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?
Hi Guys
I have booked 2 BHK at Skylark Ithaca 3 week back. Unfortunately I couldn’t find this page for discussion earlier. I made the 10% payment and they promissed me to send the receipt by mail and confirmtion SMS too but I have not received anything yet. I asked to skylark many times and they reply that we’ll be sending by tomorrow but again no reply. anybody else here facing the same issue…..?
I have created the Facebook Group for buyers where we all can discuss very well and it will be having a good visibility too so others can also join……
url – https://www.facebook.com/groups/skylarkithacabuyers/
Please Join
Dinesh
Hi,
I can understand your predicament. I’m myself facing an extremely tough time with Skylark guys. I booked a 3BHK penthouse by paying Rs 2 lacs back in June 2013. However, they made lot of structural changes to the floor plan without discussing with us, and have messed up the whole plan. Now when I plan to cancel the booking, they do not reply to my emails, or return my calls. They have been avoiding me for more than 3 weeks now. Its becoming extremely embarrassing for me. And I’m so glad that I decided to cancel the booking. I can only imagine the situation if I had decided to go ahead with this booking. They are a very unprofessional lot, and do not know how to manage customers
did you get your money back?
Why did you book one pre-launch ? Plan are never finalized in pre-launch and can change drastically based on approval issue or demand or any other issue.
Look at most the project launched recently like Brigade golden traingle, its same issue.
Pre-launch is cheaper but it comes with a risk. You want benefit of risk and everything in proper.
Its problem with our own menatality.
Let me be blunt but we as customers deserve to be treated like shit because we dont demand/insist on quality. We are driven by greed to make quick bucks or the emotion to own the house and builders take us for a ride. Use your brain guys – a project which is 3-4 kms inside a road, with high tensions wires going right through it and a cheat builder to deal with, you guys are still in a mad rush. Insist on all the proper documents and papers and then book. Why do you see all these pre launches – almost 2-3 per week. because none of these builders are interested in finishing any project on time. They want to collect as much money up front as possible. and they are also scared of the real estate regulator !
Hi Sachin
Completely agree with you..that we as customers are in a mad rush..i for one was never in a mad rush..kept waiting and waiting and then projects went out of hand..can you tell me a builder ( affordable to the middle class ..not the ones like Prestige and Sobha charging more than 1 cr)..which wont do this taking for a ride? I am curious to know the reason why you say a cheat builder.any past experience?? ( trust me i dont have any relation with the builder..am asking so that I as a buyer in this project can know what to expect from the builder..the only basis why i trust the builder is..they have delivered more than 10-15 villa projects ( villas are expensive than apartments and hence i believe the owners have done due diligence more than me before putting their money).
also i dont see any connection between pre launches and not completion on time..pre launches are happening because there is a demand in the market and the builders wants to cash in on this demand.And I for one dont believe that the regular would be of much use..all builders have contracts written hugely in favour of themself..One court ruled that builders cannot charge extra for car park as car park is already part of super built up area..solution???? increase the price of super built up area..
Also middle class people like us who have to run around to work and raise a family will quietly suffer..no one will want to ruffle the feathers of the builder who has financial muscle power..
also quality is subjective..i stayed in a purva home for rent and liked its quality..while i spoke to one person who has booked in skylark ithaca and he said he didnt like purva quality..
Hi Sachin,
Now this adds a bit surprise to the discussion. I suppose buyer would have tried all possibilities to find a flat in the same range (50 -55 lac .for 2bhk) before investing in this project. Do we expect the same price if project is on main road. Connecting road will be of 80 feet and seems decent for connectivity.
About high/low tension lines there was a discussion in this blog and it seems distance from property is ok and some re-direction plan is in place for low tension lines.
I bought a unit in this project and after some research (which definitely everyone would have done before investing) finalized it.
If you see any issues please present the facts and figures, rather then the abstract statements. I am open to cancel the booking.
Dear All,
I am in confusion state to book these falts at ithica.
following questions coming to my mind
a) How long it will take the project to start & complete
b)LT line shiftting is not an easy joke with governament people. It takes time to shift after that only there is possible to start the basement.
c)SBI other govt bank can availed loan for these project(pending approval of land LT line shifting others still in pending).
if any body have answer let me know
regards,
vv
Ok buddy (Nik), here are some of the facts (but be sure to ask the facts from builder too and dont fall for the sugar coated talk)
1. Location is not good. 4-5 Kms from Hoodi junction. 5+ Km from OMR. about 4-5 KM from Kadugodi/Sai Baba Ashram. So basically a location that is in the middle of nowhere – at least 4-5 KMs away from any decent road.
2. Poor connectivity – dont have any means of connecting with the city ( i mean public transport)
3. Approach road at least from Hoodi side is bad. real bad. You need to cross all kind of small bylanes and through the small village kind of set ups.
4. Builder – he has changed plans and reduced the carpet area between soft launch/pre launch to now. Thats a cheating. How do you trust such a builder.
5. HT/LT wire – thats the most hilarious joke I have heard. Even skylark sales guy told me the same thing that they will get HT/LT wires shifted and laughed so hard on this face, sure he must have got the message. Do you even in your wildest dreams believe that HT/LT wires can be moved to some other place?
1.Have you visited Purva Fairmont? It is one of the most sought after properties in HSR layout.In 2005,it was worse than Skylark Ithaca location..its is 3 kms from Agara Circle..auto guys used to take 100 rs after too much bargaining..3BHK was available for 32 lakhs and people said the same as you are saying now..today the apartments are 10 year old and still not available for even 1 crore
2.Hoodi approach road is not the correct approach road to this property..the correct one is from OMR and Sai Baba Ashram.It is pretty decent..
3.If a buyer does not realize that pre launch plans are subject to approval and can change.then he has not done his homework.If you want nothing to change,then buy on launch..and be ready to pay the price for it..you cant have the best of both worlds
4.Everyone who thinks HT lines can be changed must be foolish or ignorant.But if you think LT lines cant be changed,then you are a fool too..it can be re routed.Skylark has shared the document where they got the approval to change it..And it is easy..why because..Skylark has to re route the wires at their cost..BESCOM will give them the resources only if Skylark pays for it.also the old lines will be removed only after the new ones are put in place by Skylark.Everyone who has visited the site knows that without re routing LT lines,work cannot commence..so its pure common sense that Skylark will reroute it because they cannot take cash from so many people and not construct anything.
At the end of the day a simple funda..itna paisa mey itnaaich milega..take it or leave it..if you want the luxuries go for a Prestige and pay in crores..if you want a decent home..go for the Skylarks,Brens etc etc
Reading Sachin’s / Fedrer’s assessment, which is fair from his perspective, I felt compulsed to share objective facts (which means suppressing reasons why I booked):
1. Location – Is good considering it is within 3 to 5 kms from major hubs such as Hoodi Circle / ITPL / Sai Baba / OMR. 5 yrs from now it has good potential for living / investment.
2. Connectivity (public transport)– Not good right now, but expect it to be connected if you study CDP 2015, have observed road from Sai Baba side and are aware of BBMP plans to build Hoodi Circle – Arcadia road.
3. Approach road at least from Hoodi side is bad. real bad- see above.
4. Builder has changed plans – Happens between pre launch & lanch. In fact builder has chosen to not contest disputed land and give it off from the project. I think thisis creditable and agree that decreased carpet area coupled with increased SBA, albeit minor, is NOT good.
5. HT/LT wire – if that’s the most hilarious joke you have come across, then there is huge scope you have to keep ourself amused whole life. Check out BBMP approval and KPTCL diagram – the wire will be re routed. As to how close you are to it depends on where in Ithaca have you booked. I for one have found (in)conlusive reports of any imapct on human life when wires are at a distance of more than 10 ft.
===== Now to my subjective perspective of why I find Ithaca good =======
[1] In this unexplored territory or on ITPL main road / Whitefield main road / Hoodi Circle, where do you get a high rise from a builder of Skylark’s experience – at similar cost?
[2] The mix of total money outflow, available amenities inside the project, equidistance from multiple major hubs, builder’s experience, just 4 months between pre launch & launch, reasonable customer service for serious question askers etc – this is defintiely enticing
[3] Arcadia existence alongside, wher epeople already live, gives a community feeling in this unexplored territory. With another 5 to 6 noticeable project launched in this area, why can I not stop feeling that I put my fingers in the right spot !
Finally (if you r still reading)- Subjective reasons are never right or wrong, they just are. Only time will tell how fruitful our decision will be to spend our hard earned money in there, so hope for the best, while doing eveything we can to make sure things move along nicely – All th best!
Bhairav,
Don’t you think price is high for this location. MJR pearl is available for 3900 bang on Main whitefield road. Why pay the same price 3 kms inside from Main whitefield road. Both builders are tier 2 builders n comparable and decent set of amenities in both projects.
Personally I do not think MJR Pearl is at a good location – bang on road or not – because of terminal.
Second- I have no clue what MJR has built till date, and if I take it as a Primecorp / Bren offshoot, then I wonder how this family has so many open projects with them & still keep launching!
Finally, it’s not bad and will suit people who want to stay bang on road opposite to terminal, and have had good experience with SJR / Bren / Primecorp
Lets not talk about 2 bhk and 55 laks as 2 bhks range from 800 sqft to 1400 depending on diff projects. Only a marketing person will talk like that e.g. sir where will u get 2 bhk in 55 lac and he will never tell that his 2 bhk is like just 900 or 1000 sqft …
BTW.. 4000 sqft at that location is really very very high. Its out of civilization and you really need to struggle hard for basic needs like groceries, medicines etc..
Dear Mr/Ms Truth,your post has some truths,but is mostly misleading
“Lets not talk about 2 bhk and 55 laks as 2 bhks range from 800 sqft to 1400 depending on diff projects. Only a marketing person will talk like that e.g. sir where will u get 2 bhk in 55 lac and he will never tell that his 2 bhk is like just 900 or 1000 sqft …”
Your next line talks about 4000 per sq ft..so its just mathematics..55 lacs divided by 4000 is 1375 sq ft.
“BTW.. 4000 sqft at that location is really very very high.”
Come on,the area is not that bad..if main road is quoting 5000 per sq ft,20% discount is more than justifiable for this location..does amenities come free?
“Its out of civilization and you really need to struggle hard for basic needs like groceries, medicines etc..”
Dont be emotional here..think logic..this project would be completed only by 2017 or 2018..ie 4 years down the lane..Do you think an area that has minimum 5000 families ( 2000 in ithaca,200-300 in arcadia phase 1 and 2,oceanus,dsr max,radiant, and a few other projects) in 2018 wont have any avenue for groceries or medicines? If it doesnt come up,its a perfect oppurtunity for me to start something of my own..Todays TOI front page has a quote ..” You always tend to underestimate the real future and overestimate the near future” ..think 2017-18 sir..
Btw when i did research for myself,one big plus area is that it doesnt have much population..i for one want this location to remain slightly underdeveloped to live in peace.
While buying a apartment consider two things..is it value for money? for me a 3bhk of 1500 sq ft at around 60 lakhs with the promised amenities is surely value for money.Is it best in class? ( i have 60 lakhs and want a 3bhk..i listed around 25 projects and this surely was best in class..individual views can vary.
First of all I have no intention of misleading. I will gain nothing.. I am just sharong my perspective. BTW
. Bang on main road projects r available for less than 4k.. check out sumadhura..new project on bang ashram road… or check monarch aqua…if you search u get whole bunch of others. I have personally exp. Project on main road appreciate tremendously as compared to deep inside. I would be suprised if u get a buyer there for 5k even after completion. .. btw nothing changed in that area since last 2 yr since ppl started to live. Rather it has gone frm bad to worse.. look at road conditions. Not sure what amenities ur counting on… for 2k ppl one tennis court… kidding?
Already enough Google groups and Facebook communities are present. Please don’t create new ones. It unnecessarily creates confusion. Please delete yours if u feel it will be redundant.
Hi MK
Can you please give me the url for facebook group or google group, already available.
Do not worry you will get reciept. They are little slow, call sabrina/prakhar or anuradha and follow up.
There is already a group of owners, please join –
We will try to help.
Beware of them and keep away from them.they can put you in all type of losses. Moreover, so many high tension lines are going through this project.Everyone know about the harm from these lines.
Has anyone started verification process for the documents? Previously I was feeling that carpet area is less and after the changes I think they have totally messed up. What’s the point of asking for 10% amount before agreement. I don’t knw what these guys are upto.
Hi Ashsih,
I am also not comfortable paying 10% amout before agreement… I have started verification process. I’ll post the comments once it is done. but we need JDA as well which is still in progress…
It would be great to hear others feedeback as well on the verification process..
Ajay and Ashish – Request you to join google group and share your thoughts in the broader discussion group of only the owners of Skylark Ithaca.
Hi Manasvi,
Could you please share the group detail. Is it only for owners?
I hope people are aware of this group and are actively participating.
Could you please share the link of the group…I would also like to join. I have also booked an apartment in Skylark Ithaca. Thanks
NOt sure if Manasvi is talking about this –
https://groups.google.com/forum/?hl=en#!forum/skylark-ithaca
Right Ajay, good idea. We did the same last Saturday 28/Dec, when 22 of us met Skylark top office bearers at Ithaca site.
As Manasvi already requested, best to join Skylark Ithaca Owners Forum – all discussion around the issues raised + discussions + Skylark’s reponse etc can be viewed and active contributed to.
I agree Skylark Ithaca google group is the right forum for discussion. Request others as well to join the same if not done so .
Thanks,
Ajay
google group link as few are not aware of it:
https://groups.google.com/forum/#!forum/skylark-ithaca
Please share me the link or let me know how to get added into the forum. I have bought 3BHK .
You can go to groups.google.com and search for skylark ithaca owners forum.
Else drop me an email to rajesh(dot)kodakkat(at)gmail(dot)com with your name,flat #,phone number,company you work for and the sales agent you consulted while booking.
Hi,
This is rabindra, booked flat in Skylark ethaca.
I applied loan in SBI, I hope SBI will do the verification before sanctioning loan . Even i am not comfortable with 10% – booking amount funda before aggrement.
Has anybody got agreement copy? the 10% amount is payable on agreement only as per my info.
pls clarify.
I am planning to transfer my booking for 2 BHK ( 1011 sqft), booked at 3800 ( no pre emi offer), u can change to CLP and it wud be 3500.
Current price for CLP is 3933 psft.
If you are interested pls mail back on
Hi Naveen – So how does the transfer process work. You and the new buyer goes to Skylark office and they just change their records subsequent to new buyer paying 1% transfer charges ?
Good luck with your decision – better to be sure on either side than hang in the middle.
{You’ve known my views- this is a good investment, provided it is delivered in time and with quality}
I also put my booking on offer. 1011 sqft 2 BHK booked at 3500 CLP whereas the current price is 3933- anybody interested can call me at 9686 888 446.
After due reconsideration, I decided to stick with the project- apologies for inconvenience!
Had lot of time over weekend- Went over the current offering, spoke to Skylark office people, compared equivalent offering in the area etc.
I find no clear or fully convincing better bet. There are similar offerings but for one reason or another (such as total money outflow, future promise of the area, connectivity, other builders coming up thick and fast etc), I decide to play along my ‘island of happiness’.
Hi Bhairav,
did you speak about below with Skylark pepople and whats their response:
1) Why carpet area has been reduced by 26 sft and SBA increased by 12 SFT (for 999 – 2BHK). we are loosing 40 SFT for nothing which cost approx 2 lks.
2) Banks approved for 80:20 scheme. How will it work.
3) They have recently sent mail to deposit 10% of total ( minus 2Lks) before agreement by 30th DEC. Does that make sense . I personally would like to pay the remaining amount only at the time of agreement after all legal approvals are verified.
I am planning to visit their office today. I’ll post their response after that.
Thanks,
Ajay
Hi Ajay- below are responses. If you do not find them convincing then this is as much Skylark could convince us:
1) Why carpet area has been reduced by 26 sft and SBA increased by 12 SFT (for 999 – 2BHK). we are loosing 40 SFT for nothing which cost approx 2 lks.
They say carpet area not reduced and once architects are back from vacation then they will share exact drawing which will prove carpet area is ~73%. SBA increased as recalculation done after approval.
2) Banks approved for 80:20 scheme. How will it work.
No clue.
3) They have recently sent mail to deposit 10% of total ( minus 2Lks) before agreement by 30th DEC. Does that make sense . I personally would like to pay the remaining amount only at the time of agreement after all legal approvals are verified.
Yes, this is contentious point but they say that it was always structured this way even from the indicative payment sheet during pre launch (where 2% is blocking amount, 10% is booking amount and then 10% is on agreement execution).
Hi Bhairav,
Thanks for reply. I have asked same questions to builder and waiting for their response. it will be great if they improve on the carpet area.
regarding 10% amount , Have you paid them or insisting to pay at the time of agreement? I have told them to pay at the time of agreement but they do not seem to agree…
Hi Folks ,
did anyone else paid 10% towards blocking amount.
Hi,
I am thinking of visiting their office this weekend to discuss on Carpet area as well as payment of 10% amount…..This payment schedule has definitely been changed from earlier payment schedule.
Thanks,
Abhishek
Hi Bhairav / Ajay,
As per my knowledge, the SBA has increased for all apartments due to decrease in project area. If we closely observe and compare pre-launch plan with launch plan, at left side, they have removed 3 towers for not getting BDA approval due to incorrect land records.
Regarding decrease of few dimension in carpet area is explained to me by Prakhar, before BDA approval they were under assumption to have 100 mm thickness RCC walls across full building. But BDA has directed them to increase the outer walls to 150 mm insread of 100 mm. He said that’s the reason the dimensions are decresed by few inches.
They are in process of getting SBI & LIC approvals.
Thanks,
Irfan
Not much profit from the prelaunch booking…why are they selling so cheap when other builders are charging around 6000 rate in the same area ?
Brigade is charging close to 6000 and Divyasree is asking for 5400 rate.
During booking i thought that its a good deal and i can make good margin with the launch, but i am disappointed with the launch price….
also this leads to so many other question…will they deliver purva or sobha quality apartment ?
or it will be tier b like gopalan, dsr quality ?
Not much profit from the prelaunch booking…why are they selling so cheap when other builders are charging around 6000 rate in the same area ? Brigade is charging close to 6000 and Divyasree is asking for 5400 rate.
— 2 reasons: (1) Main road or closer to main road will always be costlier to 3 to 4 kms from main road; (2) Brigade is Brigade (DivyaSree is DivyaSree) and Skylark does not have that brand name / reputation
also this leads to so many other question…will they deliver purva or sobha quality apartment? or it will be tier b like gopalan, dsr quality ?
— Always so difficult to predict unless you are with a A+ class builder. I fortunately have an exceptional experience till date with another similar class builder for an under contrustion property (a builder you would not pay premium for during launch / pre launch).
During booking i thought that its a good deal and i can make good margin with the launch, but i am disappointed with the launch price.
— Sorry for your notional less than expected profit. I think it is competitively prices and that’s why they have booked out 80%, with remaining 20% being either 1 BHKs or not so Vastu oriented – guess they are playing for the volumes.
I guess they are struggling to sell and they sells manager is open for negotiation and in fact keep telling me that they are going to increase price from last one month..2 weeks back they had availability in all type and plenty of floor options..
I am already a buyer in there prev. Project. If you get even B Grade quality..you are very lucky. 🙂
Anon: Not getting your point, are you trying to say that their quality will be even less than B tier builder quality ?
Bhairav: current rate 3900 is equivalent to main road 5000 rate (since this is 4km inside from main road), so i will expect purva/sobha quality because those builders apartment are available at 5000 rate on main road. Current appreciation is based on speculation, if they deliver just ok quality then entire profit will fall.
For example suncity apartments @ bellandur.
Difficult to sell, not much profit, sells@ 30-35lacs lesser than sobha apt in the same area.
Rightly said. I dont think 3900 is cheaper for that location from a B or C grade builder. Lets not forget there villas are selling at around 3k per sft. less than other villas on main road. Given that I think apartment prices just less than 1k is still very high. I am not able to justify this price to myself..
Hi,
I am looking for a 2BHK in Skylark. If anybody is interested to transfer the flat booked in CLP please contact me on the following details.
9901843159
Thanks
Munikrishna Bojji
Any idea how many flats were booked under no pre emi scheme? I heard still that scheme exist for those who booked under it during pre-launch.
What additional document work to make sure no interest will be paid by customer due to what so ever reasons till possession? Any updates ?
Hi, i don’t have idea about current bookings. Will try to find out. But want to mention here that i and my friends have booked 1,2 & 3 bhk flats during pre launch. Now the increased rate is 3933. We want to sell our flats. Interested persons can reply here.
Thanks.
do u have 3BHK available we are interested in this
I have booked 3 BHK. I am interested to sell it.
I m interested for the flat givn the best price…plz contact e at 9739900731
sorry for delayed response……pl contact on .
why you all want to sell your units? any specific reason?
> Profit Booking
> Unsure about 4 more years of Bangalore stay
> Post approval plan changes where some towers have been completely modified (from 2 BHK to 2.5 BHK or tower completely wiped off)
Do you know which tower is wiped off?
Sorry, dont know which towers got wiped off. But my tower number surely came down 🙂
Hi Bhairav,
Are you sure before agreement you can sell it. I don’t think builder will have that option other then cancellation. Please check with builder once.
Coz if its possible with the booking amount of 2 lac, and launch price is 433/sft more then pre-launch price in that case profit will be more then 100% and in the 6 month horizon it will be the best investment 🙂
Until a property is registered in your name, you can only transfer within builder records – yes you can do this because even builder stands to gain by this 😉
When you are transferring buying rights, whilst you paid only 2 Lakhs as booking amount, why would the buyer allow you 100% profit booking — buyer would do his calculation and the deal should end up somewhere near acceptable profit for both!
Does anyone know what is the uds skylark is offering(percentage of builtup area)?? Since its very heavily densed project.. i would check on uds available to me before procedding further.
bought it for inv purpose during pre-launch. now the rate has gone up after 6 months. we want to book profit.
Has the agreement process started for Skylark Ithaca?
Not heard anything from them although I initiated mail to start agreement process by sharing all relevant docs.
Hello,
I spoke to them today and they said that agreements will happen only by Feb’14 as they still do not have approvals from SBI and LIC. Moreover, they are also roping in some additional builders apart from L&T, POSCO….for which they are going to have meeting only by next week.
Approval from SBI is expected by mid Jan’14 only,
Apart from this, they are still saying that for 3BHK, 1484 sqft, Carpet area has not reduced from before….Still need convincing answer from them….!!!
Thanks
The below calculation is for 1049 2bhk (now 1059)
Before launch
——————–
Length Breadth Total(sqft)
Ft In Ft In
M B 12 0 10 6 126.00
G B 10 0 10 6 105.00
Living 12 2 10 9 130.79
Kitchen 7 5 8 10 65.51
Bathroom1 8 0 5 6 44.00
Bathroom2 8 0 5 6 44.00
Balcony 12 0 3 6 42.00
Foyer 5 0 8 3 41.25
Passage 15 6 3 6 54.25
Utility 7 7 4 0 30.33
Dining 9 9 8 3 80.44
Carpet 763.58
SBA 1049
% 72.7908855
After Launch
——————-
Length Breadth Total(sqft)
Ft In Ft In
M B 12 0 10 6 126.00
G B 9 9 10 5 101.56
Living 12 0 10 9 129.00
Kitchen 8 6 7 9 65.88
Bathroom1 7 9 5 3 40.69
Bathroom2 7 9 5 3 40.69
Balcony 12 0 3 6 42.00
Foyer 5 5 4 11 26.63
Passage 13 9 4 5 60.73
Utility 7 11 4 0 31.67
Dining 8 8 9 2 79.44
Carpet 744.28
SBA 1059
% 70.28184346
19sqft lesser carpet area and 10sqft more SBA makes a total loss/burden of 29sqft. Our % conversion also fall short by 2.5%. It is my personal observation if any input/mistake kindle correct.
Did some preLaunch number comparison of cost & area with Launch data (for 999 sqFt 2 BHK):
[1] SBA goes UP by 12 sqFt- as stated in their brochure
[2] Carpet area (or area calculation of individual rooms) goes DOWN by 26 sqFt
[3] Cost goes up UP by 50K (before registration)
I do not like my carpet area going down, primarily because carpet area of 999 sqFt flat was anyway very less even at preLaunch.
whats the launch price ?
~3933, to my recollection from somewhere I read.
{Nopes, could not make it to launch party to get first hand information and comparison info is based on their website data}
its 3933 , i collected the price list on the launch day.
Hi I have booked a 2 BHK (1049) I 705 and i am intrested in a 3 BHk at the same project , I want to go for a bigger unit if any one intrested please mail back
I am intrested to buy 2BHK in Skylark Ethica, if any body willing to transfer/sell pl. do let me know asap.
or contact at .
What is the current rate? Website still shows 3500/sq.ft.
Do you really think.. they can sell above 3500??? 3500 itself is too much for that area and such builder. My expectation was it shouldn’t quote more than 2200.. I dint invested..when it will drop to this level..I may buy one.
@wfield : spot on buddy. i think it has become a style statement among builders of all hue and cry to ask for 1 Cr for 3 BHK irrespective of the location, quality and the name of the builder.
Hey Genius
“when” price falls to that level..you ” may” buy..till then bye
Hi wfielder,
Its absolutely fine if you want to promote a builder, definitely no issues, but you have to be respectful to individuals when you address in a public forum. People here have the right to express their views, we have to respect the opinion without being sarcastic.Just a friendly request!
Thanks
Kannan
Hi Kannan,
No offence meant mate..but why point out my sarcasm when you cant spot it in the previous msg?
I did not nor will I promote any builder as it is an individual choice…
I just didnt get what this guy wants when he says..
“”My expectation was it shouldn’t quote more than 2200.. I dint invested..when it will drop to this level..I may buy one”..even if he gets what he wants ie 2200..he will still think if he wants to buy..such people only talk and never buy”
Hey,
I visited the Ithaca launch today. It was eye catching. They have modified the designs. I did not feel the difference much that time But when I returned and comapred with the old sheet which I was provided and had booked(1049 sq ft 2 BHK) on the basis of, to my surprise the carpet area has decreased by 51 sqft and moreover they were telling it has increased by 10 sqft so SBA is 1059 that meas I have to pay for 61 sqft which I am not getting. All the specifications have decreased except balcony. Its really disappointing. Has someone else also done the comparisons?
Its really disappointing, they reduced the carpet area and increase the SBA. It is ok they increased SBA but they should not decrease the carpet area. If they are thinking about margin, at least they should keep the same carpet area increase SBA.
same here, i booked 999 sft, 2 bhk. now its 1011 sft but all the room sizes are reduced. initially they were advertising it as 28 acres, but during the launch got to know that its lesser than 20. too many disappointments on the launch, but must say the food was good 😀 and yes i liked the home automation stuff. the current price is 3933. i feel the plan is looking crowder than the initial one, did they include any tower in the current plan?
lessons learnt : never book an apt during pre launch , u never know what u are actually going to get after the actual launch. but why didn’t the sbi set up the loan booth? did they get sbi approval?
Thanks for sharing Kannan!
I am in same boat – 999 sq ft 2 BHK, and somehow it felt right from my overall buying power + just about enough space for living. So I do get hit 2 ways if SBA goes up while carpet area goes down.
Space wise it is the same number of lats per acre. Total area has come down and number of flats has also come below 2000.
5 – 7 % variation is expected before & after approval … this is true for bigger builders also unless you are talking of the premium A class builders.
All said and done, if this project gets compelted on time (Dec-2016), I have a feeling it would be a good buy although not 100% sure.
Did you check with them.. what has made them to reduce carpet area and increase builtup area?
I spoke to sales guy and he said people are complaining about it and he is waiting for final draft from architects then he can communicate us.
I would say we can plan for a meeting and talk to them together. That way we can have some impact on them.
Very disappointed as the total carpet area got reduced, and our cost got increased. The second one is the total area of the project got reduced to less than 20 acres from 26 acres.Initially in the plan they had promised 76% of SBA as carpet area but now that became 73%. Before booking they promised french windows now that too changed. Had a word with the sales team , but did not get any convincing replies.
Have written to them to share all docs, so we can then proceed towards agreement signing post docs verification.
Expect a response in 2-3 days, as I understand they are very busy right now to get agreement process going for more than 700 people.
I am planning to transfer my booking for 2 BHK B-501 ( 999 sqft), booked at 3800 ( no pre emi offer), u can change to CLP and it wud be 3500.
If you are interested pls mail back on .
Please let me know—–1. Tower no. and flat no. 2.Total cost at which you have booked. 3.what are they(Builder) going to charge for transfer.
Thanks.
Rakesh Sharma
Hi Naveen,
Were you able to successfully transfer your 2bhk? If yes, can you please share the transfer formalities?
I am also interested in transferring my 2bhk(1049). Please contact me at for more details.
Regards,
Anil.
My booking amt is not yet debited from my a/c. I guess in another 3 days the cheque is going to expire. Will it be encashed after launch by providing fresh cheque?
Just got to know that launch date is confirmed for 14 Dec..
do you know if the sales agreement has been done?
Hi.. even i would like to know about initial agreements.
Not yet..i guess agreements will only be made after 14 dec
Agreement is entered post launch, when the buyer is able to verify all documents related to construction (approval & clearances, payment schedule etc).
what is the current price ?
3700
Hi,
I plan to transfer my booking for a 2BHK A-006 (1049 sqft). It was booked @ 3500 psqft under CLP scheme. If interested please contact me at 9739086448.
Thanks.
I am planning to transfer my booking for 2 BHK B-501 ( 999 sqft), booked at 3800 ( no pre emi offer), u can change to CLP and it wud be 3500, current price is 3900.
If you are interested pls mail back on .
Does anyone know if they have received all required approvals to launch this project. I have my doubts. If they would have received all approvals; than they would have updated there website about a new project that they are launching. However, I cannot see any action on there home page. If someone knows any thing about the same, please share it. With 1 to 2 weeks left for launch date (I heard the date to be 5th Dec); I think they will definitely extend the date.
Hello All,
I want to transfer my Flat A-1206 (1049 sqft), taken in 20:80 scheme @ 3900.
Can be changed to CLP (3600) as well. Let me know if anyone is interested ?
Rgds ,
Murali
I want to exchange my 2-BHK (A block, 1049 sft, 10th floor) with 3-BHK flat ( L-block, 02 configuration). If anybody interested, please contact .
Hi ,
I am interested in transferring my flat (J- 604) at 3900 PFT . I have booked under 80:20 scheme. Let me know if anyone is interested.
Is this a 3 BHK ? What is the area ?
Hello All,
I want to transfer my Flat A-306, taken in 20:80 scheme @ 3800.
Can be changed to CLP (3500) as well. Let me know if anyone is interested ?
Rgds , Amit
Kindly contact me on , one of my friend is interested.
Is it 1 BHK or 2 BKK and what was the size? Please share your mobile with me, want to discuss.
Regards,
Shaik Gaffar
I am planning to transfer my booking for 2 BHK B-501 ( 999 sqft), booked at 3800 ( no pre emi offer), u can change to CLP and it wud be 3500.
If you are interested pls mail back on .
Why do you want to transfer?
I have my personal reasons.
Hi Amit,
Would you be able to save the cancellation penalty with transfer and how it will work,
as you are quoting the same price you booked for?
Does anyone have updates on when this project is getting launched..I got to know from skylark guys that they have got the approvals and will launch by 15 Nov, but nothing happened…
The latest I have heard from the CRM team is Dec 14th….
it is getting launched on December 7th. they are closing the pre-launch on Nov 27th .
They have also received approval from SBI
Hi,
Any new updates in 80:20 booking cancellation/refund ?
Any-one opted for cancellation and how is the response ?
What are the other options for those who have opted for 80:20 and can’t pay EMI till possession ?
Thanks,
-Imran
Hi,
I learnt yesterday that 80:20 scheme is still valid for the guys who booked in the pre-launch offer before the RBI ruling came in force.
Did anyone of you hear the same?
Best Regards,
Mayank.
Have few Questions
1. by which tower the LT is passing through
2. why hasn’t the builder mentioned about the specification of materials anywhere.? Wold he mention them in the agreement papers?
Answer 1>> Ask the builder and they’ll provide you a PDF file of the LT power line new configuration, whcih does not pass through the project. This plan is already approved and Skylark is to share the cost with government for this modified layour of LT pwoer line.
Answer 2>> Why should builder provide low level details in pre Launch, when he does not even have approvals for constructing the structure! Not aware which builder does it, and yes all of these should be part of agreement.
Whats a better buy considering long term investment and property for the purpose of own stay?
Skylark Ithaca pent house or a 40X60 built up duplex( 2850 sq feet) in 1. 5 cr?
Hi,
I have booked the 5th floor(East facing) few months ago at 3900 BSP. This flat is very close to club house and swimming pool through Pre- Emi option. Due to some circumstances I will be going for the cancellation, if anybody is interested to take over please contact me.
Can you please let me know which tower?
Before booking please look into the other drawbacks inside the campus,LT line passing inside the skylark which we have to bear for a life, you can’t shift the line outside the skylark area. Please look into it buying a new flat” Live with power through out a life” if you are ready for that then buy.
I had asked about this LT power line. Skylark people said it would get moved outside the campus before construction.
Ask the builder and they’ll provide you a PDF file of the LT power line new configuration, whcih does not pass through the project.
This plan is already approved and Skylark is to share the cost with government for this modified layour of LT pwoer line.
{I do not have the PDF but have seen it on a fellow buer’s mail while he was on Arcadia site discussing with Skylark}
I am interested in the property please det back to me on
I have spoken to couple of Skylark staff and after some crude validation I believe the launch is on 15/November. No-pre EMI scheme is also there – while this scheme is almost same as 20:80, there are some operational differences in how payments will flow (as I never opted for this scheme I do not have more details).
So, that is some cheer amidst the uncertain gloomy scenario.
Although approval papers would be with Skylark by end October, I am not certain when would the buyers get to see (and verify) the papers.
I hope launch happens on 15th because I would need to cancel my travel plans to manage verification / payment / agreement work around the launch.
Keeping fingers crossed and hoping for the best.
ANY UPDATE ON THIS PROJECT?
launch date confirmed as nov 15th
called skylark , got to know that they got approval, and from diwali agreements are going to happen.. i was thinking between ithaca and lakeside habitat (4770 per sft) , now i think i will go ithaca because of the price.
I too was planing to go with PLH, but looking at the price (4770), i have decided to stary with ITHACA. Right now, no builder is giving 20:80 scheme other than this builder.
Hi,
Anyone who booked 3bhk 1595 sq ft, please join the Google group. There is some discussion going on, in the group with the subject “3BHK 1595sft floor plan modification proposal” proposing the change in the floor plan. You can please have a look and let everyone know if you are interested.We can together approach the builder by fixing a common time.
To join the google group:
Go to website – https://groups.google.com/forum/?hl=en#!forum/skylark-ithaca
and click on “Apply to join group”
OR
Send a mail to rajeshkodakkatgmailcom with your flat number
Thanks,
Ram
Anybody know what is the current price per sqft in CLP scheme?
Have anyone booked recently, what is the sqft rate applicable for the project.
I looking forward to buy 2bhk what the carpet area are they offering for 1049 sqft apartment and i have been hearing that project would get launch in Sept end and now it’s October anyone got any confirmation from builder on the same.
I had booked 2 bhk under CLP. Now willing to cancel anybody interested?
In which tower? Which floor?
I block 11th floor
I am interested,can u send the contact details
Vijay,
I am also cancelling, if you are interested mail me
RAVIunderscoreR74atYAHOOdotCOM
Ravi, Naveen – All the best with cancellation, I always believe if there are enough doubts troubling you then that investment should not be taken up.
Keep us posted how it progresses
I have already cancelled my 2 BHK in SEP 2nd week and they said they will deduct 20% is this the same with u ?
Hi – I’ve not canceled but the booking form said 20% cancelation charges.
Also, booking form did not say anything about timeperiod in which cancelation will be processed (this is generally spelt out by other builders and is roughly 60 to 75 working days).
Irrespective of 20% cancelation charges mentioned on booking form, you should ask for full refund because that’s the norm for pre launches and cancelation before launch.
@ Bhairav — “that’s the norm for pre launches and cancellation before launch” how can I defend this bcoz I have insisted for full refund but they didn’t agree for this. any pointer would be helpful.
Professional help – in form of consumer court.
Earlier the better – delays will only make your case weaker – because earlier you start asking full refund the more chances you have to show that you did not get anything for your money (and lost interest) and therefore entitled to full refund.
That the norm is full refund is what your lawyer should collect data for and prove.
Hi Rahul,
They won’t allow much modification under Mivan technology and u can’t make any modification later coz there won’t be any pillar or beam in the building. Whole building will be supported on concrete wall.
I have booked 3BHK 1595 sft one but I am not quite happy with the size of the master bedroom and the design of so called dry garden cum deck. It should be better if they would give a wide balcony in similar design as in 1049sft 2BHK and a little bigger M. bedroom. Lemme know if u guys agree with my proposal. We can propose this plan to Skylark. They still can modify there floor plan coz they have not yet launched the project. You can also post ur comments n inputs here or in skylark google group.
–Basant
–Basant
Basant,
I agree that Master bedroom would have been bigger. I also booked 3BHK 1595sqft, let me know if you are ready to go and talk to them , I will join.
~Ashish
Hi,
We can meet the SKYLARK officials before the agreement and discuss on some open concerns:
1. If they can do any modification in the floor plan. (I Had spoken to them to put some slabs on the top, so that it can act as a store. But that time they had told me that this requirement is not given by many people. If anyone is interested in this type of design we can go and speak to the officials.
2. Concerns about the entrance gate. Wont it be better if we have two entrance gate one from Hoodi side and the other from whitefield. As the road is quite narrow and by the time we take possession Phase 2 would be in full swing so there would be difficulty in going from one entrance.
3. I had spoken to them regarding the agreement date, they r waiting for the BDA approval. Hence tentatively they will launch this project in Oct last week.
4. Due to the delay of the project and the 20-80 no pre emi scheme getting scrapped I hope there wont be any cost escalation??
5. They had told that there would be a shopping complex coming up near arcadia (land will be skylarks). Any update on that.
Kindly correct me if any point which I have mentioned seems to be incorrect. Please give your opinions and we can all together so that changes can be made before the aggrement is done.
Thanks
Regards
Rahul
Rahul,
You can always put a double layer wooden slab and create a storage.
Ashish,
I won’t be available in Bangalore for next 2 weeks. Whoever are interested can plan a meeting in last week of Oct and we will decide a common floor plan of 1595 sft 3BHK and then we will approach to Skylark.
Lemme know ur thoughts.
I have posted scanned copy of my proposal on floor plan modification in skylark google group (Attachment option is only available there). Please visit the link https://groups.google.com/forum/#!forum/skylark-ithaca and post your comments and feedback on my proposal.
Hi,
Does anyone know which banks apart from Axis bank has approved the Skylark Ithaca project…..and when they will receive the BDA approval….I have booked 3BHK apartment there recently….Thanks
Mivan technology is being used for SKYLARK ITHACA. Can anyone plz highlight the advantage and concerns of using this technology.
Secondly as SKYLARK is not giving any interior design, can we modify the house later (is there any concern due to MIVAN technology).
I visited the CREDAI Expo yesterday, and to my surprise, there was no “Skylark” counter. To add to my disappointment, when I spoke to the RACPC executives from SBI, I gathered that, the Skylark Ithaca has not been approved by them. They added that, Skylark approached them about a year back, and due to some issues (which they said they will let me know), the project wasn’t approved.
Does anyone have any information on this? I’m getting worried about my investment here by the day and inputs from you could help me make up my mind..
As far as I know, the BDA approvals are yet to come. I wonder how SBI could have approved of it without these approvals in place!!!
In case they do not have the proper approvals, then they will have to return the booking amount anyways… So I don’t think there is much to be concerned here.
Without the approvals, how the skylark guys approached SBI for approval that too one year back. Did the skylark guy not know that BDA/BBMP approvals are required for SBI to approve the project? Looks like something is messy.
I would wait for Rahul to revert once SBI informs him the reasons why they did not approve Skylark project.This project was launched in late May or Early June,so chances are that Skylark did not approach SBI for this project.Unless we are clear about those reasons,it is too early to decide.
Skylark had promised to refund full 100% if they cannot offer NO pre emi scheme from banks.
Today they informed that the no pre emi scheme is on and hence if we want to cancel,the cancellation fees apply.
Hi Saikat
The earlier post says “SBI has not approved the loan”.
According to Skylark,the No Pre EMI option is still on ( through Axis,ICICI banks ) as they have found some flexi scheme in place of the 20:80 scheme.They are hoping to launch the project by end of October and start construction by January 2014.
The cancellation fees is 20% of booking amount if anyone wants to cancel, though they had agreed to refund 100% if they cannot offer No Pre EMI scheme.
.
I own a flat here.Skylark guys said they are trying pre EMI option with HDFC, TATA housing. Wthin 10 days, they are going to inform me the status. If I want to cancel beacuse they are not able to provide 80:20 scheme. Then they are going to refund the entire amount.
Please don’t create unnecessary confusion among the people through this forum. Half cooked information are always dangerous.
pls do not think of buying if SBI did not approve.
Dear lks,
Half cooked information is as dangerous as misinterpretation.
Skylark never offered 20:80 scheme.What they offered is No Pre EMI option where the client does not have to pay any interest till possession.
If you own a flat there,then probably you would have received an email on 28th September that Skylark is now offering the No Pre EMI option again in collaboration with ICICI,Axis bank etc.Hence if you still want to cancel,they are asking for 20% cancellation fees.
Note: i too have booked a apartment there and this info was available to me when I approached them to cancel my booking.
Hi,
I spoke to CRM officials of Skylark and they told that SBI has approved this project.
Secondly this project will launch before 1st week of Nov. They are waiting for two approvals (1. Environment and 2. Traffic management).
I requested if they can have 2 entrances for Skylark as the road is too small from kadugodi side.Hope if they can consider and make an entrance from hoodi.
Regards
Rahul
Hi
Would request that everyone ask for the CRM name and post that too..everyone is giving different views.
Prakar told me they are working with ICICI and Axis bank.Also according to him,they are waiting for BDA approval.
There is so much confusion and I am thinking of cancelling.I have a 3 BHK 1472 sq ft in the 3rd floor.If anyone interested,please let me know.Rajesh(underscore)kodakkat(attherateof)gmail(dot)com
I would also want to cancel due to this confusion, I have 3 BHK 1472 6th floor. aashishjaiATgmail
Hi,
Any one recently talked to Skylark guys regarding launch date of the project.
Oct end is what they mentioned to me.
Hi All,
Please let me know if anybody has cancelled the booking and if so then by when Skylark has promised to return the money?
Regards,
Anurag
Hi Anurag,
I had called up the Skylark guys last Saturday and asked them to cancel my booking. They said the Skylark CRM team will be mailing me some cancellation application form which I need to fill-up and revert back. They said the money would be refunded within 15 working days. Hoping for the best!
Cheers,
Anand
Hi Anand.
Did the cancellation completed?
Hi Sam,
No, the cancellation hasn’t proceeded any further. The last time I called them up, they told me that since No-Pre-Emi scheme is back, if I continue with my cancellation, 20% would get deducted. They told me that there would be a confirmation mail about the No-Pre-Emi scheme. This was last Saturday and still no confirmation has come from them.
What about real state regulatory bill which says that builder can’t see super builtup area and price should be charged for only carpet area. With the real state market being sluggish I am re-thinking whether to go with this project or take back my booking amount as I am not sure if skylark will be able to deliver this even in 5 years time. What’s other take on this?
You are right this is a huge project and with indications coming, I can write it for sure that they are going to take not less than 5 years for completion and will only be a big pain in our a**. I have decided to cancel my booking, as I have already been made fool by dlf pre recession which is yet to materialise
Did you invest under the CLP scheme? Are they charging any penalty for cancellations?
Hi Rehman – have you initiated cancelation?
I feel your opinion on Real Esatte sluggishness might be correct and as an asset class, investors can always put their money somewhere else.
But my experience with skylark has been very good, if I stop comparing it to A+ class builders. Right from site visit, booking, query resolution, receipt sharing etc they have been professional & quick – yes, I needed to approach them directly instead of going through PropTiger.
Pure investors obviously have so many real estate options and outside real estate option. But for self use 5 years down the line or for dual purpose (if one is only half sure about living), I find this a fabulous project worth staying in.
Please share your cancelation update and charges, thank you.
I second with Bhairav,
I booked under 80:20 but I also feel converting to CLP is not a bad idea considering one is interested in end-use or dual-purpose. For investors I agree there are other options available.
Generally Skylark guys are making good progress in current project Esta and I don’t think for Ithaca first phase they would delay more than 4 years, since they are going to use Mivan technology for construction
Let me know your thoughts
~Ashish
Did u folks checked if they delivered arcadia1 on time or not? I still see many villa work in progress in phase1 when I went there last time. It seems phase1 completion is already delayed by more than 2 yrs for just 90 odd villas
Hi bhairav … it totaly depends on ones appetite for risk . But if you are considering it for long term say 5 years then you should go and take a grab.But I was considering this as a option for staying after 2 years . I think I can apply for some other property which is already under construction. Regarding the cancellation I booked it under pre emi and I am prety sure I am going to get entire amount I was told I would be mailed abt the cancellation but they also said that they will refund my entire amount
Hi Rehman,
It can be thought in 2 ways
1) You want to move in to a house of your own in 2 years so that you don’t have to pay the rent.(in case you are renting a house as of now) . But if you take the apartment on home loan and if you move in 2 years, from the starting of the third year, you will have to pay the interest for the complete loaned amount.
2) If the project takes 4 years, by the starting of the third year, you will pay only for the amount that is disbursed until that point of time.
so regarding money, I feel both are same.In the first option where you move in 2 years, you will pay more interest to bank and in the second option, you will pay rent to the house you stay.
But only advantage of moving in soon is peace of mind that we got our property in hand with out any hindrances.
If you trust the builder that he will deliver the project as he mentioned(Quality, Amenities, approach road and greenery), the delivery time can be bit compromised.
This is as per my understanding.Please let me know if it doesn’t make any sense.
-Ram
Right Rehman – If you were “considering this as a option for staying after 2 years”, then no point in booking / cancelation because Skylark always maintained 42 months from date of agreement –> This agreement they tentatively said will happen in October and I expect not before December 2013.
On the other hand, I do not have money for an RTM purchase. I would rather pay EMI and pay cost of house over 42 months.
Just came across this news:
http://timesofindia.indiatimes.com/business/india-business/Housing-slump-Real-estate-market-crumbles-as-economy-slows/articleshow/22479932.cms
Is RBI going to scrap the 80:20 scheme? Read this article on moneycontrol-
http://www.moneycontrol.com/news/real-estate/rbi-should-have-consulted-before-scraping-8020-credai_944718.html#toptag
What’s the impact of this to this project?
Gentlemen,
Due to the scrapping of the 80:20 scheme by RBI , The cash flows of these B grade builders will be tremendously affected and will turn affect completion and this WILL affect buyers. The Ithaca project is huge with 2200 Aprts and I’m sure skylark was banking on the 80:20 scheme to fund most of this project. So big projects from b grade builder s( as they don’t have the deep pockets or the reputation of mantri for ex) will stall. Can you imagine yourself paying pre emi for the next 6-7 yrs and continue waiting for the project to complete? I certainly wouldn’t !!!
I completely agree Arjun..Also I spoke to them today.They say they are talking to NBFC like India infoline etc..I have bad experience with NBFC..when bank rates were at 11%,they charged like 13.5%.Hence I wouldnt go ahead with any finance from any non banks..Hence I am contemplating cancellation of the same.
I will not also not go for any non-banks and unreliable workarounds. I’m contemplating switching over to the normal construction linked plan (Skylark should allow this option). That will mean reduction of overall price by 300/ sq-ft. I will start with pre-EMI with the SBI/LIC/ HDFC bank for 1-2 years and then start paying normal EMI.
I think if we go to CLP scheme. We should renegotiate the price as demand will go down drastically.
Spoke to the rep at skylark, they say by Wednesday they’ll revert of latest on their talks with other bankers on 80:20, else they‘ll covert on CLP. If anyone has any more feeds pls inform all here, is there a plan to meet up and go together to them and get more clarity?
How do we get to know their potential of completing the project without 80:20. Is that now a risk and how many of you planning to withdraw your bookings..?
I did spoke to one of the skylar sales executive as per him they are negotiating with indiaiinfoline. I am scared now how they are going to complete their project on time without 80:20 scheme. If the projects goes on for 5-6 years then it will be really troublesome. I am rethinking about this project now.
we can move with home loan fom nbfc with 80:20 scheme. let skylark pay interest and we can switch to our favourite banks right after possession. please share your inputs with t his approach
I agree to this thought
Interest does matter, but for builder in 80:20 scheme & once we get posession we can transfer the loan to any bank of our choice
Hi, has anyone cancelled their booking ? Anuradha had already informed that launch is not happening in Sep bu.t in Oct. This was prior to the news on 80 :20. Are they going to have lot of cancellation now ? We had booked under the INR 3800 no pre emi scheme. Pls let us know if there are no updates. Regards,
I feel it is too much risky if we are not going for 80:20. We don’t know when the Builder can handover the posession. Till that time we need to pay either complete EMI or pre-emi. If it is a pre-emi then we end up in loosing close to 10 lk ( approx if possesion takes 42 months).
Def i will be cancelling my booking if it is not 80:20. If any body is having different views please share with us.
As I already mentioned, the builder cant delay the project for 2 years as your said. He will have to pay the buyers in case if he is not able to compete the project in time.
We are considering it as a loss, when compared with the No Pre EMI scheme but the thing we have to understand is, its not with only this builder and its with all builders.So, its better not to compare with No pre EMI scheme.
If we feel the construction quality will be good project will be maintained well and no problem regarding water, I think its better to go ahead.
What is the status of Skylark Esta? Is there a model flat available? If we have a look at the model flat in Esta, we will have some idea regarding the quality.
Completely agree with Ram.
Two important logical things to consider in the decision making process:
[1] While 80:20 does offer some benefit to buyers, tax implications are not clear. So overall 80:20 might not be as beneficial as sentiments might indicate.
[2] Builder would not have launched 2500+ flats project without financial arrangement. 80:20 would but be a small portion of that arrangement.
Finally Skylark says, although I do not have it in writing, that 42 months from date of agreement is inclusive of grace period. So they will start paying delay compensation after that and therefore would not likely delay that much.
Also, with Purva delaying all its projects, Prestige pre launching so many in Bangalore (with dilution of its stake as is clear from its investor presentation), DLF mired in court cases, Primecorp not having delivered a single project …. how is Skylark doing worse than them !!
Guys,
I guess already some people got call from skylark today to shift to CLP option as no pre emi is no longer available.
I would expect skylark to give me full refund since the offer for which i had signed up is no longer there. In case skylark does not relent, we should form a group and talk to them this saturday.
Did anybody have a talk with them regarding the refund?
I they don’t refund full amount you can get it through consumer court. Its their fault and not ours.
In a pre launch when you have not signed Buyer / Construction agreement, you can always claim 100% refund through Consumer Court.
However, we know it’s an elongated process and requires lot of buyer’s time – after all we do not have a legal cell working for us. So, builders do all this.
But in this discussion, people have posted that if CLP scheme is unsuitable then full money will be refunded.
Naveen, They are ready to reimburse the complete amount.
Either you can move to CLP by reducing price of 300 or can ask for refund for the complete 2 lacs.
Did you check with skylark folks..some people are saying they are not ready to refund complete amount?
I had booked the flat under pre emi scheme.. but looks like it will not happen now .. did anybody cancel the booking nd how long they took to refund…
I m planning to cancel the booking now…
Hi Ajay – I would suggest you enagage directly with Skylark to understand their alternate options.
I visited them about 2 weeks back and found them very receptive to buyers’ issues – they answerd lot of my questions, cleared my doubts about launch timeline / only 1 outstanding approval / PDC cheque encash procedure etc.
They also informed about alternate 80:20 they are working with NBFCs and that’s what is delaying launch as they want customers / buyers to not feel let down.
You speak directly to hem, preferably in person, and please share updates on 80:20 & launch related info.
Hi, I have also booked a flat under 80:20 scheme. I can not afford to go with CLP. So seems the only alternate is cancelling and getting the money back. Did anyone have an clue regarding the refund of our booking amount. Ideally they should pay us the full amount as we booked under 80:20 scheme and they can not give us the same scheme now. I am in for meeting up and approaching together to get the money back. Please let me know your view on this.
Hi Rahul
I have posted my take on 80:20 cancellation not being a real show stopper somewhere above (awaiting moderator’s clearance).
Here, I just want to draw your attention to the booking form terms and conditions you have signed – 20% cancellation fee.
I am sure booking form does not mention that cancellation fee would not be charged if 80:20 scheme is withdrawn by the bank (or in this case if you follow the law of land).
How you plan to get full refund?
Rahul,
Even i want to get complete money back. Pls mail me ur pho no at , lets coordinate over the weekend.
Hi Sam,
Even with out the 80:20 option, there will be clause on the completion of the project.
If the builder says he needs 42 months for the construction, there will be some grace period of 6 to 7 months.
If the builder is not able to give the keys of our apartment with all the works completed in that specified time(42+6 months), he should be paying the rent to our property. This clause will be there for sure in the construction agreement.Even the amount that he would be paying will be mentioned in the agreement. It will per sq ft.
Thanks,Ram
Thanks All.
So few of the points,
1. Getting the full refund of 2l, I touched this point on my talk and they don’t seem to be easily agreeing and saying the 20% deduction will apply, this may just need us to push a bit harder, good idea to meet together.
2. Launch date going in OCT now, does that mean agreement won’t happen in Sep end for which we have given the PDC s of 30 Sep? so shall we defer those cheques?
3. Without 80:20, ability to complete the project, I think even who bought in CLP should worry as now it mean everyone getting delayed.
4. Clause of penalty if delayed, I don’t have grip on this one, guess we need to wait to see draft agreement. Has anyone confirmed if this being included in the agreement and what will be the grace period.
5. If getting converted on the CLP from 80:20, and say paying the SI on disbursed amount as many of the discussion here probably proved was better than 80:20, 5 l lesser basic cost etc..DO we consider being put on CLP?
There are so many of these to be discussed with them, I know you all are doing your bit, why don’t we meet at a common date and time, inform them of us coming and we expect answers? This Saturday 14th Sep? If you do let’s plan it quickly.
14th Sep sounds good. We all should finalise on a time as well. How about 12PM?
it would be better if we go in a group and discuss the matter with skylark people.
we can discuss on two options
1. If we are going with CLP then we can re negotiate the pricing may be 3000-3300 psqft. It is unlikely that they will agree anything below 3500 but 3500 under CLP will be a huge burden if they delay the project. Adding rent it will be way too expensive deal.
2. Or else we can ask for complete refund of our booking amount.
Lets meet up on 14th Sep at 12pm near skylark office.
Do you feel they are ready to negotiate the price, when they are ready to refund the full amount if we are not willing to shift to CLP. Reducing to 100 psqt is also good, worst case, should we go with CLP with 3500 or take the refund or is it really worth?
Agree with Basant. Also, we can ask them about their finances to fund the project.
Just a clarification, by skylark office you mean Skylark Ithaca Site or Skylark Office near Ulsoor?
I am sure that the builder is active on this site ( i was once told by their executive that see the responses on harshasagar).and then you want to openly discuss here that we will pressurize them..we will ask for discounts etc..great..you are exposing all your armoury
Good luck guys
Hi,
Is this a good idea to stick to this project with CLP option at Rs.3500/- in this area ? Or Better move out of this project and wait for Prestige Lakeside Habitat ? All suggestions are welcome guys..Not able to decide.
So as I understand we all will try and meet up at Skylark Ithaca site tomorrow(saturday 14th Sep) at 12 PM. If more people are there then we can have a better and fruitful discussion with Skylark team.
Any update from skylark people ? Is there any discount if we go with CLP ?
Any updates from the meeting with builder? I was not able to join today and planning to go some time next week.
Hi,
I have visited Skylark office y’day and spoke to their executive. They are ok if we cancel our booking and they can refund 100% amount. Or else we can go for CLP @3500. They are not ready to reduce beyond 3500/-. If they delay beyond 6 month then they are ready to pay 18% interest on the whole amount. They are not bothered about cancellation because they are getting funding from Karvy of about 200-300cr as told by Skylark sales executive. They are also in discussion with HDFC and IIFL for no pre emi but they are not sure about the approval.
I am not sure what to do now but inclined more towards cancellation due to sluggishness in the realty market.
Thanks
Around 600 hundred flats have been booked until now of which 160-170 were for the 20:80 no pre EMI scheme. Nearly 1/3 of these buyers (40-50) have opted out as they signed up due to the specific scheme. 1/3 have agreed to go the CLP route. Rest all are waiting for Skylark management to get back. They told me that anyone who wants refund will get 100% of money back. People are taking reasonable interest in this project and there was reasonable traction in Arcadia office.
I also visited the Ithaca site. They have started putting up marketing office and possibly a model flat there. There is also a small builder who has launched his project right opposite Ithaca. There is a board put up at the site stating that it is a site for Skylark upcoming project. Expect a launch around mid Oct at Rs. 4000/- psft.
Had a meeting with the Skylark team and was told that if we opt to back out, we will be given 100% of the booking amount. They are looking for options to fund the 80:20 scheme.
As per them, project will be completed on time and no funding issues will be observed.
Hi Basant Verma,
3500 is for everyone who are going for conversion or who booked on No Pre EMI at 3800?
I just want to know if they are reducing 300 psf or more than than if we are converting from 80:20 option to CLP.
Can you please clarify?
Thanks,
Ram
Ram,
The equivalent CLP plan of ur 80:20 plan will be applicable. This amount is 300psft lesser than ur 80:20 plan.
They have booked almost 580 apartments out of them almost 50% are under 80:20 scheme. There sales guys pretends that there are no cancellation and people r converting to CLP but that’s not true. I know 2-3 people who have cancelled their bookings. There might be many more. I feel 3500 is expensive in that area looking at 4-5 years horizon. Also, looking at the sluggishness in the realty market 3000-3200 would be an ideal price not more than that.
Basant
I just got a call from SKYLARK, they said as you know recent 20;80 scheme has been scrapped. You need to convert it to CLP with the Rs.300/- sft less. Can you please suggest me, whether should I go ahead with this project or I should look for any other project near by Whitefield. My budget is 70L for 3 BHK near Whitefield.
http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/warning-bell-rbi-red-flags-2080-home-loan-schemes/articleshow/22270286.cms
RBI discourages No Pre EMI option. Not sure how Skylark will be handling this now.
People who cannot pay the full-emi can handled this by opting for CLP with pre-emi option, where simple interest will be charged for the amount disbursed.
Buddy, that’s what pre EMI scheme offered – for builder to pay the simple interest till possession (or till in pre EMI stage).
Remember that even in CLP you are in pre EMI stage till possession (??)
Buddy, PRE emi scheme I am talking about buyer(we) pays the simple interest till possession and interest is only for the amount disbursed. we will some money more than we are paying as premium for no-pre-emi scheme.
Sravan, That is understood by default. If its CLP, then that is the default behaviour.
We have to see what steps Skylark is going to take regarding barring 80:20. If some one hear any thing from them, please let us know.
Any body spoken to skylark guys about this
I spoke to the builders. As per their view, Construction Linked Plan is the only option right now. But still they are in discussion with Bankers to do the needful with respect to the customer/buyer base. We will get conclusion by mid of next week. I will update the info ASAP i received from the builders.
Any body having the calcuation that how much interest that we have to pay towards CLP plan till Posession.
Hi Guys,
I have booked a 2BHK flat in Skylark Ithaca i have few question will anyone help me to get the answers.
1) I have paid the 2L Booking advance and given hem a PDC of 6L dated 30th september. Will they encash the PDC before they get the approval if they do so when will be the actual agreeement take plcae.
2) No-Pre-Emi scheme in this scheme they told me i am not required to pay anything till possesion, so i have seen many people saying that we have to pay the interest part and skylark is going to reimburse it.
Will they encash the PDC before they get the approval if they do so when will be the actual agreeement take plcae.
>>> They say they shall encash post approval – it’s their word and not in booking form.
No-Pre-Emi scheme in this scheme they told me i am not required to pay anything till possesion, so i have seen many people saying that we have to pay the interest part and skylark is going to reimburse it.
>>> You should ask them to show comparative chart for payment with & without scheme. Otherwise, there is lot of confusion going around – although one of my acquaintances showed how 80:20 is beneficial at least with one of the Bangalore A+ builder.
>>> 80:20 is anyway under scanner and people are discussing under diff topic in same thread – so, better watch that space.
I talked to HDFC people as well as skylark regarding No Pre EMI option.
From Skylark:
-Skylark guys are saying they will reimburse the interest amount and we haev to pay the principle component until possession.
-We can close the loan if we have enough money at the time of possession.
-We can contribute towards principle by paying any extra money that we have during the phase of construction.
-There is no upper limit for them to pay the interest.I asked what if my loan is high and also have less tenure.They said that doesn’t matter.
– I asked what if I pay extra amount towards principle.In that case, the interest component will reduce and will Skylark pays that excess amount to the individual or they will pay only the interest which is applicable ?
-For this, she said it does not bother them if the individual pay extra money towards principle or not.They said when the loan is disbursed, they will calculate what will be the interest for each and every month for the next 42 months and will pay accordingly.The buyer paying extra amount towards principle is his wish.But with that, the reimbursable interest amount from them doesn’t change.
HDFC guys are saying :
-Buyer need not pay any thing towards principle or interest until possession.(In contrast to what skylark people said that buyer should pay principle component.)
But HDFC people told as the project is not approved yet, they cant say anything.They said these rules changes per project and get finalized only on project approval.
– He also said we can contribute towards principle amount during construction.But he suggested its waste doing that.It will be better if we invest some where else in FDs or RDs where we get money back and then on possession can pay off the loan with the money what ever is accumulated.
My understanding of “Pre-EMI” matches that of HDFC.
In many case, “pre-EMI” means EMI has not started and you just pay simple interest. And the only function it serves is to delay the actual EMI start time (assuming you do not have money inflow while you have chosen to delay EMI start – typically in case of education loans).
However, “pre EMI” also has another connotation in housing loan scenario. Here, people commonly refer pre-possession EMI as pre EMI and this does not get housing loan interest tax exemption till possession.
And this dual meaning of “pre EMI” is causing whole confusion. I have found HDFC’s opinion / dealing etc generally correct – they do things properly even if it means delays / loss of business. Of the three banks already tied up, I would say Deutsche Bank appears most reliable and if they are willing to share information then that would be most helpful.
RBI debars upfront 80:20 loans for flats
http://timesofindia.indiatimes.com/business/india-business/RBI-debars-upfront-8020-loans-for-flats/articleshow/22272549.cms
We dont have the NO Pre EMI offer in Ithaca project.
http://www.indianexpress.com/news/no-more-8020-link-home-loan-to-stage-of-building-says-rbi/1164289/
thanks for sharing information
Hi,
Can some one please clarify my doubts regarding this project?
What about drinking water and normal water?
If so many families live in the same place, will there be no water problem?
Prestige shantiniketan has the apartments almost same in number as skylark ithaca.Is there any water problem in shantinikietan as of today?
Any other problem can be sorted out but not this water problem.Even though some manage to get tankers, its so irritating if one don’t have sufficient water.
Can some one please advise regarding water and will it be ok for so many families living in one place?
This area has very high water table. Commercial borewell setup for water supply to whole of Whitefield and Marathalli happens from this area.
So it is very well placed from water perspective as of today. I just hope it stays same way after 4 years.
I know of a frnd staying in arcadia phase 1 and as per him, they get tanker water for daily consumption and it seems borewell gone dry.
So not sure when u say high water table.
High water table is what “experts” say, but you may be very right in challenging that because the “experts” may just be playing along the marketeers !
By the way, my current complex depends on tanker water although water table is high in my area and lake is very very close by. Reason for tanker is that borewell drilling is big science and requires investment without 100% guarantee of the depth at which water will be found.
For reasonable guarantee you have to use experts & equipment which makes initial investment seriously high. So for this reason the association never gets to have even 60% support for investment into borewell drilling.
Not sure what to believe, whom to believe 🙁
For every question, there will be two contradicting answers.
God knows how this project will be.
Indian Economy, Water, 80:20 option removal……
I heard govt bodies will be giving a report for the availability of water in a particular area. Does anyone know how to get that report and whom to approach for the same? Does they give for any area we ask for?
If its real that such report can be obtained, it will be very useful for us to be assured regarding availability of water in this project.
Please let me know in case if anyone is aware of such kind of report.
Bhairav,
What you said sounds reasonable. But, at the same time Nick was saying about the problem being faced by one of the residents in the project done by the same builder(Skylark Arcadia). So, am not sure what to expect.
Does anyone aware of water availability in Prestige Shathinikethan project as of today? Do they depend on water tankers?
Cauvery water avble upto mahadevapura (so prestige SHANTINIKETAN and brigade metropolis ) have it.
Hi All,
Please let me know, if you are going to meet builder coming weekend. I will also join. It will be good if we go in groups and know the real picture.
Thanks & Regards,
Shaik Gaffar
9686700145
I read an article which mentioned that out of 216 roads marked for widening as per CDP 2015, only 20 have been taken up till date. So when skylark folks mention that road from hoodi/kadugodi will be widened as per CDP 2015 plan , i think it is far fetched claim.
Looking at the past track record of road widening, I am seriously doubting if it will ever happen.
If anyone has some credible n concrete info about road widening, any timelines please share.
I am seriously giving this project a second thought now.
Hi Naveen- You are right in that ‘marking for widening’ does not exactly equal road widening.
However, data you presented is for roads proposed to be widened, NOT marked to be widened.
A decently reliable source (whose road was considered for widening last financial year and who is local corporator’s relative) tells me that there are 3 additional steps between consideration and marking – making it to final shortlist, being presented for budget allocation and then budget passing.
Ideally, marking happens after that (although nothing stops officials start marking anytime in the process). Even after budget allocation, there is a possibility that earmarked budget is not consumed (and I dont know why but can just guess that Guv related things happen this way).
Sad but True: We make our buying decisions with so many “proposed” features / “final” state in mind and are so disadvantageously placed because we do not really have control over what will happen.
One thing i fail to understand how BDA gives approval for high rise like Ithaca with hardly a 40 ft road in front of property. Is there no minimum road width requirement?
Similarly i see oceanus classic coming near skylark arcadia ( its again 14 floors building) with road being so narrow.
That’s the reason price is below 4k 🙂 if road is wide enough and everything is perfect then they would charge 4.5K to 4.8K. If you see same is the trend on harlur road, since road is narrow prestige, purva and sobha are charging nearly 5k. All small builders are charging 3500 to 4000.
Location add/reduce close to 1000 rs psft from the property price.
Rajesh,
I am not talking about the price here but about govt approvals, how the high rises are approved without a wide road in front.
BTW i don’t completely agree with the price. MJR pearl was quoting at 3590 sometime back and its bang on main whitefield road.
Right Naveen – the approvals (or the expected approvals) bolster my confidence that the approach road will indeed be 80 ft wide.
Note that of all the common rules, the one most strictly impelmented in Bangalore is the 80 ft wide road for greater than 4 floors approval (true even for big builders).
For your first or first few projects, you sure shall chanrge 20 – 25% lower than established players; so MJR Pearl was charging worth its salt, notwithstanding references to the fact that it is sister concern of sister concern of SJR !!
{Same way, builder shall sharge a premium if he is a Sobha / Prestige / Nitesh etc}
Bhairav,
How do you say that 80 ft wide road rule is followed religiously in blore?
I see so many apts around 8-9 floors with 40 ft road in front of them.
Look at Jail road near sarjapur or even i see behind marathahlli.
No Rules followed if at all they are there.
Guys,
I wanted to share the details what I came to know about different thing of this project which could prove helpful to others.
No-Pre-EMi Payment option: This might look like very attractive option but it’s not attractive as it might look like. In this option, there will be tripat agreement between bank, builder and buyer. Bank will disburse complete amount at one go to builder and buyer will be responsible to pay the interest till possession (till you get keys). Builer will reimburse this interest amount and you have to make sure that builder does not default on you by putting proper clauses in the sales agreement.There is No-EMI (Principle + Interest) but bank charges SI and not EMI, so your principle will remain same and you start paying once you get possession.
So whats in this for Builder and buyer
For Buyer:
1. If you don’t have much fund now but still want to book, then this will be good option
2. You would be need to pay 300 psqft extra in this option as compared to CLP, which will eat your profit both ways (buy and sell) like brokrage in equity
3. If you have enough cash to support CLP then you must go for CLP else you would end up loosing much more. I have done extensive calculation with both the plans and CLP is best
For Builder:
1. This is golden stick for builder. They are getting easy fund by just paying just SI which is much lower than commercial loan that too on buyer’s name.
2. They are charging 300 psqft more for this. It should have been other way, they should have given discount to go for this option or atleast same rate.
For Bank:
1.. They are getting loan for more duration.
2. It’s something like, builder have taken fund from bank on your name and paying only SI and after 3 yrs you will start paying EMI.
As per my analysis, CLP is best and you will end up saving much more with CLP than No-Pre-EMI option. Don’t go by simple calculation or assumption that builder is paying your part of Interest, NO your EMI or loan payment will not start until you get possession.
Can you explain how profit will be less with no pre emi option ?
No pre emi option is approx 9-10% costlier than regular option.
But if you go with regular option than you need to consider interest paid on bank loan + FD interest you loose on money from your pocket……i believe both are going to be same….with pre emi you can invest your money somewhere else…or for ex. you can book one more flat and make more profit.
Its upto buyer…if you want to make 40-50% profit on 50Lacs by investing 50L (regular option) or book 30-40% profit on 50L by investing 10L(pre emi)
For simple calculation, I will take example of 1000 sqft @3500 (regular) and @3800 (no pre emi)
1. With no pre emi, you will loose 6L profit, if you buy and sell. #L which you have paid as higher psqft rate and the same 3L when you are selling at higher rate just like brokerage in equity.
2. If you go for CLP and assume start paying EMI @50K from starting, then the interest component will come close to 3L for the duration so I would go for CLP and reduce my interest burden instead giving the same money to builder with no advantage.
3. Also, it’s well know fact that CLP is most cost effective as interest will be very less in starting and principle will keep decreasing major chunks at once. You can calculate the interest burden in both plan and also pre-payment option remain same in both plan so you could take advantage of that also to increase your profit margin.
4. With CLP, you will be saving some money in tax. If you fall under 30% group then that would be significant amount around 1L till you get possession adding to your profit. If you go for FD, then the return will be less as you would need to pay tax on interest.
5. Also remember, builder is not paying your interest part in No-Pre EMI, you still be left with actual loan on your name when you get the possession.
Hope, above points makes sense.
Hi Ajeet,
Please see my comments below:
1. With no pre emi, you will loose 6L profit, if you buy and sell. #L which you have paid as higher psqft rate and the same 3L when you are selling at higher rate just like brokerage in equity.
– Many people take house not for selling or buying. For people who take it for living, this point is not valid. For people who take it as investment, again it comes with two cases.If they want to sell after the construction is complete or before. If they want to sell after the construction, then also this point is not applicable as you can see my post where I calculated for both CLP and No-Pre EMI option until possession.You can see there that individual will be in more profit by the time of possession if he goes through No Pre EMI Scheme.
2. If you go for CLP and assume start paying EMI @50K from starting, then the interest component will come close to 3L for the duration so I would go for CLP and reduce my interest burden instead giving the same money to builder with no advantage.
-Request you to please put on paper.You can see the calculations I made.I took the same assumption that individual will be paying 50k from first month.I also felt that he will be saving more in CLP but it turned out to be different.
3. Also, it’s well know fact that CLP is most cost effective as interest will be very less in starting and principle will keep decreasing major chunks at once. You can calculate the interest burden in both plan and also pre-payment option remain same in both plan so you could take advantage of that also to increase your profit margin.
-I did the same. You can see my post.Request you to please put the numbers you think on paper.I calculate not just for 1 or 2 months.I calculated for the entire construction period and found out No Pre EMI option is advantageous.
4. With CLP, you will be saving some money in tax. If you fall under 30% group then that would be significant amount around 1L till you get possession adding to your profit. If you go for FD, then the return will be less as you would need to pay tax on interest.
-Even if we pay tax on the FD interest or what you said about 30% group tax slab, no-pre emi option will be better.In the calculations I made you can see a profit of 6 lacs. If we consider the tax that you mentioned, you can deduct that from 6 lacs and the remaining will still be a profit in no-pre emi option.
5. Also remember, builder is not paying your interest part in No-Pre EMI, you still be left with actual loan on your name when you get the possession.
– You didn’t understand the concept of Pre EMI.Even if you pay, your EMI wont start until possession.Your EMI starts only when all the loan is disbursed.
You are worried that builder will be profited.But, we also gets profited at the same time.Its a win win situation.
No Pre EMI option is definitely better when compared to CLP. More over, you will have peace of mind.
The only disadvantages I see with the No Pre EMI option are
– individual not able to save the money in FDs or RDs and spend the same.Anyways, that depends on individual interests.But, if you see technically, No Pre EMI option is for sure better.
– The builder fleeing away with all the money with out constructing our apartments.
Please let me know if I am missing some thing and correct if I said some thing wrong.
Its good that we are discussing this, it will help me and everyone and also you to decide which one is the best approach.
-Karthik
Hi Ajeet,
Can you share your analysis?
I have calculate both the CLP and No pre EMI plans, and I found No pre Emi Option to be better.
Assumptions to my analysis(as per Skylark people)
Assumption for both CLP and No Pre EMI:
Construction time: 42 months.
Rate of interest is 10.4%
Unit taken: 3 bhk, 1595 sq ft, 8th floor(160 per sq ft is floor price)
Assumption For CLP:
Only Simple interest will be calculated until the possession.The actual EMI starts only after possession or complete loan disbursement.
Individual pays 50k from first month after agreement even though the interest is less.
Assumption For No Pre EMI Option:
4000 per sq ft
Registration amuont + VAT that is paid extra when compared to CLP : 1 Lac
Nothing will be paid until possession.
Individual saves money until 42 months in recurring deposit with 10% return.
Individual to RD from first month after agreement.
Case 1:
CLP option- Individual pays 50k per month
All disbursements will be once in two months(as per the skylark price pdf)
3700 per sq ft (3bhk, 1595 sq ft) + 160 per sq ft(Floor Rise)
Basic cost: 6156700
Booking amount paid: 1231340
Ameneties: 1340807
Loan to be taken : 6156700-1231340 +1340807 = 6266167
The columns for the below data are
1) Month
2)Money paid by individual to bank
3)Interest paid for that month
4)Principle paid for that month
5)Loan amount disbursed
6)Remaining Loan
Nov-13 313308 313308
Dec-13 50000 2715 47285 266023
Jan-14 50000 2305 47695 218328
Feb-14 50000 1892 48108 170220
Mar-14 50000 1475 48525 313308 435003
Apr-14 50000 3770 46230 388773
May-14 50000 3369 46631 342142
if you calculate this way for 42 months, at the end of 42 months:
Amount paid to bank: 2100000
Amount towards Interest: 670545
Amount towards Principle: 1429455
Loan amount remaining at the end of 42 months(by possession): 6266167 -1429455 = 48367173
Case 2:
Individual invests 50k per month in a RD with returns 10% for 42 months
Unit price: 400 per sq ft + 160 per sq ft(Floor Rise)
Basic cost: 6635200
Booking amount paid: 1327040
Ameneties: 1340807
Registration amuont + VAT that is paid extra when compared to CLP : 1 Lac
Loan to be taken : 6635200-1327040+ 1340807 + 1 lac = 6748967
If we keep all the money in RD until 42 months at the rate of 10%
At the end of 42 months
Principle money accumulated 2100000
Interest amont we got through RD 419140
Total accumulated amount: 2519140
Loan amount remaining at the end of 42 months(by possession): 6748967-2519140= 4229827
If we follow CLP approach, the loan amount remaining at the end of 42 months is 48367173 and with No Pre EMI option, the loan amount after paying the accumulated amount in the FD is 4229827( which is around 6 lacs lesser than CLP option)
Hi Karthik,
Not going much in details and agree with your calculations but you missed the extra you will be paying in no-pre-emi. For you (3bhk) it will come to 4.9L (as per price sheet). So if you buy and sell it then total will be 9.8L and thus the loss will be 9.8-6=3.8L
Beyond this, in CLP you will get tax benefit on your interest and principle paid, it may not be valid for 42 months completely but still it will be significant amount around 2L.
Refer my other post also.
I didnt miss the extra cost. You can see the difference in basic price.
For CLP, the basic price was 6156700
For No Pre EMI, the basic price was 6635200
I also included the extra registration charges and VAT that will be incurred by this extra 5 lacs.
Please put everything on paper for the entire 42 months and it will make clear.I did the same.
Even you account the tax benifit that you are mentioning, you still will be in profit in No Pre EMI option.
When I say, you missed it, I meant you missed 5L to consider loss in No-Pre EMI compared to CLP. I will keep the same calculations as you did, you could save tax upto 2L during 46 months. So 7L loss in no pre emi compared to CLP. As per your calculation, 6L was profit and now if we consider above two component then you will be at loss of 1L in no pre emi.
Also, I had long discussion with Axis guy on No-Pre-EMI plan and he clearly told we cannot pay even we want to any EMI before possession that’s rule. Also, no bank will give you RD/FD @10%. No pre EMI will have add up to your tax burden as the interest will be routed through your account, there are workaround to offset (someone discussed this point in this group) but that has it’s own disadvantage.
Also, I have not considered that you are going to sell the property, if in case you decide to see the property then you will be selling @4000 (if you had opted No pre emi) which is 500 psqft more had you opted for CLP i.e. again you got loss of 5L (Total loss= 5L+1L). Correct me if I am missing something here.
Also, what looks like win win situation is actually also divided into ratio 20:80 for buyer:builder which to me does not makes sense if I am capable of paying EMI from starting
“When I say, you missed it, I meant you missed 5L to consider loss in No-Pre EMI compared to CLP. ”
-I really didn’t understand what loss you are referring to.I included the extra price in the basic cost and calculated and along with that extra cost, at the end of 42 months, the profit was calculated.I am not sure what loss you are referring.
Also, I had long discussion with Axis guy on No-Pre-EMI plan and he clearly told we cannot pay even we want to any EMI before possession that’s rule
-I didn’t mention that we have to pay to principle before possession.One saves in RD or FD and pays off the loan after possession. Moreover, when I talked to HDFC, they said no rule like that is there.But anyways, I didn’t intend to pay to principle if i take No Pre EMI.
-There are short term plans which has a rate 10% but with risk and there are RDs from banks like ICICI and HDFC which give 8.7% interest.So I considered 10% as a round figure if the individual wants to distribute the money in short terms funds and RDs.
Also, I have not considered that you are going to sell the property, if in case you decide to see the property then you will be selling @4000 (if you had opted No pre emi) which is 500 psqft more had you opted for CLP i.e
-Again I didn’t understand what you are saying. If I sell at higher price why will I be in loss? If you are saying that if I sell the home at 4000 per sq ft, and if i took the home in CLP, i would have bought the house for 3500 and so you are considering that 500 as profit.This is not at all correct.You are just seeing from high level.You calculate what amount is going from your pocket through CLP and No Pre EMI for the first 42 months and see which is keeping you in profit for the first 42 months.
If you are getting 6 lacs profit in No Pre EMI, that means this 6 lacs profit is after covering the loss that you mentioned.Please calculate everything putting on a paper for the entire 42 months and see whats going from your pocket.
Its going like a debate 🙂 . May be others will get irritated by our posts.
May be I am not understanding things properly.I will try to think over what you have said and will reply back to you in case I find if I missed some thing or if I find any wrong in the calculations I made. I will try to explore more.
Thanks,
Hi Guys
Yes..you are right..the posts are confusing.It would be better if it is put into an excel sheet and the link shared.I will prepare one as per my understanding and others can put their own sheets to calculate the method.
For the guys who booked already,I suggest getting together one day and asking the builder for approvals.Else do not let your PDC be encashed.According to Bhairav,we dont see approvals coming before october/november.hence better to let your cash be in your account even if it earns 5%.
Hi Ajeet, Karthik,
My understanding was that for No-Pre EMI option the buyer takes ADF loan, so the loan starts from the time we do our agreement. Now with No-Pre EMI option, the builder would be paying the interest part and we have to pay the principal amount(which for initial years is very less). Now, at the end of 42 months or construction, we have pay off the loan ourselves(interest+principle) part. Now had we taken a loan for 20years, our loan term at the time possession has also reduced to 16.5years. (We have verified this point from the builders). Kindly let me know if my understanding is correct.
But for CLP, until possession or entire loan amount is disbursed we pay Pre-EMI, i.e. interest on the disbursed amount. And our actual loan starts on possession for 20 years.
Now for CLP option, we save 3L,i.e. 300psft less (considering 2BHK), and another 3L(roughly) on the interest (if we have to take an additional 3L loan). So we definitely are saving 6L. But in no-Pre-EMI option, we are saving 3.5years of loan amount, i.e. 15L roughly. So am really not seeing how Pre-EMI option would be better, kindly help me in my understanding.
Yes, but you get no-Pre EMI only from non-PSU banks, but on possession, it obviously can be transferred.
I missed a point. Also in CLP, we will be paying interest until possession (calculated to be roughly 6L), in addition to the loan amount paid for 20 years.So the offset of 6L gained from Pre-EMI option gets nullified here.
It is heartening to see so much interest for Ithaca- it sure will play its part in keeping my flat prices healthy 🙂
At the same time, I sincerely urge all buyers to be more active on the Google Group. I say so because you as a buyer woulld have issues / questions different than what a person still deciding to buy.
And believe me the amount of activity & connect that happens with builder & buyer group is huge – agreement clauses are changed / low level nitty gritties are explained / deadlines are extended etc.
Currently, I have some information from Skylark to share (gathered over past 2 weeks interaction).
But because there’s hardly any activity in Google Groups, I stopped short of sharing the same (and of course I do not think the information is required outside of buyer group).
Bhairav,
I suggest that you share the information you have, will be good to know.
There is nothing secretive at this point, when the project is not even launched, hold your horses till then.
Moreover, we all will fall into buyer category when we sign agreements which will concur with construction starting. I guess that is the right time to discuss things in a closed forum.
Till then we should keep it all open for benefit of all, it will help people make up their mind eitherways.
FYI, even i have booked a flat in this project and part of google group. But for now I am all for any discussion, pros/cons of the project and this forum does seem to serve that purpose.
Thanks
Naveen
Hi Naveen,
how to join the google group?
Go to website – https://groups.google.com/forum/?hl=en#!forum/skylark-ithaca
and click on “Apply to join group”
OR
Send a mail to rajeshkodakkatgmailcom with your flat number
Yes. What naveen said is true.
Its good to have a google group but its not that you have to stop sharing details as there’s no one in google group 🙂 . Please share any details if you have.It will be helpful to everyone.
Once the agreement happens, from that point we can consider the group you created as the official buyers group 🙂
OK, I’ll continue self processing the information, or as you say ‘hold your horses’, till launch.
It’s another matter that the buyers may possibly already have experienced disappointment / surprise by then!
BTW, should you be calculating 3 years period (for sell off and seeking LTCG exemption) then you are considered a buyer from the first payment that has receipt 🙂
If you have any information, you can very well post in the google group.
There are already few members in the group and you can post the information for them.People who will join in future can have a look at the old posts.
If you want to post only in google group the information you have, It’s not that you have to wait for a pool of people if you really have good information to share.I am not sure what is holding you to tell the information.
If you have any, please share either here or in the google group or better don’t say that you have information to share.Sorry to say that. Many people like me who is taking this as a first and last property gets tensed while investing and if you talk in a sceptical way, its obvious that it increases the pressure on people like me.
No sweat and do not take any tension, you shall have second / more properties where your first time experience will be very handy.
No intention to muddy the waters and I’ll share information relevant to prospective buyers as and when I come across any.
Dude, Either share the information or please be calm. Don’t do this.
I think Naveen said to hold the horses to talk in the google group but not to share the information.
Hi Bhairav,
I booked a 2BHK apt. Can you please send me the Google group details.
Thank you,
Srini
Go to website – https://groups.google.com/forum/?hl=en#!forum/skylark-ithaca
and click on “Apply to join group”
OR
Send a mail to rajeshkodakkatgmailcom with your flat number
you will see interest till price is below 4000…the moment price cross 4k interest will drop….
there are better option available right in whitefield but price is ~4500….skylark was hit because of small size and 3500 rate…if anything changes interest will drop significantly.
Hello raja,
I totally agree with you.
Thanks,
Sravan
Hi Raja babu,
Can you please tell me what are the other good options near whitefield with the price around 4500?
Please let me know. I am actively looking for some good options in that price range near whitefield.
Thanks,
Kranthi
Spectra Palmwoods (They have done spectra cypress near kundanhalli, one of the best project in whitefield )
Divyasree Republic of Whitefield (Should be launching soon)
SMR Vinay Endeavour
You can also try
Bren Avalon – ready to move in
Gopalan Atlantis
Sterling Shalom (Little bit costly)
I had enquired abt the prices for a friend.The Skylark executive told me 4000 and she can offer at best 3970.She also told me that all channel partners are asked to sell at 4000.But still people booked during the weekend at 3900 from Proptiger..that too getting a 0.5% cash back ( prop tiger gets 2% and they are offering 0.5% back to the buyer).So an effective rate of 3880..vs the initial buyers price of 3800..
also check http://www.mouthshut.com for some negative reviews about the builder not providing the promised amenities at skylark zenith.
As someone mentioned here,please inform which are the better options at whitefield at 4500.
( note:I have booked at skylark)
Contributors to popularity= (a) rate, (b) smaller flat size – I agree and would add 2 more: (c) good overall design, (d) good location (even for people not smitten just by Whitefield and call this project off KR Puram or off Hoodi Junction).
Plus I feel above reasons are perfectly good to be interested 😉
Raja Babu- I have visited few projects you listed as “better options available” and I guess that is subjective.
Let us see each project subjectively from my kind of crowd’s point of view.
[1] Spectra Palmwoods (They have done spectra cypress near kundanhalli, one of the best project in whitefield )
—- did not visit or research, so do not have a view point.
Divyasree Republic of Whitefield (Should be launching soon)
—- Costly, and I do not see what good project Divyasree has delivered except Elan
SMR Vinay Endeavour
—- Pricey. Lower carpet area. Complex area is small.
You can also try
Bren Avalon – ready to move in
—- Was good to buy before price appreciated. Location wise not as good as Ithaca
Gopalan Atlantis
—– Bad carpet area. Very bad layout. Better location for ITPL road or Forum value mall road people but comes at 4600 basic price. Good configurations are limited & unavailable.
Sterling Shalom (Little bit costly)
—- did not visit or research, so do not have a view point.
So, you see likeability is subjective and depending on buyer’s / investor’s requirement all projects may have some good point.
However, at Ithaca’s pre launch price point along with 20/80 option plus lower sales price and location-huge complex advantage … Ithaca for me was the winner.
Bhairav,
If you tag Skylark with better location than Avalon, i would say you have done really good research 🙂
you have no idea about Sterling and Spectra !
Divyasree has done only one residential….agree….i guess Skylark is pro and have done many residential projects.
You mention some of the project as bad carpet area…can you pls tell me skylark % vs smr %
You liked overall design…i would say just wait for their model flat 2bhk (1049)… you will get idea how small a 10 * 10.5 room, 3.6″ wide balcony and 10.9 * 12.2″ hall
I understand its just 1049 sqft…but i have seen better floor plans in same size apartments.
2200+ apartments in 25 acres is a good plan ? Yes good plan to fit more apartment and reduce price….
I have already said in my previous post that Skylark is a very good buy below 4000 level, no pre emi makes it even more attractive. Any hike in price will drop people interest…..
are they giving same offer for esta project ? Why are they charging 5100 for esta when ithaca location and plan is better (according to you) ?
No offense but I said location preference would be subjective. I have been passing through the Avalon road for past 3 years (on my way to office) and I do not find it a great location in terms of connectivity / road / basic daily needs / greenery.
Note I’m trying to compare an RTM location with Ithaca 5 yr down the time projected location.
Yes, Skylark has done 20+ projects, although no high rises till now (unless you count Zenith where construction is ongoing at least for the commercial portion).
Endeavour carpet area is less than 68% (builder claims 74%) & Ithaca’s is ~73%. While 73% & 10 by 10.3 rooms may not be big, it’s certainly more than 68% and the concept of big / small / liveable etc is again subjective 🙂
At the end of it, the agreements are always loaded in builders’ favour and unless you are buying a Prestige / Nitesh etc category you never know what exactly you’ll get – so wait-watch-hope for best ……. may all projects you Raja Babu listed come out winners so the overall area itself becomes very good !
– Ben
Hi,
I have booked a 3bhk in Skylark Ithaca in July, 2013. My 2 lakhs booking amount has been encashed. I have received a hard-copy of the receipt. Can someone please provide me information on the following-
1. When will the PDCs for remaining 20% be collected by the Skylark guys?
2. Are the PDCs to be dated 30th September, 2013? Can the PDCs be dated beyond that?
Hi,
Could someone please clarify me on the below points regarding to No Pre EMI scheme.
1) Will the interest be more for the No Pre Emi option when compared to the regular one?
2) In No pre emi option, even though the builder pays interest to the bank until possession, can the individual also pay some amount towards principle every month? In case if the individual can pay, the interest amount reduces for the next EMI as the amount paid by individual will effect the principal amount. In that case, will the individual be getting the excess interest amount that the builder is ought to pay the bank?
Please clarify
Thanks, MK
Hi
I have spoken to a Axix bank rep and he told me that in No Pre-EMI option the bank will disburse all the loan amount to the builder and the builder will pay the interest component of the EMI and the component towards principal will be paid by the individual.
Generally, during the initial period of the loan, the principal component is about 20% of the EMI and rest is for interest component and this composition reverses as we approach the end of the loan tenure.
Further these component wrt interest & principal are fixed at the time of loan sanction. If anybody wants to reduce his loan period, he may contribute towards the principal .
Anybody may comment on the correctness of above
Regards
TK
Hi TK,
I am not sure how exactly this will work out.
The tenure and amount of loan will be different from individual to individual. In case of more tenure or less loan, the EMI as well as the interest component will be less and in cases like less tenure or more loan, the interest component or EMI will be more.
For example, I got a in principle approval letter from one of the banks for 50 lacs for 10 years with a EMI of around 70 to 75k per month.Will the builder be ready to pay all the interest component? At the same time people will be taking 40 lacs loan for 25 years whose EMI will be around 30k per month. There will be big variations based on tenure and amount of loan.Will there be any clauses or upper limit in the amount that the builder will be paying?
Please let me know if am not clear with my question
Thanks,
Ram H
Even i had this doubt. Appreciate if someone could answer this.
Also, can we change the loan tenure after 3 years?
Thanks TK – this is wonderful start to understanding benefits of scheme !
If this is correct then the scheme will be more attractive.
TK, 2 questions that’ll help us all understand this clearly:
[1] If you can explain with an example & actual figures for that example, then it’ll be great (the Axis Bank guy should readily do this for you).
[2] So, can I take a loan under this scheme now and then pay off the loan by paying off the remaining principal amount at possession? if I can do that, then this is great !
Hi Tahanks for sharing this
I have a questio here say if I take loan of 30 years initially and once after I will get possession is it possible that bank can reduce my tenure so that I can pay more principle and less intrest.
I am planning to buy a 2bhk. I would appreciate if someone could answer my doubts-
1) Is the builder a reputed one
2) Has the builder already got the land on this name.
3) Has the builder got all the required approvals
4) If i take no pre-emi option, who will pay the EMIs if the construction is delayed
5) The approach road through Hoodi and through Hope farm both are very narrow. Are there any plans to widen the road in the near future?
6) If someone has bought the flat recently, kindly share the cost at which you have booked?
1) The builder has more experience in Villa projects. Ithaca is their 2nd high rise apartment after Esta.
2) Marketing guy told me that land is taken with proper docs and all. But we have to wait until September 2nd week to get the copy of the land deals.
3) They claim they have got all the approvals, BDA.BBMP etc and a few are in process. But again, papers will be accessible only in September.
4) They said that the agreement will have a clause of “until the possession”. This means if they delay, they have to keep paying the interest to our loans. There is a possibility that they can miss/delay a few EMIs (as it was confessed by one of the rep), because of huge paper work and huge number of people going with this scheme and having different emi cycles. In that case they will reimburse us with that money within a few days. (I am still researching in this part with HDFC bank on how this kind of tripartite deal works out)
5) Yes, plans are there to construct a long flyover connecting Aiyappa Nagar to ORR. Also a underpass below the railway track is proposed both in Bangalore’s CDP 2015.
6) I booked a 1BHK at No-pre-emi base cost of 3875 psft last week.
Hi,
Which floor have you booked ur flat.
I have 1BHK in B block.
which bank have u taken loan from
My response prefixed with “>>”
I am planning to buy a 2bhk. I would appreciate if someone could answer my doubts-
>> Answers are subjective and cannot be accurate 🙁
1) Is the builder a reputed one >> Yes, many projects in main Bangalore area. NOT listed.
2) Has the builder already got the land on this name >> Yes if you ask them, but no proof
3) Has the builder got all the required approvals >> NO, they say they’ll get approvals by September or October this year.
4) If i take no pre-emi option, who will pay the EMIs if the construction is delayed >> depends on the agreement clause but Skylark is saying that pre EMI scheme is till possession and so they will pay.
5) The approach road through Hoodi and through Hope farm both are very narrow. Are there any plans to widen the road in the near future? >> Nobody can really answer this. but if it helps you- yes, BBMP has already marked Hope farm road approach for widening.
6) If someone has bought the flat recently, kindly share the cost at which you have booked? >> I already shared mine when I bought and there are few posts after that also.
You will NOT get a “guide” on internet to pass the Ithaca test.
I suggest you visit the site, have meaningful discussions with Skylark staff in their office (not site), ask for documents or proofs and do your due diligence.
Thanks Mohit and Bhairav.
Hi,
I have read number of discussions in this blog about which scheme is advantageous. Not sure, but trying to list pro’s an cons . If someone has more clarity please suggest.
No- pre EMI scheme:
Advantage:
– For 40 lakh with 20 yrs tenure and 11% rate approx 14 -17 lakh is the interest amount( checked with calculators available online). If buyer don’t have to pay till possession., major chunk of interest is saved as bank charges most interest component in the initial yrs
– Still buyer is in profit by paying 300 Rs extra/ tax burden etc..
Concern:
– Full amount gets disbursed even before the construction starts.
– Bank give loan to buyer not to builder so whatever happen buyer has to pay back the amount.
CLP :
Advantage:
— Rs 300 less/ft .
— Money disbursed as per the construction
– No complication of tax etc..
Concern:
— If construction gets delayed. Over all cost increases.
Suggestions ?
Nik
My comments:
40 lakhs 11% interest, no pre emi scheme
Interest for 1st four years is around 17 lakhs.
However,I pay 300 rs extra.For 1472 sq ft,this becomes 4.4 lakhs.Since VAT,Service tax,regn charges etc are calculated based on the value,I assume another 1.6 lakhs extra.Hence total benefit of no pre emi scheme is 17-4.4-1.6= 11 lakhs interest
40 lakhs ,11% interest, pre emi scheme
Assuming 25% disbursement each year,nett interest payable is 11 lakhs.
Hence the no pre emi scheme is better.
However
a) tax implication if builder routes interest via buyers account
b) if i understand rightly,buyer will pay interest and then builder will reimburse.What if builder does not reimburse? what if he defaults?
c) some builders define possession as when the flat is ready for internal works.The time gap between this possession and the actual flat being ready for handing over could be even a year.
I am confused.
Scheme (in which builder pays pre EMI):
It is disadvantageous because of higher money outflow as the per sqft rate is higher and bank loan interest rate will also be higher. Another disadvantage is the bank may put lock in – here the good thing is that Skylark is saying they are not going to put any lock in.
This scheme will be advantageous only when you do not have money now but expect some inflow 2 or 3 years down the line. This happens when you are invested in some fixed maturity period products or are expecting some bonus in coming years. Also if you are waiting for some time so you can take loan against your PPF or PF.
Of course this scheme gives advantage that builder will not delay (more chances of completion on time).
Hi Bhairav,
Can you please let me know what you meant by lock-in?
Lock-in = You enter in a 3 party contract / agreement (buyer, seller, bank) where either seller or bank puts a clause that the loan cannot be pre closed or transferred till the tenure.
Another form of lock in can be very direct – pay 2% penalty / transfer charges if you sell within xx years.
Skylark is not doing any ‘lock-in’ on its part, but we are not aware of the tripatrite agreement or bank’s intention. Hence, I also said (in another post) that it is best to sit with Bank’s representative to understand the scheme payout / tax implications etc AND also if they intend to lock-in the buyer.
I got the Original Recipt for the Booking Amount.
People can collect it from Skylark Arcadia Marketing Office.
Have they confirmed on agreement date. Till now I didn’t hear anything. Can it be delayed?
Till the project is launched and agreement signed, buyers would not have anything concrete – date, floor plan, rules, complex layout etc.
Even if you are given anything (promises / assurances / hearsay), it does not hold good till everything is included in agreement. That’s why it is a pre Launch in which risk is very high (and hopefully so is the reward).
By the way, buyers are generally interested that project be launched at the earliest and completed at the earliest. So hwat would be your interest in delaying launch / completion / hand over?
There is a report that due to Telangana issues..companies are now looking at Bangalore and hence bangalore prices might go up.But there are also reports that due to depreciating rupee and economic factors,Indian companies wont do good and there could be a general correction in real estate prices.
Skylark is expecting all approvals by September and the launch would depend on the approvals.One step that I am planning is to approach them by mid september and if they dont do agreement then will give stop payment on my 20% cheque.i want the money to remain in my account till they do the agreement..atleast let me get the interest benefit..
Tell you what, the reports indicate that Bangalore real estate prices are overall ok and not really very inflated.
The inflation you see on account of corruption, or politicians creating land / flat scarcity will always remain. Other than that, Bangalore RE prices are most reasonable compared to any class A city.
One more thing, all these reports indicate that short term investors are leaving real estate market. But end users and long term investors will keep the demand intact, not to speak of black money and the fact that weakening money allows NRIs to buy more 🙂
No they have not confirmed. it may get delayed
If they delay the launch, will they still take the money through the PDC ?
From my conversation with Skylark they confirmed that post dated cheque will be banked only after agreement draft is shared + verified + signed.
Note that cheques are now valid only for 3 months. Also, builder who collect post-dated cheques during pre launch (like Nitesh, Prestige etc) actually ask for fresh cheques durign agreement.