Prestige Group is planning to launch a new project called Prestige Lakeside Habitat close to Varthur Lake, Whitefield. The project is a mixed development and will consist of Apartments, Villas along with Office Spaces and Shopping facilities in the lines of Prestige Shantiniketan. Pre-launch bookings are expected to open in 2nd 3rd week of October.
Prestige Lakeside Habitat Options
- Row Houses
- Villas
- Apartments
Prestige Lakeside Habitat Location
Gunjur Village, Varthur – Sarjapur Road. About 3.8 km from Forum Value Mall
Prestige Lakeside Habitat Price
Whereas the exact price details are not yet revealed, expected pricing is in the 4000-5000 per sft range.
Pricing details are now out. As of pre-launch week in October 2013. The project is priced at Rs. 4770/- per sft with a floor rise charge of Rs. 15/-
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Prestige Lakeside Habitat Concerns
- Price has been a major concern with most people expecting it to be priced closer to 4000/- per sft
- Connectivity to Whitefield passes through Varthur village which has a very narrow stretch of about 500 metres which would be a bottleneck in future unless widened
Swati.. If you have read my comments properly, you would not have responded way you did. First, calm down and read properly and Answer below question yourself so that you would understand point I was trying to make.
1. Do you agree if real estate an Asset Class.?
2. Will any asset class grow exponentially giving positive and constant/same returns..?
3. Does timing of purchase matters..?
4. Do you know what is elasticity of demand..?
5. Do you agree with fact of changes happen to economic cycles periodically..?
6. Do you know what is low base price effect while calculating ROI..?
7. Will always demand and supply determine price or purchasing power, liquidity has any bearing on this..?
8. Do you not believe, all the investors may not live in the apartment bought and eventually need to be sold down the time..?
9. Do you think, salaries in IT will continue to grow at the pace properties prices are, so that resale of properties by the investors would be absorbed by end user at prices calculated past rate of return..?
10. Lastly, Bangalore property prices were growing up so far, when else where in India it is moving no where, due to Bangalore being end-user market. Do you think Investor can keep market Buoyant eternally when End-users are not..
Acceptable and enlightening points by KM, thanks.
People are already aware of the fact that prices are hyped and got to know that people from Prestige or their known contacts themselves are discouraged to buy any flats here, coz only you will be lied FLAT post investing here…. while Prestige will keep up their prestige having pooled in peoples money. Whoever wants to lose their money for peanuts are up for it. So Mango man has got more smart in investing elsewhere. other than PLH… currently Mango man is in North Bangalore with tender coconut women for happy living…
Hi All,
A sigh of relief, post lot of discussion, exploration, research etc. finally zeored in for ‘Mantri Lithos exactly at Manyata Tech park for 5540 psft, booked it through one of the channel partner. Actual launch will be in 3 to 4 weeks…. dropped Prestige and Purva for known reasons…
Let me know from your experience any similar project like Mantri Lithos very near Manyata being more cost effective will really make me think again before i confirm my cheque realization…
Did you check The Icon!
I was thinking to invest in this project and I would invest only if the price is Rs 3,500/- psft or less. For a prestige project and the location, Rs 3,500/- is justifiable and good price. More than that price, it will be like committing suicide. Remember, the project will take no less than 5 years to complete, however, prestige may say 3 years for completion, but looking at past records, it will surely take no less than 5 years.
We 5 friends have decided to invest only if the price is 3500 or less.
Prestige did a good job with Prestige Tranquility when they launched it 2 years back at a price of Rs 2,628/-. Now when upto 16 floors are constructed, you can buy it at re-sale price of Rs 3,600/-.
Swati,
1) If price is more than Rs 4200/- , Please be prepared for flop shop and you will struggle for years to sale for sure.
2) Vathur lake is dirty lake and its stink if you pass thru it. Most of he drainage come to this lake. un-treated. You know it well
3) However, the rate you mentioning in below thread (77L for 1150 Sqft-2bhk) you can fool some NRI – which has no idea about the area and looks only leaflet which shows all around trees. Make again a video which shows tree all around – ha ha
Cheers,
I agreed for hyped price. Actual price should be less than 4k…. btw has anybody given thought why there are 5 clubhouse ? Be careful unless you see the actual lauout details before committing for any price …. lets wait till actual announcement…
I am thinking from an investment perspective, which one is better, PLH or Purvankara’s new launch on Hosur Road. Pricewise I have heard both might be around the same.
Probability of delays is very high for this large project. It means 5000/ will translate to very high number 5500-6000 Rs/sq feet. If that is the case Brigade Cosmopolis may be a much better deal with better location/specifications/quality. I would suggest you guys should do your calculations
The very fact that a marketing person from Prestige is trying to justify the high price is an indication that Prestige is not sure of the demand at the high price point of Rs 4500/- per sqft. Otherwise, why would they pay salary to someone to justify the price and market their project on this forum. If people avoid rip-off projecst like Brigade Cosmopolis, Sobha Palladian. Purva Seasons, Salarpuria etc for 1 year, these builders will automatically be compelled to reduce their prices. Since they are listed companies, its imperative for them to show cash flow. A year of subdued sales will hammer their stock price and these builders would be FORCED to reduce their price. But it requires some patience on our (buyers) part.
ALL WILLING TO INVEST. PLEASE REMEMBER, RECESSION IS NOT YET GONE. GOVERNMENTS ARE HAVING FINANCIAL MESS, IT BEING ONLY BANGALORE BREAD AND BUTTER MIGHT NOT SURVIVE LONG. BE WISE , INVEST IN SOME OTHER CITY THAN BANGALORE, AND IF IN BANGALORE BUY LAND THAN FLAT….
ELSE MARZI HAIN AAPKI AAKHIR PAISA AUR ZINDAGI HAIN AAPKI….
somewhat agree with you Amish… recession is not gone true…and and IT is the bread and butter of Bangalore…true…but investing in other city…not sure what other city holds…i’m not saying IT is the only thing in India…but i’m not sure if investing in other city will fetch me >10% appreciation YoY… nowadays economy is so global and interconnected that it affects all sections of society and business whenever there is a slowdown..be it Real Estate, Auto Industry, Electronics etc… my view is… you have to take the plunge today or tomorrow…so if you have some surplus cash..and want for end use..go ahead..if only looking for investment..do your research and put your money where it can get you better returns…but tell me any asset class (gold, stock market, RL) which can guarantee you returns..all in all its luck and analysis…we cant control economy but we can take a calculated risk…if you have 5-10L in hand obviously going for 1.5 Cr is not called calculated risk but foolishness…but if you have something more…take a risk..rest is your luck..
all in all i’m a believe of Warren Buffet theory…”enter into market when everyone is running and exit from market when everyone is entering” i.e. don’t sit on your cash forever in fear… bcoz sitting on it will not lay golden eggs 🙂 but yes…invest judiciously..at right time…more the risk more the gain…
i see everyone saying economy is not good world is struggling…etc.etc.for last 5 years at least….analyze..at least in India..have anything you used to buy from tea to milk to veggies..to anything …has it gone cheaper..??
again this is my personal opinion…as you well said..aapka paisa aapki zindagi…
Location Prospective, Purva will be a good choice.
And the price which they are quoting for a project in the city limits looks very catchy..
I got these 2 reports from one of the property consultants, I am not aware of Bangalore geography as such.
Do you think these reports make sense…
http://prestigelakeside.properji.com/PricePointAnalysis-PrestigeLakesideHabitat.pdf
http://prestigelakeside.properji.com/VarthurAreaDevelopmentReviewbyProperji.pdf
I must say the property agents/brokers/authorized prestige agents have a done a very good job appreciating the price of a property not even launched from 3500 to 5000 within a span of 30-40 days and kudos to properji for such a wonderful presentation.
Just my few sents :
I bought a project from reputed developer (grade A builder) few months ago at a price close to 4100/sqft.Although it seemed high but went ahead reading land cost is going up ,construction cost is going up etc etc so overall cost will not come down but now after months when going for a loan I saw valuation report done by SBI – valuer submitted to bank for project approval was surprised :
The project cost mentioned was about 55-60 cr for developing the project.The total SBA to be developed is around 1 million sqft and if we average out the /sqft rate the developer will sell as 4500-4700/sqft this turns out to be 450-470 cr of sales from /sqft rate alone.Apart from that they will make money by selling Car park,club house ,Bescom/BWSSB charges etc amount to another 30-40 cr.This being a JD property approx 25-30% share will be given to landwoner so approx 120-130 cr of apartments.
If you subtract other charges which developer (big builder) may incur apart from cost of construction for getting approvals,marketing,advts etc it may account for another 50 cr
So the developer makes a whopping (500 cr – (120)cr for landowner – 60 cr for construction – 50 cr for other expense) = 270 cr for just management of the project (so called big buider) are making money over a period of 3 yrs or so as construction they will give to another construction company :-).
so analyze yourself what will be profit for managing PLH which is approx 5-6 times then the above example 🙂 over 5 years.
Got a mail from an agent stating Prestige has decided to go with 4770, seems a tad on the higher side, not too keen to continue at this price point.
If that’s the rate they have decided then I am also out of the race…. Shame
Couple of days before I too visited proposed site for the project. Construction is going on for project office and I guess model flat(?). There were no official sales persons from Prestige as such but I meet few agents who were marketing themselves as official agent for Prestige on this project.
What they mentioned is 3500+ flats, 400 villas spread over 100 acres. Tentative price close to 4500 – 4800 per sq ft. But when contacted prestige office they have not provided any comments. The project is located very close to Gunjur High school, approx 4.5Km from Forum Value mall ( Odometer reading).
With my views, looking at locality,span of project(year of completion) project looks expensive. Other local builders charging close to 2800+ to – 3500+ sq near this area and completion date is within 12-16 months.
I heard that many big builders purchased land nearby and area is surly going to grow by the time project finishes. There is little bottle-neck while going towards Varthur lake, not sure even proposed 50 or 60 Ft road will realise in near future as road is occupied by shops and veg vendors and sees lot of truck traffic as well.
If price hovers around 4000, it can be a good bet for investment and or for self.
3500+ flats at the price of Rs 4500 at a pre-launch stage is way too expensive .. I guess reasons are not justified for such a high price in this locality at this point of time. I will wait and see if there are any other big builder projects coming up in this area with a reasonable price of 3700-4000.
Hi All,
Most of us (as a common man and property buyer) are aware that the price/s quoted are hype and a marketing gimmick… Let’s not go for EOI booking and wait until project launch and take concious decision. This will automatically reduce the hype . Let the developer also get a feel of real demand for fixing justifiable price.
Looking at the crazy hype around this project created by brokers, it seems price would be between 4700-5000 sq ft. and details would be out with in a week.
So I am out of this race….would go with a smaller builder in a bit better locality for better ROI .
I feel ROI matters even for non mango people 🙂
Doesnt look like there is good roi unless entry price is suitable for investor… I am out as well….
Me too decided not to go ahead..! Its not worth and I will keep my money with me, you keep your apartment with you. 🙂
Went and checked out the site yesterday( they are building their site office and model home) and met a marketing person at the site., he says they will launch in 3-4 weeks at price between 4500-5000 and not certainly less than 4500psft. He says small time developers are launching there around 3500-3700 and hence 4500+ is reasonable
Site is about 4km from forum value mall and on the main road and he says the entire main road stretch road will be expanded 50 feet either site. It’s fully residential project only with 4000 aprts apart from villas.. No commercial Here. Disney theme really means only Disney characters names for internal roads/aprt blocks etc…
My take: 4500 itself is too expensive and the real value here is between 3700-max 4000! It’ll take 5-7 yrs to come up and since there is no captive commercial bldg attached to it , the vacancy levels of this project of this 4000+ aprts will be very high and rentals really low and they will be plenty of resales.
A 100 acre project will plenty of open space and with good schools nearby will be a future attractive potential but to price it today at anything more than 4000psft will be a shame!
Arjun
Where is the site exactly as i have been to gunjur to check out some projects but didn’t find the habitat site.
Opposite chrysalis high school
Site is in a village..Anything more than 4k psf is not worth the price..There is a narrow road with shops on both the side…I am not sure if there is any chance of road expansion in that area…
3500 is the ideal price anywhere near gunjur..area development and possession ..both will take minimum 3 years..Accessibility to public transport is not that good now.
brokers are spreading rumors that its similar development as Prestige Shantiniketan. Its not the case there are multiple CDP roads are going in between (similar to prestige sunnyside) and Prestige will develop 10-15 acres of each partition. So apartment project is going to be only <20 acres each.
Hi All
There are Five CDP Roads in Plan through this 125 Acres property. So Prestige is planning for 5 independent clubhouses for each cluster of Apartments.
What they call as the Lake is a dry bed with no water and prestige is not planning to maintain the lake.
I personaly visted the site last week.
5 CDP Roads passing through 120 Acre land? that is Unbelievable. No where there are 5 road in 120 acre. where did you get the info?
what about villas?
what is the min plot area for villa?
min constructed seems to be 3000 based on some info on web,
cost?
Hi All.
If this about 5 individual clusters, it is not so exciting.
Can some one share more information about 5 proposed roards thru this property.
Mithun
Madness starting at ‘tentative’ 5k.. (Rs. 55 Lacs for 1100 sqft)
http://www.commonfloor.com/prestige-lakeside-habitat-bangalore/povp-4d7b35
Guys Just one little update i was there today to see a project in gunjur, saw some road work going on near “Gunjur Palya”, not sure if this is the wideing of the road or something else but road work is going on there and seems to be round 40-60 feet.
from forum –> varthur lake –> narrow lane (used by big buses, cars etc.) in Varthur with shops on both sides of that road –> Gunjur
even if road widening happens in Gunjur, varthur lane is bottleneck
there are shops on both sides of that narrow road and not easy to widen
hey guys
this will interest you too…
i have read this abstract from one of the postings online
“”
I have seen this Prestige has launched a new residential project with retail chain Prestige Lakeside Habitat Bangalore with world class amenities
Their is a buzz around the corner, that Prestige Group is about to launch one of the largest and most contemporary real estate development project in Bangalore city named as Prestige Lakeside Habitat. The complete details and launch date is not available yet.
But hopefully we should have the details soon. To get regular updates on Prestige Lakeside Habitat project keep an eye on this space.
The design for this stunning “Prestige Lakeside Habitat” new retail and leisure destination is inspired by Bangalore’s reputation as India’s ‘Green City’, a concept reflected through the use of creative and well planned planting, structures, light and materials.
“””””””””””””
the thing is every one is writing such positive reviews about this project which looks fake & made up the example is as above i feel there less genuine reviews but more dealers or builder driven reviews . this project have many draw backs than positives i dont see this project coming up atleast in next 5 years & the price in white field is as good as this prestige project it is 10 km from divya shree i think the area other builders like confident are quoting arnd 3000…… why every one is making a fuzz & allowing builders to take the price to 4000 & for some it is mentioned even 5000.
if actually u think genuinely the land value there is not more than 500- 800 & wen there is a land parcel of 100 acres plus shud be arnd 500-700 .
construction cost shud be arnd 1500-2000 with marbel flooring & good a grade specification . the maximum price this project deserves is 3500 not even a peny more than that . my suggestion is that if prestige is getting expensive project wait for other builders or teir 2 builders to come up .
i think all blame goes to the brokers & third party for raising the price to this extent. also there is no clarity of any sort to any one just every one is asking for cheques even the name on the cheque is not clear . if they will want me to replace the cheque the day booking open wats the point of giving cheque before for initial booking.
please tell me if watever i am saying is wrong please correct me
yes ramesh !!
even i found these comments very useful … these people are actually increasing the quality of discussion ….. and also giving most important and valuable points about these pre launches…. …. i also thinks that now is the time to invest in sites / plots that too in north bangalore … there is a huge supply coming in bangalore for these apartments .. even for last 12 months prestige group itself has started around 10-12 very big projects … hurting only the demand for the properties bought around 1.5 – 2 years back …. any one can check this – are those property have transactions in the market which has got appreciation only on the papers…..
Thanks
Hi all,
These points are certainly good … just to add some more that – every developer is having huge land bank at his location close to gunjur …
i heard salarpuria alone has purchased around 150 acres / sobha again has close to 100 acres parcel …
means all the builders will come up with something like this in near future … so if prestige is launching project at around 3500 psft then its OK otherwise we all should wait for these developers to come up with their offerings ….. after all economy condition will also not let these builders command the situation bcz.. demand is actually very low now a days .. even some builders in DELHI / NCR has decreased the prices substantially because no actual takers are there ……
If any one knows – is any A grade builder coming up with any sites project at any good location in bangalore ……. i am interested .. plz update ….
cheers…
Heard from a very reliable source (Marketiing Guy in Prestige) that the prelauch price for Prestige EOI customers in 4800 psf. The prelauch EOI customer would be invited in the Last week of october for the intial prelaunch.
I still dont understand why they launched it so cheap…………………………………))))))). They should have charged atleast 6000psf in the middle of Gungur village for some thing that would not be ready for possession atleast for the next 5 years.
God help the Indian Middle class………………….
Next they might launch a project in chikbalapur for a peluach offer of 6000 psf.
Well Unni. For sure the way you wrote that you got from a reliable source it looks more like marketing rather than sarcasm. There is nothing called as “Reliable Source”. All these sources are their brokers and partners.
Sorry to say but knowingly or unknowing you did marketing for them 🙂
But anyways I agree with you that in the end middle class have to suffer.
Hi Bintu
Does yuo expect me to put the name of the Prestige Employee (“Reliable Source”) in an Open Forum?
I dont understand how yuo took it as marketing for Prestige? I am one among the many prospective first time home buyers in Bangalore who is looking out for a decent affordable property. I have no affiliations with Prestige. Did I Jusity the proposed price? or encourage people to go for this property?
Just letting people know what to expect from these greedy builders is Marketing?
Hey unni
i agree to wat ever you are saying the price they r talkin about is just rubbish . there is project coming on hosur road 3 km from silk board charging a price of 4500/- & that too A grade tier 1 builder.
Unni do u think the builder employees are reliable …… :-} & u saying most reliable i dont see that .
i personally think some channel partners or marketing agents are more reliable as they are not bias to any one builder & they are more knowledgeable of the area pricing & pros & Cons of the builders.
Plus these guys sell may be over 50-100 flats in a year so they are more aware of wat to & WAT not to sell. where as people like u & me buy only one flat may be in 5 years or so (talking bout my self & my known Friend)s .
i think builder guys are also just creating a useless hype in the market …..i guess your most reliable source wanted to do the same & he was quite successful as we r sitting here & talking about it.
well to sum it up i feel as i have said earlier also the price shud be arnd 3500 not more
if the price is arnd 4000 +- 100 we shud look at other options as some one also suggested plots in north bangalore makes perfect sense to me the pricing is arnd 1600-2000 depending on a location .
well guys just wait n watch i think prestige picture shud be clear arnd deshra.
have fun \
no offense
Sorry if you felt bad. Thats the reason I mentioned “Sorry to say but knowingly or unknowing you did marketing for them”.
The definition of “Reliable source” has lost its sheen. You can see across this forum how many peoples have written Reliable Source 🙂
Thats the only reason I mentioned this.
But I completely agree with you that all prospective buyers get affected due to these gimmicks by real state builders.
Cheers,
Bintu
Hi Bintu
Thanks for the clarification. The whole intention of my thread was to spread the awareness among the propective buyers before they jump into an EOI for this property without even a confirmation of the price (Forget floor plans and other deatils).
Builder’s use these enquiries and EOI’s to guage the mood in the market (Only to determine if they can price it even more higher).
I agree to you that even Prestige employees may be spreading false information to create hype in the Market.
Also there are certain section of customers also who believe that paying a Premium price for your House elevates you to a Higher class in the society, which all the tier 1 builder in Bangalore utilizes to the maximum.
Folks,
If launch price is Rs 4800/- , I can assure you it will be a flop show!!!
Your info about price is not correct
Prestige is builder for high class people, they don’t build apartments for MANGO MAN. I don’t understand why mango man is dying to live in prestige apartment !!
There are several ABC builders…you want prestige apartment@3500 ? these ABC builders will sell you even@2500
Just reffrain yourself form making personal remarks. Who are you to do decide that Prestige Property is not accesible to Mango Man.
Are yuo from Prestige ? or living Prestige Apartment? Looks like living in a Prestige property is the Yardstick for measuring the class of your family.
FYI. 2 years back Prestige Tranqulty was prelaunched at a price of 2628 psf. Which class do the buyers there belong to……Middle, Low, BPL?
Swati it looks like you have a personal problem with the -ve remarks for PLH….
i came across a executive a prestige employee with the same name as yours …… i hope you r not the same swati….
It looks like with your comment you are the same swati.
As the discussion is saying it is only a hype created by builders & dealers for the price…. this seems to be so true with your comment …..
Seema,
Overall real estate market is a hype in bangalore…. from land to interior everything is hype..
and its not just prestige…small builders without proper open space and illegal top floor are charging 3500+ rate…how do you expect prestige to charge same…even if it is 4-5 km far from main area price will be high….price doesn’t go down with each km away from main area….if project is in 10-15 km radius then price would be high.
Brigade is happily charging ~6k price for both of their whitefield project…and its been 3+ month…do you think they will drop price to 4000 because now 100 folks on this forum knows that its an hype.
Everyone knows that its an hype and they are paying based on assumption that in future this property will be even more costlier….those who has money go and buy it without discussing on forum …those who are shocked with price will continue to criticize each new launch by top builders….
Everymonth atleast 1-2 resale transactions are happening for shantiniketan or metropolis @6500+ rate…
This is new range for premium project in bangalore…you believe it or not….
And if you feel hype is only in prestige projects then why are you wasting your time here…go and get some value for money project without hype….
And if you want only in PLH then come to office…you already know my desk 🙂
Swati,
See below –
1) Let me tell you if PLH is launched at Rs 4800/- psft, You will struggle to sale many many years. I am sure no builder wanted to do that….
2) PLH currently surrounded by Village/Helmat. Therefore, PLH looses clearly as on date on surrounding and therefore any price above Rs 4200/- can not be justified.
3) Only distance can not decide the Rate of a project. Its surrounding that matters. If there is a slum with in 500m/1km, do you think price in slum is same as Brigade (say, cosmopolis ~ 6k)? Brigade cosmopolis location (much better location as on date) can not be compared with PLH.
4) NRI who lives outside does not have much idea on all this. It require physical visit to the location. From the map, you can make out the distance but you can not make out surrounding. Every builder will depict trees in surrounding which is totally wrong and not correct information for customer.
5) However, you can fool some NRI who has no idea about area of PLH and fetch some money from them. Such a large project can not be sold on such ground….
6) I am ok if you work for prestige or not. The fact remain the same…..
Seema, Unni etc pls feel free to add..
Comment welcome
Cost of construction for a township is much much higher than small projects…so you can’t compare this project with other small projects….at this point you can compare it with Shantiniketan or metropolis…if these projects are selling @6500 then based to location one can expect a discount of ~1000 – 1200 sqft.
Due to recent court order car park can’t be charged as extra so indirectly it will add to the base price.
you believe it or not but the smallest unit (~1150 sqft) will cost close to 77 – 78L, if you don’t have this budget then i would suggest not to wait for this project and look for any good project in your range.
10 years back whole whitefield was village…now you are saying that area near forum is nice but gunjur is village….you should think and foresee area potential in next 5 years.
Good point. This could possibly be a good long term investment.
Not so sure about folks looking for end use. Usually bigger projects are much much harder to maintain as they take a lot of time to reach good occupy levels.
I’m citing this from my experiences in Shantiniketan. Currently, one of the reasons of poor internal maintenance of Shantiniketan is that it was constructed earlier at a much lower rate, which is making it hard for the builder to maintain.
can somebody please teach swati Present Value concept who is comparing yet to born 🙂 project with already completed project.. you can not possible compare current market price of completed project and charge same for yet to start project.. You go and talk to any builder.. ask how much would they charge if you want to buy out-right.. they would say.. well, let me get back to finance team and tell you after Net Present Value (NPV) calculation.
Moreover, market can remain irrational in terms of Price to Value. You saw this happening to equities in Indian market during 2005 to mid 2008. Then even paan wala can recommend stock to anybody. But what I am saying is that, real estate prices would not come down sharply.. but it will not multiply like it is been in recent past..
What we saw and have been seeing is heavy buying by investors. But sooner or later (2017 considering 3 years for completion of these insane pre-launches that happened this year) will flood with resale properties from these investor.. That’s when you can see price softening or stabilizing..
And for all the nuts who claim land is limited and prices will continue to increase due to limited supply of land, I advise, just open google map and see how much patch of land still available adjacent to whitefied and any damn area. Well, all that cannot be developed. But what I am trying to say is, Bangalore has abounded supply of land unlike Mumbai which is basically an island.
Just to give one more example, Crude. There was hue and cry about shortage crude.. Was believed that it would cross $200 as if it was an end of world.. But then all we saw was speculation driven by liquidity and later prices corrected sharply which is now around $101..
Again, price can remain irrational longer that we remain solvent.. but sooner or later there will be low absorption rate as price go high and remain at that level.. The jobs and liquidity created globally post 2008 till 2013, caused this mad property inflation in recent past.. So every economic measure implemented will take years to show its effect. So it did.. But that was end of economic cycle and what we are going to see is QE tapering by Fed, lesser public spending in US. And mind you.. Though there are prospects of NDA allianz forming gov’t in 2014 and it is deemed to be good for domestic economy, unless Western economy does well, Property market particularly Bangalore can’t do well..
And not to forget, why Bangalore real estate did well in this year was due to it being end user and IT driven market. So now, due to above mentioned aspects of sluggish IT and resistance from middle class folks due to higher prices, wait till late 2014 or 2015 for price softening and 2017 or bit late for correction in real estate price..
Ha aha ha ha!!! What a chep!!
Swati ppl are convinced and now all the hundred ppl will call you, Wait in your office, we know your desk. Please donot increase theprice any more for atleast this 100 ppl in this forum. We have started to visualize that this PLH is going to become a hot cake in future hence we should pay the future price for present.
Pristige for High class, you must be full tight
— tranquility was sold for @2700 last year hence @2700 becomes high class qualification.
Please be more informed than actually your are trying to portrey.
Swati at one side you are telling that PLH is not meant for Mango people where as 3500+ flats at PLH is making it look like a Banana Republic due to which Non mango people would not be so interested in this project.
Whatever price we pay ” bigger projects are always harder to maintain” , that will be the other thing in the mind of non mango people.
Also if there isn’t much water in varthur lake during rainy season then that’s something worth noting too.
Cost of the flat should be proportional to cost of the land in that area and there isn’t any doubt that current anticipated cost of PLH is on the higher side which makes it very less profitable investment.
At the end hats off to your perseverance and your belief in nothing is impossible.
About “you should think and foresee area potential in next 5 years.” yes one should consider that but not to an extent where they do not see any profit after 5 years.
Even a simple tax saving Fixed Deposit for a period of 5 years of Rupees 10 Lakhs will yield more than 16 Lakhs rupees i.e ROI is 1.6 times.
hahahhaha i think swati you are justifying your job as an executive with prestige by safe guarding the builder & price now that you are too sure is not …. what people are expecting why not also give a brief of this discussion to some one who can work on the pricing.
you are talking illogical none of your arguments are helping you or even making sense the last comment by you shows you are just pushing the price in the market .
this is for people like u who have half knowledge or may be one sided knowledge
KM Adding to you……..the current average buying capacity of the home seekers is around 40l- 45 lac for 2 bhk & trust me your plb is meant to be for them…. project that you have of villa with golf is a high end projects wich you started at 5500/- …..
so please restrain your self from misguiding people on this forum & rather convincing people that the price plb is the right price….
you are making remarks like mango people cant buy ….. so come to think of it you are also in same category… people in this forum are mostly who already have an appartment in which they are living in & may be 2 more invested apartments… so this is a mix crowd of people in this forum
please do not make generic statements which shows your immaturity & weakness to prove your point……
as all of us know now you r from builder….. you have already justified yourself ……
for all others in forum
i have visited purvankara new project at hosur that makes perfect sense only 4 km from silk board & price 4500- 4800
if prestige PLB will appreciate to what ever swati is saying in middle of nowhere i am sure purva will definitely appreciate….. plus prestige sunrise is selling at 4200-4400 in ecity so purva is a better buy……as slarpuria greenage is selling at 5600-6000……
so i think it is only an hype of PLB
please suggest & Comment Unni Arjun others
Hey swati get off the forum, this forum is for potential buyers only and not for prestige marketing ppl like you to pitch projects.. If it rather ironic that a poor marketing executive like you should advise and pass derogatory comments on who can or cannot afford to buy a prestige aprt.. Why don’t you just leave it to people like us who can actually afford to buy an aprt and you carry on with your piddle sales executive job. And don’t bother replying to this msg as my time debating with you is not worth it !
Hi Arjun
Let her be here, Its interesting!!! She is only justifying what we have been thinking about the price rise.
Prestige now a days is not calculating launch price based on Input cost, operational cost and profit margin but on what others are charging. They dont want to do any homework. All small time builder will do the homework and come to 3500 psqft figure and they will add another 1000-1500psqft as premium to that and that becomes the launch price. Then they will start to teach us Structural engineering to justify the ignorant buyers. Swati nice try.
KM: In a ready to move in project you need to pay 100% within 2 months time, if apartment value goes up by 20 – 30% in 2 years still actual profit to a buyer would be close to nothing (assumption 10% loan interest).
Now if you book an under construction property (specially during pre launch)..and say the same property appreciate by 20-30%…buyer make much more money…because you make 30% on full 100% cost…but actually your investment in this 2 year would be 45-50%.
You don’t need to apply your complex crude oil theory and equity market technical here… its a simple math…..
All upcoming projects generally face criticism on the price..this is nothing new…..and i don’t understand what makes you believe that price would be less..even lesser than some of the tier2 builders…specially when area is in ~6-8 km range of 50% IT companies.
Just for your info you can check Brigade Lake Side, Sobha habitech, sobha city, mantri webcity price… I understand some of the projects are in North and close to air port…but i don’t think this project is in desert.
Many people didn’t like my previous comment that prestige targets upper class people… what is wrong with that comment ? its a known fact…you believe it or not….
You can blame builder but fact is that many buyer wants their neighbor to be financially equal…you will hate me but this is reality a family earning 20L PA. don’t want a neighbor who earns 5-8L….
(google/ microsoft vs. regular service companies )…..
Priya: No one can predict future…so you can speculate based on past actuals only…and past suggest that real estate gives much high returns in 5 year time frame than FD.
And one more point…many other top builders has landbank in this area…you will see many more launch in next 2 years.
Swati: At one side you are projecting PLH for product companies like Google/Microsoft 20 LPA. As per you PLH is more suitable for people working at Microsoft and Google . At the same time you are also promoting that PLH is close to ITPL (within 6-8 KMs). Do you know that Google and Microsoft offices are not in ITPL???
From Gunjur Village Google is at least 16.3 KMs and Microsoft office is atleast 15.7 KMs away as per Google Maps.
For your information in vicinity of PLH(6-8 KMs) maximum crowd is of service based companies like TCS (the real mango people!).
The project is not so exciting for high class for below reasons:
1. 3500+ township would be hard to maintain and looks over crowded
2. They are bothered about lack of water in that particular area as well. Once the project is complete after a period of time its upto the people to maintain and face the challenges.
3. High class people earning 20 L P.A are scared that some 12 L P.A salary guy may become their neighbor. (Pun intended)
The project is not so exciting for mango people due to below reasons:
1. The current price which people like you are projecting doesn’t reflect the cost of land in Gunjur area
2. They too are scared of rich high class people earning 20 L P.A. which is 6 Lakhs more than his annual salary of 14 LPA (Pun intended again) . Can you please take up this task and ensure that a 12 LPA guy doesn’t become neighbor of 20LPA guy ??
3. I am not sure what data you were talking about, ROI considering 5000 per square feet is not so good.
Assuming PLH rate is 5000 per sq. feet and 1200 sq. ft is the size of 2 BHK which one has bought.
For a loan of 12 years the total money which one has to pay at the end of 12 years would be close to 1.1 crore (including monthly loan EMI paid, registration charges, initial down payment , taxes etc.).
If a person invests the same amount the FD returns would be easily more than 1.4 crores
Do you mean to say that after 12 years the value of property would be close 1.1 crore (considering the possession happens after 4 years and the cost of utilization by the person from the flat for 8 year is 40-45 lakhs!). As per the “past data ” the resale value of the flat after 8 years of possession which was bought for 65 lakhs would at max be 80 lakhs (I am being too optimistic!).
Looks like you are talking just because you want to some how convince people & prove your point that 5k per square feet is justified, please do some homework.
Swati If you want to reply again then please answer this question: Why are you so confused and promoting 5K per sq. feet for people working at Google / Microsoft and also stating that its within 6-8 KMs from ITPL where there is no Goolge / Microsoft offices???
Please do not say that it was just for reference, in ITPL majority of the crowd is of service based companies like TCS, IBM, CTS.
Well, the very fact that Swati is trying to justify the price indicates that Prestige is not confident of selling at this inflated price point. Otherwise, I dont see any reason why Swati is giving point-by-point justification. There are many projects selling at absurd prices and if this tendency to “invest” is curtailed then the builders would be forced to cut prices. Its circular logic: Prestige is quoting 4800/- per sqft because small builders are quoting around 3500/-. Now, once Prestige launches their project, the small builders will hike their price saying Prestige has launched in a remote place at higher price so the small builders price hike (since location is better than Prestige) is justified. And the saga goes on…The loser would be the end user. And these builders are taking advantage of this “invest” mania which seems to have gripped many people in the past 2-3 years. They lure people by saying that you are buying at Rs 4500/- but in 3 years when the project is RTM, you can sell it for 8k per sqft, so thats around 75% ROI in 3 years and the payment is also staggered over 3 years and bank is providing loan. So, for a DownPayment of 20% and the interest outgo, you make a handsome profit. Only thing to remember is will there be buyers at 8k in 3 years time ??
Hi Swati,
Just for your information.. Its not just about 100 people in this forum. There are many more who follow the threads and read and have similar views. Many of my friends do read this forum, [but not posting here]. May be you are under estimating the strength of Harshasagar forum. I was thinking of investment if its below 3500 and dropped out due to the price factor.
And on the ‘Class’ of the people who buy the apartments: “Money and your Believes doesn’t make you a better person, but your behavior does”. But I agree to your point, many idiots in this world believe that Big Price Tag mean high living standards..
I appreciate you being open to admit that you work for the Builder.. All the best for your job.
AHHH!! at last I got some sensible comment that Prestige is for the those who value a better life style, are willing to pay the premium for that life style and I think Prestige has lived up to their expectations.
I would have been surprised, if Prestige would have launched the project for less than 4000 as that would have mean lots of compromises in the final product. Just see the property prices even in tier 2 cities like Indore, Jaipur, Cochin etc, even there the prices are more than 3000 then why should the property prices in tier 1 city like Bangalore and that too from Prestige should be less. We can keep on commenting on the net but there are tons of buyer in the market willing to pay the premium for A class property.
This price will further set the price benchmark for all the future projects in Whitefield and be prepared to pay price of 4200+ from any A class builder(Sobha, Brigade and Prestige) going forward. This will also increase the base price of Tranquility as many of the buyers had postponed their decision to buy Tranquility assuming that lakeside would be launched at Rs. 3500. I doubt that Prestige will bring any project less than 4500 in Whitefield going forward.
I am not the representative of Prestige or any other builder. Just that its my hobby to follow property trends in Bangalore.
Cheers.
Well, nobody is forcing one to buy property from Prestige at that price
. But what is disgusting is, when prestige or any tier one builder does that.. all shitty, crappy, dolt builders in the vicinity take this as precedence and this whole thing inflate property prices when there is no value for money delivered.. all unknown or little known builders cash-in in the name of tier-1 builder..
Thats a where middle class, I mean, even if single income family with 15 lakhs CTC can not afford decent house for self living.. forget about buying a decent apartment if one is earning less than that.. somehow not convincing but the bloody fact..
That’s were the angst reside in middle class working professional..
I don’t know when all this thing going to stop.. certainly not able to digest the least optimistic and disgusted reality.. all I can say is it is a middle class jinx.. or deja vu..
Lost 3 posts has nothing to do with this project.
These are general guideline/Facts/Advise applicable to any project.
This post should be specific to this project i.e. PLH
@BS
Truth is bitter, cant help it!
Dear all …. these are the mistakes people generally do while purchasing an apartment … just in case it help anybody……
# Most people fall in love with the model apartments
“Most people fall in love with the model apartments, but you have to realize that everything you see in that show apartment is an upgrade,”
# People trust the floor-plan
Builders sales staff will often include balcony or terrace dimensions as part of the total square footage. Sales staff will provide square footage based on dimensions of external walls. You can’t rely on their oral or unwritten assurances, on the floor models, or on the sale pitch or fancy brochures.
# People don’t get their agreement lawyered
Many developers demand that you sign an agreement on the spot to secure your sale price or lot selection. Try to avoid this circumstances if possible, but if you must, at the very least insist on adding a clause that makes the deal conditional upon approval by your advocate.
# People don’t bother with an site inspection
During the home buying process there is specific times when it’s important to have your house inspected and it is the pre-delivery inspection.
# People accept delays without a fight
Believe it or not, until quite recently, if your apartment wasn’t ready on time, it was your problem. “Developers were not required to provide reasons or to limit their delays”. But situation has changed now and the law is now clear & critical dates are now included as part of the purchase agreement and contract.
# People are ambushed by hidden closing costs
When you sign the buyer agreement for your new apartment, many of the closing costs are just estimates. These costs often escalate as you come near your possession date, For instance, you may find large charges that suddenly materialize for hooking up gas and electricity meters, plus mortgage discharge fees, development fees, deposit verification fees etc.
# Many Investors buys at the wrong time
If you’re buying a freehold home, keep in mind that buying at the right time of year can also save you tens of thousands. Each local market has its own cycle, so it’s best to talk to an experienced realtor.
Hi all
This is one other interesting facts that came across to my notice. I thought as earlier i shall share this piece with all my friends.
Before the latest guidance value was announced, developers across Bangalore seemed to be in rush to close diverse property deals. June-2013 saw highest real-estate transactions, says a many recent reports. However, after the latest guidance-values came into effect, the landed property market has slowed down, in an effort to achieve an equilibrium between market-value & guidance-value.
Many developers are not at all happy with the latest guidance-value structure. They point that the property-market is going-through a turmoil & sales have reduced. There is a set of confusion prevailing among developers & buyers.
In the last 2 years, the real estate rates in the open-market had not increased more than 25 % in the C. B. D. areas. Whatever ventures which people are moving into or being advertised were started three to four years ago. They are just being finished now. He adds that the property market is not good, with only 35 to 40 % of the projects being sold.
What’s the demand for property in the city?
The costliest areas would be Whitefield, Sarjapura-Road, locations surrounding Airport and areas where the cost has escalated from 30 to 100 %. There are no further cheap locations left in Bangalore city, but tentatively lesser would be outskirts of Devanahalli/Marathahalli/TG Halli, outskirts of Sarjapura-road and surrounding areas where water & facility is not that good.
In locations like Nagarbhavi/Chandra Layout & some parts of Vijayanagar, there is demand for apartments. But mostly old-time Bangalore residents and locals still have a preference for independent-homes. A large demand for apartments comes from non-locals, especially north-Indians who are opting for ones in Yelahanka/Airport- Road, Sarjapura-Road, Hosur-Road and ElectronicCity areas.
Jayanagar area is an expensive area, where sites are still available. However in case of flats, Kanakapura-Road and Bannerghatta-Road are also in great demand. While for gated-communities and villas, it is north-Bangalore which is seeing rapid business.
Demand for what kind of houses?
Around sixty percent of the upcoming housing projects belong to mega builders like Shobha/Prestige/Mantri and so on. But a good demand for flats in Bangalore still ranges from Rs 40 to 75lakhs. Low cost apartmenst costing Rs 20 to 25lakhs are also making fast sales in Electronic City/Whitefield & Sarjapura-Road.
Earlier the asset costed Rs 3,800 per sq. ft., now it costs Rs 7,000 per sq. ft. for residential & Rs 11,000 for commercial space. In case of BSK sixth stage, a 30 x 40 site measuring 1200 sq. ft. which cost Rs.14 lakhs now costs Rs. 28lakhs & Rs. 1200 per sq. ft. has now escalated to Rs 2600 per sq. ft. Also the concept of purchasing for investment purposes will also take a thrashing.
The govt. has announced a lesser guidance-value. While this will affect the developers, it will help the purchasers.
The leasing of property has condensed over the years. Now with the latest guidance-value, it will trim down even more due to rise in real estate cost.
In Whitefield the market-value is Rs 9,000 per sq. ft. and the guidance-value quotes Rs 3,500 to 5,500 per sq. ft. Earlier the guidance-value ranged around Rs 3,500 per sq. ft.
The buyers usually register the assets after the completion of the development, just when they are ready-to-be-occupied. So even if the agreement is old the stamp-duty will be amplified as it will be based on the latest guidance value. Most developers could even demand the difference amount from the purchaser.
Some effects of the latest guidance-value
Pay additional for car-parking :
Buyers will have to pay an extra amount for the car-parking spaces. Flats with car-parking do cost more so now the value is also additional.
No effect on current developments :
The guidance-value does not affect current constructions. The rate has been agreed upon by the purchaser and the seller so the latest notification will not change it. However for those booking subsequent to the notification will have to pay more.
Rent can’t be hiked all of a sudden :
With the increase in guidance-
value, the owner can not con the tenant to pay more rent out of the blue & violate the contract-agreement. The owner can only raise the rate based on the contract annually or however the clause says & not because of the high-guidance-value.
Government ventures won’t be affected :
Guidance-value will not affect the cost of governmental infrastructure ventures as they come under the class of necessity. When govt. acquire the land, they will pay a higher-price as they do not want people approaching the court & stalling the venture. The rates are fixed by the govt.’s land acquisition depts. and the guidance-value does not affect their decision.
Old agreement, new-stamp-duty :
Regarding those who have already bought a property, but are yet to pay a stamp-duty, if the agreement was made a year or 2 ago, but the asset was not registered, then they will have to pay a higher-duty. As per the act, the guidance-value of the property which exists at the time of registration matters while paying the stamp-duty. People will have to pay the stamp-duty based on guidance-value existing on that date of signing the agreement.”
Hope this was useful for all of you.
Thanks
Nitin
it is not worth to pay more then 3200 per sq ft in varthur area , because there are projects are giving less then this price and ready to occupy.
Dear All, found a great remarks about bangalore property and details about guidence value … i thousgt to share it with everybody.
It’s official now. The higher you desire to stay, the more you will have to pay. This model has been officially introduced by the Stamps & Registration Department, in the latest guidance values issued on 12-Aug-2013.
Though the model wasn’t overtly publicised, it has been in continuation for a few years now. Those who desire to buy flats/apartments were being charged extra by developers, depending on the facilities and the floor on which they wish to purchase the space.
The guidance values in print in 2011 had a flat rate for each and every floors in any given apartments. Now the govt. too has adopted the latest, floor based, facility based concept.
This system is valid for all apartments, villas/villaments/tenements/gated-community houses & row houses.
The govt. has introduced this after a thorough field observation. Sources from Stamps&Registration Dept. point that 9 % of Bangaloreans can purchase properties which are above Rs 1cr. Such buyers want various amenities and services in their flats-commercial complexes, and opt for penthouses or flat units. They can as well afford to pay more for the facilities.
What is floor based valuation model?
According to the S & R Depart, floor based valuation means that flats dwellers staying from ground to fifth-floor will not pay any extra amount, apart from the land-charges guidance-value & stamp-duty based on that. But from sixth-floor to fifteenth-floor, purchasers will have to pay 0.5 % more for every floor. So purchaser will pay additional the higher he goes.
But this cap is only till the fifteenth-floor. From the sixteenth-floor onwards, the value is only 5 % more than the real value, however high the building is – even up to forty floor. For example, if the asset is worth Rs 1 cr., the purchaser will now pay an extra amount of Rs. 5lakh and a stamp-duty of Rs 25,000, on whichever floor the space is located, after sixteenth floor.
An unhappy proposition?
Many people, who all are searching for an flat, says they do not understand this theory at all. “It is like punishing inhabitants who are purchasing an apartment in high-rise buildings. If the govt. wants to charge an extra amount for every floor, then it should be implemented for each floor. Why is the inequity from the fifth floor onwards?”
May be the new system will generate more revenue for the government.
Pay more for additional facilities/amenities
Under amenities based valuation, fifteen categories or groups have been listed, for which the developer will have to pay extra charges based on guidance-values. The purchasers in turn will be paying more. The first 4 facilities (from any of the 15) provided by the developer will not have any effect on guidance value. For each amenity after this, developers will be charged.
The fifteen groups of amenities are:
1. Club-house, community-hall, indoor-amphitheater, conference-hall, health-club, temple, party-hall, card-room, reading-room, library, banquet-hall, dance & karaoke-hall, party-area, party-lawn, carom-room and similar types of amenities.
2. Jogging-track, running-track, cycling-track, walking-track, pebble-pathway, reflexology path and similar types of amenities.
3. Children-play-area, tot-cot, children-game-area, garden, water-body, decorative-pool, plantation-garden, barbeque-pits, crèche, landscape-area, fountain and similar types of amenities.
4. Canteen /mall /commercial-space /ATM /bank /HOPCOM /Janatha-Bazar /Nandini-Milk out layout, Provision-store, lounge & foyer, cafeteria, super market, plaza and similar types of amenities.
5. All types of outdoor play-area, Badminton /Tennis /Basket-ball /Volley-ball /Base-ball, Cricket /Football /Hockey /Golf field and similar amenities.
6. All types of indoor-game-areas, squash-snooker/ Table-tennis and similar amenities.
7. Swimming-pool-indoor, kids-pool, wading-pool, aqua-gym and similar amenities.
8. Cargo-lift, elevator, mechanical-lift for car-parking, high-speed-elevator and similar amenities.
9. Surveillance of common-area, manned-security with video-surveillance intelligent-security, motion-sensor based lighting multi-camera-security, CCTV, Gated-community, Intercom, Wi fi Internet-parlor, video conference-facility, generator, UPS, kiosk, visitor-tracking-system and similar types of amenities.
10. Helipad and Golf-Field.
11. Outdoor amphitheatre, open-air-theatre, open-stage and similar types of amenities..
12. Health-clinic, ayurvedic-parlor, massage-parlour, beauty-parlour, spa, aerobics, yoga, meditation, unisex parlour, Steam and Sauna-Jacuzzi, gym, day-care-center, health-club and similar-types of amenities.
13. Indoor-amphitheatre, dance & karaoke0-hall, drama-stage, home-theater-hall.
14. Home-automation, smart-home, IP door lock, prepaid power-supply, piped cooking gas supply, gas, bank, gas detector.
15. Nearness to international-airport, railway-station, bus-station (About 5 kms.)
After ANY or ALL facilities from ANY 4 groups above, available in the flat you buy, there will be an extra increase of 1 % on value of super built area & additional higher floor-area for EVERY or ALL amenities in any other group. This excludes car-parking.
It means that for the sixth group of facilities the additional value is of 1 %, for seventh group of amenities its 2 %, for eighth group of amenities 3 %, for ninth group of amenities 4 %, for tenth group of amenities 5 %, for eleventh group of amenities 6 %, for twelfth group of amenities 7 %, for thirteenth group of amenities 8 %, for fourteenth group of amenities 9 %, and for fifteenth group of amenities 10 % of value of super built area and extra higher floor area will be charged.
The guidance value notification also points that there will be no added increase in valuation if the developer offers more than the listed fifteen groups of facilities.
But there is some very good news. The S & Reg. Dept. has fully exempted the following amenity groups from guidance value assessment. They are:
1. Rainwater-harvesting, solar-power, solar-water-heater, fire-fighting, fire-prevention, green-building concept, low carbon material usage & similar types of amenities.
2. Sewage-treatment-plant, solid-waste-management, individual-garbage-chute, reflective-roofs, water recycling /reuse plants.
Where is new-guidance-value copies available?
You can see the S & Reg. website for a pdf. version of the final notification
at http://www.karunadu.gov.in/karigr/. The hard copies and CDs of the final notification are also available at the office of the various sub – registrars.
The Department divides the city into 6 divisions. The cost of every notification book differs, based on the number of pages.
1. Rajajinagar copy : Rs. 115
2. Jayanagar copy : Rs. 163
3. Basavanagudi copy: Rs. 195
4. Gandhinagar copy: Rs. 183
5. Shivajinagar copy: Rs. 263
6. Bangalore rural copy: Rs. 271
7. Ramanagara copy: Rs. 211
In the website, you can also check the address of their nearest sub-registrar’s office.
However, here’s the catch. The hard and soft copies of the final guidance value notifications are mostly in Kannada, except for the names of apartments/gated communities. So you will need the help of others to read and understand the notification.
So you better learn Kannada if you haven’t already!
Hi all,
1. Base price should be between 4000 to 4200 – my question is why or what is the basis of this price……. although many projects are available from 2700 to 3500 . land rates are also not that high in this locality and is very easily available.
2. No doubt that prestige is a very big and one of the most trustable brand in Bangalore but location of the project plays a very vital role in property investment and this location will take around 10 years from now.
3. 100 acres land parcel with around 300 villas and row houses …. 4000 apartments … so where is the scope for commercial space … even in their other project augusta golf village at
Horamavu they are coming up with only 550 villas in 104 acres … so no clue what sort of integrated township is planned …… what is the average open space per family.
4. if somebody is purchasing a 2 bhk of approx. 1150 sq ft @ 4200 psft then a 2 bhk will come around 60 lakhs (all inc.) and if any view premiums or any floor rise charges are there then it will go around 62-63 lakhs…….. so my question is – will one get a buyer after 2-3 years who will buy 2 bhk for around 80-85 lakhs at this location ( interest for your investments and average real estate premium is considered @ 22%) …… so how is this project is a good option for investors because developer is actually earning the premium which should have gone to the investors.
5. North bangalore is seeing the most developments and many govt. activities …. and many developers are coming up there with world class projects and the prices are also very reasonable …. all the A grade builders have huge land banks around airport. Average price at that location is around 3500 psft today and if any ones buys after 1 year also @ 20 % increment in prices the prices will be around 4250 psft after one year… we will see more then 10 big builders coming up with their huge projects around airport in next 1 year as we can see in their investors presentations . even prestige is holding a huge land bank there at new airport road ( please look at their investors presentations) and they will also come up with a big project there. so why one should not invest in a location which guarantees high premiums to the investment.
( you ask any developer sales guy this question … if he is selling at sarjapur road he will tell you many positive things about this location and will give many negative points about north bangalore… and if he is selling project at hebbal he will give big statements about the vicinity and will give many negative parts about sarjapur road location – and believe me i have experienced this with a prestige sales guy who was earlier selling their project in south east bangalore and now shifted to some other location)
so you have to decide about the reasons and return potential to invest in this project.
6. Economy situation is also not in favour of real estate industry … property prices have actually came down by 15 % – 20 % in delhi- ncr region as not many buyers in the market … and almost all the other markets are also not in very good shape… like mumbai – pune – ahmedabad… ( even check with sales guys that how many resale transactions are going on in their projects) the conditions are alarming.
i suppose this is the time to hold back your money like a true investor… and once these developers will start opening their unsold inventories .. grab that chance … and believe the markets data … every developer is sitting on huge number of unsold units in every project.
@manjunath
Well said.
I like the way in which you have mentioned all the pros and cons. like a true investor.
Way to go.
Excellent information. They just create hype using the broker, trying to get the people reaction to arrive the lunch figure. It should not be more than 3800 to my opinion.
Very next to this project, one Chennai developer is selling at 3200 per SQFT ( 195 apartment in that project).
@Manjunath,
I agree with your views from a investor point of view. But for a end user who is looking for a decent gated community to live in and whose office is in the ITPL, ORR and E-city stretch, and with good schools around, this project to me looks ideal…
I am not justifying any price speculation at this point, but the fact the amount of interest this project is attracting I feel is because of the fact it is from a good builder and its integrated community living….
While the investors are hoping to buy this at decent price, justifying why it should be placed at the said price, and hoping they will make good returns when it is at RTM stage, trying to imitate the Santiniketan’s and Metropolis , the builders are being smart/greedy launching the project itself with the RTM price…. the ultimate suffers are the end users paying the hyped up price…
hi
i am nitin . i have seen this project all over net and seemed interesting to me.
i have read about the project in detail here i came across some infomation which might be interesting for all of us.
An excerpt from Irfan Razzak Interview with CNBC regarding Prestige Lakeside Habitat
Q: Is it too early for me to ask you about the final ticket prices?
A: Yes. This is because we need to go through the process of costing. Closer to the launch we can talk about pricing and another big project that we are on the anvil of doing a launch in a large way is in Bangalore which the approval has just come in, but we are waiting for some more papers to come in so that we can do it in a grand style as the Prestige Lakeside Habitat which is a 100 acre property. It is in Vathur, Gunjur. It is abutting Whitefields. At the same time, it has a lake close by and is connected closely to the outer Ring Road where the entire IT belt exists. We also have schools and have tied up this project and are co-branding with Disney-inspired homes. It will be another little variation in the wavy market. Though Prestige itself is a strong brand, we wanted to make a differentiator because there is a large amount of supply that will come in and we have to give something different to our clients.
Q: Disney is on board, what is the launch price? Also, there will be 270 villas as well as high-rises, what are the specks?
A: We haven’t fixed any pricing and the sizing of the villas starts between 3,000 upwards and goes upto 4,800 square feet. The apartments per se start with 1,100 square feet for a two bed and will go upto about 3,000 square feet for a four bed.
Q: What is the market rate today in the vicinity of this project?
A: Whitefield area today like Prestige Shantiniketan is commanding a price of about Rs 6,000 plus per square feet and when we do a pre-launch we will not be targeting the highest price band. We always give certain benefit to the customers in terms of price, so there is an appreciation even for the client who buys. But we will come with the numbers as soon as we are sure about our costing because these are high rise apartments, input costs have gone up. But at the same time, I can promise my customers that whoever wants to invest in this, we will give them a great deal and they will have a good appreciation in the long-term.
Q: Does that mean the launch price is going to be around Rs 6,000 per square feet?
A: No, it won’t be that high and that will be a surprise. We are always in favour of our clients and will work the numbers which will be a win-win for both the company as well as for the clients.
hope this article mite help all of us
in over all sense if the project is priced around 4000 it is worth buying.
it will also be interesting to see how the Villas will be priced
lets wait n keep our eyes on this portal & net to await the booking date
thanks
hope the information is also useful for all
Price looks very high if we considers the location … and ye we also can not ignore the prevailing conditions in real estate market:
If the Price is expected from 4,000 – Rs.4,500/- then as per my view this project is around 15% – 20 % expansive from the price which this location deserves… as many good developers are there with such offerings.
They are also collecting expression of interests like Brigade has collected for their project golden triangle… which is also a concern… although this group is having very good track record till date…
although 3 lakhs for blocking a 2 bedroom unit is not much big amount with most trusted group like prestige.
But nothing is going on at their earlier launch – misty waters – this project started in month of march i guess.. also not much appreciation have come up…
the concept of integrated township with the kind of amenities discussed here – disney – malls … looks very good for end use …
the location is also not far from forum value mall – around 4-5 KMS.
BIG brand name is also attached there
water is also available in the vicinity …..
looking for an house for long time … very much confused about this project … apart from price every other thing is positive …. what y’all say…
>> far from forum value mall – around 4-5 KMS.
Distance should be measured in the units of minutes / hours and not in KM !
Driving 1 KM on a road can take 2 min. Can also take 30 min.
Have been on that road from forum – Varthur few times (during week days). Buses – Cars – two wheelers – cycles …. everythng on that narrow road. Don’t want to go again:) But, I agree, it is a personal choice.
Hi please suggest
i have Bought 2 flats in pre launch in whitefield
One is with MJR & the other is with Divyashree
Mjr was at 3450/sqft & divyashree at 4200/sqft in Pre Launch
should i exit any one if yes which one
i was also looking in investing in Prestige lake side but the price seems to be very high if it is around 4000/sqft.
It is almost 12 km from itpl
will prestige project also give us appreciation
also has booking started??
Prestige lakeside habitat (PLH) is Disney inspired!!!
What is Disney inspired home? I am not able to understand – what it look like or what i means?
Any idea?
Cheers
Heard of hundred acre woods(where Winnie Pooh and friends live) ?
it means they will take the mickey out of us
@BS – Disney inspired mean – Few of their common ameneties and larger size apartments(kids room) would be decorated/designed(interior by disney ). In the past year or so few builders in metro cities(mumbai,chennai) have done this .
Can anyone here suggest a project in Bangalore east (BELANDUR) or north (Hebbal) within 50-55L for 1200 sq ft appt? Looking for aminities within project among Tier2 builders.
For properties in/around Hebbal, your budget of 50-55L will NOT be sufficient for any grade 2 builder.
I booked a small builder near Manyata and it came to 53L.
Since I do not live in Blore, I was trying to see some youtube posts to know more about the area and searched for Prestige Lakeside Habitat. I saw the videos and one of them claims to be shot on the site and there is some construction going on at the site as well.
Does anybody else know if the construction has already started or is this some other location.
Also can you please let me know the prices of nearby projects in the area.
The video is on
http://www.youtube.com/watch?v=BxoZ0bM5HLc
Its one of the tricks played by channel partners to get customers .
What would a typical guy do ? google Prestige Lakeside Habitat right ?
The youtube link will appear within top 10 search results and the video will have contact info of the channel partner.
Some even make websites and innocent customers will think that is the official website
As I already mention in an earlier post , DONT go via channel partners.
Anand, I have heard Prestige extensively markets through channel partners. I had recently purchased Prestige Tranquility through one of these partners and it was surprisingly a pleasant experience. I don’t live in Bangalore. To keep track of the project when I call the builder I get very little information then compared to the channel partner.
They are apparently connected to top of the management and get better information. Ofcourse, there are many shady player in this industry but where isn’t. My two cent.
This construction is for their office and model apartment.
20 days and 70 comments! why this interest! this itself gives the builder a market feed in terms of interest in the project. He will then price it accordingly with his brand premium.
Area is huge ,100acres . That will be over crowded.We will always be stranger for each other,always.
And it is on the main road ,full pollution will be there,which is again not good for health.Everyday dust will get stored in our lungs.
You want to live alone in 100 acres?
Folks,
1. Advantage of channel partner is that they give door to door service. You need not to run and track the project in details. Those will do on your behalf.
2. If you can track yourself, its ok to go to the builder directly.
3. However, it not going to make much difference. Ultimately, builder has to give you post booking service. It hardly matter how and thru whom you have booked!
4. If you have good channel partner who do good due delligence, than no harm in going with channel partners.
BTW,
What is expected price of launch? When it going to be launched? Any idea
According to a reliable third party source, the pricing will be somewhere in the range of ? 4000 and ? 4500.
The exact location is unknown, have to check on that or if anyone can assist I will appreciate that.
Launch will happen anytime in October.
“Wow .. 4-4.5K is awesome price for Prestige projects, let us all book a couple of them” 🙂
No offense but couldn’t control my urge to type it.
I guess that was suppose to be ironical or satire.. if it not and u really meant it is so tempting.. then what about Prestige project @1000 per sqft in the middle of Thar desert.. must be super duper tempting.. must it not ..?
I believe it is a Satire 🙂 Or else i will buy a 3 BHK at Top Floor garden facing 😛
But seriously 4000/- per square feet is way too much for the project specially considering the area where is it in and the approach.
I do not think Prestige can afford to do blunder of launching project of this size at above 4K price. All they can do is build value homes with smaller size units and low price/sqft, which may get reasonable traction in current hyped upmarket.. again its only a sensible guess.. else sadly all we see is sheer Hubris..
wow what a stupid comment…would have been better if you would have controlled your urge:-)
if you some even a little bit of understanding of RE market you would have not commented this…so you mean Prestige (being prestige and the best am a fan of course as well but not a blind fan) will launch a project anywhere in any halli a remote village too and just because its prestige you would jump the wagon and book it just bcoz u see 4500/sq.ft. price tag 🙂 no offence dude but bcoz of uninformed and novices like you builders still think they can charge us anything and it will sell..
Sriram
Ony for you sir ji
Prestige new launch in thar desert @2500 howzz that, can you resist yourself.
Go book it. its only for genius like you.
Anything more than 3500 in this area is too expensive.
Agree! Am a die hard prestige fan and frequently book their projects , the value of this project is in the 3500-3700 range , anything more i won’t book based on the locality and the sheer nos of the aprts in this project .
Completely agree. Given the current economic situation, especially in the realty sector, even 3500 looks to be premium for the location!
All ,
Incase if you are booking , please dont go via channel partners especially Propmart. They promised me referral bonus for a project booked through them but haven’t given me the money. Some others got cheated by other channel partner as well . Beware !
I advise go directly to prestige itself.
Hi all,
Now banks are increased the home loan interest rate, I am also reviewing many other projects in bangalore for 2-3 month and considering the current market the price of this location should be 3200-3500 is maximum.
If the price is more than the above Its better to invest in north bangalore as appreciation would be better in coming years compare with Whitefield gunjur area. Also One of the biggest disadvantage is at the prestige location is village and road approach both side, it takes 30 minutes for 1-2 km. in few years later it would be worst.
Invest north bangalore is the best
I second Anand. Never go through any channel partners, they will give you wrong pricing and also they will promise some discount from their share which they will never give once you book the apartment. If they don’t give any discount that is ok, but they should not promise also. And more than that the pricing part, I booked through one channel partner, I got my apartment at Rs 200 /sqft higher than the rate builder gave to other peoples on that date who booked directly. Better book directly from the builder or through any of your friend who already booked a Prestige apartment. Never go through any channel partner.
Dear Dinesh,
I understand your position, but based on one or two incidents you can not generalize all the players in the Market. I am also an employee of a Channel Partner of Prestige but neither do we promise to give back our share, neither we charge anything extra to our customers, but we provide end to end transaction service and stay with you till possession. So its based on who you choose to interact with.
Regards
Anmol
But, someone any channel partner require… What value add they provide. Why not go directly to builder. It is amazing that builders are itself costing too much, any intermediate guy is coming in picture will defiantly increase price further.
Dear Sankesh,
It doesn’t work like that, there is lot value add provided by the channel partner if you choose a proper one. It is a free market and there are all type of players, based on what and who you choose the outcome is defined. If I say what value add does my organization provide some people might object saying that i am promoting my brand here. But ya based on what I have understood in my tenure at this organization, there is a lot value add which can be provided if you choose the right channel partner.
Curious to know abt few value add that channel partner/Brokers does to buyers… Could you pls list a few.. All that, one understands is, all that channel partner/Broker does is, to promote property, rig the prices artificially and post the unsold inventory at sub-market rate in future..
Hi Anmol,
I understand your sincerity that you do not want to name your company, I respect that; please don’t name. But if you could please substantiate what is the value add that you talked about, it’ll be helpful for general people like me to understand.
Dear Pankaj,
Appreciate your thought and your approach, unlike all channel partners we provide customized client service. We are not very known in the market because we believe in our work. Our Primary work is through referrals and the best thing is we never ask for referrals from our customers. The person who closes a deal with us gives us more clients.
Coming to the value add we provide, the ideology is to provide a one stop solution to all the buying needs of the client. To name a few
1. Understanding the client requirement clearly
2. Analyzing different properties, area and its potential to grow
3. Mapping all the properties that meet the clients requirement ( budget, personal preferences, distance etc)
4. Negotiating the prices for the buyer and making sure the sales agreement/sales deed protects the buyer.
Apart from this we have a special team which does legal diligence on every property that gets launched.
We also prepare a detailed report on each project which gives a client a neutral perspective on that project. This is done by our specialized team which manually collects over 120 data points for each property giving the client the insights needed to take an informed decision.
And we do all of this without charging the client a penny 🙂
@Anmol
This is where the thinline is and where ppl get fooled.
Apologies first!!! My intention is not to confront you or bring dis-repute to your business but all what you have mentioned is a fairy tale words and this is where buyers gets trapped.
All the points that you have mentioned will give buyers a lot of confidence in you, but in practical does it happen. All Brokers and Channel partners say the same thing.
As a buyer I am trusting that you will perform all what you have mentioned but what are the chances that you will do it from buyers perspective and not from sellers perspective.
A seller can offer you more commision to sell his property and you always somehow map buyers requirement to that property by projecting all gud things about this property. The point I am raising is honesty here.
Are you saying that if the Customer requirement doesnot match to your offerings then you tell the customer honestly and sacrifice your sureshot business. If that is the case then I am sure this will be the first ever example.
If a property is gud even the seller can sell it. Why will the seller share few % with the Channel partners.
They approach channel partners only to sell some odd or least lucrative properties.
The use of channel partner as mentioned in previous posts are almost correct. Just to market the property, inflate the prices and get commission.
One or two instances of sale and not Channel partners/brokers might be geneuine but overall, Its cheating everywhere!!!
Your case might stand infront of someone who has no knowledge of realestate dealing. Anyone who has slightest of information can easily understand the intention.
According to me
if that region is for having your home then you can go for higher prices, but after reading previous comments i feel investing there is not advisable. As the area may take 8-10 yrs to have widen roads specially one under the panathur railway line.
Even though you can invest but at rates which you can get profit which sums up around 3300-3600,
investment is some something that you can easily pay with-out taking much load.
If you have higher income then sky is your limit but for average middle class My brother in law suggested me to go for smaller builders around panathur so that you can get good rent at-lest.
Hi Guys,
Recently even i got an update from one of the well known property consultant that it is prestige is planning for this huge project.
Whatever said and done , the way i have been seeing inspite of caution of the location and high pricing you will still see people booking there within couple of weeks. So people who are brand conscious wont consider all these comments.
And this is not the only case ,you will find many over priced apartments which are still booked.
When we ask the property consultants they say nothing is over priced in bangalore.
So people are there to buy at this rate so we really cant blame the builders. Moreover for NRI’s it doesnt really matter how much is the price. It hardly makes a difference when they convert it to their native currency.
So my prediction is even if it is charged for 4500 psf you will see bookings happening.
The NRIs/Gulf Money is there.
So forget it if it is not within ur reach, it will be taken by them. Sorry state for Indian Middle Class.
Its not a sorry state figure for Indian Middle Class, its about whether the property is really worth that much money.
I am an NRI. But Bangalore prices are starting to get ridiculous especially at the high end. I can buy a better property in USA and get it rented\manged through property management. I have better protection through Legal system in USA. Already bubble bursted in NCR and Mumbai. Bangalore is getting ready to join the party
Please don’t go blindly by property consultants. There are one of the main reasons for increase in price.
If real estate is not going well , will they make money ? NO. So they always want RE prices to keep increasing and make money out of it
Brokers are creating hype for this project and quoting the rate between 4000/- to 4500/-. Looks like Prestige has asked these brokers to see the pulse of the market and then they will decide on the price. Guys do not buy if the price is more than 3,500/-. For this area and for Prestige Projects, the price cannot be beyond 3500/-. Rs 3,500 itself is premium.
When Prestige started Prestige Tranquility, it was Rs 2,628/- 2 years back. Now when more than 10 floors are constructed, the price is still Rs 3,500/- to 3,600/-. Though we cannot compare the location of Tranquility with that of Lakeside Habitat. Both has its pros and cons in terms of location.
friends – please read the real estate inventory levels in bangalore in newspaper..bangalore has 30 months un sold stock. Never try to buy any new project..we all will be in trouble,, Banks are going to come to our home for recovery of loan if we do not pay the money..wait for few years before you think of investing in apartment.. best is to deposit the money in Bank FD..
This blog is just as “Advertisement Board” of Prestige Marketing Partners
i had personally visited that area today current rate which is going around 2590-3200 depending on your negotiation skills as well.
Now these marketing people or Brokers they want to Make Bangalore AS MUMBAI.
Stop giving adds of Prestige Please.
Road condition is like hell and only one Lane road for both to ORR via CISCO as well as to varthur main road as well .and just to add spice while moving towards ORR you will get one railway underpass which i am pretty sure will take 5-8 years to make it two Lane.
if the offer is somewhere between 3500 to 3800, it will attract end user.not worth of paying more than this looking at current infrastructure . Road connectivity is a chalange.
looks pretty costly.. othr similar projects in that area are asking for 2800-3200 per sft
Yes, I agree the price range should be 3200 as its both side village. Many other property with premier builder coming in Whitefield central -0arouf 4000 sqft. Central location at hear of Whitefield. It’s just hype in market
Also, Prestige projects normally take longer duration and if they are planning to build Disney park, 5 Star Hotel, Villas, Row houses and Apartments in the same compound then, this project will take at least 8-9 Years:)
This will be good for Investment rather than living; provided we get a decent price tag of around 3200- 3500/- Anyways, Let’s wait and watch
Yes, Brigade has failed to sell their project Lakefront due to their greediness on the price. There are good numbers of cancellation for that project and now they are open for bargain on the price. If prestige also brings at higher price for that location and that too with a long holding period of 4-5 yrs, then it would be difficult for them to sell 3000 flats. Now brokers/ agents are marketing gunjur project with a high price so that prestige can evaluate on the demand and plan the price accordingly.
1) Disney theme park inside – Than its not a good place to live! There will be a mela inside everyday.
2) if price is > 4200/- psf, it will not fly. Difficult to sale at that location !
3) its surrounded by lot of villages from all side. Road infrastructure is below average currently.
Cheers
I agree. With Disney park inside, its going to be hell lot of traffic. We want our house in a quitter place to have piece of mind. I guess thts what houses are ment forr…
Who said Disney Theme Park is coming there? Disney Theme parks are spread around THOUSANDS of acres (30,000+ acres for Disney World).
There is no way a theme park is coming there.
What Prestige said on CNBC was Disney Themed homes in this project. We must wait for more information to come.
3000-3500 could be a good range. Anything more is not really worth for this location.
It’s just creating hype in market, let us wait and watch how real consumer can afford to buy at the price of 4000 sqft. It’s not worth looking at this village area. I am interest for one unit if price is at 3200-3500.
NRI will buy . Not for the normal guy seeking home .
wait for the real estate bill to get passed , around 4000 is too much for these area’s.
It seems this project is too far Guntur Village & approach is too bad. You have to cross broken bridge and narrow roads to reach at approximate location. Not sure at what price builder is going to lunch it? I now running land prices in that area is 600 to 700 rupee/sqft.
Hope Builder lunches project between 3500 to 3800/- then it may attract some people, but as banks has increased there interest rate most of the house buyer would like to differ house buy.
Little correction in typo, location is at Gunjur Village, near Varthur lake
Hi,
Can you refer the builders who selling land in that area?
got a mail from a reliable source that they are going charge as follows. Looks very high with the prevailing real estate market:
The Basic Pre-launch Price will be expected between Rs.4,000 to Rs.4,500/- per sq.ft (+/- 5%), the tentative details are mentioned herein below :-
Type
Area* (in sq.ft.)
Booking Amount (in INR)
2BHK
1100-1250
3,00,000
2.5BHK
1350-1500
4,00,000
3BHK
1650-1900
5,00,000
3.5BHK
1950-2250
6,00,000
4BHK
2350-2650
7,50,000
* The Area & Price are tentative & can be revised as per the best interest of the development
You may send us your “Expression of Interest” by issuing a Cheque in favour of PRESTIGE for Rs.3lakhs (2BHK), Rs.4lakhs (2.5BHK) & Rs.5lakhs (3BHK), Rs.6lakhs (3.5BHK), Rs.7.5lakhs (4BHK) & Rs.10lakhs (Villa/Twin Row house) as per your preference and send us the scanned copy. We will PRIORITIZE your booking wherein you will not only get the benefit of initial kick-start price but also an advantage/preference of choosing your unit’s location as well. The project is expected in a month’s time.
Please don’t advertise or do these kind of practices. Showing “expression of interest” you are actually increasing the property value by creating artificial depends.
Just wait for them to launch or pre-launch. Don’t get trap in there expression of interest trap
Nothing wrong in sharing the information, but there is definitely no hurry to show any interest in this project.
Projects of this size should be considered only if it is covered under RealEstate bill/act. All the builders are in launching spree before the bill becomes a reality because as of now the Bill does not cover existing projects. Please check the number of projects launched by Prestige or any other builder in the last 1-2 months.
There are obvious reasons for what is going on. Fools like us want to book every damn project because the builders keep revising the price every other week, and we feel happy that we made a huge profit. If you are not able to afford the projects, can blame it on the NRIs or the INR or the economy but not the greedy builders!
Jaago re!
Regards,
Resident Indian
this forum has become marketing of the projects by the real estate agents and company..can we start removing those blogs in this..
harsha – we need some regulation in this site..no one should try to sell their property..This forum is only to debate analyse issues etc.
Thanks priya, it looks like lks has just copied the contents of the email and has pasted it here, and is not actually asking for EOI. I have seen such emails and thats normally the language that is used.
Hi priya,
Good to know your concern that somebody is trying sell their property here by creating artificial hype. Don’t you think that we ourselves has to be blamed for creating these type of buzz and hype ? The information I shared is what I got it from some source. Why are u believing these information to be true ? If you are thinking prestige,shobha,mantri,brigade has become tier1 company just because of the the hype has been generated in this blog, then u r wrong. It is like sachin became a great player just because commentator like Tony Greg.
Hi All,
I am seriously wondering how the builders are able to generate so much of interest for some project
– which is yet to be launched,
– which is in a remote location with not so great roads around.
– which would be priced as if it is in center of the city
– has only international schools (which charge > 2L per year) or village schools around
– have to cross atleast one village to reach any office.
A 2 BHK in this project would easily be around 65-75L (for a 1200 sqft). Unless you have been a NRI for 3-5 years, this is definitely not affordable.
Please tell me if there is any company in India which pays so much so that my EMI for 50-60K per month looks very affordable. The link posted by one of the members below shows that it belongs to some broker in Dubai. All the builders are just inflating the prices and it looks cheap for those who live abroad. Finally who is going to live in these buildings if 80% of the owners are NRIs who would never come to India. Just investors!
Regards,
Resident Indian
100 acres? really?
this will be a mini Bangalore by itself ….
Area of bangalore is nearly 2 lac acre. This project area is ~ 100 acre….
The pre-launch price will be around 4200. The location is here. Expected to pre-launch in first week of October.
Some more info from a third party is here
How is the area nearby? From the map, it looks a bit far from Whitefield, ITPL. Are there any good schools, hospitals, connectivity (metro etc) from this location? Is this location worth 4200?
How is the location of this project from investment perspective….
Real estate agents are saying prices are close to 4500 to 5000 per sqrt.
Which seems to be too high for this area and with so many apartments (expected around total 3500 aprtments)
I may be wrong but above number I heard from few property agents
all will become ghost town soon in bangalore..
overr 8 million apartments are empty in india..no takers..its better to wait for 2 years..
Most of the people in this forum are real estate agents or from the builders..they wanted to market thru social media ..so that they can create an artificial demand.
i would suggest everyone in this forum not to go by those comments. Be realistic and see what is going around us and then decide
That is true to some extent. Builders are trying to create artificial demand through these forums and pre launch the project with very high cost. This is the same thing happening with this project as well.
I am sure Prestige will launch with high price after seeing the responses. So, people use your judgement and don’t get in to these cheap tactics as these is very common with all the Tier1 builders.
Any price confirmation?
I got the info from reliable sources that it will be priced between 3800~4000. Prestige is just studying the market sentiment, which we all know is not good. So either Prestige will price it so low to arouse interest or postpone the launch until market revives.
Initially I got to know from agents that the price will be between 3800-4200 psf and possession in 3 years. Then someone called and told me its 4200-4500 psf but didn’t confirm the possession. Now another agent tells me its confirmed between 4800-5200 psf and possession in 5 years. I also heard there is a Disney themed park inside due to which the price has been hiked. The road is supposed to be widen to a 4 lane. Prestige folks says it will take more than a month and we don’t have any info regarding this project.
Not a good idea to wait for 5 years unless you are planning to stay abroad for these years or you are looking at investing. Neither is true in my case so won’t opt for it. Although you need to wait till mid October to get a confirmed news from Prestige on the launch. Right now they are just creating a hype as if the the entire 120 acres will be booked on the first day so book your’s now through agents. I am sure they are just studying the market to decide on the final price so better to wait till Prestige launches it.
Please don’t justify 4800-5200 rate. The location is not worth 4k max.
I am sure someone from Prestige is definitely on this thread and trying to hype the price. Also, they want to see people’s response and then fix the pre-launch price.
As said above, it is not worth more than 4000 psft.
Between 3500 – 3800 psf may attract some bookings …. It’s still a village and I haven’t seen any sort of development there …
Met the Prestige marketing guy at Prestige Ferns today. He said the Prestige is looking to launch this project early 2014.
4K-4.5K in this area is too high. Gunjur is still a village
Make sense….even 3800 seems to be farily high for that area…
Completely agree on the price hype. Location might be near to whitefield, however you need to cross villages and a tight market to get to whitefield. I have already experienced huge jams in that area. Tight roads in that market which can’t be broadened also.
Also, I strongly feel, 3 year possession is not possible for such a huge project. Same happened with prestige shantiniketan.
Any more information like rate, exact location ?
Location as per real estate consultant is next to varthur lake about 4-5 kms from forum value mall.