After Skylark Arcadia Phase 1 & 2, Skylark Group is all set to launch their new apartment project located Skylark Ithaca adjacent to Skylark Arcadia villas. Skylark Ithaca set on 22 acres of land will offer apartments in 1, 2 & 3 BHK configurations. Expected possession of the project is in 42 months from launch.
Skylark Ithaca Options
1BHK – 529 sq ft. & 612 sq ft. @ 20L Onwards [Basic price]
2BHK – 999 sq ft. & 1048 sq ft. @ 38L Onwards [Basic price]
3BHK – 1471 sq ft. & 1595 sq ft. @ 56L Onwards [Basic price]
Skylark Ithaca Location
On Devasandra – Sadarmangala Road. Adjacent to Skylark Arcadia.
3Kms from Hoodi Circle
3.5Kms from Old Madras Road
3Kms from SaiBaba Ashram in Whitefield
View Larger MapSkylark Ithaca Price
Price: Rs.3800/sqft. in the No PRE-EMI offer
or Rs. 3500/- in the regular offer
Rates applicable during pre-launch as of 3rd June 2013.
[suffusion-widgets id=3]Skylark Ithaca Concerns
- Heavy traffic is expected near the railway crossing as this is the only crossing between KR Puram Cable Bridge and Kadugodi Flyover which connects Old Madras Road and ITPL Road, which can be an issue in future
Skylark Ithaca Investment Plus Points
- Upcoming Railway Overbridge between Sadarmangala/Ayyappa Nagar and Hoodi will boost connectivity to ITPL/EPIP areas which are about 5 kms
- Upcoming locality with Skylark Arcadia phase 1 and 2, Zonasha Retreat and other plotted and apartment projects nearby, surrounding areas come under BDA limits which has improved roads
- Cauvery Water supply has reached Kodigehalli and could be extended to this project in future
Take the poll – Is Skylark Ithaca a good investment?
http://www.thehindu.com/todays-paper/tp-features/tp-propertyplus/80-smart-20-scary/article4957718.ece
Hi,
Things are not smooth it seems in no pre emi scheme. I have been following up in vain now for 1.5 months to get a clarity on the process. I was assured and re assured that the builder is consulting some top audit firm and would come up with an opinion. But repeated follow ups and multiple calls till now had no result. We have asked not to encash our booking amount till we have clarity. The DM Sales, Anuradha whenever contacted has a standard response since last 1.5 months, “it is a complicated issue and the auditors have asked for more papers”. I am surprised if auditors cannot explain tax liability on the buyer, who else is supposed to help us. What is so complicated that the auditor could not lay down a process in 1.5 months time.
Does anyone have any update ?
Regards,
Even I am not sure about the no-pre emi plan and have more or less made up my mind to go for the construction linked plan (CLP). I went through many articles on net for CLP and everyone suggested it is the best option for buyers compared with both pre EMI and no pre EMI.
Best bet for understanding the scheme would be to talk to any bank guy who calls you. once did call me but I ended the conversation in 1 minute as I was not interested.
I was told that three banks have already tied up- Axis, Deutsche Bank & ICICI.
I bet they would be in better position to explain as they would be interested in attracting customers.
Does any one has any latest on no pre emi..
Any one already processed loan or in talks with any bank..is skylark getting any clarity or coordination from bank..is 7th dec as launch date firm..
Sorry am out of line..any update on no pre emi will help..
Thx!
Any google group formed for buyers?
Somebody said why not discuss in public- I ask because the topics and issues of buyers would be different from the public. Also, buyers would want some privacy in discussing issues / arranging meetings / form plan of action etc.
Please email me at rajesh(dot)kodakkat(at)gmail(dot)com with your contact number and flat number booked.
Caution: Join at the cost of incurring the wrath of Mr Bhola who is anti google group..:)
I am looking for the apartment T12 block without common wall means right side one (999sf) on 17th floor. What will be the flat number and what vastu saying for this plan?
Please provide your comments.
I booked 2 BHK,1049SQF on SATURDAY.
Having flat no A-1202,12th floor villa facing T1-A block.
Then the rate was 3900 + floor rise=4140.
From Monday the revised price will be 4290.
Selling like hot cake..enjoy
Anyone knw wht is the meaning of ithaca..?
Is an island off the western coast of Greece in the Ionian Sea
Hello Suraj,
I am also intersted for same, it would be great if you can answer few things which helps me to understand my budget constraint.. Have you gone for Pre EMI offer because you mentioned the price 3900 SFT? By the way did you get a chance to verify the documents? How much they quoting for high rises floor charges?
Any help on above would be highly appreciated..
-Shiv
Seems the new price with pre emi offer is 4050..thats 250 rs increase
I booked 2 BHK on Sunday.
Then the rate was 3900 + floor rise – are you telling me the rate was hiked another 150 Rs on Monday?
I got the receipt soft copy amd yet to get hard copy, although the blocking cheque has also not been encashed till now.
I just hope they are able to launch and complete on time, so fingers crossed for next 44 months. Must say that my overall experience at site office and post blocking interaction has been good till now.
Hello Bhairav,
You booked through Proptiger because they are doing the marketing more and seems the URL for “Skylark Ithica” which is not colligated with their offical site, and also belongs to Proptiger. Is that true?
I heard Now they are quoting 4050 SFT + floor charges, i was also interested for same but seems like every week they are increasing the price. Did you get hard copy of receipt.
Could you please share your personal mail ID at this…<>
Your help would be highly appreciated..
-Shiv
SkylarkIthaca.com belongs to PropTiger, guess most of us who researched would be aware.
I did not get hard copy of receipt, although Skylark staff have been in touch. They have themselves placed calls to me after I wrote to them to clarify doubts and share additional material.
Not sure how price is moving, but my couple of acquaintances definitely bought at price different from what’s quoted in discussions here.
There is never a “right” price for configuration / project one likes. And there is never a bargain if you do not like something or do not need that something. Personally, I keep part of my money in real estate because that’s been most reliable in India.
Hello Bhairav,
Thanks For your prompt reply. I totally agree with your view. Even I too had been to “Skylark Ithaca” Marketing office today.
I just wanted to know one thing, when they say “No Pre EMI” offer, in that case after paying 20% down payment. Do i need to take a loan at this point of time? If yes then who will pay the Interest till Possession and same time it consists Principal amount as well. As they said Builder will pay the interest that’s why they are charging more on SFT but i have to pay principal amount per month right since the day agreement is done.
Please let me know if i am wrong because i confused little bit with “No Pre EMI Options”.
Any help on this would be appreciated..You can shoot me a mail at shivmandir76(at)gmail(dot)com as well.
Thanks Again….
-Shiv
Actually, there is little information that Skylark has been able to share on the pre EMI scheme.
With all complications that seem to be there and few expert opinion on internet that pre EMI is beneficial if (a) it’s till possession & (b) if you do not have money now with an inflow expectation down the line, I have chosen regular scheme (or no scheme) because I do not expect any inflow down the line.
As it is, I find 3900 or above for that area slightly high. The rates 4 years later may justify paying 3900 + floor rise, but I’m more comfortable then at 3600 + floor rise!
Best bet for the scheme would be to talk to any bank guy who calls you. once did call me but I ended the conversation in 1 minute as I was not interested.
Yeah..just saw in Proptiger..3750 new base price.. Is it due to good demand or just like that ?
The good configurations, or the ones I was interested in, were either unavailable or scarecely available. So I believe demand is good.
But no idea of overall project because with so many flats I am sure there should be lot of flats still left unsold.
2600 Flats within 24 aces …. Is it not to crowded??? Please comment…
It is indeed crowded. Just for comparison, Prestige tranquility has 2300 flats in 38 acres.
Compared to Tranquility or even some other projects = YES; Compared to Nitesh Hyde Park= NO. It really depends on mix of 1 / 2 / 3 BHK, or the average apartment size PLUS number of floors.
For G + 19 floors with average apartment size close to 800 sq ft, up to 120 apartments would be ok. But something like 95 – 100 apt in this configuration would be real open.
BTW, I am told that Tower 1 smaller 2 BHKs are all sold out – this is just FYI and is not sourced from site / builder.
If you are talking in terms of acre then real hit will be on open space between buildings… it would be less…..Will wait for detail master plan because if it is like suncity apartments where everyone can peek into others apartment then apartment in front of you would be like extended family….
If they give enough space ..say like shantiniketan then it will be good…one will need a good binocular(around 15000rs) to peek into others apartment….
In terms of amenities and multipurpose hall..it will always be crowded…unless builder gives like 10 swiming pool..tenis court…play area each….it doesn’t matter apartment is in 24 or 38…we are talking about 2600 apartments…..
You are missing a key point here….how builder is selling@3800 rate near whitefield where the price should be minimum 4200-4500…..by constructing more apartments….
Swati,
Just a correction.
While comparing prices it should be at 3500 per sq ft ( 3800 is without pre emi offer).
3500 at Whitefield is an affordable price ( I would not say a cheap rate or so..but its definitely affordable for middle class who otherwise have to shell out min 4200 for a mid size apartment from a mid level builder).
I have stayed in Purva Apartment with lesser flats.Its rarely do i see someone in the pool ( except summer when kids are always in the pool).there were a few regular tennis players..the club room was mostly empty except for bday parties and dance classes.
I wonder how many of us would have time to use the facilities ( again except for the kids).
Is it really whitefield?
Hi Swati
You are so right on the space analysis. No need to wait for master plan – builder anyway giving almost continuous placement of blocks (except 3 BHKs in T7 / T8).
So it’s like Suncity in that term although less crowded.
On price part – the location, as of now, does not deserve more than quoted price.
Hi All,
The apartment I am interested is in either tower T8 or tower T7. It looks like the tower T8 is facing internal road throw which apartment vehicles enter to park underground in towers T8 and T7. Please let me know whether it is OK to book an apartment in either tower T8 or T7 as per vastu.
The site layout is: Layout
if the above link does not work, please use the following:
http://homznspace.homznspace.netdna-cdn.com/wp-content/uploads/2013/06/Skylark-Ithaca-MP-1.jpg
Hi, we visited their office yesterday, it is in the same road where there is Purvankara office. We went there as we were following up for receipt since long and could not get any response. The office is quite small and they have a mention only of their Arcadia project in the office. Wanted to share what we learnt :
1. I had been following up for an opinion on the no emi option. They have been telling they are getting different kinds of response from their auditors. Finally they have promised to mail it on Monday. This was only when we said we want to withdraw if there is so much confusion on tax implication.
2. They said they have got the letter for shifting ht / lt whatever is the line.
3. They are still confident of sep 30 as launch date.
4. We asked for signatures on the form and they were very casual about it. Again had to be rude to get it.
5. When we asked how confident they are about project delivery on time and also asked for contractors name for the project, they said they are using ” myvan” technology which is practised in Blr by limited contractors. They are not using same contractors of esta project.
Let me know if I can clarify any doubts.
Hi Aprajita,
Once you get clarification on the tax implications for the interest part, please share with us all.
Thanks
Naveen
Hi, no sign of the auditors opinion till now. I am in constant touch with Anuradhapura, DGM Sales. Today they said they did not get a favourable response hence they have asked auditors to re evaluate. I will let every one know once we receive it. Not sure when they will finally come back. Sale agreement they would get into post 30 th Sep is what they are claiming as of now.
Hi Aparajita
I had provided a PDC for my booking amount.However it is still not debited.
So all I have is a mailing congratulating me and the flat no..but no payment debited.
I intend to keep quiet as it would provide me interest till they debit it.
What do you suggest?
Hi Aparajita,
1) In the no pre-emi option, will be there any tax implications as well?
2) What if the project gets delayed? Still the builder will pay the interest?
Other then “Mivan” technology, other responses are on expected lines in preLaunch stage and from NOT an ‘A’ class builder.
I am worried about “mivan” tech despite its many advantages – which are more to builder than the buyer (unless cost & time advantages are passed on to the buyer).
Why? …Because it has its disadvantages like seepage / rough finishing / cracking etc – these would be more prominent in case construction is carried out in a hurry.
Hi Aparjita,
Did you ask about when the saledeed will be made?
they only taken PDC for 20% of basic cost on sept 30th.
when we need to pay rest amount (20%of (basic cost+amenties)
Prestige shantinikethan is built using mivan technology.
folks, find out what is the impact of using this technology.
some websites say it is good some say bad about finishing.
Thanks,
Sravan
I found this in SkyLark’s official website. Do you think this one is about Ithaca?
Launching Bangalore’s first ever tallest residential project
Skylark shortly launching Bangalore’s first ever tallest residential project within BDA limits in approximately 3.5 million sq.ft of development with world class amenities and facilities followed by 90% green concept.
The website “http://skylarkithaca.com/” belongs to proptiger.. its not a official site.I have booked my unit and Paid the 200k booking amount via RTGS but yet no recipt. They said I need to pay the 10 % by 30 sep 2013.
I meant http://www.skylarkmansions.com not the one which Proptiger owns.
Hi All,
Just wanted to check if anyone of you have received receipt (Hard Copy) for the booking amount???
I have booked a 3BHK in Inthaca and my cheque got realized 4 weeks back. However, i am yet to receive the hard-copy receipt for Skylark. (I have only received an email confirmation)
I have been following up for the same but have not yet received any clarity on this…
I also got onlt e-mail confirmation with booking amount, pdc amount, flat no.
Hi Shrav,
I was told by Nishant, one of their management guys, that I would soon be receiving a hard copy of the booking confirmation. However, no fixed dates have been provided. Have just received the email. I think the management has been very casual on these aspects and I really wonder why since they have been in the market long enough.
I have booked a 2BHK apt on 30 June 2013 and I have received both email and hard copy of receipt.
@dhanveer I have booked my unit in T11 and have not received amy papers or confirmation. Just a congatrulations e-mail stating welcome to skylark family that too by the promoter.none from builder.Could you confirm the details.
Hi Shrav,
I am interested in 3BHK in this project. But I am still in dilemma as I have concerns about the Vastu of tower T8 and T7. As per the layout (http://homznspace.homznspace.netdna-cdn.com/wp-content/uploads/2013/06/Skylark-Ithaca-MP-1.jpg), it looks like towers T8 and T7 are facing road. Can you please let me know your opinion.
Thank you,
Srinivas
Hi Srinivas,
Have you booked a flat? I need some details on the price and Vaastu.
Hi All,
Have finally received the hard-copy of the receipt. These receipts have been sent to the Marketing office of Arcadia. I happened to visit the office on Saturday and got it from the Marketing rep.
What will be the implication if real estate regulatory bill is passed before actual launch of Skylark Ithaca? I think, skylark will have to follow the new policy. And if so, how does it affect to the people who have already booked? Any inputs on the same will be really helpful.
Rahul,
@wat price u booked the flat?
Did u pay floor rise charges?
Can u please share u r info?
Yes there is floor rise and as far as I know they have increased 100 rupees from the initial pre-launch offer.
One of the proposed clause in the real state regulatory bill is that the builder cannot do pre-launch of properties. I am not sure how it is going to affect the people who booked in pre-launch. Lets wait and watch.
http://timesofindia.indiatimes.com/india/Cabinet-gives-nod-to-Real-Estate-Bill/articleshow/20430396.cms
It will prevent the builders from launching projects without approvals
It will give exact carpet area you are buying
it will penalize builders for false advertisements
it will track the funds and accounts for a project so that builders don divert the money to other developments and hence delay the ongoing projects
it will protect consumers against the delays in handover..
Once RER is implemented ..all sale agreement will be same..if they include any other extra clauses..we can always go and file a case against the real estate tribunal..and we can get the clauses changed..or builders will pay 10 % of the project cost or 3 yrs in jail..isn’t this cool..?
Also all brokers needs to be registered…
can someone mention the implication of the Regulatory act? Prices will go up or down..???
With my limited knowledge..I see the demand consistent or growing..supply coming down as not many builders will be able to comply with the regulations..thus prices going up?
If they follow real estate regulatory act then price would fall nearly 25% because they can charge only for carpet area which is say 72% in skylark, so new booking guys will enjoy.
I guess skylark has idea about it and thats the reason they are charging more from current customers…same price as main road projects…we definitely need real estate bill regulatory act on skylark….
Correct price should be ~2800. They can’t sell without approval…but they are selling…this is clear violation of bill…..
Can we form a group and complaint against them ? we can also involve media and show this on news…lets take a stand against these corrupt and greedy builders….whats your opinion ?
Hi Arvind,
Your assumption is far from reality. Prelaunches will be stopped only after regulatory bill is passed, currently all big builders are doing pre launch. So there is no action that can be taken.
Regulatory bill does not control pricing. Just because builders have to sell on carpet area doesn’t mean prices will come down, the will maintain the total cost same as earlier.
Also except MJR i dont see any other big project with same pricing range as skylark on whitefiled main road.
Thanks
Naveen
I recently booked a flat in Skylark Ithaca and paid them Rs 2 Lakh through a post dated cheque. However, I am getting suspicious about the professionalism of this builder due to multiple reasons stated below
1) They haven’t given my any receipt for the post dated cheque. They have just given a hand written letter on a letter head with no amount, no flat number mentioned. Does it even count ?
2) Once I handed them PDC, they demanded for PDC of the booking dated September 30th. It looks as if they are resorting to cheap marketing techniques. They haven’t provided me a copy of agreement ( no exact dates for project launch ) and expect them to hand over a PDC of the booking account .
3) I asked them a number of questions in an email. They haven’t cared to answer anyone of them.
1. Exact carpet area?
2. Any sketch diagram explaining the minute size details.
3. Will mosquito net be provided for all the windows and the doors?
4. Specification for the fittings (wash room, electrical)?
5. Possibility of slight internal modification in the flat?
6. Complete specification for the flat with complete details such as quality of wooden flooring, type of doors, quality of kitchen slab, tiles type in kitchen/toilets/rooms/deck/living).
7. Explain reasons why BWSSB/BESCOM and DG Charges are calculated at Rs 175 per sqft? I reviewed other grade A builders and they are charging at a rate of Rs 80 to 100 per sqft. Why Skylark is asking for a higher amount?
8. How is service tax calculated?
9. What will be the final amount for the flat? Please include all additional charges that I may have to bear in future and not known today as variables?
I am planning to block the PDC if the above issues are not addressed. Please advise.
I don’t think we need to be paying 20% before agreement, it has to be at the time of agreement signing. PDC is fine as long as they do the agreements to PDC date otherwise we should simply block the cheque. I understand right now the market is not gr8, so the buyers can always dictate terms.
They may have got decent sales but definitely nothing exceptional otherwise u would have seen a steep rise in price or the pre launch offer closed.
Hi Rahul
Many people in the group have the same concerns ( my booking cheque isnt still encashed).
Some got email receipts,but none have got physical receipts.
I had also asked them for some brochure ,but was told its under preparation.( I have asked for a spec sheet of Skylark Esta ,so that we could atleast have an idea of what to expect).
On slight modifications,they first said no and when i insisted,they said they will inform during construction if my suggestions can be incorporated for my apartment.
Did you get a copy of the payment schedule? i have one with me.
I have not received any payment schedule.
Did anyone enquire about the corpus fund/maintenance amount? Is it included in the price quoted? I only hope that they don’t ask for it later.
Also, did anyone compare the Skylark Ithaca project with Monarch Aqua? What are the pros and cons of each of them?
Maintenance is not included in it. After the quoted price, we will have to pay for maintenance and registration. For me also they haven’t encash cheque and I didn’t get any reciept. I called slaes manager and he said he will ask his CRM team to send me welcome letter and other scan docs which are available.
Rahul,
If you are expecting all these details then i suggest you shouldn’t be booking apartment during soft launch / pre launch….they don’t have any approval at this stage…moreover some of the documents for approval are still under preparation…they will launch in 7-8 months at that time they will give you spec sheet.
Any argument on the bescom/DG/pipe gas charges would be waste of time….no builder changes it…builder finally will charge the money he wants…in some or other form…don’t compare the charges with other builder…its not a straight fee…they add cost of many things for whole building…like transformers, wire, pipe, fee, bribe etc etc and then divide total by total sqft. it will never match with other builder.
corpus fund/maintenance amount should clearly be mentioned in the payment schedule. If it is not mentioned in the payment schedule, then they may ask it later.
Hi Rahul,
I will try to answer some of the queries based on what I have experienced:
1. Price list with breakup was the first thing marketing people were sharing. You could mail them and get it. I had a hard copy, need to search it.
2. Corpus fund was not included in the cost break up sheet.
3. Maintenance amount ( at least for a year, what usually all builders take) not sure, how it will be collected. By the time of agreement, things will be clear. If it’s not collected
association have to run the show from day one.
4. For any project with more then 500 flats, I don’t think any builder will allow customization as its an additional work for them. If anyone has positive experience, then they are lucky.
5. I have received an e-mail acknowledgement for the payment of 2 lacs, amount has been deducted and yes flat number was mentioned. I did not try to get physical copy of
receipt as was busy with other things but yes , its good to have and I will follow up on this.
6. Not sure, but for A class builder during pre-launch, once they declare they will come up with some project in North or South region, people are ready with lacs to book it
without knowing much details. Then how could we expect all approval paper work in place at this stage?
I have also invested my hard earned money and before agreement could change my decision if there are some issues.
Thanks for the detailed response. This info will help everyone of us in building confidence.
As per the constructor, I heard that Skylark are discussing with L&T and Shapoorji Pallonji group. Needs confirmation though.
Moreover, corpus fund/maintenance amount will be mostly collected at possession time and the amount has not been decided now. Hence, the omission. So, better we all consider a lump sum amount for the same.
Hi,
We also booked a unit in Tower F Block 5 yesterday. Blocking cheque not yet encashed. We went ahead since the price points suited us and no pre emi scheme works in our favor..
However there are several points on which we are yet to have clarity :
1. Yes, they are not giving any receipt and said the acknowledgement would come in mail. I insisted for their signature and seal in booking form which also they said would be done after cheque is encashed. Not clear why such behavior
2. Pre emi scheme is under approval from Axis – not yet approved. I spoke to Axis representative
3. Have clarified 10 times that they will bear the interest till keys are handed over to us, which typically means they will bear the delay. We drafted a long mail and took a confirmation from Sales Manager Sridhar.
4. While they have been saying that price increased by INR 100 since Monday, even yesterday they didnot have the revised price list.
5. I have clarified that they would return the blocking amount if on 30th Sep they cannot show the letter for moving the HT / LT lines – I doubt however that they can get approvals within Sep. As of now I did not hear they have got “any approvals”. Everything in progress.
6. To us, they confirmed they would not allow any modification inside the flat.
7. I have insisted that they make us discuss with their accounting team how the interest routing would happen through our account – there are 2 risks here : i) Tax Impact, ii) What if there is delay in credit of interest to my account from the builder, I would become a defaulter to the bank
8. Efficiency is working out to be approx 71% – they could not provide any satisfactory explanation why room sizes are small.
9. VAT is @ 14.5% of 70% of Construction Cost while ST is @ 12.36% of 30% of Construction cost
10. Rest assured they will come back for corpus for maintenance – they could give no suitable answer why they havent included it.
11) We asked why they are taking almost 3.5 Years to deliver the project to which they said they want to deliver it completely with all amenities hence they are keeping buffer.
12) 100 + units have been sold till date – miles to go.
I am not sure whether we are making a right choice in investing our hard earned money hence this long mail…any advise / guidance would be highly appreciated. Our flat is for investment purpose (the marketing folks claimed the launch price would be INR 4500 PSQFT). I would be happy to answer anyone’s query if I have clarity on that point.
Thanks Aparajita for detailed update.
Can you please clarify on the interest routing?
I was told that the approval for realignment of LT lines is already there and the carpet area to SBA ratio is around 77%. Also, I hope they clarify on the maintenance and corpus fund.
Aparajita,
That was quite a informative mail.
If anyone is visiting the site,please have a look at the hard copies of the plans they have.
That has the SBA,and CA mentioned across each floor plan.I forgot the numbers since I saw it a month back,but if anyone can note it and share it here.would be helpful.I too remember something like 75-77%.
I re-confirmed and was told that CA/SBA is approximately 76%.
Don’t expect the launch price to be 4500, thats way too high. Looking at the current market, that doesn’t look realistic.
Moreover I guess this property will appreciate the most when road widening from hoodi and sai baba ashram actually takes place which i hope will be in next couple of years.
Hi,
The No Pre-EMI option increases the price by 300/sqft, has anybody done calculations to see if this will work out cheaper than taking the regular offer @ 3500/sqft and paying pre-emi?
Thanks
Ravi
Hi i have also booked under pre emi scheme @3880 per sqft. Pl tell me how you got email confirmation for interest payment by skylark till possession.
Hi,
Has anyone got scan copies of approval documents whatever available with them as of now?
I don’t think they are sharing any. I was told that they have BDA approval and upon insisting I was told that they have land approval and are in process for getting construction approval.
They also claim to have received the confirmation for realignment of LT lines in the project.
I hear Prices up by 100 Rupees (in both scheams) … since yesterday
Contact me for best price. (they are not bargaining with anyone on any price)… I can get you the best deal. Just contact me … itjobzone@gmail
Any idea on the approvals? I was told by the sales executive that land approvals are already there but construction approval is pending? Also, has SBI approved the project?
@Ankit the project is still in soft launch kind… they are increasing the prices … already because of good sales prices have gone up.. if they do not get approvals they will return (every builder returns) the entire amount…. July onwards increased cost by 100 rupees… book with us and get best benifits… they are not bargaining… but we will get u best deals. itjobzone@gmail
Hi,
Does anybody have an idea what will be cancellation charges after agreement?
Thx
Most of the builders in bangalore charge 1% (of the basic cost + car parking) cancellation charge if done BEFORE Agreement and 10% AFTER agreement.
2% of the basic cost of the apartment.
The project is not even launched and there are already 2 google group, 1 yahoo group and 1 facebook group. Looks like everyone want to create a group for themselves. People are going crazy.
Bhola,
just for my understanding,are you the same bhola who had a problem with two google groups for Bhartiya City?
the pros and cons can be discussed in open forum too. Why do you think only the owners should know the pros and cons of the project. Moreover, if someone is comparing this project with any other project, how it is going to affect the people who have already booked the project. It is always good to listen to criticism which help in the larger interest in taking proper decision. It is a known fact that nobody wants to listen any thing negative about the thing that they possess. May be same is true for you.
comparing a project to a similar project is value addition.comparing a project to another project in an entirely different range is waste of time.
and please do provide all the negative information available so that if required I can cancel my booking before the agreement is made.would be grateful to you if you can help me save my hard earned money.( and I really mean it).
waste of time for whom? For the people who already booked or the people who are doing unnecessary comparison?
Bhola,
Nobody is stopping you to discuss anything here, at the same time Rajesh is free to create google groups n stuff.
Instead of wasting time on unwarranted issues, lets focus on core issues.Positives/negatives with Ithaca, any new findings…
I for one am for discussing everything here….
Hi Rajesh,
I have purchased a flat in Ithaca. I also want to join this google group. However I am unable to join it.
Can you help me with the email ID to which i can send my details?
Regards,
Sharavan
Hi
Please send me an email at rajesh(dot)kodakkat(at)gmail(dot)com
Any body please confirm if the construction of phase 1 and 2 will start together? My biggest concern is that if the phase 2 starts later, it would impact people staying in phase 1 because it is going to very densely populated with distance between the towers very less and phase 1 being behind phase 2 and the drive way passes thru phase 2.
Visited the official website, skylarkmansions.com . There is no mention of skylark ithaka on their website. They even have not invited expression of interest on their web site. It means that the builder is not responsible for any thing written on advertising material & also verbal commitments made my sales person & brokers. Caution required. Same situation like Brigade Golden triangle.
Thats pretty common with so many builders, yes the risk is always there with pre launch projects.
Even I had asked about the promotion of ithaca on their official website. They told, without legal approval they cannot directly promote the project. Its only word of mouth and reference through which they are selling.but I saw multiple promotions for this project through brokers and same thing has happened even in many of prestige projects where my sister has purchased. Now after approval paying very high premium and missed out to take a decision of buying the same property at 30% lesser rate at which they launched.
Also, keep hearing from the sales executives and real estate agents that this prices increasing from 1st july’13 onwards which is again the same old marketing funda used in real estate.
Now I have planned to book one 2bhk apt. this saturday. Hope they stick on to the price and unit which I have blocked till this saturday. Hope all goes well!!!
Skylark Ithaca guys are telling 3 bhks available only from 7th floor. Really so much of booking has happened? I think too much of market hype has been created about the project. I find paying 72 lakhs for a 1472 sqft flat too high considering its not a tier-1 builder and the location. Plus, the rooms are too small as per the floor plan.
My friends have taken such benefits in few of such big brand builders who are regularly paying pre-emi till date and having a little stress relief on managing both rent & emi’s. Everyone knows about this offer & i personally feel this offer is beneficial & at same time paying some extra rate per sqft & getting such benefit thinking on long term is good.
Since the builder is receiving funds from bank & all three members are involved then I think bank will be taking care of formalities where they are safe guarding everyone interest.
I have personally spoken to the bankers & they have given positive feedback about this builder.
I have purchased 2bedroom flat this week in this project & even my brother has blocked one unit with same scheme.
If i wait for long then as usual in bangalore builders increase price & later we repent paying more.
You get the benifit of not paying for 4 years (in pre emi scheam) by then the prices will be quite high for sure.. also the builders and land owners keep prime flats for themselves always in any project, so same with this one.. They are selling higher flats before.. also not selling K Block 3BHKs (on any floor) I belive the prices will not increase untill August (when banks will be ok with the project and santions loans, no disbursement or anything happening next 2 months)
for best prices be in touch itjobzone@gmail
Bhavana,
There is no benefit of not paying for 4 years.
a) you pay 20% at the time of agreement.The balance amount has to be paid stage wise.If you decide to go for a bank loan,then the builder will pay interest ( under no pre emi scheme).The principal repayment is your responsibility and has to be repaid as per the bank agreement terms.But for no pre emil scheme,you are paying 300 rs psqft extra.Hence this pre emi interest is actually going out from your pocket.
Also,when paying various taxes, like VAT,registration charges,it is calculated based on your price.Hence these charges get magnified by this 300rs.Ex.for a 1000sqft flat,at 3500 it is 35 lakhs and you pay tax on 35 lakhs.at 3800..you pay taxes on 38 lakhs.
Hence in effect,not only do you pay the interest over the 4 years yourself,you also pay higher amount as taxes.Also the Income tax implication of the builder routing the interest payment via your bank account is still not clear.This could be additional burden.
The only benefit of this no pre emi scheme is if the builder delays the project,his margins would be affected.But I do not think he will as he is already budgeting for 42 months +6 months ( thats usual for any large scale projects).
Hi Rajesh – You are right for some of the things you explained but allow me also to differ on few other points you mentioned.
I have done a calculation (fairly good) ona ctual current data and below I have presented my calculation results. These results will be an approximation of course.
[1] 34,000 more total outflow in 15 years in No Pre EMI scheme
—————————————————————————————————-
For 1000 sq ft, home loan of 40 Lakhs for 15 years if you are in 30% tax bracket. This is because in No Pre EMI scheme Bank generally lends at PLR whereas bargained home load rate generally is 1.5 % lower. I have calculated loan rate at 12% for No Pre EMI and 10.5% for general scheme. This takes into account the Pre EMI which bank will pay in the scheme but you will pay in general scheme.
[2] 3 Lakhs more total outflow in 15 years in No Pre EMI scheme
—————————————————————————————————-
For 1000 sq ft, you will pay 3 Lakhs more in No Pre EMI scheme because the rate is Rs 300 higher. Do not go into component wise calculation – you will ultimately arrive at 3 L difference when you do full calculation.
[3] So why will someone take No Pre EMI scheme? Because
——————————————————————————————
(a) You do not want to pay the 6 to 7 Lakhs as pre EMI till flat is in your name- do not ask me why but people, including me, are uncomfortable and unhappy paying for nothing
(b) You sell off in next 44 months, then your return of investment is higher (because of earlier point where you pay almost same in either schemes but are not paying No Pre EMI)
(c) You expect some fund inflow anytime in next 44 months so that you are ok to pay more amount if that “more” payment is to be made after you receive the inflow.
Overall, both schemes are fine and depends on buyer’s current economic state.
There is a construction linked plan (CLP) as well which may be better than both pre emi scheme and no pre emi scheme. What are your thoughts on it?
Bhairav
1.I do not think that the interest difference for 40 lakhs at 1.5% would only be 34000.It would be higher than that
2.How about higher taxes to be paid ( because the cost of acquisition is high and taxes are a % of the price)
3.If this is your first house,then the pre emi can be offset over 5 years gaining Income tax benefit
4.How about the income tax accruing cos of the builder routing the interest payment through your account?
5.In no pre emi,the builder only pays the interest ( which is taken from you off course as price is higher by rs 300).But you still have to repay the principal part.I do not think the bank will wait for 44 months for principal payment to start.
Hence I think the only benefit of the no pre emi offer is that if the builder delays,his margin reduces.but economically it is loss for the buyer.
You’re right Rajesh – my typo, the difference will be 3.3 Lakhs when all line items are included.
And the difference b/w 12% & 10.5% is 34K for 40 Lakhs 15 yr loan because I am assuming that the pre EMI amount for 44 months construction period (applicable to loan taken at 12% in builder paying Pre EMI scheme) will come to roughly 6.4 Lakhs.
For clarity (and this is a question) – Pre EMI means actual EMIs will start after the holiday period of 42 months or till construction is over. So EMIs should ideally start after possession – is this not true?
Ideally yes..the emi should start after completion.There are contradictory views..that under no pre emi scheme,the bank will disburse entire 80% at one go..then the EMI might start at 18 months..and builder will pay the interest and the buyer will pay the principal.This is not confirmed yet.
I am thinking of going for the Pre EMI scheme though..have to consult the banker before i make the decision..somehow I feel the formalities and complexities with a no pre emi offer is high..the CLP seems the better option..
1.5 % interest of 40 lakhs comes to Rs-60000/ in the first year of repayment .The interest is to be paid for 11 years by the buyer for a 15 year loan period ( If we take that interest of first 4 year will be paid by the builder). The interest will gradually go on decreasing as the principal will decrease. But total will not be less than 400000/-
Any idea why skylark is charging a way too much for bescom/bwssb charges. Its Rs 175 per sq feet in ithaca, whereas some other builder behind itpl is charging just Rs 80. In prestige tranquility they are charging Rs 100. Any justification for such a high charges for ithaca. Can someone please clarify?
In addition to above comment on BESCOM/BWSSB charges, I observe that they are charging a amount on VAT. For a 3BHK (472 sqft), VAT is Rs 401,883. This seems to be too high compared to similar project by other builders.
Does anybody have idea on how VAT is calculated ?
Thanks & Regards // DS
Once again enquiring the same. They have increased service tax from 33% to 40% and also charging service tax of 40% for club house. Any one knows if service tax has been increased by the BBMP ?? I do not find related stuff for increasing service tax anywhere on the internet.. Why are they charging more??
I can get you best deals @ skylark ithaca and esta, you can go there enquire the price and all and come to me for better deal.
are you a broker?
hi..I am interested. Can you please share me your number so that I can get in touch with you.
Hi Bhavana,
I’m interested in 2bhk and would like to know what best price i can get.
please contact me hari42k at yahoo dot com
service tax is 12.3% and not 30 or 40%. Again, you claim to know few people in skylark, so why don’t you ask them about the service tax. To me, it looks like you do not know anything about taxes and all and simply doing time pass here.
Vat need to be computed on the construction value as per government %.
@Ghanshyam i am not tlaking about vat i am talking about service tax.. no where in newspapers or internet its mentioned service tax has been revised.. why is skylark charging more..
@bhola – I know a few people there and have booked flat there.. yes helping them in sales making some money and also giving money to the one who books through me. You can decide if i am a broker.
Delta Signature on Sarjapur road is charging at Rs 225 per sq ft
Hi All whats the current rate per sqft at Skylark near hoodi circle?
NO EMI till possession”! Where is the catch? Read on…
http://way2loan.in/homeloan/no_emi_till_possession.action
3500/sqft -Construction Linked Plan:
3800/sqft. in the No PRE-EMI – you have to take loan from private bank like HDFC(not from SBI).
in this case,17% from your side, bank will give 83% upfront just before the construction start.
For 27lack loan: 20 years. 10.5%
January, 2014 23625.00 3331.26
February, 2014 23595.85 3360.41
March, 2014 23566.45 3389.81
April, 2014 23536.79 3419.47
May, 2014 23506.87 3449.39
June, 2014 23476.68 3479.57
July, 2014 23446.24 3510.02
August, 2014 23415.53 3540.73
September, 2014 23384.54 3571.71
October, 2014 23353.29 3602.97
November, 2014 23321.77 3634.49
December, 2014 23289.96 3666.29
January, 2015 23257.88 3698.37
February, 2015 23225.52 3730.73
March, 2015 23192.88 3763.38
April, 2015 23159.95 3796.31
May, 2015 23126.73 3829.52
June, 2015 23093.22 3863.03
July, 2015 23059.42 3896.83
August, 2015 23025.32 3930.93
September, 2015 22990.93 3965.33
October, 2015 22956.23 4000.02
November, 2015 22921.23 4035.02
December, 2015 22885.93 4070.33
January, 2016 22850.31 4105.95
February, 2016 22814.38 4141.87
March, 2016 22778.14 4178.11
April, 2016 22741.58 4214.67
May, 2016 22704.71 4251.55
June, 2016 22667.50 4288.75
July, 2016 22629.98 4326.28
August, 2016 22592.12 4364.13
September, 2016 22553.94 4402.32
October, 2016 22515.42 4440.84
November, 2016 22476.56 4479.70
December, 2016 22437.36 4518.90
January, 2017 22397.82 4558.44
February, 2017 22357.93 4598.32
March, 2017 22317.70 4638.56
April, 2017 22277.11 4679.14
May, 2017 22236.17 4720.09
June, 2017 22194.87 4761.39
….
…
can you allowed to take 15 year loan instead of 20years, may be no because builder has to pay more interest in that case…just be aware of these traps
Hi,
In the same blog I saw number of posts about “no-pre emi”. Mixed opinion coming regarding amount disbursement from bank. Will it be based on construction progress or full amount before the construction starts.
If full amount is disbursed , legally buyer has taken full amount from bank, any clauses that could save buyer if construction gets delay or due to what ever reasons issue with possession .
Could someone please clarify.
NO BANK WILL DISBURSE THE LOAN AMOUNT UP FRONT. IT WILL BE BASED ON CONSTRUCTION PROGRESS ONLY. I AM 200% SURE.
When you go for bank loan, there are two options, full emi and pre-emi. Irrespective of the option you choose, bank will disburse the amount based on construction progress only. Here is an example.
Tenure = 20yrs
Interest = 12%
Complete Loan amount that was sanctioned = 25,00,000/-
Loan amount that is disbursed for the first time (based on the construction progress) = 5,00,000/-
In pre-emi plan, you need to pay interest component only, i.e. Rs5000/- (12% interest for 5L) per month. Once the complete loan amount of 25L is disbursed, then your actual EMI of Rs27,527/- will start and has to be paid for 20yrs from there on.
In full-emi plan, you need to pay the EMI of Rs27,527/- starting from the first disbursal. Rs5000/- (12% interest for 5L) is interest component and remaining is principle component.
99% of the home loaners will go for pre-emi plan. So, in Skylark Ithaca case, till the complete loan is disbursed (based on construction progress), pre-emi will be paid by builders. I am not sure if builder pays this via direct debit to customer account/post-dated cheques to customer account/direct debit to bank.
@Rajesh: private banks (like HDFC)DISBURSE the THE LOAN AMOUNT UP FRONT. but not by SBI.
The builder and banks have some understanding, so that it is win-win for both.
SO IF YOU WANT TO OPT PRE-EMI SCHEME THEN YOU SHOULD TAKE A LOAN FROM HDFC OR OTHER PRIVATE BANK BUT NOT FROM SBI.
Hi,
I remember discussing with marketing guys ,whole amount will be disbursed before construction starts in case of “no pre emi”. Does someone else has more information on this or got details from marketing team.
For emi/pre-emi equation is true if buyer approaching the bank directly. Based on construction progress amount is released.
I booked another apt in another project with ” No pri EMI” till possession option . I am taking the loan from the ICICI and they told me they will disburse the amount based on the construction and not going to disburse the whole amount in one shot.
Rajesh
Please let me know which project did u book?
Indy estate ( The Greens)
I am in no pre emi for another project since 2010 from hdfc in hyd..18l was disbursed out of 20l..upfront…2 l will be on posession…I my self took 18l cheque from bank gave it to builder..project is delayed due to telangana for about a year now..I am still getting interest cheques from the builder..any bank or builder saying anything else than above case can be debated with them..
The builder is charging you 300 more per sqft and will pay the same over a period as interest to the bank on behalf of you. They will not pay anything additional. Going for the 20:80 scheme is good for them since they will get the complete amount in advance from the bank on behalf of you. If the project gets completed in time, then you are safe, but in case there is a problem your complete funds are stuck since you are liable to pay to the bank since the risk is on you. Make sure you get the loan insured in this scheme with specific clause safe guarding you from all risk in the project.
san
You may be right or it may be that it differs from bank to bank and project to project . In my case the ICICI ( the agent) told me they are not going to disburse all the amount ( 80%) at one shot and told me that it will be based on construction. My loan is not yet started, I just gave all the papers they are going to process now , I think after that I will come to know what they are going to do it .
Rajesh A
Hi Rajesh Menon and all,
I am also considering to book 2BHK in skylark Ithaca. After reading through all these comments in this blog, I still feel pre-lauch price of this project is “over priced”.
MJR Pearl (right next to Kadugudi bus station, very close to proposed metro station, on the ~100ft road) was launched at ~3450 about 5 months back and the present running price for MJR Pearl (only 3Bhks are available now) is ~3600. Considering that this Skylark project is about ~4kms further from MJR Pearl, pre-launch of Rs3500/- is high as I feel.
Any comments on my understanding please ?
I don’t think you can compare skylark and MJR Pearl, they are not in same league.
Prices will obviously differ depending on brands.
i too feel skylark is very very costly for that area…location is always king which gives MJR plus point and MJR will have big apartments and less crowd so another advantage…..now both of these developers haven’t delivered any big apartment yet so i think both are in same league…i am not sure why Rahul is not agreeing on this point…..May be skylark has delivered some Villa project but if you go in the details then you will find out that they charge a lot for villa…some 6500 psqft…almost same as other big guys like prestige…thats why it looks good…they are not giving these villa in 4500 or 5000 rate…. but when it comes to apartment it is quite clear that this is a budget apartment and its not going to be a high end.
so if B grade builders are charging 3700-3800 on main road then right price for skylark should be 2900-3000.
Ravi,
Skylark has a track record of delivering high end villas, thats why i think it is better as compared to MJR. But MJR is not a bad option either considering the price and location.
I don’t think 2900-3000 is the right price point either.
As for villas obviously the pricing is different and there also skylark pricing is not comparable to prestige, prestige is miles ahead in terms of brand/pricing.
i agree with ravi. Mjr pearl is a better choice than ithaca due to the fact that mjr pearl has excellent connectivity with the proposed metro very nearby and just beside main road. In ithaca one has to entirely depend on his own transport. Even in distant future i cannot think of any public transport near ithaca. Having said that, the biggest drawback of pearl is the whitefield railway station being too close by. Those who can adjust with train sound, pearl is definitely a better choice.
Rahul, MJR is a sister concern company of SJR. So, MJR and Skylark are comparable brands I feel. Also, both the projects (MJR Pearl and Skylark Ithaca) has high end/luxury/top-notch amenities. Only difference I see is the size (MJR pearl is of ~450 units and Skylark is of ~2200 units)
Rahul, I think MJR Pearl and Skylark Ithica are in the same league with respect to brand, amenities provided and location (both are around whitefield/hoodi circle/kadigodi).
Anyone considered MJR Pearl and dropped out for some reason ? Rajesh Menon, any comments ?
Hi
I havent checked out MJR.I had checked out a few projects of BREN.I got to know that SJR split into MJR and BREN,.The issue for me is that even if MJR price is lower against Skylark,the size of the apartment is big and then going by total amount,it goes out of my budget.
Hello,
I visited the site today and had a discussion with marketing, I already own a flat in Brigade Metropolis, I am planning a 3 bhk 1472, I wanted to book in K block, but the marketing person has told the entire block is booked by some company and they would charge Rs 100/sft more if I want to go ahead in K block, did anyone else book in K block? Not sure if he is just misleading.
K Block 3 BHKs will be available later (when prices are higher) for selling as those are prime appartments in the project. 2 bhk in K Blocks are available for booking. can we go together for booking? There are other good options available.
Does anybody have any idea about future road widening from hoodi approach side. Considering that there are so many pvt houses on both sides, i doubt if it can ever be more than 60 ft.
Also any clue on road widening from sai baba ashram approach side, Any big residential projects coming on that strech.
Please share any info if u have. To me the biggest concern is the approach road to this property.
Hi – Is anyone aware what is the exact distance of Hoodi circle/Hope Farm junction from the gate of Ithaca? Somehow I feel that they are quoting the distance from gate of Arcadia; which is a lot near?
I checked yesterday in my car’s trip meter, it is around 4.5kms.
That is surprising but good if its true. 2 BHK’s are available in plenty though.
what is surprising?
I had replied to sebastian’s post regarding K block availability.
From Hoodi it will be 4 kms app, from sai baba ashram its 3 kms.
Does anybody have any idea about the road widening from hoodi side approach.
I doubt if it can be even 60 feet road considering that there are private houses on both sides of road.
Also if there is any scope of road widening from sai baba approach side.
If anybody has some definitive information, please so share.
Currently approach road is the main concern for this project.
Rahul, as per my personal discussion with one of the Kadugudi villager around a month back, road widening from sai baba ashram road (not sure if its 60/80 ft) is already approved and compensations are also paid for the road side buildings in the village.
Thanks ..Any idea by when is the road widening supposed to start?
BTW I think even MJR pearl is a good bet, it has excellent location and its part of SJR group.
Somehow it doesn’t fit my pocket plus it doesn’t have any pre emi offer.
Hello Rahul,
I have seen the CDP 2015 Plan of Sadarmangala ( The proposed place of Project), and as per the plan ,
1. The Road to Kadugudi is proposed to be 80 ft.
2. The road to Hoodi Circle is also proposed to be 80 ft.
3. There is also one more new road ( not existing now) which will connect to the Peripheral Ring road ( may be 5 to 6 km from this project , we can connect to PRR).
4. There is also a new flyover proposed near to this project , at the intersection of all these 80 ft roads.
I have cross checked these proposed widening plan with many of the small builder projects, which are being constructed on the way from Kadugudi ( SN Fen Breeze )and Hoodi Circle (SRI Srinivasa Builders , Sai Amethyst near to SEA college Arch) and they all are leaving the space in front of the project,for the proposed road widening.
I have booked in these project , only,after doing these research…
Hi Shan,
Can you share the link for the plan where you saw these proposed road widenings.
I could not find in the CDP plan.
Thanks
Rahul
Hello Rahul,
Please see the below link for the CDP Plan ( Sadarmangala Area)
https://docs.google.com/file/d/0B5Uk68WAW1cHOVpnZmg1NEFFajg/edit?usp=sharing
Thanks Shahnawas….I am having difficulty in interpreting the map…can you please tell me if this would go through Zonasha retreat, Skylark Arcadia and Prestige Mayberry? mtia
Hi Shan,
Even i have difficulty interpreting the map…can you help us out and let us know where exactly are the road widening happening.
Hi Shan,
Even though Road widening is there in 2015 plan, not sure when and if it will be implemented. I read somewhere that BBMP gave up its plan to demolish buildings with red markings ( you could notice these on the hoodi road/kdugodi road) couple of years back.
Also out of 220 roads marked for widening only 20 have been done till date.
As we all know things move at snails pace in blore, this is something which is worrying if at all road widening will take place.
Thanks
Naveen
Hi Shan,
Can you send the link for this plan where it is mentioned about proposed road widening.
Thanks
Rahul
HI All
I have already booked a flat with other small builder, but just for the curiosity sake i do check some projects which looks exciting.This project excited me a lot. But some folks has raised the concern for flat size.They are absolutely correct.If you are planning 2 BHK’s then please it’s your decision and risk.I would suggest search some projects which are ready for possesion in bangalore having similar room dimension’s, then you would realize how small rooms we will get once the project is ready.On the paper everything looks very tempting, but in reality it may be something else.For investment purpose it is very good, but if you are taking for yourself then think.I am not trying to change anyone’s mind here.Only sharing my experiences and mistakes that i did while i was buying the flat.
Regards,
Guru
I visited the site today. The road is very narrow and bad. If road doesn’t improve then it will be a definite concern. Is there any plan to widen the road.
Hi
Happy to share the news that group booking is yielding the results , we got small discount
Availability list confirms that its good residential development in next 4 years… yes most of the 2BHK available only after 10th floor in East facing , of course South & west available lot ….
Has anyone got any discount in individual booking..is it even worth trying?
Also I have been trying to do a lot of calculation while comparing the No Pre EMI price and regular price but have not reached every dimension..
Anyone sharing any thoughts as to what do you consider in deciding which option is better, will be appreciated.
Hi Sam
Even i am trying to understand the difference between no Pre-emi and regular offer. We spoke to HDFC bank and as per them they will not disburse the full amount to the builder.
In that case if the loan is given on slab basis then i do not think there would much interest liability. also we would pay approx 3lacs extra for this no-pre-emi offer.
If someone from group has more idea/thoughts and clarity regarding the same , please share.
Thanks
Hi Sambit,
As per “no pre-emi” sheme, 100 % of the money gets transfer to the builder. 20% by the buyer and 80% from bank.
Buyer thinks he is in profit as he will not give interest component till possession and for builder 100 % money even before construction starts. It’s a win-win situation for both
If bank will release as per the construction plan then only buyer is getting the advantage . Do check with the bank or marketing people who are offering this scheme.
The scheme is understood also about hdfc not disbursing full is true..they usually hold back 10% of loan amount..to release at possession. .
The dimension I am looking at having no great knowledge of this..are which one eventuallyworks out to be good..say posession time being 4 years…also builder routing it through us rasing tax liabilities. .
One thing is for sure it won’t pinch much if the completion is delayed..
Someone said some suggestions are thereto deal the tax..mind sharing the secret pls..
Also this is adf scheme..not the no pre emi per say…
Are there any other risk in going with this scheme. .
Hi Sam,
For tax liabilities, in the same blog ,discussion was how to avoid tax liability.
Regarding construction tenure, even if building gets completed within 4 yrs, individual will be saving a lot. Google for some pre-emi calculators and could get an idea.
ADF scheme or “no pre emi”, intent is same. To buyer , no pre-emi burden 🙂
I am also interested in Skylark Ithaca , however i am bit concerned about the dimensions of the room (2BHK – 1049 sq ft) . I am planning to buy the same for investment purpose , what’s ur opinion for rental value and re-sale value for flats in the specified area.
Hi – We have booked a 2 BHK here and the project seems very promising to us. I am not sure if the google groups are genuine many a times its fake. having booked 4 properties i am experienced with this. Skylark is a good builder and we have booked 2 properties with them.
Is the service tax increased by the BBMP or the builders increase those?? they are charging 12.3 % on Club house??
has anyone else booked or plans to book?
Can we be in touch by mails? itjobzone(AT)gmail
Thanks Mr Abhi, hope your suggestion will help me in taking a decision.
Even i have seen the project. and i think its a good deal if we book in pre launch. m planing to book this weekend. if thr is anything else for me to know keep me posted !!
Dear Saroj Pandian,
The 20% for amenities is inclusive of Car park,club house,piped gas and automation,Bescom charges,Vat and Service Tax.Hence it is not high.
Dear Madhav Reddy,
Last week when my friends visited,2BHK and 3BHK were available only from 14th floor onwards only.
Dear Amit,
There is a google group for the owners called skylark ithaca owners forum.You have to mail me at rajesh(dot)kodakkat(@)gmail(dot)com for membership.Include your name,mobile number,company name,flat and tower no and name of sales agent met for verification.
Reji,
there are no weird questions,only weird answers.And you are right,i too knew it only yesterday when a owner ( who is also a CA) mentioned this in the owners forum.There would be tax liability as the builder would be routing this interest via our bank account.So the difference from pre emi and no pre emi is we pay 300 extra and also bear tax burden.Our CA friend was suggesting some solution,If you have already booked,join the forum for getting the explanation.
Regards
Rajesh
Rajesh,
thanks …i have not bought yet but planning to do so.
Could you let me know what suggestion is there to avoid this tax penalty ?
Hi Reji
I have no clue.One of the buyers in Skylark,who is a CA Mr Binay suggests that we show it as a capital receipt and hence non taxable.The only issue as per him is that the value of the asset would decrease by that amount.Hence when you sell it later the capital gains would be higher.( still in my opinion,if your in the 30% tax bracket,opting for the method suggested by Binay would be beneficial as CG would be at 20%).If you are in the 20% bracket,still it is revenue neutral.Also if you are an end user,the option by Binay is useful.
But a review with a CA ( maybe Mr Binay itself) is recommended.
Hi rajesh and Reji , i am not a tax expert , but just found out that the decrease in the cost of asset would be set off by interest on loan that we would be paying by adding it back to the cost of asset as an capital expense…:) so thats the good news ….also if anybody is planning to sell the property before 3 years of registration …the profit would be added to taxable income for that year and charged acc. to the slab he falls in …and if one sells aftr 3 years it comes under 20% (with indexation) or 10 % ….bottomline acc. to me pre-emi option is better…unless the builder runs away with all the money in the middle and the bank would catch us for entire loan amount…
What is the official website for this builder? Also, is there any price distribution sheet, showing different installment (time/construction based) ?
Hi
Do Join the Skylark Ithaca Owners Group on FB and Yahoo :
https://www.facebook.com/groups/419343958173710/
http://in.groups.yahoo.com/group/skylark_ithaca/
Regards,
Amit Kumar
There is already a google group for Ithaca. Please don’t create another yahoo group.
why?
why you want to discuss issues in pvt. ? what is the need of a group at this point ?
Project is not even launched…are you going to discuss building security /water/stp issues there ?
why can’t you discuss here?
R u builder person ? It is not lunched , every body should know ..What is going on ..
Here is my discussion with Skylark…
* 2 Lacs booking fee , 20% of basic cost by Sep’13
* Other costs (Amenities,BECOM etc) 20% on basic cost,seems very high 🙁
* Low voltage line will be rerouted with boundary of the project for which approval letter will be given as proof before the Sep’13 payment deduction and sale agreement
* Approval will be taken showing the front road 40+ feet which connects Kadugudi to KR puram ( Currently 20+ feet road is under layup from Kadukudi)
* Construction will be used MIVAN technology (Concrete walls) which is fast and cost effective and durable that does not allow for any modifications 🙁
* 20% will be cancellation fee before sale agreement (Sep’13) 🙁
* 2% will be the transfer fee after the sale agreement in case we plan to exit 🙂
* It would have been good if they open the way thru villa project 🙁
* Approach from Hoodi circle is really a concern , it’s very small road (10+ feet) , let’s pray to improve in next 4 years 🙁
Please share if you get any other points confirmed by Skylark reps , please contact me
“”
Trying for discount thru group booking , let’s see
I had a similar conversation. I am intending to book
Hi
under no pre EMI scheme borrower need not pay even principal part of the home loan till pocession?
You have to arrange the finances for Principal payment.
The bank will approve the loan based on your eligibility and will disburse to the builder as per construction progress.Once the apartment is handed over to you,you start to pay the EMI.
Principal part should be paid by owner. Only interest part will be paid by Builder. Principal part is expected to be around 4 to 7K per month depends on the loan amount.
Guys,
I have a question may sound wired but thought of clarifying.I remember reading it some blog or website .
In the case of no pre-emi schemes as in this case builder adds up the cost of interest as upfront ,there is a common saying “there are no free lunches”. No pre-emi scheme 3800/sqft and pre-emi you get it for 3500/sqft.
Did anyone check the pre-emi interest amount being borne by the builder is directly payable to bank by builder on behalf of the borrower (in this case the apartment buyer) or the same amount is given to the apartment buyer and customer re-pays it to the bank ?
The question is that the pre-emi interest amount brone by builder on our behalf is considered as income for us and will there be any tax implication on us ?
For ex if my regular income from my job is 5L/annum and I bought a flat from builder with no-pre emi ) scheme and as builder is paying that interest amount to me and I in return give it to the bank (approx 10K/month) .So will my total income for the year becomes 6.2L and income tax applies on the additional 1.2 L too ?
Again this question may sound weird by wondering and any advice from the guys who bought this skylark project ?
Hi all,
Under the pre-emi period, only interest component is charged. Principle component is not charged. So, as I understand, till we move to regular EMI period (once the registration is done, irrespective of pocession), builder will pay the pre-emi amount.
As per my rough calculation, for instance, if loan amount is 40L, if registration takes 2.5yrs from the first disbursal of loan, pre-emi amount could be >5L. So, going for a no-pre emi offer for Rs300/- more is a good bet.
For owners,please send an email to rajesh(dot)kodakkat(attherateof)gmail(dot)com with name,phone number,flat number,name of your company and sales agent name at skylark.
On validation,the membership request would be approved.
Regards
rajesh
i have sent a mail but approval is still pending. could u pls spprove it?
Hi
The closed group for the owners has been created.
For membership please mail to
Subject Line: Skylark Ithaca Owners Forum Membership
Name:
Phone Number:
Flat No:
Tower No:
Name of Company:
Name of your sales agent consulted:
On verification,your membership would be accepted.
Those who already joined the Skylark Ithaca group ,kindly request you to join the new group as it is a closed group.Sorry for any inconvenience.
Regards
Rajesh
the project is still not launched and u guys want to discuss everything in a closed group. come on guys, Dont get so excited after buying your flat. Discuss the things in open forum for the benefit of all prospective buyers.
Even I agree we can discuss everything here, we have just given the booking amount.
Once project is launched and agreements done then you may choose to discuss in a closed forum.
The closed group is for those who already booked their apartments.Most people who booked are still active on this forum.
The Forum is definitely a big help to discuss the pros and cons of this project and brought to light many things which might have gone unnoticed.However there are some people who are obviously not interested in buying here and just commenting ( else why compare a Skylark with Prestige when both are not at all in same league).
So,please continue discussing this project here and for topics related to only the owners,use the forum.As simple as that.
Hi
Can you please confirm the closed google group. I have joined the google group skylark ithaca but dont see any discussion going over there. Dropping a mail to yeild in undelivered mail. Can some on confirm the active google / yahoo group for owners.
Currently this forum is much more active, you can post any query if u have here, i don’t think we need any private forum currently maybe at a later stage.
There is a google group as well a FB page, not much activity going on.
If you want to hear only good things then go to group and discuss in private 🙂
Anyway those who have invested in project don’t want to hear any negative points.
Anyone who has booked will never say
Rooms are small
Location is far from public transport…way inside…narrow road
price is too high for the location
too many apartments in the plot size
Ranjhana,
I have booked an apartment here.Please refer to my post here on June 11th where I myself commented that the location is inside,the price is high and 2500 apartments makes it crowded.It is not a question of owners not talking the negatives.i have spoken to many people who booked the apartments at Skylark.
It is simply a question of Tradeoff.The positives are far ahead for me because of a simple fact called “Affordability”.I cannot afford to pay the price for a less crowded,better located,more spacious,A grade builder;s apartment.( comes at a starting price of around 4500 psft and a 3bhk is around 1600 so basic price is 72lakhs).
Everyone who booked at Skylark are well aware of the negatives you point out.But the price factor along with no pre emi offer makes it light on the pocket for people like me.
Rahul,
the point of a closed group was not to keep anything hidden.It is for a more focussed discussion on this apartment.What value is added for a discussion on Skylark Ithaca by comparing it with a Prestige Shantiniketan?
So, you will decide with which project Ithaca should be compared and what value it adds? Why do you think it is not going to add any value addition. For you it may not add any value addition but for others it may.
Rajesh,
I beg to differ, till agreement is signed we all are tentative owners.
Let there be one active forum where all discussions happen for now rather than discussions getting scattered over google group, Facebook etc.
Yes i agree at some point of time, google group/FB will become more active but its too early for that.
Hi All,
Whoever has booked a flat in Skylark Ithaca. Please do join the google group created for that
About this group:
Skylark Ithaca @ Sadarmangala Road, Whitefield
https://groups.google.com/forum/?fromgroups#!forum/skylark-ithaca
Regards,
Anurag
Did anybody else did a comparison with monarch aqua project.
Aqua location is excellent, price slightly higher and builder is pretty new to high rise development.
My personal view is that the location where Ithaca is coming up is not suitable for apartments. It’s too interior and you would hardly see any appreciation which is apparent from the fact that other projects like monarch and all which are launched at the same time has already seen price appreciation as compared to Ithaca.
This place is good for villa development As you get ample cheap land and can build big villas leaving lots of spaces around. Apartments should be near major landmark and highways and not deep inside remote place. I would try and negotiate to buy skylark villa than apartment
Mr PKRoy,
The answer to your comment lies within your comment.
Monarch Aqua is a better location,hence higher price and faster appreciation.
Skylark location isnt that great as Monarch and hence lower price and maybe ( i dont know) slower
appreciation.So if you have more money,go for Monarch.I personally dont have that much money to shell out and hence opted for Skylark.If anyone has doubts on my being a buyer,my booked flat is on 3rd floor of T7 and is 1472 sq ft.
Apartments should be near major landmarks !!..do you mean you should have an airport within 3kms,railway station within2 kms,bus stand at 1 km,and supermarket at the entrance of your apartment? For me,there are two schools ( i enquired both are good schools) within short distance,two railway stations within 4-5 kms.Shops,ATMs,Petrol Bunks are available within 5kms ( Devasandra main road).
And by no stretch of imagination can I understand how can ithaca project be “deep inside remote place”.Hoodi circle a crowded residential place is 4 kms away from this site.
Have you seen HSR Layout? in 2003,when Purva Fairmont was launched,it was a deserted place.( I have personally seen this as my sister has an apartment there and I used to go to visit her).
After dusk,no street lights,no shops nothing..just barren land.To attract customers,they did a music show at HSR Club and promised free membership at HSR Club.Look at that area now..barring few plots,there is no vacant space.Schools,Shops,even a hospital has come up.
Having lot of vacant land means there would be new apartments,villas or individual buildings that will come up.That will solve most issues of travel and shopping.
.i personally dont want to be part of another concrete jungle.so more villa projects or vacant land suits my taste.
I have booked a 2BHK in Skylark Ithaca project on 9th June. I liked the project due to close connectivity to ITPL and Kadugodi. The price is good and makes it affordable for middle class people. Even the 2bhk with 3sides open plan is quite good.I completely agree with Rajesh. First prioritise your choice and budget. If you are looking for spacious one then pay more. Dnt opt for this kind of projects.We have already thought of Purva and Prestige projects in Budhigere. But i dropped the plan when i looked into the Skylark project. I will rather pay 3800 with pre emi scheme and will love to stay near my office.
There is no Purva project in Budigere.
Hi,
I have booked 2 bhk. Property seems promising. As it is no pre-emi scheme, hope I don’t have to pay interest till possession.
I hope this holds true even if construction gets delay due to what so ever reasons.
Perhaps the pre-EMI option will be applicable only till the period they have promised and not the actual one. For example: this project is promised to be completed by Dec-2016, post Dec-16 the developer wont pay the interest irrespective of whether the possession is given to you. I had inquired about this option with Mantri WEbcity. So please clarify with them about pre-EMI option.
Sachin
Hi Sachin,
Thanks for your response.
I checked number of times , not sure how this will go. Marketing people assured , at time of agreement this point will be mentioned that they will take care of interest component till possession.
Hi Sachin
Hennur road is too far for me and my wife to travel to office.It would be a good 20kms for me and 32 kms for my wife.This project is 6 kms from my office and around 12 for my wife.
I do not mind the towers being crowded or close to each other.After all,these days in Bangalore,you are hardly at home for 8-10 hours and the majority of it is spend sleeping.With the amenities provided ( and being BDA approved,it means a good % has to be open space),there would be sufficient space for my kid to play and run around.Also with total 2500 families,am sure he would have oppurtunity to have lot of friends and activities.I would rather value that than a technology overload ( i read about education in an elevator at Mantri webcity..we have sufficient information overload..God spare me that 60 seconds in the elevator).
Regarding no pre emi till possession,marketing guys assured its till possession.In all likelihood,it should form part of agreement along with a clear definition of what they mean by ready for possession.
The builder will pay out the interest component till possession. NO TIME BARRIER.
Please dont have this misconception. Marketing people may tell you thousand things but this pre-emi is only given for a certain fixed period probably till the promised possession date. If the possession gets delayed, builder will not pay the interest. This is an universal truth and do not fall into the promises of sales and marketing people. Please factor this while planning your budget.
Even i had this concern, I asked them to confirm this and they said its till possession.
But I feel it will not be that straightforward, it will come with some riders i guess.
I had asked the same question to Axis bank guy, and he mentioned that this no pre EMI will be for 36 months and there will be simple interest charged after that but he also mentioned that builder will take care of that and in all we need not pay anything till possession.
Even he mentioned, we need not to pay even principal amount till possession and after possession EMI will start. 2nd point looks suspicious to me, any one heard similar thing?
I visited the site again today.The HT line is out of the boundary of this project.the line passing through this project is an LT line ( again i repeat,not the normal LT line that carries power to our homes..but for sure not an HT line).This line is very low hanging at the moment and for sure Skylark cant do any work on this site without re aligning this towers ( they cannot move their cranes or other machinery with this line in the construction site).
Also discovered there are 5 ways to connect to this project site
a) Via Hoodi Circle
b) From KR Puram,take right on Devasandra Signal and Devasandra main road connects to the Hoodi circle road after the railway bridge
c) From KR Puram, take a right on Basavanapura road (before Medehalli )and that road too connects to the road mentioned in (b) above
d) From Sai baba ashram flyover at Whitefield
e) From Old Madras Road ( while coming from Hoskote,take the left before Medehalli near malappa shetty lake and that is the road passing in front of this project connecting to Sai Baba Ashram Flyover.
Sobha and Manyata has land on this road.There are two villa projects ( one is Sai Swaraj enclave and one opposite to that) within 1-2 kms of this project.There is an apartment project on this road from Regal builders ( construction started but in preliminary stages.
Basic amenities including petrol bunk,atm,medical stores,hotels are available on Devasandra Main road.
Arcadia project: around 26 families have moved in out of 94 villas.
Arcadia 2 construction ongoing and it has around 100+ villas.
I saw the site of Skylark esta..construction ongoing at the 17th floor.
Request other people who have booked the flat to join the google groups and share their views,concerns etc.
rajesh(dot)kodakkat(at)gmail(dot)com
I visited Skylark Zenith today, a residential apartment + commercial project of Skylark near Electronic City. The residential part is already completed (91 Flats) and people are living there. The commercial part is under construction. I spoke to a few owners there and they told that they were quite satisfied with the builder. The quality of construction is good and all the legal documents were very clear. Also the layout of the flat is good.
Though the project was delayed a bit and some amenities are still pending. But the project is small and the amenities like swimming pool etc are to be constructed on the top of the building which is under process.
They have another residential project comming correct? Skylark itheca phase II isnt it?
Yes, there would be Phase II, but it will be an year late to the Phase I.
@Anurag, you would have talked to some wrong people at skylakr zenith who misguided you from the ground reality and real and bigger outstanding issues.
Can you please guide us to the right people at Skylark Zenith?
What issues are you talking about? If there is something let us know since looks like you are aware of…
Rajesh,
What is the google group link. Please post it.
For those who bought a flat already,the link is as below.
Please apply to the moderator with your name and flat number.
https://groups.google.com/forum/?fromgroups#!forum/skylark-ithaca
Skylark Ithaca is being developed in two phases.First phase has a launch of around 1350 apartments and the balance 1150 would be launched in second phase.The current residential project at Hoodi Circle is Skylark Esta.
Please do an apple to apple comparison.A Prestige is miles ahead of Skylark and Shantiniketan is way ahead of Ithaca.I keep wondering why the people who can afford BMW and Audi keep commenting on the Maruti?
Rajesh Menon,
You had mentioned that “Sobha and Manyata has land on this road”. I can see the Manyata project is marked in wikimapia. Any idea/references about the land under Sobha group ?
Look at this link, says K R Puram is top investment location for next 5 years.
http://www.knightfrank.co.in/en/news/19-12-2012/hebbal-and-k-r-puram-hottest-property-hubs
Hi All,
We booked a 2BHK in Skylark Ithaca on 8th June. The location seems to be pretty good as its near by to Hoodi Circle, Sai Baba Ashram as well as connected to KR Puram. Hope to get good road connectivity by the completion of the project. The project also promises very good returns if you are also looking for an investment purpose as we all know Whitefiled psqft rate is increasing very steeply.
We visited the actual site and saw that the HT line is well outside the compound of Skylark Ithaca project although there is a LT Line which is passing through the Project. However this will be re-routed as per the Skylark marketing team. They said they they will be receiving the written approvals in a months time which they will share with us before agreement.
If anyone has already started or planning to start the group or a forum for the owners of Skylark Ithaca please do let me know, as this will be good for owners to stay connected.
Regards,
Anurag
()
The line which goes through the land is a high tension one , may be a 132 kv or 220 kv definitely not a LT line. The one which is just outside is a super HT with quad conductors double cicuit. Trust me if they are not able to shift the first one its going to be a problem , I don’t think they will get the approval . Anyway the real estate regulations bill is yet to be passed so nothing stops them from launching without the approvals and there would be buyers who are ready to take a chance, if you decide to take the risk its good price point to buy.
I had visited the site with my colleague who is into Power plant engineering and design etc.He is sure that it is a LT line ( though not the normal LT line which brings power to our houses).I checked with my mother ( who is an ex Electricity board employee in my native).In her opinion,it is easy and very possible to realign LT lines.I will re visit the site with my colleague to re confirm if its LT and also ask the builder to show the approval to shift the lines.If its an HT line,i will drop off the project.
As mentioned by you,if it is indeed an HT and they dont get approval,I will also check with the builder to show the clause where they will refund money due to non availability of approval from the authorities.
Please excuse my frequent response to the posts here…i get an alert when anyone posts and since I am booking a flat here..it is my early enthusiasm that prompts me to respond quickly 🙂
Rajesh,
Thanks for your inputs on the HT/ LT line. Even I am concerned for the same. The marketing team of skylark had said that they don’t have the written approvals for shifting the LT line as of now and will receive the same by July 1st week. Then they will share it with us. Also ensured that before the agreement we will be given all the approvals which we can verify and then go ahead.
Please do let us know if you get any more info on the same.
Thanks Rajesh for the detailed information about HT and LT lines. I went to the site and checked the towers from the entrance of the site, the HT lines pretty much outside the boundary walls. However, I did not get into the entire site area to confirm if HT line is anywhere cross into the site or not. It should be confirmed. There LT lines in the site and the sales personnel told me that they have got approvals to realign the LT lines and they have already done some of them. Again, this needs to be checked.
I look at 3 Dimensions when I want to buy an apartment. if it scores above 75% in my perspective then go for it.
1. Location (it is average). So score is 25 out of 34
2. Quality of construction and builder reputation (Skylark is Grade 3 builder can be compared with DSR / SJR …). My score is 25 out of 33
3. Price point for what you would get. if this is a big builder I’m sure the base price would have been at least 4500/-. My score is 30 out of 33
Total score is : 80/100. Go ahead and buy it.
There are pros and cons to every project that is being launched in Bangalore. It depends on the individuals perspective whether the pros/cons really matters to them or not.
From my perspective:
Pros:
1. Only project with good amenities available with this price point in white filed area
2. Skylark construction seems to be quality. I have checked their villas, good one
3. Close Proximity to white field and ITPL areas
4. Accessible to upcoming metros within 3 to 4 kms range
5. Two Railway stations near by (Whitefield and KR Puram)
6. NO air / noise pollution, good factor
7. it is untapped area by big builders yet, i’m sure within next 2 years, we will see a lot of big builders launching their projects.
8. Better access to Intl Airport.
9. Having more flats lessen the burden on maintenance charges per month.
10. it is a good mix of Middle class families the reason is 2bhk (80%), 1bhk (10%) and 3 bhk (10%) of populations.
11. There are no high raise residential in this place yet. So ground water bed provides plenty of water supply.
12. Cauvery water pipelines already there close to the village around. so extending would be feasible.
Cons:
1. Location is very inner, remote kind of place as there is no public transport access
2. Approach road is not wide enough
3. No Shopping malls / hyper markets near by, have to travel 3 to 4 kms
4. Yes it is crowded, 100 to 110 flats per acre. The best layouts would have 60 to 75 flats per acre. Again we need think 80% of the flats are 2bhk, 10% are 1BHK, only 10% are 3BHK. so given these ratios, having more flats per acre is ok, say around 90… this one has about 110% so it is going to be high crowd place. Quality life may not be that great as less crowded place
The big question we have is whether skylark can deliver the promises of providing top notch amenities he listed.
What are the amenities you are counting on? Did you saw any such amenities in there villa project? Please speak to some villa owners in phase1 and seek there feedback too
Btw! How far will be the super HT lines from project boundary and what is the recommended distance as I have heard that it emits hazardous radiations which impacts health very badly.
Hi RK
That was a balanced and neutral view on the project covering very aspect one needs to consider while booking an apartment.
Regarding remote location,have you visited HSR layout? It is teeming with houses,shops and apartments.But way back in 2005 when i visited,that place was deserted with just a temple and hardware shop and few houses.The auto guy refused to ply me for 2 kms unless i paid him 100 and i had no one on the road to ask for directions.In fact,it would be a blessing to stay in a calm place but just 3-4 kms from the hustle and bustle.
I agree the apartment/land ratio is high.But consider this fact too..Monarch Aqua is right on the highway with a commercial complex.wont the highway traffic and the crowd at the commercial building have an impact on the quality of life?Prestige is launching a new project at Varthur -Sarjapur road,Saket Callipolis on Sarjapur road etc etc all are having the commercial complex along with residential complex.This in my opinion makes the place crowded.
Practical experience coupled with optimism tells me that once Ithaca/Arcadia 1and 2,Zonasha etc becomes occupied,the issue of shops and public transport would automatically be solved.Else it provides the inmates with entrepreneurial oppurtunity to start their own super market 🙂 and then we have Bigbasket.com right?
As far as the Health Hazards are concerned near a HT Line, please go through the link below. It is been explained by Dr Ashok Khurana, who has been the former President of the Indian Federation of Ultrasound in Medicine and Biology. He says that there is no Health Hazard near HT power lines. Infact using a cell phone or a laptop or Microwave are more hazardous.
http://doctor.ndtv.com/faq/ndtv/fid/8896/Can_I_build_a_house_near_high_tension_wires.html
Brigade Metropolis on Whitefield Road is constructed adjacent to a Chemical Factory for Gases. The people living in the rear towers near the factory even say that at times they can smell some gases in the air. Still the whole property is sold out and that too at a much higher cost. Also Gopalan has built a Villa project just infront of the Factory at the same place. I think apart from the gas smell, living near a gas factory is any time dangerous. Anyways that’s completely my opinion 🙂
Hi R.K, your observation is really appreciated,
I have booked a 3BHK of size 1595/- They are not relenting on price negotiation. The sooner you book a flat, the better option you would get. Location is good, Amenities are plenty, Two close by metros one in KaDUGODI AND OTHER ONE IN HOODI (both are within 3.5 kms). Since it is NO Pre-EMI offer, there is no interest payment for the disbursed loan amount until possession(builder will pay interest, owner will need to pay Principal part of EMI which could be around 5%). What I heard from Geetha, DGM of Skylark, the base price would be 4500/- when it will be launched. The launch is expected any time between Sep and Nov this year. Since this location is close to Arterial road, it will be a good residential locality. This location is just started showing up developments, by the time project completes in 2016, we can surely see many other big residential developments in that area. Looking at the price tag 71L to 77.5L for a 3BHK in white field is a good deal. The base price per sft during possession time frame (2016) will be 6000/- for sure. so if you invest 10 lakhs now as 20% down payment, it will yield 37.5 lakhs after 3 to 4 years which is 375% in return.
Plus Points:
4 kms to ITPL
2 – 3 KMs to Old Madras Road
4 Metro stations within 3.5 to 5 kms (KR Puram, Phoenix Mall, Hoodi, Kadigodi)
2 Existing Railway stations (White field and KR Puram)
Negative points:
Approach roads narrow, it may improve int the next 3 to 4 years timeline
No near by Shopping Malls (At least 4 kms need to be travelled)
No Bus connectivity to the location
High tension wire is not on project development but it is just outside the compound wall
Low tension wires seen , but they are now getting relocated
From whatever I have heard that ready to occupy villas in Arcadia is sold here at near about the same price which is being quoted for this pre Launch apartment. Can somebody let me know, how genuine is this?
I would prefer to buy a villa in that case.
Villa at same price..i dont think that is possible…
1.If villas are available at same price as apartment,why would anyone buy the apartment???
The price of Villa at Arcadia 2 is more than INR 2 Crores.
2.I ve personally visited the site..it is not an High Tension line.,it is a low tension line..and it would be shifted to the corner of the property.
3.Balconies is an issue..there is just one big deck..I did ask them if I could modify the apartment ( in the sense..add big fenesta windows etc to compensate for the lack of balconies..they said No).
as far as HT wire is concerned, I think there are two set of towers..One in between the property and one in periphery which I guess is the same one which passes thru 10 downing(super HT line). Did you verified this?
As per proposal submitted to SEAC the details of projet is as follows. The total lands appears to be 80127 sq metre=(19.7998 acres)
Project Details: Land: Total Plot Area: 80,127.135 Sqm; Total Built Up Area:
2,32,017 Sqm. The Project consists of residential apartment of 1560 flats in 16 towers
with B+G+19 UF+ Terrace, villas of 47 units with G+1UF+ Terrace and a club house
with B+G+2UF+ Terrace; Landscape area: 27,496.88 Sqm (34.05 % of plot area).
Kishan,
I am looking a project close to Itpl It looks like good option is der with the per emi for 3800.
I looking at the connectivity will a problem but if i consider 3 years it will improve or not .
how many people have booked the aptt really here ~ any idea ?
and any feedback ?
we want to book a flat in this Skylark Itacha. But following things are there which we should consider or pay attention.
1. Balcony is not there in any flats.
2. High voltage cables are going over the properties which may or may not create problem in future.
3.Connectivity is poor.
4. Area is not so good .
5. Builder has done few projects only.
Balcony is not there..its very much there in the floor plans???how did u conclude this pls..
Also did u confirm the high voltage cables thing..i did not know about it.
already more than 100 flats sold out.
how do u know that?cant trust the marketing folks on numbers..
Sold out is expected because flats are cheap….2bhk in 50L in a big complex is a deal!! There are lot of families in bangalore who saves minimum 20L per year and come in middle class category 🙁
Flats are cheap because builder is new name in high rise…no one knows their work in apartments… they are constructing some 2500 flats in 22 acre…you will get less UDS and project would be very crowded… if anyone plan premium project in same land parcel then they would have planned ~1700 apartments…
some floor plans are bad 3bhk 1472 room sizes are small 10*10.5, 10.5*11.5 are too small…first time home buyer should measure it from tape…
2bhk 1049 hall and dining room are two separate rooms and not attached…giving it two small room look…NOTE that 12.2*10.9 is a very very small hall….just 3 years back all builder used to give ~12*20 hall + dining room…i think 999 sqft flat is much better than 1049.
300 apartments sold out ..no way, if they had such a tremendous response, they wont be calling me 5 times a day. Also looking at the number of people who had turned out on saturday, i dont think its some gr8 sales.I guess it will be close to 100 bookings max.
Don’t get fooled by the marketing folks
I travelled across the city for last 2 weeks.saw projects at Budhigere ( Prestige Tranquility),Pashmina Brookwoods,Pruksa Silvana.At OMR,Monarch Aqua.and Sklylark Aqua.Bren Palms,Bren woods,Saket Calipolis,Delta Signature,Banyan Tree Roots,Mulberry Woods,Mantri Premiero etc.I finally decided to go with Skylark.
My reasons
a) Fits my budget
b) Pre emi and no pre emi option works out to be same after 4 years.But with no pre emi offer,you have no headache for 3.5 years.The onus on completing building on time lies with the builder.
c) amenities and floor size is ok for the amount paid ( I read someone commenting its small..itna paise mey itna hi milega).
d) whenever metro comes,it would add connectivity ( kr puram station,hoodi station,kadugodi)
e) its close to whitefield station and kr puram station.
when its ready for possession,will take a call whether to occupy it myself or do something else.i did research for 2 weeks and by then 3bhk upto 6th floor is sold out.so have to pay for floor rise too.if you are willing to shell out 1.1 crores,buy at Saket Calipolis..excellent location and excellent features..Else buy at Purva Skywood at 1.4 crores..
Regarding marketing guys calling 5 times a day..it has nothing to do with sales..they get incentives for sale..so they will try their best..I threatened not to buy if a 3bhk is not provided on the first 4 floors..and they said..fine..but we have no availabilitiy..thank you very much..
regarding good investment or not..only time will say..its a gamble..and i hope lady luck will smile on me either as a good home or a good investment.
Rajesh,
Its not about paying less..its about designing a good and useful floor plan…12*10.9 hall is small and useless….. people are getting crazy about this project because sobha/brigade/purva are charging 4500 -5000 rate…skylark is not at par with grade a builders…we don’t know what will be the quality…they may construct just ok building like mahavir..shriram and will say itne paise main itna hi milega….at that time those who are dreaming a 6000-7000 rate would realize that 3500 was a good rate they paid for this project in 2013….
Shweta,
I don’t simply understand ur point.If you want a bigger flat, we ought to pay more, i guess all of us know that…we also know skylark is not at par with purva/brigade etc, thats why they are charging less…On the same note they are not in the same league as Mahavir…so please clarify what exactly is ur point..
Hello,
Based on the various threads in this blog, it seems most of the bangaloreans are following the Maruti Suzuki tag line ‘ Kitna deti hai? (everything is fine, what would be the mileage?..In this case, what would be the appreciation?) Floor plans, carpet area/ratio, layout is secondary. This might be correct for investment perspective, but not for individual usage. I visited Sklark Esta last year & the apartments seemed very small. Please check the loading before going ahead with any of the projects.
Bikram,
If you notice,the target segment of Maruti is the middle class people.The rich guys can buy Mercedez and BMW and not bother about the mileage cos they have the money to spend,but for the middle class,each penny they pay is important.Hence nothing wrong in that approach.
As I mentioned,I visited the length and breadth of the city and looked at various projects.Can you name one project where I can buy a 3BHK 1472 flat at 3500 sq ft? ( please dont tell me Dreamz GK can do it).
I do not know anything about Skylark to be honest,but I still booked one.But my confidence stems from the fact that they completed Arcadia 1 which is occupied and why would someone shell out more than 1 crore if they are not good? Arcadia 2 is quoting above 2.2 crores.
The other option I had was Monarch Aqua ( again unknown for me),but the best I could afford was a 2.5BHK ( the 2.5BHK option is available on harshasagar website but not on Monarch website..and the 3bhk is out of my budget).
I request the experts to suggest me a better project ( 1500 3bhk,decent location,decent builder,3500 per sq ft with amenities,big halls,not crowded,who gave OC for their previous projects,balconies,where i wont have to measure with tape – I hope i captured all the negatives of Skylark pointed out on this forum) and I would be happy to cancel my booking and go with your suggestion.
I am waiting for your early response as the PDC i gave would be presented within a weeks time.
Your are right. I am surprised they are able to sell at this price in this location with such a crowded master plan. There is no spacing between towers and the whole master plan gives a feel of crowded municipality developed building. Also, did any ofyou verified if skylark issued OC and other government required clearance documents for earlier projects which his a must?
Its a L shaped plan, so the towers would be adjoining.I looked at the 2 BHK its a 3 side open flat, infact looks to be a very good plan.
The facing towers is across the pool so there is good amount of space.
Can you please clarify why you think it is crowded.
Also the carpet area on paper looks good..better than most reputed builders like purva, prestige etc.
Look at the master plan of prestige shantinikentan and see how much of space is left between individual towers to give it an open feel. In Ithaca there is no space between any towers, that’s why I called it like municipality building. Builder is trying to build as much apartment as possible in this project, leaving no space between towers
Shweta
No one is saying that 3500 is cheap.Its just that for the amenities it looks ok.
There is a local builder whose project is near Bellandur lake ( yemalur to be precise).He is charging 3500 and the apartment has no amenities..it is very close to the nala where you can see thick white foam due to the garbage..so if 3500 is the selling price for that apartment,3500 here is a steal.
When I went to their site,I saw the floor plan.for the1472 that I booked,the carpet area is 1100 sq ft..thats around 75%.,in my opinion 75-80% carpet area looks good.
I am not trying to sell this project to anyone..if anyone can provide me an better alternative at the same price,I will for sure reconsider my decision.
I am with you Rajesh , I am confident this project will be a good one … I booked 2 BHK.
Hi Rajesh,
Did you consider Mantri WebCity and Orchid Wood on hennur road? Mantri is quoting 4700 and Orchid wood 3700 they are very close by to each other.
Sachin
I visited the site last week and received warm welcome by the marketing people over there. Even build-quality was my biggest concern. For the same I checked up there villa project ARCADIA and was very satisfied with the finishing, fittings and quality of craftmanship.
After having a look of there completed construction, it didn’t took much time for me to decide in favour of Ithaca.
you must be kidding. You are buying an apartment worth 20 lacs and expecting it be like villa worth 3 CR+. Isnt this day dreaming?
justAmangoPpl and other don’t go by this guy (abhi) he seems to be a broker
http://harshasagar.com/2013/05/17/monarch-aqua-location-price-review-public-opinion-more/comment-page-1/#comment-14950
http://harshasagar.com/2013/06/03/skylark-ithaca-pre-launch-sadarmangala-road-whitefield/comment-page-1/#comment-15246
he seems suggesting people to buy each and every project and making his commission for promoting projects in and around Old madras road.
similar thing he was doing for brigade golden triangle earlier
Actually they are two different people but use the same name.
what about 3rd abhi harsha sagar ?
Also different.
Hello!!!
The project ithaca is interesting as it is big development project. i hv booked one.. The best part i liked is ameneties all around with a big club.house and they have taken my inputs for possible amenities. the connectivity is ok as they area is developing. when i visited the site sales people helped me a lot to understand the complete project details.the pre emi scheme offered has reduced my burden for few months. but people might worry abt the connectivity but at the same time u can notice the road development of that area.Hope i made a good investment and expecting good returns out of it.
http://timesofindia.indiatimes.com/india/Cabinet-gives-nod-to-Real-Estate-Bill/articleshow/20430396.cms
everyone please read this first..
Kamal,
sorry to say,but in our country we have a system that has many loopholes.
I am from Kerala and I remember one big builder who had many complaints against him.There was an agreement between builder and clients in front of the magistrate which the builder repeatedly dishonoured.On continous complaint he was arrested and the legal services cell helped reach a settlement in the better interest of the customers.However this gentleman has repeatedly broken all promises to repay the amount and no action is taken.I believe this is true for many builders in the country.
If the proposed bill becomes a realty,it could however act as a threat weapon against the builders and be beneficial for customers.
Coming to Skylark Ithaca,the super built up area,built up area and carpet area are mentioned on the floor plans.
I visited the site today.Next to Skylark Arcadia ( villa project).They guided me through a road via Hoodi Circle,told me its not the actual road.just a short cut.The project has access from the Hoskote Whitefield Road,its 3 kms from Sai Baba Ashram Flyover.The road is 2 lane with narrow sections towards Sai Baba Ashram.Apart from Arcadia,there is another project ( i think Saipoorna).They told me that builders like Manyata and others have land parcels there,but waiting for appreciation.
On calling their office,they told me pre launch is on 7th June,while the manager on site told me it started on 31st May.Also out of the 250 apartments for pre launch in phase 1,already 175 are booked.
Booking amount: 2 lakhs
20% payable by PDC dated 3 months.Construction to start in Jan 2014.
around 2500 apartments in 22 acres.
pre launch price : Rs 3500 without pre emi offer.3800 with Pre EMI.Club House 1 lakh,car park 2.5 lakhs.No PLC for pre launch ( could be 175-200 after launch).Floor rise Rs 20.
Looks good.but depends on other projects that come on this location as there are no amenities in the 3 km to Sai Baba Ashram.If there is an access to hoodi circle,its better.
I also need to know if 3500 is a good price..the amenities and design looks good.
Isn’t 2500 apartment in 22 acres of. Land too much and that too in a place where land is so cheap?
It is G+19. They claim to have a Olympic size swimming pool 50mX25m which would occupy 1.25 acres.and then a 1lac sq ft club house.2500 families makes it a big crowd.but same time maintenance cost would be lower and the chances of other facilities ( I have seen DPS putting a school bus just for one huge apartment).
My current concern and investigation is on school and other facilities around this place.
Any thing above 100 apartment /Acre is definitely overcrowding. In Prestige Tranquility there are abour 2350 apartment in 38 acres. About 65 apartment /Acre
Hi everyone
even i heard tat their pre launch was on 31st but that was internal booking one of their executive told… but i think they are sharing the details from today which means actual pre-launch for public starts today… well i dnt know n confused whether to book the flat or not..
Hi Harsha,
How is reputation of skylark builder with respect to construction quality, timelines for completion, customer service etc.
Is the price competitive enough for this location. I did not see many new projects on the road from hoodi circle to this project, is there a separate road connecting to Sai baba Ashram?
Moreover skylark is offering 3500 if one is not going for NO Pre-EMI offer, what do you think a better choice, going for NO PRE-EMI offer till possesion or take the discounted price of 3500.
Thanks
Rahul
Rahul,
I am seriously considering this project.Please email me on rajesh(dot)kodakkat(attherateof)gmail(dot)com if you are also considering this.we can discuss and then maybe negotiate some better terms.
Hi Mr Rajesh,
Even m considering this project seriously as i think the area is going to develop if u look at future perspective. Talking abt price i think pre launch is little high but then seeing their plans and amenities its acceptable.
I have booked one apartment today ( 2 BHK ,Villa Facing one) with no Pre EMI option.. Hoping this decision is going to be a good one.
To me the favourable points were
1.The connectivity after 4~5 years, once the Metro Phase II passes thru Hoodi and Kadugodi ( Kadugodi Station at 3 Km and Hoodi station at 3.5 Km).
2. The Skylark team seems to be good in terms of the construction Quality. ( Have gone thru their earlier project reviews and has received positive feedback )
Isn’t there HT lines passing thru it?
I have been to the site twice, just to check about the Electric Lines as discussed. But I was really relieved to find that the thick HT wires are way outside the property. There is a LT wire passing from the property. I spoke to few experts and got to know that they are easily re-routable. The cables are way thinner than ones passing through Pashmina Waterfront on OMR which are to be re-routed and Pashmina Developers already have the approvals for the same. Therefore re-routing of LT Cables from Skylark Ithaca wouldn’t be a rocket-science.
According to one of the Senior Marketing Concerns, The builder is importing MONOPOLES from the US that would take complete care of safety as well as aesthetics while re-routing of the cables outside the property.
Go Ahead, its the best project in the location and a pocket-friendly too.
I booked a larger 3BHK unit. I was bit late to decide and because of unavailability in lower floors, had to opt for higher floor, paying extra bucks on floor-rise.
So better decide soon.
@ abhi … honestly tell where you have booked….i have been follower of harshasagar for fe months and seen you writing comments for Brigade golden triangle and then leaving it….then you started promoting Monarch Aqua with very nice words and then leaving it…and now you have started praising skylark and mentioning that you booked here.
dude you are losing credibility of your words by this…..are you really a buyer or some broker promoting different projects and making commission ?
@ Annoy….Buddy.. I am absolutely new to this blog. Abhi is a common name….You might check up with the admin.
Hi
I am already a owner of one of the projects of Skylark which was completed couple of years back. And I got the emailer about the pre launch, since I already know the builder and there quality is good. I might consider the offer. Spoke to the sales team, and trying to negotiate the offer 😉 ;)..hope they give me a better deal…3800 is also a good price..
stop this cheap marketing…
One more thing i would like to mention about the area location.
4 kms from ITPL main gate, 2.3 kms from Old madras road, 5.5 km from Outer Ring road, 3 km from sai baba ashram and 12.5 kms M.G. Road.
If you need more details on the project … lemme knw !!
Its wise to visit the site Skylark Zenith at Hosa Road juncton, Hosur Road once to get the current status of the project and outstanding issues before you proceed further. You can talk to any of the owners to get the exact picture.