cost per sft and construction linked payment plan…
Hi Sumeet,
I am interested in this project. Do you have any contact’s from whom i can get some clear picture about this project launch timeline and other booking details?
Hi Tina,
please drop an email at and will provide you all the details
Hi friends,
Please let us know if anyone has booked an apartment in mantri aura in prelaunch.we are thinking of buying it once they have papers and legalities in place .So kinldy mail to suresh.mind@gmail dot com we can all go for group booking and hence ask for a disocunt…
please inform i did not find anyone booking it till now.Kinldy help us know.thanks
We had visited the site yesterday, the proposed site of 1st phase if 800 meters from the main gate. The 40 acre campus is not is proper shape and includes several private houses in between the property. The work is not yet started (Just building their marketing office) this was my first interaction with Mantri team and was disappointed as it was one sided discussion with very rude attitude “take it or leave it” They have assured for several amenities but I think it would take at least 4 years to complete. One of the proposal was to have a shuttle bus from the residence to the club house :- ) Eventhough they would pay the 10.75% interest pa for 2yrs post that the penalty will be 3 Rs psq ft per month i.e, 3000 – 4000/-. Ovearall I do not think it is an good place to invest as there are several options in the same area to invest.
I had multiple visits to the site and in the 40 acres of land they have demarked the boundaries and I couldnt find any pvt houses over there. Also I dont think any builder can be rude to you. You can trust the builder to complete it within 2 years or max 2 n half years.
As I have found from the area there are not projects you can decide on with that price range !!
Hi ,
There are no private houses i agree but there a road whic is coming up and which will divide the property between first phase and other phases which is one serious thing to think about.
you said “No builder can be rude ”
🙂 r u joking …
our first visit experience was horrible but i think mantri realised it and taken corrective actions .I think whatever may be the business the front office guys should be calm and polite and this is one life chaging decison so people are gonna take it seriously if the front office is not co operative and does not respond to their queries with right answers and proper attitude.
I visited the site today and felt that front office was not so welcoming.
Hi anshuman,
I had also booked the apartment last month. Can you please give me your mobile no?
True. The lady out there does not know the actual pricing and taxes and behaves like she is always right. Very sad.
Hi artha,
I have booked the apartment last month and looks like good place for end use.
Siva, cud u pls send me ur contact on
if its the per sq feet rate then orchid dosent stand that well against others as the carpet area comes to 69.5 % so the usable area is less than what others usually give around 75 to 78% …so in effect u get 10% carpet usable area than others so effectively their REAL cost is higher actaully 6500 INR per sq feet of carpet area !!
Gaurav.. there are various ways of looking at things..for me.. i compared mantri and orchid… first the price i negotiated , the overall price incl everything on per sq ft of carpet area worked out to cheaper than Mantri and by a decent margin. Secondly in every possible way or aspect the location of Orchid is far far superior to mantri which in my view commands a premium… don’t forget mantri is far inside and anyway 1 km away on the mainroad too n from Orchid… lastly the build quality etc of Orchid is premium whereas mantri is designed to be budget as told by mantri folks themselves and one can go n see there project in …lastly, in case of Orchid i don’t need to pay entire money today and about 20% plus is payable only after full completion and they have started the work already… all in all it works out way better for me from price and risk perspective…… as about carpet area….. I don’t agree with you that 78% is the norm with every builder….having said that Orchid is on the lower side but their design is far superior….. i would have preferred about 72% or so… but you can’t get everything… fact is every builder out there is to make money one way or the other….but given the large corridor area etc.. i was ok as long as price on a comparative basis that i indicated worked alright.
Hi All,
What’s your opinion about booking the apartment with full price during pre-launch of this project?
Since Mantri guys are asking us to do full payment withing 21 days of booking (through 80% bank loan), and we can’t go for legal opinion (since this is pre-launch and documents/approvals are not yet available at this point of time), what is the risk?
Does it work in the same way for other projects also? I though, during pre-launch, developer only asks for booking amount, these guys are asking us to pay full amount. I’m a first time home buyer looking for an apartment for self use, hence give me your opinion from this perspective (as my risk apatite is very low), not from investor perspective. Thanking all for your opinions/help.
Hi Suresh,
To me the price is on a higher side. The genuine price should have been 3500. I am not liking the apartment size as well. They seem to be too small.
Madhukar
Hi Suresh,
while i would say that you as such don’t need to worry about paperwork/approvals given the credibility of Mantri in Bangalore what you need to consider is type of the apartment, size and definitely the prices and not to forget the completion timeframe . find out what happens if they don’t complete the project in 2 yrs? do know that the price is high cos the so called pre-mei interest is factored in the price….nothing is free !
my own sense is that Mantri is getting this project funded to a great extent and hence not putting money from their own pocket… given the current economic situation and price points etc they are seeking, if the project doesn’t go as planned currently, there could be delays and you may end up paying huge EMIs and still won’t have the home in time…for the same price you can get apartments anywhere on hennur road…since you are looking for your own use so called “paper appreciation” of the property shouldn’t matter much to you and hence the brand name… look for reliability, construction linked payment plan, quality and your budget,..
Hi Suresh,
I fully agree with Sumeet. The Free EMI concept is actually nothing but to attract customers since they have already factored in the pre emi’s which they will be paying by increasing the base price. So overall its nothing of a benefit to the customer but his money is being used to pay for the PRE EMI’s as well. I also feel that paperwork and all should be OK for most of the cases in reputed builders. However given the small sizes and only Single Balcony per Flat i would not be too willing to invest in such a property. I am still looking for something around 3400-3500 or even lesser in a pre launch stage.
Eventually i have seen one fact that no matter how much we crib about the cost being higher and flat size being smaller eventually we will see that all flats have been sold and after 2-3 years price would also appreciate may be by 600-700 rs per sqft. What i have seen is that no flat remains empty in most of the projects or only very few flats remain empty towards completion.
So finally its your call and decision depending on how soon you need the flat and how much cash flow you have with you. Some people feel good that since they are buying for their own living hence paying slightly higher price does not bothers them because for next 2 years they don’t have to pay any money. So if you have less cash now i mean only 20% available now and you don’t want to pay EMI right now then this option can be considered. However people should be ready for delays of about 1 to 1.5 years for sure in such projects. It cannot and will not get completed in 2 years i can make out.
Madhukar
Well Said!!!
I was reading the post regarding the old lady attitude at the site office.
Becauce of the “Brand” these builder’s are having take it or ….Get lost (No leave it) attitude.
It is high time that Govt should regulate this real estate sector.
very true ramesh ….
sales team can either build a companys brand or finish without a trace and i think the old lady is from competitors side 🙂
on a serious note you are absolutely right govt should take some measures …
Who and what govt. we are talking about? All these builders has big shares with politicians. When Robert Vadra is one of the partner in a real estate company like DLF then how can you expect any regulation. Only middle and lower middle class is suffering. Leave the poor, we can’t even discuss their plight. Every politician has nexus with the builder and that’s the reason prices are so much inflated. As long as corruption prevails, realty price will not go down in this country.
Hi All
Have we all become so lazy even to think about our home investment!! Discuss with your parents as they know what a home means may be apt or individual houses. Guys why is the mad rush for this project considering that the price is high, no balcony and then the payment plan.
Any apt in this project will cost you nothing less than 50lac and looks like 50 Lac has no value. Why r we ready to compromise.
Builder comes up with a plan and just because its brand name, ppl rush with all there earnings to buy considering no balcony.
Just read that now one balcony is added. Is that sufficient. One balcony where you will use it for cloth drying and other purpuse.
Isnt that going to be congested.
For a minute stop thinking from Budget perspective, First honestly plan out what kind of house you need and then start searching for it based
on Location and builder.
I can understand that may be 30 lacs is less or a 2 BHK, but 50+ lacs boss, its too much and will give you lots of option.
There are many small time builders who are also doing project at less rate and provide quality, Its just that one needs to go out and see the world.
No offence guys, but one needs to value their money and stop Panicking.
If you are buying for end use then look for house that you need. If its for investment then think before you invest, Its willbe hard to sell as the
buyer who is willing to pay more would like to have balconys, proper ventilation
Remember, Bangalore is no Mumbai or Delhi. Here the real estate to driven by service class ppl with white money unlike other place which has different dynamics
Happyhome
Hi Nixcy,
What you say is absolutely right .But the problem with small time builders will be their land approval and other legalities .Hence big brand sales people can have the arrogance and guts to say if you want to buy the brand buy else dont buy …(recall the elderly lady’s words when we visited at the time of prelaunch)
since it will not make much difference to brand like mantri and we want our money to be safe .But yes people we need to put serious thoughts on these lines .
Thanks once again nixcy..
Hi Artha
I would disagree with the very point that small builders will not give a clear title.
This is exactly the point I want to raise, we are lazy and not matured.
We want to invest huge money but not ready to spend amount to validate paper with lawyer.
Also even if we have to go with branded names, there are so many names who have better plans, like project of Prestige, brigade, shobha, NCC, DLF who have launched with which better plan and rate is excellent. Why cant one evaluate them.
Many of us work with IT sector, so one’s job cannot be location specific. One cannot guarantee that if today you are working in Manyata tech park, tomorrow it will be same. hence in the sea of volatility only one thing is permanent, its our home.
hence the focus should be on home that on location.
The things what I am riasing is not a word of wisdom, every one knows this but I really dont understand why ppl are desperate when in the same forum ppl are complaining about arrogancy from the builder. Ppl have so much money to invest, we are the king and we should do anythings with high dignity an head high
NIXCY
SPOT ON.
There is a sudden panic in people in the last 6 months to go and book these type of flats at a very high price.
I can remember 2 years back when most of these developers launched properties even at 2600 there were no buyers.
I think all these big developers are catching this time to come out of the investments they made in 2008-2009 and recover the money.
I dont know if these prices appreciate at the same phase as it use to happen a decade back.
think twice before progressing with these investments unless you have a lot of black money that you want to park into these apartments.
Hi,
I have booked a flat in Mantri Aura last week. Considering they are asking for 100% payment is not something you can trust at the first place. But going by their plan, reputation and the site visit, I liked their project.
Nixcy : FYI, I have had a visit to around 60 projects in the last 3-4 months. Be it a small builder, new builder, big reputed builder like brigade or prestige. The problem with small builders is locality and lack of creativity in their projects. Big builders of course lots of money needed. So this project gives me relaxation from both the issues. project site is good and price is also fine. and its Bangalore of today where 50 lakhs is fine for a 2 bhk !!
Hi Ansuman. I too booked a flat here. Just wanted to know the size of the flat you had booked and how much the VAT on it came upto. VAT seems to be additional in the new price lists dated october. Also the latest price list talks about 3 BHK flats of sizes 1175,1250,1260,1285 and 1290 but there seem to be no floor plans for these. Lastly did you make the full 20 per cent payment within 21 days or did they give you time to arrange.
Hi Ansuman
Congrats on your new home!!!!
The way you ended up booking is exactly the point that I am trying to highlight. You evaluated many projects and then finally choose Mantri. This should be the process followed
I am not against any project, its just that a proper evaluation need to be done based on you requirement, pocket.
The point is that after booking one shouldn’ be dilly dallying with his decision.
njoy.
pls drop me a mail @ ..wll share my contact details
HI suresh,
I would suggest you try Brigade Altamont or Purvankara ( Provident Harmony). They are offering a better deal with pay as you go.You need to pay 20% initially and balance in instalments spread over 3 yrs.
As for Brigade Altamount, the locality is quite inside and the road joining that project is pretty narrow with little chance looking to widen it. Their project is going to be a single tower spread across 4 acres and its going to accomodate 200 flats inside a single building. This project is a good option but the surrounding of independent houses doesnt make the project looks attractive.
Now for Provident Harmony, its around 7 kms from the Nagwara junction. Few issues I found with this project,
1. The road connecting this project is all empty, doesnt have any streetlights and all open land.
2. you have got various islamic madrasas and mosques while coming through to the projects from nagwara junction. I dont know about others but I felt quite uncomfortable.
I had a personal visit to both the sites and this is what concerned me for not going ahead with their projects.
Ansuman,
Please share your contact details. Even I am interested to book in this project, However, beforehand have to have word with you as some concerns are popping up in my mind which I do need to clarify with you.
Thanks.
This is called real arrogance!!!!
Since i have a brand and people should buy my product @ my price,@myspecification &@mylocation. The big negetive thing about this project is there is no balcony!!!.
I am living in a spacious aprtment and have a balcony of decent size and really thats also a living space for me.
1. Its a space where i enjoy my Tea every morning reading newspaper.
2. Official phone calls in evenings ….rush to the balcony and speak.
3. Drying Cloth.
4. Where i keep my Tulsi pot and also some mini tree pots.
Even if its for living or for investment , balcony space is needed. If one wants to resell, the buyer will not buy only becauce its mantri flat….absence of balcony will be a big minus in his check list.
We should be thinking twice to book flats with big windows with hall, specially , kids are suppose to live in them.
I think you have misunderstood their plan or havenot gone through their plan. All their flats have got a balcony. Also they havenot been arrogant is what I have found in 3-4 visits to them. Also they have been really patient with the queries I had. I had taken around 1 month time to decide on the flat and when I finally booked it, I liked my decision.
So its quite surprising to see people passing on comments without knowing about the project.
Hi ansuman,
People have shared their experience so we cant say that their experience is not truethere were instances of arrogance which was experienced .So your experience may have been good but not everyone is lucky enough to have such experience.
During prelaunch none of the details were available to understand the project completely but now there seems to be clarity based on which you have booked.Congrats on your new home ..
I got a call today as well from Marketting people in Singapore and they told me the same thing about 2 price concept. Which is 3690 per sqft for Construction LInked Payment Plan and 3990 for Housing Loan Payment Plan.
I have this figures since the beginning and they have always insisted that these are the 2 options available. In Fact the person when she cam to meet me in my Office called Mantri Business Development Manager in Dubai in front of me and the phone was on speaker mode and he also confirmed the same thing.
I also was receiving email replies from that manager in Dubai directly and have his Phone Number as well. Don’t know what is true since you all people have only one price which is 3990.
Anyways i don’t think this is worth for me since no balcony, price is too high and also it might take around 3.5 years to be practical to get completed i believe.
Yes madhukar they have not yet started and if they give an option of balcony then the whole exteriors have to planned differently.
There is no developement or construction linked payment plan as of now and don know whether it will be there in future. this is confirmed atleast for people who have approached site office this is the information given
Price is way too high no where its close to 3990 the min price works out to be 4100 and odd rupess even if you buy 1 st floor.
As told earlier i did not like the way we were treated beacuse thats definetely not the way a sales person should even talk to customer who shows interest in buying goods worth single rupee and this invovles life changing decisions.I hope mantri takes these feedbacks seriously and trains their elderly lady she did not tell her name though 🙂
all,
just spoke to Mantri folks and they did confirm about the change in plan now and inclusion of balconies…On the rate aspect that madhukar brought up, i’m now being told that someone in Dubai made a “mistake”… apparently it was the rate offered to employees only and wasn’t supposed to be shared with customers…. Dubai team has now been asked to communicate accordingly….. not sure what’s true and what isn’t… !!
also.. there’s no clarity whatsoever on what they would do with rest of the 34 acres however from what i was told and i guess would happen is that it might become a huge over crowded place with all so called long list of amenties… shared among 2000 odd families …..
rate is said to be absolutely non-negotiable.. so be ready to pay at least 4000/sq ft… the pitch which would be used to justify the price by them would be that they are absorbing the entire interest cost of 2 yrs and accordingly to them that translates to Rs 800/sq ft …. i don’t think that can add up given that normally bank would pay based on construction progress which doesn’t appear to be the case here
Its evident that the only objective is to save cost and make obscene amount of money for mantri !!… the entire construction is being funded by the bank for sure and the entire money is charged to customers on day one and associated interest cost plus say 60-70% profit margin is built into the so called “pre-launch” price…
whichever you look at it, the price and entire deal is doesn’t make sense….
You can smell the arrogance of big brand. You ask for flexibility in pricing & theyi will treat like they have never heard to reduce the price earlier. Mantri Aura has not started little bit but want full payment at the cost of pathetic Architectural layout for units which are so small and ha.ing one single balcony>
Flats without balcony makes no sense to me…wandering how could mantri do such a foolish thing?
Hi All,
As informed went for a site visit today.There is no basic information available.We had a couple of questions but 🙁 there was an elderly lady in the site office(who seemed to be managing everythhing) who got offended by our questions and asked us to come back after we have the comfort to book mantri apartment.
So the details which we could know was:
Its a joint development.
Its a 40 acre development in phases
They are giving an option of balacony in master bedroom so the min sq ft will be 1020 now.
As i could see even the basic rate per sq ft is around 4100
There is only one payment plan which is complete payment in 21 days and No emi for 2 years.
Scrutiny of papers (God only knows as the elderly lady said we should just book if we are comfortable).Cancellation would cost us a dear 50% of our money.
I did not like the way we were treated so i dont know will i be comfortable spending 50+ lac of my hard earned money.If the sales person is so rude at the time of booking just imagine 🙂 how will it go further.
So the plan is good like all mantri plan and the space defintely would have been utilised better.
Thats all for today will update since we are expecting a soft copy of everything by next week.
Thanks and cheers
Hi All,
The information i have is that it is on 6 Acre land. In the above post i see that People are saying that it is on 43 Acres. What is the actual land area?
Also Total no. of Car parks provided: 517 .Covered Car parks:320 Surface car parks:197. So if anyone wants to take covered Car park then it is on First Come First Served Basis. I have the PPT for Mantri Aura with all details and floor plans for all the towers along with payment schedule.
Also there are 2 schemes in Mantri Aura Pre Launch
One is that you buy it at a Base price of 3690 Per Sqft where in it will be a Construction Linked Payment Plan. The other option is that you buy it at a Base Price of 3990 per Sqft which they call as HLPS ( Housing Loan Protection Scheme)in which case all the 100% money for the flat will be disbursed by the bank at one shot to the builder. In this case for 24 months the PRE EMI ( Please note that i am saying Pre EMI and not EMI) will be given by Mantri.
Pre EMI is just the Simple Interest on the Bank Loan for 24 months. The Actual EMI’s will start after 24 months. In this case 20% down payment has to be given in 30 days after booking the Flat.
I am at Singapore and this is what i was told by Mantri People directly.
Also the Banker adviced me to go for Construction Linked Plan where the price is 3690 per sqft and never go for the plan where Mantri is paying 24 Pre EMI’s on my behalf. In Construction Linked Plan the pressure is always on the builder to complete the construction fast since they need funds based on construction progress. Now a days many Builders are luring customers by saying this scheme that we will be paying the EMI’s for 24 months and your EMI starts only after 24 months. Many people get caught in this excitement thinking they will accumulate funds by 24 months. But in fact in this scheme only PRE EMI is paid hence no Principal is paid and actual EMI starts only after 24 months. Also in this kind of scheme the price is higher.
As of now they told me that they have tie up with only HDFC bank for providing such a scheme. Many people will want to go with SBI as their first choice i believe for home loans.
Madhukar
Hi,
I just spoke to the concerned guy with regard to the price. All the price here are fixed and there is no schemes as pre emi or any other scheme.
The sizes are also only 2 & 3 BHK available over here. There are no 2.5 BHK available in this.
The booking price is 3990 sft and there is no unit available with lesser price that that.
Rgds
Vikas
Hi Vikas,
I am always getting updated about these 2 prices here by their Channel Marketing partners Investorsclinic. Also the Mantri Business Development manager from Dubai confirmed this 2 price schemes thing.
Regards,
Madhukar
hi Madhukar.. can you pls send me the deck at …. after seeing your comments i infact called up the mantri guy i have been talking to for a while and he said there’s no such scheme… while i have decided not to buy here due to price and design but just want to understand this better to figure out the right price there..
Check the ‘Project Presentation’ link in the post
Hi Madhukar,
Regarding your query about the total land area, my understanding is that they have 40+ acres of land available and 1st phase of the project is in in 6 acres.
I have not yet visited the site, so interested to look at the PPT you have before going to the site visit. So can you please send me the PPT to my mail id: suresh dot mind at gmail dot com.
Thanks for the help!
Hi Suresh,
Sent the PPT to you.
Madhukar
Hi madhukar,
Kindly send me the PPT too as soon as possible .I am also worried about the utility and if there is no balcony there no point in having the garden facing .Planning to go for a site visit tommorow.Thanks in advance
Thanks to Madhukar for sharing the PPT. I have included the link within the article.
I think, someone must initiate action on builders like Mantri for designing such homes. 65 to 70 lakhs is not a small amount for getting flat of 1285 sqft without balcony. It will be like a jail for the people living in. I dont know which design would inspire the architect of mantri to have home without much moving space, balcony and dry area but more space in Landscaping. This is nothing but cost saving idea by fooling the people in the name of amenities. The place is totally uninhabited as of now. There is no logic in pushing the common man to this extent and making them poor by living but rich while paying installment.
People must think before investing/buying in this kind of project. Shame on Mantri…!
I dont think anyone “should be jailed” or they should be shamed for coming out with such a plan. It’s your prerogative to buy or not. Sellers will sell as long as they find buyers for the same.
Look at Neo Town by Patel Engineering(Electronic City). Many dont have balconies and they sold out all of them:-). When I went there first to see these condos, it was like sale at Big Bazaar…people all over the place wrestling to buy these units.
As for the price and area being inhabited, people have been buying apartments irrespective of that…havent they!? Investment, as they call it!
Builders are just playing their cards shrewdly. By asking us to make all payments in advance, they are actually using the same to establish the infrastructure without spending a penny. Yeah, they call it pre-launch, I heard:-)
Interestingly, they are offering these units to guys abroad at lower prices than localities and that too for construction linked plan…may be we should plan a trip to Singapore, book at lower price, and end up still saving:-)
Because of protests, mantri has included balcony now in 2 and 3 bhks…! it is not sellers rights to desgin as they like…it should be designed for human beings and they should not form a cartel to push the buyers to buy whatever they give…better sense prevailed on mantri…learned it very quickly..!!! Hope…Rocky will change his opinion and give honest feedback to sellers atleast from now …!
Any feedback on the recently launched aura project??Its strange people were so eagerly waiting for the project..and now that it has been launched..no comments..i have posted the details here..
Thanks for the information Chidakk. I’m also looking for feedback on this project.
Apart from the price being high, I’m very much concerned about water availability in that area.
I heard that the ground water is not available in ‘Mantri Splendor’, their previous project in Hennur Road.
(http://economictimes.indiatimes.com/articleshow_cmtofartac/15405572.cms?msid=15405572&curpg=)(and also comment by VP below).
Complete ‘Mantri Splendor’ apartment complex lives on Waters Tankers. This is not sustainable for long.
So, does anyone know about water availability in the ‘Mantri Aura’ surrounding areas.
Any information is highly appreciated.
If this project is going to be in the similar situation as ‘Mantri Splendor’, then I don’t see any reason to buy the property at such high price. How to do we lead our rest of lives on tanker water? Getting tenant or reslling also would be a problem. Please share your views.
Hi Chidakk/Suresh,
Mantri collects huge amount as maintenance deposit(3 to 4 lacs) which will be used to maintain the project for 3 years and buyers need not pay monthly maintenance charges for first 3 years., Also, they claim that this amount will be returned to association after 3 years and interest on the total amount is sufficient to maintain the propertly. It is stated that no other builder in bangalore maintain the property for 3 years. Any existing mantri owners can confirm this? Also, will this amount include water(tankers) charges or they are paying separately for water tankers?
If they say that they will return the money after 3 years i blive they will return it but the way they explained it to me,they dint sound very straightforward,they said we will return u the money if u want or we will continue the maintenance.i blive most if not all builders take the maintenance money in advance for 1-2 yrs,sobha takes care of maintenence lifetime by takin approx 4 lacs(sobha city).I hope water tankers wont be reqd atleast for the first 2-3 yrs,so the onus for paying for water tankers will fall on us only.
One more point to note is that the money will be returned to the association and not to us..so it kinda of a corpus fund..whereas sobha takes care of its project lifetime…so mantri shud not boast that we are the only builders who take care of maintenence for 3 yrs..and they are taking the money frm us..its not a favour on us
Im not very sure about the water issue in hennur,but water issue will be a problem in any big project unless rain water harvesting is taken seriously.Every builder will say that they are going to take rain water harvesting seriously but i dont think they are bothered about it once the flats are sold as you can see that most projects including prestige,mantri,brigade etc are surviving on water tankers.The thing which is bad about tis project is the
1)The size of flats(no balcony,utility also very small)
2)The price..basic is 3990 ,most of the flats are garden facing so 100 rs more,floor rise charges as 33 rs frm 1st floor onwards.so even if one buys a flat on 3rd floor it will be around 4200 which is extremely high.
3) 100% money within 21-30 including vat,service tax,regestration etc etc
One more query..isnt thanisandra road a better place..investement point of view..keeping in mind the distance from manyata tech park??
Since it is on 43 acres, Mantri will be developing it as township. I am sure soon they will hike the price as project may include schools, malls etc., . Now recent trend is to increase very rapidly by Rs.1000 within 6 to 8 months of the project launch. I was told whole project will get developed in 6 phases over 6 to 7 years. 1st phase is 1 km inside the project. But the project is located strategically at interesting place. From 8 to 10 kms, one can reach Manyatta tech park, C V raman nagar, upcoming hardware tech park, Financial City & Hinduja SEZ. Within 2 kms from the project PRR is planned. The issue is price is currently looks high and design is very crampy. I am sure next 6 months, we can see a lot of street crying about this project.
I am thinking of investing in Krishna Shelton which is close to Hinduja SEZ & Bagalur cross. Also, 2 bhk is 1407 sqft which is spacious and budget is within 60 lakhs. Any comments?
I am also looking for investment in Krishna Shelton, any inputs ??
( 2.5 Bhk of 1407 Sq ft )
Confirmed info from a frnd..Well the booking for the pre launch of aura(only block A) has started(onsite) at 3990 per sqft basic,maximum flats are garden facing( for forced addl 100 rs for that) and floor rise at at approx 33 from first floor onwards(very strange)…so its 4090 plus floor rise..2bhk-990 sq ft and 1025 sq ft and 3 bhk 1265 and 1285 sq ft..100% payment to be made in 21-30 days..bank loan emi paid by mantri for 24 months and then we have to pay thereafter..negative points are..no balcony..utility space only 5″ x 3″ approx(it may sound very meagre ..but basic neccesity like drying clothes not available)..other dimensions are ok..not bad..im not very happy with the price i am paying though the brand name is there..is this value for money??comments please
Feedback on this will be highly appreciated
Distance from main road(outer ring road) is too much..price being quoted seems unjustified for the location..and also the payments are not construction linked but 100% to be given within 21-30 days..
Main concern i have is that the size of flat is small..990 and 1065 for 2 bhk..though the dimensions of bedroom etc is fine..but no balcony and extremely small utility..5.3″x3.1″ for the 1065 flat..isnt that a problm..im palnning to buy it for investment prurpose and it would be tough to convince someone to buy it or rent out with no drying area..when we are paying such a price
Sounds way too costly. I am seriously fed up of the artificial demand that the builders are generating !
I have been tracking this project for a while as im keen on buying a flat on hennur road. i did the same info on price as mentioned below from the mantri person i have been talking to for a while. Unless the carpet area is just great and quality being provided is very premium the price is definitely on the higher side, don’t know why they are calling it prelaunch. The location is good given that it’s right on the main road which is very broad with 3 lanes on each side.
On a comparative basis if you look at the per sq ft rate, the price being asked for is vritually same as Salarpuria Gold summit ( about Rs 5000 landed price incl registration etc) which is definitely a good property and premium in build quality etc.Mantri Aura is close to a Km from Gold Summit so the price is definitly high as they are yet to start the basic work .
also, on a comparative basis Orchid Woods is offering 3500/sq ft and it’s right opposite to Gold summit however they are screwing up big time with 67-68% carpet area conversion so you end up paying a high price.
Elegant builders whom i don’t know of much but seem to have a decent reputation is right opposite to Mantri and they are quoting 4250/sqft incl all charges except registration.
one important point to know and understand would be what all mantri plans to come up with as they have 40+ acres of land and if there’s something really good that they are gonna offer which others aren’t. It would also be interesting to see what do they do if the response to the project is poor.
So what do u thnk.. is the aura worth investing in? i visited the site office on sunday,no rush at all..Suprisingly not a single customer was there..i was at the site for 1-1.5 hours approx..after so much hype was created..maybe the price is way too high..size of flats are also very small 990-1025 sq ft for 2 bhk..1265-1285 a 3 bhk..and they are asking for 100% money in 21-30 days..and even if we take bank loan,they will be paying the interest(emi) at approx 9.5 for 24 months after that we will have to pay the emi
I have decided not to buy for sure although i wanted to earlier. but at this price point and given that there’s no balcony and utility areas is way too small. while i like and respect Mantri as a builder i think they have got this wrong in terms of price and strange design not to give balcony. i also felt they are adding way too many “facilities” etc to make it sound and appear attractive but question is, is it all required? since nothing is free… it’s just adding up upfront and future cost…
Since i wanted to buy to live and not for investing my perspective is different but i wonder how can this ever be worth investing. B’lore is not Mumbai so i would think 10 times before buying this for investment… im sure there are better options available…
look at orchid woods… i have decided to book there already
Folks,
Got to know that the Mantri is planning to launch a project soon next to Agara lake (Near HSR layout).
I have seen that area as a low lying area in 2006 and today it seems most part of the land is filled.
It seems 1700 apts with commercial complex is planned.
I am not 100% sure of the info.
Hi.. That is interesting.. And we would be very interested.. I live right opposite Agara Lake but can’t see to place which land it is.. Any more info plz..
We went to the location of Mantri aura.. It seemed a bit too far to justify the price.. I guess you never get to buy at what you think is the right price..
There are no Mantri boards yet. When coming from Jakkasandra to Agara, it is on the left side, after Lemon Grass restaurant.
I am waiting for more info. I posted it here so that if someone has contacts/info they will post more details.
Ok thanks. This Mantri Aura was not worth waiting for.. hopefully this coming one is..
Hi Vasavi,
I heard that, the minimum budget for an apartment in the upcoming Mantri Project near Agara Lake is 1 Cr+. It’s ‘Residential + Commercial’. This is what i heard from someone, you need to cross check and confirm it. I don’t know about your budget, but don’t assume that the price of apartment in Agara project will be lesser than ‘Mantri Aura’.
@Suresh: Thanks for the update.
It is definitely not in my budget 🙁
After hearing Aura’s pricing and specification, we should have guessed the pricing of the agara project to in “Crore” range rather than “Lakhs”.
Do you think all these new launches would be getting sold completely?
4000 psft for mantri aura seems high.. for its location. Around Agara Lake is a very good location, I wouldn’t mind paying more. I could be biased as I live there.
Refer here:
http://praja.in/en/blog/murali772/2012/09/06/koramangalites-brace-yourselves-lot-more-traffic
Location of above-mentioned ‘Mall’:
http://wikimapia.org/#lat=12.9253437&lon=77.6480968&z=17&l=0&m=b
Please give me the details and contact.Im interested .
Hi.
We are tying to call Mantri Office.. and nobody is responding.. how do we get hold of the application form etc.. (really annoying.. this whole process!!) Don’t want to the pre-launch.. any body has any marketing guys number??
I was able to speak to a marketing personnel, they mentioned that they will start excepting the pre-launch applications after a week.
Thanks Kalyan.. I got to know that they have opened booking for employees only currently. It will be opened for general public later..
Do you think its a good investment at this price point? How is this side of Hennur Rd?? Never been there thougth I live in Bangalore.. I am looking from purely inestment perspective..
pure investment ?? Depends on your investment strategy:
buy low, sell high: not this one
buy high, sell high: Hmmm, time will tell
The builders have a nice way of fleecing buyers.. they promise the first three years of essential services at their cost.. you will soon find that they collect all that was offered free with interest when you start on the 1st day post the 3rd year..!.. Mantri Splendor is another property of theirs which is 3 km from Aura.. No water, poor play area and complex design ensures, that buyers of flat loose their sleep for the rest of their days!.
The residents pay close to the rent of a studio apartment for staying in their own house, by way of just water charges.. Aura is not going to be very different.. The nexus with water suppliers ensures that these builders get a steady stream of revenue post sales.. For those who are buying AURA.. best of luck. If you are doing that with full payment within 21 days for a property that is non existent today.. I am sure that greed is driving you and your decisiona and you certainly deserve the treatment that these builders leash on you..
Visited the Brigade Altamont site, approach is not very good and not sure if the road can be widened; not sure if its worth investing 3800rs /sq.ft there, as some builders are giving at 3500+ on the hennur main road, itself.
Seems like I have to wait for Mantri to announce thier project details heard its in Hennur Main road?? anyone has any further information on this AURA project.
Hi Chida,
I am at Singapore and i came to know this from a Singapore Firm which has tied up with them for sales abroad. I met the agent today as well. Also i have heard so many negative feedbacks from people and on so many online forums about Mantri’s quality of construction and service of Sales Team after they sell the flat to you is bad. Do you have any pointers or idea about feedback of Mantri or is it the same across all Builders?
Madhukar
Thanks Madhukar.. suprisingly Mantri marketing ppl in Bangalore are not giving any info.. under 1000 sft for 2 BHK seems a bit small..
Hi Mahukar,
Well I know somebody who has a flat in one of the Mantri’s project and he does not seem to have any issues for about 6-7yrs since he started living there.
Personally I feel, its still safe to go with Tier A / good reputed builder atleast you will know that their quality will be at a certain level, getting loans would not be a problem, land titles are usually clean etc.
But this Project is very frustrating as many of them have said before..they started giving some demo in exhibition, but since then its about 3-4 weeks and no information whatsoever…seems like they simply want to create a hype and probably wanting to charge some premium during pre-launch. But if the project is not exactly on Hennur Main Road, then I dont think this mystery is worth waiting for…
Dear sir
Pl let me know the tentative pre-launch price thanks
Hi All,
I am also very much interested. Kindly share the details with me as well.
I am also interested in this project please share the details
Thanks
I enquired with their marketing personnel . They have not announced the pre launch offer , but thats expected soon . He said the tentative price band would be 3800 – 3900 . For a pre launch offer that is too high as compared to other properties in that area.
Yes indeed the pre launch price band of 3800-3900 sounds too high. Probably they plan to launch it in “luxury segment” as done for Brigade Altamount.
Thanks for the information.
1. Is this the original Mantri Developers.. there is also another Mantri group right..
2. Is it likely to have 2 BHKs?
Thanks.. would you say that is a good location?? Any more details reg pre launch.. price psft??
Hi Harsha..
We are interested in this pre-launch.. please share more details as soon as possible..
Thanks.
The site location is near the poornapragna school on Hennur road.
Came to know that Mantri Aura is pre launching at a Price of 3790 per sqft….Your views people on the same…Is this a good price?
How did you get this rate? I called them yesterday and was told they do not have any details as of now of this project.
I believe this rate is good; considering the rates in Hennur road.
Is it likely to have 2 BHKs? Any idea when the pre-launch will be..
Hi Vamsi,
Below are the different areas
Unit Area Details: (Different sqft areas for each type of unit)
•
2BHK?ranges from 940 sqft ?1010 sqft
•
2.5 BHK?ranges from 1,105 sqft ?1,280 sqft
•
Pent house: 3 BHK? ranges from 1,305 sqft? 1,820 sqft
Madhukar
This road looks full of vacant plots..looks like many more may be launched soon. How big is the main road? 100ft?
What is the pre launch booking procedure generally??
1)How much booking amount?
2)When one books the flat,is it confirmed that he gets the flat?Or will the confirmation be given later? and if later after how much time approx??are there any chances that i dont get the flat??
Considering the area been developed rapidly, i believe its a good location, but the price is little on the higher side. 3500 should be ok as of now