Prestige Gulmohar is a new pre-launch by Prestige Group, the property to be developed on 3.5 acres at Banaswadi Ring Road will house 400 apartments on 3.5 acres of land.
Prestige Gulmohar Options
- 2 BHK
- 2.5 BHK
- 3 BHK
Prestige Gulmohar Location
Banaswadi Ring Road, near Horamavu
Prestige Gulmohar Price
2bhk 1200 to 1250 sqft 57L to 60L Basic cost,
2.5 bhk 1350 64L
Pricing in the range of Rs. 4750/- per sft
2 BHK flat on the 16th floor with super built up area of 1208 sqft east facing tower 3
If anyone interested, mail me on krvangala98@gmail.com
Hi Guys,
I have booked a 3BHK in T4 recently, is there any active whatsapp group for owners….I would like to get faimilar with who are going to be my future neighbors…
pls let me know…
Hi Dinesh,
I am also an owner in the apartment complex. I have also been searching if there a WhatsApp group to connect with fellow residents. In case you are a member of such group, do let me know. It would be great help.
Thanks,
Dhruv
I am looking for a 2.5/3BHK, any leads?
Does anyone have an idea on the 10-80-10 scheme for Prestige gulmohar wherein you pay 10% now, 10% on possession and the EMI to be paid only from possession? Is it worth it?
Hi,
I am interested in buying a 3BHK in this project. I saw the site and construction seems to be slow as per mentioned timeline. Any information regarding that?
Hi,
2 BHK flat on the 12th floor with super built up area of 1208 sqft facing the pool for sale.
If anyone interested, mail me on andy.unimac@gmail.com
Is it sold?
Hi All,
I am going to book a 2.5 BHK on higher floors in a day or two. Those who booked into Gulmohar can you please help me- have you got the sale agreement done, loan processsed (nationalized bank, SBI?). Any opinion about the project and legal aspects.
Quick help appreciated.
BR
Can you pls call me 9379406374? I m in same position as you.
This project is approved by SBI, HDFC and other major banks. Project got all approvals in place.
Horamavu railway bridge underpass which is roughly 1km away budget also sanctioned by bbmp and scr and work to commence as I see in news papers. Good time to buy.
Goutham
Hi Naveen,
I bought a flat here in PG and I can confirm that the sale agreement is done, I have got loan f=done from HDFC (3 Demand notes already processed) and so far there seems no legal dispute. I am hearing that the govt has approved the underpass so it will be beneficial for the project and people living in this society.
regards,
Axaya
Hi Naveen , did you buy the unit. What’s your unit.
I am thinking to book 3 bhk in prestige Glumohar. I am an NRI. Need a reviews about this project. Is it good option to invest in this project or do I need to consider any other projects? TIA
Hello Sudhir,
Even i’m planing to book a unit in Prestige Gulmohar, i visited the site last weekend and location seems to very good. Kindly get in touch with me we discuss further on the same vkrmsrinivas4@gmail.com
Gulmohar is good project but 3bhk floor plan are small compared to misty waters. Gulmohar and Misty water are same location. If you going for own use Misty Water is best. contact me for more info7406648445
Hi Sudhir,
This is indeed a good project and I bought one for myself. But, the caveat is that there is a railway crossing that is present between the ring road and this project. Traffic sucks big time currently, but there is a proposal to build an underpass/flyover and hope is that it would complete before the project is handed over. Otherwise, this seems a good project .
The Railway under bridge has been approved by BDA and Railways (SWR) has initiated the construction. Details was covered in Bangalore Mirror on 23rd Nov.
Hi,
I have booked an apartment here. My family is looking forward to move in here.
I checked with Prestige, there is absolutely no problem with the project. Have been to the site too ..
Arun,
Are you representing competition?
Stop this misleading practice!!!
Hi All,
Prestige Gulmohar Project is scrapped. Visit to nearest Prestige office and take back your money with out any interest pay. Today I am going to collect the money. Prestige said, they are launching new project instead Prestige Gulmohar.
the reality is there is no demand..recently prestige launched 5 new projects to collect the initial deposit amount..this will be interest free amount so that they can complete other projects..
if the situation is like this for prestige then other builders will shut business..anyway investing in RE needs to be very careful..Better go for move-in property
I think Mr. Arun , Lunar Eclipse on Saturday has effected your state of mind badly.
I have booked a 3 bhk in the project . We have visited the site on Sunday and project is progressing very well.
Please don’t share such false information without any basis and mislead others.
Cabinet approves Real Estate Regulator Bill
The Cabinet today approved the Real Estate Regulator Bill, which will pave the way for the government to address a long standing demand- to bring in a watchdog for the sector.
States like Maharashtra have already brought in a regulator at the state level, but once the Bill is ratified by the Parliament, disgruntled home buyers can approach the central regulator.
thats good news…now would request all genuine buyers to wait till the bill is passed in the parliament in a month.
So once the bill is passed all the agents also needs to be registered. they will have to pay penalty or close down the business if they cheat the customers. All information about the project will be available in the GOI website..so people can confidently purchase an apartment..
Projects are to be sold with carpet area only and all disputes needs to be resolved within 60 days..but sill customer can go to consumer court and fight the case..
My sincere advise is not to buy in RE till the bill is passed..also there will be only few players in the market. I can say 50 % of the real estate business will shut shop..More new ones who can do a transparent business will emerge and maintain their business.
TO ALL PEOPLE IN BANGALORE
==========================
1. DO NOT BOOK ANY PROJECT TILL THE REAL ESTATE BILL BECOMES LAW
2. ONCE THIS BILL COMES…RISK IS REDUCED
3. WE CAN APPROACH THE REGULATORY FOR THE PENALTY AND COMPENSATION
4. THERE IS A BUYER-SELLER AGREEMENT MODEL..ALL BUILDERS HAVE TO FOLLOW THE SAME
5.PRICE IS AS PER THE CARPET AREA
6.CAR PARKING CANNOT BE CHARGED
7.ALL COMPLAINTS TO BE CLOSED WITH 60 DAYS
8.PENALTY FOR THE BUILDER WILL BE 10* OF THE PROJECT COST
9. NO MORE PRE-LAUNCH SO NO CHEATING
Good information. Please avoid typing everything in caps. Please maintain some decorum to the forum. Thanks
All the under construction and pre launch projects are covered by the bill.No car parking can be charged as per the rule even now but you are charged.So whatever the law the builders slip through the loop hole in implementation.Wait forever , this is India and political power rules the roost.RE regulator will be another toothless tiger.
It is applicable for prestige gulmahor.
noreply from anyone ? Are only brokers and investors in this forum..
Hi,
I have bought 2 bhk flat at base price 4750 psf. What is the current status of project, Prestige is not ready for an agreement. Please let me know is it good investment.
Future projects near Whitefield, listed for environmental clearance: Prestige Gulmohar project is waiting for EC clearance from Government. Please refer link & last table which has PG.
Read more at: http://bangalore.citizenmatters.in/articles/real-estate-projects-in-bangalore-kr-puram-whitefield-water-traffic-plans?utm_source=copy
Arshik,
This is a 15-Sep-2014 article …
As per the SEIAA,
the clearance was issued on 30-Aug-2014 .
http://seiaa.kar.nic.in/Construction/List%20of%20Construction%20Project.htm
Hi,
Did any one execute their agreements in Gulmohar ?
Also, did any one apply for a loan? If yes, which banks have approved it and which banks did you guys go for ?
Hi Santhosh
Couple of banks have approved the project – HDFC and Standard Chartered. I have contacted HDFC for some initial discussions.
I am interested in this property for investment purpose. Please share the comparative advantage between this and Sobha Hylcon. What is the ROI that I should expect and also what is the rentals?
Compare to the cost of the project, rental will be peanuts. I love peanuts.
Hiii
I have visited the place and interested to book an apt there… can someone please clarify me the following points
– is there a clarity on ‘IF this project is a JV’.
-price list do not include Club house charges etc. when asked prestige they said there are no separate clubhouse charges.
-any additional info?
thanks
Hi Arnav,
I was told by prestige earlier that it is not JV. Also Prestige does not charge for club house separately. I have seen this from other projects of prestige as well. If you are interested, do contact me and i will get you to the right person and who can get you the good option.
The project land belong to DRA Projects and they own the land owner share in this project. I am not sure the land owner released there share. Infact the Kolte patil Mirabliss project is also the joint venture with DRA projects. Looks like DRA own most of the land of Horamau area.
The price quoted for 2bhk @ Rs.5000 p/sqft is on higher side for next 18-20 months time frame too. so investor will not get return of more than 10%. With too many projects launched in Bangalore you will see inventory hang will be 21-36 months, hence investor need to pay all the money and even planning to move out in between the profit will be less.
Why do you think price will be restricted to 5000/sft? is it because of demand supply situation or is it the past history of the prestige projects or the location? Can you shed some more light?
Hi,
Is sale value the final price ? Or do they add VAT, ST and other things on top of that ?
Hi Santosh,
VAT , ST , Registration charges would be added at the time of possession .
Owners group for the project is created – prestige-gulmohar@googlegroups.com. People who have booked can join the group by quoting the unit number
Is there a group by this name in googlegroups ? Google search is saying that there is no such group .
How do I add myself to the group ? I had sent a mail but it bounced back ? Also could not find the group by searching in Google… How about a Facebook group ?
Hi,
Whats the current price guys. Are they encashed your cheque. What would be next procedure after booking the flat. Do we get Booking confirmation document.
I am an NRI, First time buyer. Please help.
Absolutely no issues. You paid cheque, correct and safe method, just followup with them, its a good project.
@abhik – it is 4750, Once you pay booking amount with filled form and documents, you get your receipts and cheque gets encashed from few day to a week time. If you have any other question – do contact me.
the group is active. or please send email to tanuzinn@yahoo.com to get yourself added to the group
Hi all,
I have invested a 3 bhk here. Why do all of you who bought don’t discuss further in this forum and form owners group. I feel if u guys discuss here the project will be in news and through latest discussions people might really find this project interesting and will so finally help in th appreciation in the project. Hence it is beneficial to discuss here only and we will also be gaining …..what say ??
You are absolutely right. It is always good to discuss in open forums than in closed groups. It also benefits prospective buyers.
Hi,
cant locate this group on web. How to join this group?
I have created another group ” https://groups.google.com/forum/#!forum/owners-at-prestige-gulmohar ”
Please send your email id with your apt no to kingthiru@gmail.com, to get invitation to join the group.
Hi,
I was looking to invest in this project, but the channel partner told me that the tower number 1, 2,3 and 5 are all sold out. Is it true?? is there so much demand for this project? Coz i felt that 400 flats in just 3.2 acres that too for a Prestige project is too much!!
Guys , We have a new group for Prestige Gulmohar, You can join the group.
PrestigeGulmohar@yahoogroups.com
What is the need to create so many groups for one project. Since one can create groups free of cost does not mean every single buyer should create a group of his own. Please maintain a single group and avoid confusions.
I agree. Lets have one group in Yahoo. It would be easy to access and update. What you guys say ?
I bought 2 BHK (1208 Sqft). What could be the appreciation, if I wait for two years and sell.
I am first time buyer and NRI. I bought this for investment purpose.
Why do you want to discuss issues related to under construction property in private ?
Buyers group will have only the people who knows just positive about this property and thats the reason they booked it.
I remember one example – sobha city buyers did the same and thats one of the reason most of the folks came to know about graveyard and crematorium after paying some 50-60% money 🙂 🙂
What is the problem in discussing issues on harshasagar ?
It maybe -10% i.e 10% depreciation since RE is in a downtrend now
In many places in US, real estate is cheaper than that of Indian cities,with better rentals. Just go to zillow and see. Can any NRIs explain. Are the property taxes quite higher in US? If in US , prices like this could cause bubble, Indian realty should have gone bust long back. I guess you can compare NY realty with Mumbai, Delhi for price , while NY wil give better rental yield.
@bala, Did you get any flats allocated in prestige gulmohar?
Guys,
I heard current bsp@5250. Is it right?
I got one. Tower 3 at 5th floor. Swimming pool facing.
@Naidu , what price you got it for ?
4850 per soft
What is your flat no. Mine is 3063 – Tower 3, swimming pool facing
For those who have booked, please join the FB closed group for owners – https://www.facebook.com/groups/1512243475701827/
all the 5 towers released? what is the price now Prestige Quoting .I liked the 1208 Unit plan .400 Apartment why Prestige is taking 4 years to complete.Even Prestige lake side habitat also taking 3.5 years but it has 3700 apartments . I am just wondering why so much hype in Prestige Pre launch offer.
@Vishal for Prestige lakeside habitat , it is 5+ years (including 6 months grade period) from the date it was prelaunched.
I gave copy of cheque to broker on 1st sep but now broker tells me that i can get 2 BHK flat only from 14th floor. When i contacted Prestige directly to re confirm they tell me all 2 BHK are sold out. After reading reviews i feel its just hype ¬hing else.
I have also heard that there will be many other projects coming in that area with Grade A, builders. Its better not to rush. Also so many projects lined up, i wonder who will buy. Im was planning to sell my 1 year old flat & buy in hormavu as its close to my mom’s place. But im not getting someone to buy my existing flat. Just imagine people buy & incase want to sell?. People will end up paying EMI atleast 1lahk per month & returns will not be great. This is my opinion & experience.
agree ..there are no real buyers and sellers.
This is one of those projects which Prestige was trying to pre launch at 4750 and now reduced the price to 4500. Good going so called Tier 1 builders. For such a large company like prestige, don’t they have analysts who can arrive at fair price for a property. Instead, what they do is, create hype and see the response.
Manjusree wasn’t wrong in her analysis for real health of real estate.
price/sq.ft can be 3500 rs/sq.ft. Already million homes are not sold in India..this may add to the inventory as well..
Its not a individual choice..if all the units got sold only they can start construction else its going to take years..would suggest all buyers to wait and watch till government comes up with some clear policy on real estate.
Best of luck to those waiting. Bangalore prices are much cheaper than others metros, for a given distance from city center. Inventory overhang is significant, but that does not bring down price but only reduces rate at which price going up, so with overhang only current price shall be seen and if overhang disappears it will increase even steeper.
Coming back to this project, 2 agents went on saying that on 26th first 100 only gets for Rs.4500. Prestige went on confirming even before that 4500 is already sold on 24th itself. Agents were misleading or misled. Anyways 4750 only available now and I came out of project. At 4500 it was worth, the location is good and appreciation can be even better once fly over comes up, which Govt will have to do once long Q comes at level cross.
After reading one of the comments, I tried to search if the gulmohar is a joint venture. Looks like it was specified on the site before, but has been removed now
Cached copy of the site –
http://webcache.googleusercontent.com/search?q=cache:TrdW_QuvhjIJ:www.prestigeconstructions.com/gulmohar/overview.php+&cd=1&hl=en&ct=clnk
Last line says “Joint venture with DRA Projects” but the latest page doesn’t mention it. Can anyone confirm if it is a joint venture and if potential buyers should be worried about it?
Hi, I called up Prestige and asked if this is joint venture. They are denying it and are saying that they have bought the land….can anyone else confirm regarding this?
The land is in the name of one Mr. Dharmesh Ranka, flat no 634,bldg 6, Ranka Park apartment, Lalbagh road, bangalore as per property tax details of 2013 and sale deed of 2009.Prestige South city holdings is company handling this project.
san
Hi San,
But Prestige said that they have bought this land from Ranka. Do you have confirmation that Prestige hasn’t bought it?
The documents in the public domain shows the property is in the name of Ranka when the project was sent for approvals.
Also look at their investor presentation page 45, which claims their economic interest being only 51%. Hence it is a JV.
http://www.prestigeconstructions.com/pdf/q4-fy-2014-investor-presentation.pdf
Only verbal confirmation is available that the land is bought by prestige. As a listed builder this should be in the public domain of them having bought the land in full.
san
came upon the latest investor presentation where it states that interest is 100%.
How does one interpret this?
http://www.prestigeconstructions.com/pdf/q1-fy-2014-investor-presentation.pdf
Guys , We have a new group for Prestige Gulmohar, Send your details about Tower,Floor, Flat no,contact numbers to join the group.
PrestigeGulmohar@yahoogroups.com
This is Q1, but Q4 deck subsequently overrules the Q1 deck
q1 is 100%
http://www.prestigeconstructions.com/pdf/q1-fy-2014-investor-presentation.pdf
q4 is 51%
http://www.prestigeconstructions.com/pdf/q4-fy-2014-investor-presentation.pdf
which is the latest
Got to know that the project site is in dispute now.Those who have booked please revisit the site and take clarifications from Prestige on what is happening.
san
How did you get to know about the dispute? can you shed some more light?
Do you have any fact sheet about this dispute.?
Hi san,
Can you please tell what the dispute is ? I am a bit concerned as I bought it for end use .
I am also concerned.
I Heard there is a dispute on the land don’t know the details. Please check the same locally. Cannot verify since not in the country.The Project has received Environmental Clearance, see the link below.
http://seiaa.kar.nic.in/Construction/List%20of%20Construction%20Project.htm
Click on the link next to Slno. 244, you can download all the submitted documents from Prestige for getting the EC including Khatha, Property tax, sale deed copy, plan etc.
This website also gives you the detailed Information of all the projects coming up whose Information you don’t get from the builder or their representatives. Here you will get details of all the projects that are in the pipeline submitted by the builder and awaiting EC.
Be informed before Investing or buying.
san
Hi Arnav,
I too have booked in Gulmohar, as i had equired with 2-3 people from prestige they are sure that its not JV, i felt its true…
So.. whats the dispute ?
No evidence of any dispute .
Anyone contacted Prestige to know if there is a dispute?
Has anyone booked in Gulmohar?
What is the price?
Someone said it is Rs.4500/-, buzzbis at 4750
At this price i feel it is a decent buy, would have been good if it was 4000-4200
I saw Living Walls project called Another sky at Horamavu banaswadi junction. They r quoting 6k psft. New builder, plans & specs impressive.
If u compare that i feel Gulmohar at 4500 is good to pursue. Anything more will pinch for a pre launch
This is a joint venture and that builder is famous for low quality construction and delayed projects.. I. Changed my plan ,not sure why prestige is going with such things
who is the other builder? I didn’t hear anything of the sort from the prestige and the channel partners.
@Owais – Yes the prelaunch price is 4500/- .
positive, can you please elaborate joint venture here? I thought Prestige is the only party involved here.
I contacted Prestige about the Joint Venture with DRA, and complained about the poor quality of DRA projects .
They told me that DRA is the land owner, and the initial plan was to give some units to them, and the rest will be with Prestige. But, later on, Prestige has changed their mind, and bought the land outright from DRA … So, there is apparently no DRA involved now
yeah its just a hype…..
Channel partnr told launch is on 26th, but on 26th morning already they done with the first slot….
so people who went directly to prestige got allotted at 4500/-
really confused……:(
Avoid Real estate for few years..and save it to buy a house in Singapore or Australia..its worth..I live in koramangala near club..The apartment price here is 2 cr on-wards..2 days ago becoz of the rain the entire place was stinking..no proper drainage system
what is the point in buying in remote places?
I went to the pre launch show of Prestige Gulmohar y’day , the price they are quoting was 4750. Just to promote their sale and do the advertisement , they have sold out few unit with 4500 that to only through brokers and real-state agents . I went through PropTiger and filled all the forms 2 weeks back but these guys do not have any hold with Prestige group . Once I reach their , they said to me that all 4500 per sqft units are sold out , even though I have given them filled form along with post dated cheques towards advance booking .
Hi,
They are building 400 flats in 3.25 acres . Dont you guys think this is too cramped ?
Exactly ! Similar thoughts.. hence holding on !
Some of the projects surrounding Horamavu and check the pricing to get an overview.
http://www.proptiger.com/bangalore/property-sale-horamavu-50369
san
If you look property of prestige through out bangalore. they have more than 8 prelaunch property in all location. in the duration of 6months they have pre launched 5 projects which the work will start from december on words.i think investor will have a bad time.
Hi
Saw a lot of people who has invested in prestige property earlier and happy about the appreciation
However had anyone sold the appreciated apartments ?
Just wanted to check if the appreciation is only on papers or for real
Cheers
Gaurav
Its all about the brand, isn’t it ..:)
You never know what’s going to happen after 4-5 years..
There may well be an over supply of Flats in Bangalore..
But as of now the Prestige has a price atleast Rs.1000-per sqFeet more than the other smaller builders in Horamavu..
Yes there is always a buzz around the prestige property. But guys, lets not get caught in this. We don’t even have information regarding the Site plan and floorplan of units and because of all the hype people go on giving their cheques, thinking that it’s just a post dated cheque and they can back off if they didn’t like the project. Due to this builder not even care to publish even these basic information. Now coming to the project, Prestige no doubt is a premium builder, but they charge hefty premium for it. i.e atleast there price is normally higher by 800 -1000 Rs. per sqft over the market price. Also 4750 Rs. price is really high considering that undivided land share would not be high considering 400 units in 3.25 acres. Also 500 m from the railway track is not a nice place to be in, not just from the traffic point of view, but also the sound and vibrations because of passing by train. Please don’t get caught by optimism that a bridge would be built over that railway track. Better take an informed decision than in haste.
Hype to enchash the pre-luanch price.. post that price will be flat for 6 months..
I got a call from Prestige yest. The lady was sounding too desperate to sell the flats and was insisting to come on the weekend for site visit.
Rate quoted was 4750 psft. I think no need to rush for bookings and there are many better projects to compare and buy given you invest some time into it.
About Presitge, I feel, few of their projects are good and others are just average. We should not throw/invest our hard earned money blindly just on the basis of brand value.
A branded builder is launching residential project in a similar area of 3 acres on Hennur road , near classic apartments. 1.5 kms from Outer ring road. The tentative price what he Quoted is about Rs.5000 / sft with premium specification of Italian marble flooring and laminated wooden flooring for master bedroom.
As you know in prestige its a construction linked payment where as in other builder its time bound payment. So its always better to wait for some time rather than jumping the guns for just brand.When you compare horamavu road and Hennur road , hennur road is a far better location than horamavu road.
Just check out guys.
what’s the name, How to search for this project, Could you please share the name?
Hi Mahendra.
Which project are you talking about at hennur? Can you share the name please
I have been following this pre-launch and also getting a lot of calls from Channel partners for this property. Of course, this is a Prestige property so some premium has to be associated with it. However, I think there is a lot of speculation around what this premium should be.
While channel partners seems to go ga-ga over the whole re-launch conducting site visits (by the way, site is just a land parcel right now) and promising that the rates will shoot upto 5000 Rs. in the first day itself, it all seems like build up of collective hype. Let’s see point by point,
(1) Horamavu main road (towards the ORR and before the railway crossing) prices are in the range of 3,500 to 3,800. The property seems to be overpriced at 4,750 in the pre-launch stage.
(2) I know that many times builders cant hold their pre launch prices. Example is a Salarpuria property on KR Puram junction. It was launched at much higher rates and then builder had to drop prices as there was little demand. Here, the conditions are very similar (due to nature of area and railway crossing).
(3) there is a large community, Sovereign Unnathi coming up opposite to this site. It is almost constructed but not yet sold. The reasons may be again high price, railway crossing etc.
(4) Channel partners are saying that the construction will be over by December 17. For self use purposes, it is too far and considering expected delays, possession may be given around June 18.
Considering all these points, I guess it makes sense to wait and watch for some time. I feel the rate is too higher. Channel partners are building a kind of a bubble. Prestige is not announcing the prices as they want to test this bubble.If this bubble floats, Prestige will ride the wave.
Let me know your opinions on this. Channel partners clearly want to sell the moon when there is actually nothing on the ground…not even an indication on fully loaded costs (parking, floor rise charges etc.), what do you think?
You’re right.
Sovereign unnati is not finished coz builder is demanding more money from buyers. Buyers have gone to court against them.
Hi Mohan,
I looked into common floor for the project in that area and i definately see , prices from 3000-4400. See Chitrakut Amber for higher price. i did not find any A Grade builder(Shobha/Mantri/Brigade/Prestige/Purva etc) in that list 30-35 projects.
http://www.commonfloor.com/ongoing-apartments-in-horamavu/psl-tnlpmg
2 – Sorry did not know anything , so can not comment on this project. But would you site some more examples of A Grade Builder in across Bangalore, where prices were reduced after pre launch .
3 – Sovereign unnathi is huge project and here is the price list of the same. 925 SQFT 2 BHK apartment is being quoted @45L(base price + car park)
http://www.sovereignunnathi.in/images/pricelist1.png
4 – Regarding this , any new project in prelaunch would be between 2.5-4 Years depending upon the size and builder. It’s trade off between wait and watch then react or do it now( as my few yrs experience in Bangalore real estate says that. Again not trying to convince .
Though i work as channel partner with prestige but these are the facts . i am putting across. If you or any decide to go for it, i would be happy to server them .
Pradeep
@ Paddy,
1) the question is whether the premium is justified or not?
2) I know of one project for which prices dropped. I am sure there might be few more examples when the market saw little bit of downturn in 2011-12. Anyways, I was comparing the property with a nearby A-grade builder property. So the intention is to find the trend in the same area.
3) Because of the price positioning, I understand that sovereign unnathi is in some litigation issue. However, I am not sure about this or have not verified this.
4) Agreed, it is a tough decision to take.
very well analyzed.
Well, to your second point :
Let’s assume I jump the gun and book at 4750 but later on the prices are dropped. Will I get the refund from Prestige ?
A fictional scenario , but can anyone throw any light on this ?
Best,
@Anon – Let me answer your question in two steps 1 – As a customer , i would logically want that and few companies(online retail stores like flipcart) do entertain it within few days if price of the product goes down after i purchase. Not beyond 5-7 days.
2 – As an observer – I have not seen that happening(prices going below prelaunch) in Bangalore Real estate market from A Grade Builder.
Regarding Mr. Mohan’s comment on Salarpuria property near KR Puram, assuming it is Salapuria Celsta, it was pre launched @4590 in Aug/Sep 2013 and i see July 2014 price update @5390 . Thats 800 Rupee gain on paper in 9-12 months 🙂 . These prices are mentioned from below link.
http://harshasagar.com/2013/08/21/pre-launch-salarpuria-celesta-kr-puram-old-madras-road/
Please let me know if you or anyone still interested in this project .
Pradeep
Anon – The max loss a customer has is 1% of sale value of cancellation. If Builder drop the prices below pre launch price .
1% of sale value would be around 50-70 INR/SQFT. So if builder reduces the price more than that. Cancel the current price and rebook if you still want to go 🙂 and assuming builder would not refund the difference. Again this is just hypothetical response to the fictional scenario 🙂 .
I fail to understand, why so much of hurry, by both investor and builder?
Why not the builder get all the approvals, floor plans and finances settled and then go for a formal launch? Why use investor’s money to mitigate your own risk?
As per builder’s assumption, prices are ANYWAY going to go up. So, why not wait and complete your homework before you launch a property?
This is just because of people who jump on it hearing that it is A grade builder. Whoever books those apartments are 90% investors who want to sell it of at a later stage. Because of such ppl the property price is going up even though there is little demand for property. If you are an investor go for it, 95% you may get good returns. If a genuine buyer looking for self occupancy, wait or go for completed projects from small builders. You will get better carpet area and better price and you can save on maintenance. This is what my experience.
Manjushree, prelaunch schemes provide funds at no cost to the builders. The builders can reduce their debt burden or have surplus finances in advance which can be parked somewhere else…
Mohan, Unnathi is sold out fully at throw away price. Its all second sale now. And there is no comparison between Unnathi and Prestige. Prestige has a class of its own. I think we need to evaluate with the pros and cons of this project and compare with simillar builders in the area like Sobha/Salarpuria/Nitish. Ofcourse the prestige price is a bit higher then. Nitish Melbourne 5500 is comparable in terms of location and completion period. Sobha city is 6000, its in advanced stage of construction. I feel 4300 to 4500 would have been a good price for Prestige, as its approvals may be yet to come. And slight differences are there always. Not a bad deal so.
Please can someone provide some details about the Project. I went to site .. it is on main Horamavu road next to Maruti showroom. I want to know if there is any litigation or land issue. As Horamavu is full of revenue site without much approvals.. Pls advice.
Hi, I had seen the no SY 74/2 written on the wall of the premises. I believe you may get more details on denotify.org
However, I think that once the agreement process starts, we might get more details on the litigation et al; ( if any ). If anyone has other inputes then please do share.
My sincere request is please discuss about the project instead starting debate on the trends.
Is this a good project? 4750 in Hormavu is worth investing. Good thing i found is near to Manyata and cv raman and also MG. Please share your views
Pros:
2.5 KMS from ORR
there is a proposed Metro station also which should be 4-5 KMs from the project.
Price seems to be a bit high as Kolte Patil Mirabillis which is quite near to the project was asking for Rs 3950 ( although the project didn’t get launch yet, which is another story in itself.
Nearest Mall is Yet to open Elements mall which is in Thanisandra.
Kamnahalli is a good market which is near by. Not many restaurants in Horamavu though.
Hi Sahil,
Even I was contacted by channel partner and planning for a site visit tomorrow. They said project pre-launch may happen on 25/26 Sep. I’m looking for self-use. Do you mind sending your number on my email talk2samik@gmail.com so I can discuss pros and cons.
Thanks,
Samik
Hi Rupa,
do send me mail or let me know you contact and would send you detail of the project, what ever little is available as of now .
Pradeep
Hi Guys,
I have been approached by various channel partners claiming to get the best price and each one telling they are preferred partner. Now my worry is Which one is exactly the preferred Partner ?
Also, Is it a worthy investment.This is going to be for end use!
Why go through channel partners, it is always better to go directly…talk to the builder directly so that you know the actual information instead of filtered information….
Last year, I booked at Prestige Ivy Terraces through one of their channel partner, that person initially told me that he will give me 1% cashback as they get 2% as brokerage from Prestige….but later completely declined saying he never promised it…..Though I have not booked the apartment to get the cashback…but still I felt cheated by that channel partner since they only made the promise only to decline later…
Dear Dinesh
Can you name the channel partner who did this for you, These realtors has to be black listed if they promise and dont keep up
Thanks DInesh for reply.
None of them offered me any cash back but they are mentioning that on the day of allocation I stand a better chance if i go through them to get the deal at base price.
Further they are suggesting that the price for Prestige properties rise within the first day itself ?
I had contacted Prestige Helpline but they are not providing any concrete information on the launch as yet .
Again, Should i go through channel partners or go through Prestige directly. Any previous Prestige customers etc can comment ? TIA
It was indiahomes
@Sahil: I am an existing customer. And, I expressed my view, that going directly is always advantageous. If you go through the channel partner who will give you the guarantee that you will get the initial pricing. Talking to prestige sales person is always preferable. You can reach me at 9449471198 if you have any more query.
I was also approached by many channel partners guaranteeing me a lower price for 1st 50 bookings.. But after speaking to Prestige guys directly, they told that they have not yet disclosed any price & how can someone in the market guarantee a lower price when the price itself is not declared… now i am in a fix what to do? any suggestions?
prabhat..pls do not believe prestige and the broker.Its a marketing tactis to first test the response..if the response is bad then they might reduce to lesser price..
so prestige is well aware of the pricing and would suggest not to rush into booking..there could be some good smart cicites coming up with nice infrastrucutre where we can live peacefully..it may take time…so hold on to your investments..the sky is not going to fall
Red, thanks for your suggestion
Indiahomes is the worst channel partner. Had similar experience with them on Prestige Ivy terrace and another project. MAke money and exit is their motto. Once booking is done, no further services and promises are kept by them. Avoid them at any cost.
Having said that, not all channel partners are same. There are good ones – AMS. Have seen a sea difference in AMS dealing against that by Indiahomes.
Mr.rehman , first of all the realtor has not cheated u in terms of price or availability. If you are so concerns you go buy directly from builder.
The realtor does his work so he gets the commission and why u want to beg for his peace of cake.
I hope you are also In to some other business and u know how much you need to struggle to generate revenue .
Don’t beg for something which is not yours.
Hi Dinesh,
I agree with you on that if someone commit and dont obey their commitment thats cheating. But not all fingers are same. I do work as channel partner but my logic is, rather than over selling , i do say my view and then customer has to decide what they want. As far as hiding the information or misleading the information by channel partner, even if you book through channel partner, customers communication to builder is always open. Channel partner can not stop customer in communicating with builder.
This is just my personal view.
Pradeep
So 2 bhk totak price will come to around 70 lakhs??
Isnt that too high for a pre launch??
Who r the people buying these properties??
The area has a lot of congestion and the prevailing rate in the area is 3700 psqft. Even though this is prestige’s project, yet very less undivided land share and snakes in the area dont make it a good deal unless the price is lessser than 4k psft
Where exactly is the location?
Any idea about the railway crossing just before gulmohar ? Today I visited the site and looks like a busy street on a Saturday noon . Also can anybody share views about ROI and the negative factor ( low UDS and high price ) ?
How far from horamavu railway crossing?.
About 900 meter ..and the road traffic is as bad as Whitefield…..but of course it s in prestige brand name …
Is the location before or after the railway crossing?
there are close to 1 lakh homes unsold and 1 lakh empty in bangalore..so think before you can book..its my sincere advise..you can rent a 1cr apartment for 20-25k in bangalore and enjoy life..instead of paying 1 lac pm EMI
do not go by the pre-launch information..this is my honest opinion.
Can you please name few property which are available at cheaper price. searching for last 1 year for a good rate or atleast value for money but couldn’t find it.
Rent: you will see many ads but when actually try to rent a good property in tier a building you get 2bhk in 23-24 + maintenance. money we spend in rent is completely waste…after 10 years you will realize that i already spent 30-40L in rent :O
hi ravi..if you are looking for swimming pool and other recreational facilities then u end up paying 25+ else you can still get decent 2bhk for 20k
There were some who thought the same way back in 2004, when the cost of a Grade A apartment was 25 Lakhs. There are some who thinks the same today in 2014 and there will be some who will think the same way in 2024. New set of eligible people come in to the earning class every year or decade at different levels of society, Buy for your requirement and within your budget and for self use. if you already have your home then be content unless you wish to invest for the future which should be based on your belief that on the long run the investment will give good returns and your capacity to fund the same and hold on. Analyse the past and take the decision in the present. Do not take advise from people to take your own decision on buying, you can take advice on the property and project if it is the right one for you. If you want to buy go ahead and buy if it is within your reach, either this or any other project, it could also be a piece of land with a house on it. It is always better to have something of your own than to rent however small the place you own. Don’t give thoughts to inventories of sold and vacant units in the market, these are only looked into by people who looks at buying as an investment for trading and not for own use.
san
Hi expert,
In comparing the other pre launch project and comparing the Prestige location @Horamau the price is exorbitently high , because Horamau price trend is below 4K and what about the no of Houses doesn’t more than 400 homes in mere 3.5 acres give us a very Low UDS (un divided share ). Its very High rise 18/26 flr and more blocks, So how much is open area for amenties. Will there be a growth as compared to other project .
Decent price..slightly on the higher side.
Excellent location, and the price is within affordable limit. I think they are trying to replicate the success of their Ivy Terraces project where we (the buyers) got 20% appreciation within a year. Jade pavilion didn’t gave them that much success because the price was out of range for many people…
This project will also rock like Ivy Terraces…