Prestige Misty Waters @ Hebbal
Prestige group will soon announce the pre-launch of their new apartment project in Hebbal called Prestige Misty Waters. Expected official launch is mid November.
Prestige Misty Waters Options
- 2BR
- 2.5BR
- 3BR
- 4BR
Areas are in the range of 1133sft -2419sft
Prestige Misty Waters Location
Hebbal, Off ORR, North Bangalore
Key Distances
- Hebbal Flyover 1 km
- Manyatha Tech 2.5 kms
Prestige Misty Waters Price
Special Price of Rs.5500/- valid for first few bookings, you can get in touch with our sponsors on the numbers below to avail the offer and for information on the exact terms and conditions.
Booking Amount
2BR- 3Lacs, 2.5BR- 4Lacs, 3BR- 5Lacs, 4BR- 7.5lacs
Please check the rentals for 3bhk now. Manjushree claims didn’t work.
Prestige real estate is a big time cheat. They will promise something and deliver something else. Mistry water is a burning example of this. The so called premium property is a complete waste of money, if you compare with the quality delivered. Never ever book through Prestige.
And think 100 times before booking, because if you have paid a rupee, you can’t recover back from Prestige for ages and no one from their team will be available. Big time fraud company
genuine buyers are not complaining. its a great property. price has appreciated from 5500 to 8500+ . check yourself
What is the Undivided Land Share for the 2BHK apartment .
Hi All,
Although this project is located in close proximity to the outer ring road and therefore was on my shortlist, I decided to skip it for the following factors.
1. Drainage/Sewage next to property – Although well concealed by trees, the drainage/sewage is located right next to the property. While one could compromise with the location of the drainage/sewage what is more shocking is that sewer trucks come to the drainage/sewage bridge (next to PMW entry gate) to empty their septic tanks into the drainage/sewage.
2. Dumping Bridge – More often than not you would also find garbage trucks and heavy vehicles parked on the drainage/sewage bridge. There is a garbage dump on the other side of the drainage/sewage next to the Maruthi Suzuki service center. Not just trucks, even neighborhood people come to this bridge to dump their garbage over the bridge into the drainage.
3. The road condition at present is worse – Although this is very common in Bangalore, what cannot be ignored is huge lake formations that occurs, when it pours. Just 200 meters from PMW towards Jain Heritage School, drain/sewage water along with rain water forms a mini lake though which courageous 2 wheelers often drive through during the monsoons.
4. Accessibility – while the location itself is amazing, what isn’t cool is that people who exit PMW and are travelling towards Mekri circle will have to travel until Veeranapalya flyover to take a U turn and head back towards Hebbal and then Mekri. This sounds easy but between (9:30 to 11:00 AM) and (4:30 to 7:00 PM) Veeranapalya flyover is made exclusive for Manyata Tech Park entry and exits. You will have to spend a lot of time waiting in huge traffic jams.
5. Stray Dogs – No need to be cynical here, where there is garbage there are pack of stray dogs scouting for food, another common problem in Bangalore – but these dogs tend to hand out near the PMW gate/Drainage bridge.
6. Service Lane of ORR – If you were sitting in your balcony of your road facing apartment then somewhere through the trees you can easily spot expensive cars stopping by in the service lane of ORR to dump their garbage on the footpath of the service lane of ORR. Also this service lane acts a pit stops for heavy vehicles plying though ORR at night.
7. No Shops/Supermarkets nearby – You will find a Patangali shop near Jain Heritage School on PMW road but apart from that nothing else is available. You will have to travel until the perpendicular T junction to find some shops but no supermarkets. The nearest supermarket is Families, but that is at least a kilometer away.
While I have listed the factors that dissuaded me from buying a property here, there might be more pros – that home buyers of PWM might have considered while investing in this project. I wish them all the luck.
This was my experience with Prestige Misty Waters.
Thanks!
Abhinav, Very thoughtful review. I understand you did lot of ground work before putting your views on internet.
Unfortunately, you will be called as “fake”, stupid sales people and moronic investors. Be ready to deal with it.
No, I saw it and he is spot on correct. This is misty sewage waters.
Lol! Short circuit to ur circuit? Its ready for possession and thanks for your new name
Well said!!! These are the exact same reasons why we dropped out of this project.
But Prestige has already sold most of the flats to NRIs mentioning the drainage facing flats as forest/lake facing flats .
I wonder what happens when an NRI who bought a forest facing flat comes to the flat , opens the balcony and finds a drainage view instead of a forest view .
You , Abhinav and many ohers should get Harsha sagar ! Best Critics Award! hehehe!!.. Godrej Apts neaby has aprts facing Parsi Tower of silence!… hehe!… many A grade projects Sobha Petunia and others have slums and waste lands in their backyard! … Why dont u spend your time otheir forums too!… Negative publicity itself a publicity !…hehehe!
Why u barking! If u aren’t buying!..
Respect ur decision , if u aren’t, somebody else will..
.the project is not completed , so till then around any construction site , u will find these irregularities., Road not done , garbage issues , debris here and there ,ared not developed , area in mess, Rome was not built in a day etc etc..
U need to take a holistic or a futuristic view with a bit of common sense .
If u have been following this projects since 2012 Dec. Then there is difference in the area then and now. Ring road service roads being tarred , approached road being fixed , other stuff, it will be visible if one is passing that side alomost everyday ,which we do…
1.sewer trucks and other issues can be asked by authorities later ,who later will close the access to it . temporary issue!!
2. Dumping bridge , like u call it , is not a permanent one , it can be stopped or sorted out .No public works dept will continue letting that happen.
3.thank u pointing out , drains and road conditions will get widened and improved .u haven’t seen it 2012 when there was no road , when the project started , unauthorized construction was removed , road was widened and tarred
4. May u need Google maps!!.this happens to people staying on big main roads next to ring roads or cities like Mumbai or other metros.if u want to go to kr puram, its straight road …
for hebbal u can use the behind exit.from esteem mall and take flyover to city.
.there’s are 2 access roads on other side which takes u kempapura or karle town and on other side to esteem mall. Traffic is part of life , if u want development , good rental , then areas around u will have traffic or crowded.have a look at other ring roads at marathhalli , Orr. Etc . I
5.
Stray dogs!! Hehehe!! How come these dogs got some limelight here and a cause of worry in this 1 cr+ project…will ask the watch man to not let them in and disturb ur peace.
6……same pessimistic point in different ways raised
7. obviously once a area develops , shops and other amenities wood come in. Will u open / invest in opening a a store now.if there are no people staying in vicinity
8. Thank u for your concern and luck.we will keep it with us and cherish it!..
meanwhile all the best to you to buy THE perfect property your buying elsewhere !…
Visited the project this past Sunday, and most of the issues discussed here were genuine.
While one can live with the Drainage next door, just hope Prestige is able to clean the surroundings a little.
I booked a flat at Kew Gardens Bangalore by Prestige Estates ( hereon called PKG) thinking it would be hassle free exp and good to buy in. My agony started soon after booking. all terms and conditions are skewed in favor of PKG. No clarity on possession date, ceiling height, GST credit, etc etc.
GST Credit
Though I booked in 2016 and GST got introduced in Jul 2017, builder increased my taxes on bimonthly EMI by 2 % citing new GST law. Govt directive is very clear to not increase prices of under const properties. However, PKG being a listed company is going against the anti-profiteering clause of Govt of India and charging at 18% of construction which translates to 12% of total value up from10% pre-GST. No accountability for Input Credits.
Payment Terms
The payment terms are not construction linked and scheduled bimonthly. Though banks need construction updates to release funds – PKG wants us to push banks to release funds.
Ceiling Height
Being in close proximity to the airport, prestige was unwilling to share the ceiling ht we wd get inside the apt. every person individual buyers interacted with got different nos based on their mode of the day.
Alto v/s Merc
when we asked too many queries post booking – we were told we paid for Alto and expecting a Merc. This language is kind of demeaning their own projects.
Channel partners
They have engaged multiple Channel Partners which benefits them. When we book initially through them – we are offered incentives like a discount of 50Rs per sq ft, no floor rise etc. However, this discount is not upfront. We first pay to Prestige who after sitting on the amount for some time ( until agreement) – and are promised cashback post that. However, this cashback never comes. It would be foolish to believe that this scam is run without the consent of PKG. Bookaprop, Proptiger, etc are some names os such esteemed partners. Even after 2 yrs of booking – buyers are waiting for this cashback.
Worst CRM
I do not know why they need a CRM team – there is nothing to manage except forwarding emails and making buyers wait for responses.
Nishrah, Aamera, Monika, Somali, Harshad, Sujit, Subh – we dealt with all of them – they are hell-bent on breaking buyer unity. We dealt with all of them.
Unprofessional Agreement
Initially, we refused to sign the agreements as the line items were skewed in their favor. They were asking us to get furniture from their preferred vendors (at exorbitant rates – we all know). They agree to strike of that clause and made it optional by issuing an addendum to the agreement – which was so unprofessional that it did not have the name of the signatory.
These are some of the pain points that have gone into my buying of an apt. I wish no buyer have to go thru this. Anyone to buys an apt pl consider above before buying.
One thing is very clear here – whether you buy from a big builder or small – any city in India – they will talk sweet until they get your money. Once booked you ar on your own.
i want to buy a 4 bhk higher floor facing nagwara lake. ann leads please, fwd on
excellent insight into the project, very much helpful. Thanks.
If you cannot afford the project, you will come up with all kinds of analysis paralysis. Go buy DreamzGK
Digvijay singh ji!!!
It is not about affordability … People are raising genuine concerns..
Go buy if you want…. No one stops you
Just stand near the front gate and say you cannot smell the drainage … We will accept what you say .
Which area in bangalore does not smell? Go to Diamond District on Old Airport Road and smell.
by the way, why would you stand near the front gate and smell? get a house to live in, instead of standing in front of gates
As per the NGT order, All structures within 75 metres of water bodies will need to be demolished.
Will Tower 4 and Tower 5 be demolished as well ?
http://www.bangaloremirror.com/bangalore/cover-story/The-lakeside-view-not-so-pretty-now/articleshow/52136251.cms
I don’t think so, Prestige will manage govt officials very easily with bribes for 1-2 years after possession. After that all the buyers are screwed so well that we cant even describe. But most of the buyers are morons who dont even do any brackground check before proceeding, so thats okay.
Same story with prestige white meadows project on whitefield mainroad, which is still under horrible disputes but see buyers are still buying without any concern.!
Cynicism is idealism, gone sour in the face of frustration
Yeah right :))
Rajesha woke up after almost a year
Thats true, because i’m not a sales person like you. 🙂
Great. People are occupying the flats now.
Ngt order is not impacting on going projects. Only for new projects
This means their phase 2 will be impacted ….
That is not true. The ngt order was applicable to Mantri project which already was ongoing and had all approvals. Recently structures were demolished in whitefield in the buffer zone behind kalyani tech park
Hi guys,
I am planning to invest in PMW phase 1 – 2BHK. Are there any specifics in terms of land paper/approvals/clearance/ or other concerns that I would be aware of. Please chime in.
With Prestige Misty Waters – Phase 2 (Building 4) coming up will we get the possession on time ?? will all the clearance approval happen on time ?? Big Question (I think there will be further delay)
Good News is the price has gone upto Rs 7500 – 8000 per sqft (Lake facing) for Phase 2
John
Hello Jimmy,
Are you saying new building (Phase 2 – Building 4) is getting pre-launch or referring to Fourth Tower of PMW development?
Also is that builder rate of Rs 7500-8000 per sqft or market rate?
I know builder is still selling at 6500 base rate…..and dont know how many more inventory they have left.
Looks like indian property market is around the collapse as suddenly millions of inventory has been build and no real buyer with that price money.
Sid
You are right its building 5 PMW phase II – https://www.youtube.com/watch?v=ndadrg1bXRY (has any body invested in it from this group ??)
Price will go up, I think there will be delay in possession in Phase-I due to construction of Phase II. Heard lot of people are booking due to success of phase-I and speedy construction. Check out the development link. (Good Job)
http://www.prestigeconstructions.com/misty-waters/overview.php
Soni.
What about the drainage next to the apartment ? I had a site visit recently and could not bear the sewage smell . Won’t the sewage water mix with ground water and come into the apartment ? How hazardous is it to use this drainage water with ground water ?
It is a storm water drain. NOT sewage water. UNfortunately all storm water drains are polluted. Even in Indiranagar there is a storm water drain.All water that is available underground elsewhere is percolated through the ground irrespective of where it is from. We cannot claim it to be hazardous
Infact i heard from builder that it is cauvery water and drinkable. :p
Interesting comment. Why can they not ask the Government to supply to various people using pipeline
Interested to buy a 3BHK in PMW. Anyone planning to sell ? Please email me at
Is current price Rs.6500 per sqft?
https://www.proptiger.com/bangalore/hebbal/prestige-misty-waters-513485
Hi Manjushree and others…
I need an advice from you .
My daughter joined school in Kempapura, Hebbal and PMW looked convenient to both my daughter and my work place .
I enquired for 3 BHKs and the Prestige team said only 2 are available, and these 2 are very uninteresting ones in terms of layouts and ventilation. I was hoping that any builder will keep some flats with him till possession/completion, and sell them at the very last minute at higher prices. Is that the same with Prestige as well ? Or should we believe them when they say only 2 3BHKs are left ? Obviously, I am not going to book these uninteresting 3 BHKs .
Also, would we be getting any better deals/discounts from investors if we bargain with them ?
Hi,
I purchased a apartment in 1333sqft 2.5 BHK on tower 3. During the discussion with the sales person from PMW, they handed over a price sheet and at the bottom of the table it had note:
Note:
Registration charges, VAT, Service Tax and any other taxes as applicable are payable at the time of possession based on the then prevailing guidelines.
But now PMW has sent a letter requesting for payment of service tax and VAT even when it is not available for possession. But they claim it is included in the contract.
This is ridiculous and i think PWM misleading consumers by providing false information. Do any of the owners of PWM also received such letters?
Thanks,
Ajey
Yes even I have got letter asking VAT and service tax to be paid for 40% of amount used for construction so far. I do not know if it is right to pay now as the amount will go to prestige account and they will earn interest if we all need to talk to prestige as a whole and take decision to pay at the time of possession I feel. If otherwise let me know I am good to pay if it is agreed and 1st installment due to us.
Thanks,
Minesh
Dear Ajey/ Minesh ,
I have also booked apartment in PMW and got the same letter. We must ask them if Prestige has received any demand note for VAT & service tax from State government?
Also I am worried about construction progress at site. Even after repeated request to Komal I am not getting site progress pics.
@ Shreeram.
You can see the progress in the website. Every 2 Months they will upload the photos. For Tower 3 19th Floor is in progress
Hello PMW Team,
Could you please clear that how safe investment in PMW since its very close to Lake, Its too much confusing due to recent lake bed recovery from Government. What is the possession completion time. I am interested since Its very close to my Office in Manyata but get my things clarified prior decision.
Regards,
Bhaskar.
Regards,
Bhaskar.
Is it Safe to Invest in PMW ? Lot of my friends have invested in it and are very bullish on the ROI in the Hebbal Area, let me know ?
HS
Alert:
Pl note: headline is about the goverment brining down houses in lake beds even though they were all approved by BDA. Seems they targeting all lakes. Here is the link
http://m.timesofindia.com/city/bengaluru/BDA-sites-no-longer-a-safe-investment/articleshow/47169353.cms
Yes we are aware of the same and builders are getting fined building near the lake – as Mantri got it – We all hope Prestige has got all the approvals. (Can someone check)
Latest news about Mantri….
Mantri is fined 118 crore for building without clearance and it happens to be on the lake bed.
http://www.newindianexpress.com/cities/bengaluru/Mantri-Developers-Examines-NGT-Order-Bellandur-Buoyed/2015/05/09/article2805253.ece
Guys watch out its prestige now:
http://www.bangaloremirror.com/Bangalore/Others/Rs-1000-cr-land-taken-back-from-builder-by-govt/articleshow/47422044.cms
Investors are worried now!!
Noor
Tower 4 of Misty Waters is located right next to the reserve forest and Nagawara lake …
This tower might be the risky one, and probably not other towers …
How do we check if this tower is built on approved lands ? As per the above bangalore mirror link, Prestige has approvals for White Meadows, but it was sold to them by someone who cheated the government .
@Noor
>>>> Investors are worried now!!
It’s a double whammy for the investors. They are unable to sell their flats for a long time and have been incurring LOSSES already. And now this govt. orders jeopardizing their investments further.
But are these govt. directives self inflected by the builders to further delay the construction? Where was Bengaluru Urban district administration when Bangalore RE was in upswing and builders were illegally grabbing land all around? They made hay while the sun shone. Now they have woken up to save Bangalore ..!!!!
Where was National Green Tribunal (NGT) when lakes were rampantly encroached by these ever avaricious builder’s lobby? Entire Bagmane Tech Park is built on the land encroached on lake. We only read about govt. agencies slapping fines on builders but we never come to know whether such fines are ever paid or settled internally.
Such govt. directives, however, come handy for the builders who have no intentions and money left to continue the construction activity. For these builders, most of the inflow is now going out in the debt repayment. Most of the “offers”, 20-80 schemes etc have turned into SCAMS, where investors are waiting for EMI payments for 3-4 months. Govt. orders only give them reasons to delay projects, while investors suffer paying up EMIs and being locked up with their investments for life.
Bangalore Real Estate has turned into a dead investment zone. Investors must start looking elsewhere.
@ Manjushree
PMW has all the approvals including the NGT and this is approved by BDA plus they have all the paperwork, guys if there is any issues pl talk to Aamir or Komal from Prestige Group directly – (25591080/25128559)
They will give the exact details – Manjushree Madam pl stop spreading rumors. This is a very safe & good investment and you all will see the returns soon. (sqft rate has already gone up)
James
>>>>This is a very safe & good investment.
Even Prestige Meadows was a very safe and good investment till a few weeks back.
@james Hi james, not to contradict with anyone here. But prestige white meadows was having all approvals in place. But see the news below:
http://www.bangaloremirror.com/bangalore/others/Rs-1000-cr-land-taken-back-from-builder-by-govt/articleshow/47422044.cms
@James
Once bitten twice shy, Investors must tread cautiously in this market. They have more to lose than to gain.
Prestige White Meadows, too, had all the approvals, but that did not help either.
As I said earlier, these govt. orders may be self inflicted by the builder himself to slow down the construction activity.
Where were these govt. agencies when they registered such dubious land deals? And how can BDA approve such projects at the first place?
Why is it that only INVESTORS get the short end of the stick?
And about home-buyers, well, they are long gone……
Hi Manjushree,
Could you please provide me your contact details on this email ID? – , We are looking to do a buyer oriented story for a news show and would like to get in touch with you.
classic case of sour grapes. check prices on magic bricks. prices start at 6750 with construction on track. they are already completing flooring and basic interiors of the apartments. prices will reach 7000 soon and 8000 plus during possession next year
@ James pl cross check the work has slow-down – Wonder Why ?? (And people are not responding to the phone ?? – where is the corporate communication ?? from PMW )
I feel sorry for the investors. (Every thing is lost for White Meadows)
Sai
Govt body registers the land, Govt body collects taxes, Govt body approves the plan, Govt body after some years realizes that they were sleeping and did a mistake. They become active to prove their inefficiency all through the years of their functioning between all their departments. Shouldn’t they pay the compensation for their inefficiency and their credibility becoming a laughing stock.
How can you trust a BDA, BBMP, BMRDA, BIAPPA at all when plots/apartments approved by them are sold, which may turn out to be a scam after 30 years and they may come up with another story and take them back.
There needs to be transparency and better system. Make registration online, make clear demarcation of land with respect to its use and ownership which is understandable by a common man.
With the recent developments all properties near by lake are dangerous for Investment. May be 30 years back the lake was bigger than what it is now which will make the property a risk. A common man will not know that.
Whom to trust.
san
san
@sam – Agree with you SAM. its going to be tough for real esate business..since most of them wanted to make quick bucks..by hook or crook they bribe the officers, fake the document and get the approval. When an honest officers asks questions or does some investigation all worms will come out..its better to wait for YEARS till there is a clarity on this..The best option available now is the rental home.
@san0077
>>>>> With the recent developments all properties near by lake are dangerous for Investment.
Even the developments which are not near lakes can be dangerous, for who knows the entire building may be standing on the bed of an “invisible” lake that existed 40 years ago..!!!
Govt. authorities are in cahoots with the builder’s lobby. They wake up only at the opportune moments. Now that their “commissions” from land deals and plan approvals have gone down, they woke up to collect their commissions with some other pretext.
People want to know:
Where were these govt. agencies when Bangalore Real Estate was in Upswing? Why didn’t they act then? Does it not show your incompetence?
Why the Common man always suffers?
Friends,
Kindly be noted that as there exists a lake neighboring to the our PMW project the Lake buffer zone/set back as per the BDA norms has been left without any kind of construction in our project land. This can be clearly seen from the Development Plan approved by the Bangalore Development Authority. The construction in the site is being carried out as per the plan approved by the Bangalore Development Authority clearly leaving the lake buffer zone as per applicable laws.
Our project lands are consisting of land in Sy.No.6XX/2XXA, 2XXB and 2XXC of Hebbal Ammanikere Village and Sy.No.21XX/3YY and 21XX/4YY of Kempapura Villages and no encroachment of lake property is made.
The Construction in the Sites are on the above said Sy.Nos. purchased by us after leaving the buffer zone in our property itself. Hence there is no question of encroachment/illegal construction.
Rest assured Project Misty Waters has clear titles and going as per the plan.
PMW Team.
@Manjushree
How many properties have you invested in? You seem to be an expert on the sector, so would like to know your experience in investing in RE. Or is it just a case of sour grapes?
Very Happy With the Progress made so far by the Prestige Misty Water – Team. (A great place to live)
I hope they improve the approach road to the building from the main road.
Can anyone tell me what is the ongoing price now ??
Seema
heard it is 6750 to 7000
@anon
6750 to 7000 ?? Ney…. no way … check this listing:
http://www.commonfloor.com/listing/4bhk-apartment-for-sale-in-hebbal-bangalore-at-prestige-misty-waters/5507dd4160ae0
Rs 1.54 Cr (+ Reg) for 2476 Sq. Ft (ALL INCLUSIVE except for DEPOSITS, Registration, and taxes)
Do your math, it comes to Rs 6219.71 per Sq. Ft.
But we have not considered other superfluous charges (floor rise, car parking etc), which are already included in this price. If we exclude them, it will be less than 6K per sq. ft….probably in the range of 5,500 per Sq. Ft.
But hey, investors were expecting it to touch 10K by this time, weren’t they? What happened suddenly?
Friends/ ManjuShree Madam,
What do you think will be a rental charge for a 3 bedroom in this society PMW ??
55,000/- to 70,000/- per month ?? (Do you think it will be better to rent v/s buy) ?? I heard the builder is giving lot of amenities.)
(Will long term investment will be a good idea in this area ??) will the price go to Rs 9,000/- per sqft. in next 5 years ? (Considering – Karle Zenith & Equinox Water’s Edge is starting at Rs 9000 to 10,000 per sqft just opposite to PMW)
Do you think value of KZ and Equinox is better compared to PMW ??
Pl advice
Sai.
@Sai
55,000/- to 70,000/- rent per month ??
I believe, for PMW, Prestige Shantiniketan should be good comparison for rentals.
If you check these listings:
http://www.commonfloor.com/listing/3bhk-apartment-for-rent-in-whitefield-bangalore-at-prestige-shantiniketan/5194b37d5545e
http://www.commonfloor.com/listing/3bhk-apartment-for-rent-in-whitefield-bangalore-at-prestige-shantiniketan/550b0dc937641
rents for 3 BHK (1830 sq. ft.) starts at as low as 29,000/-. We all know, Prestige Shantiniketan is equally or more closer to IT hubs as does PMW. Amenities are also comparable; pretty much standard stuff.
So, Would you expect the rentals to be double in PMW than Shantiniketan ?
For 3-4 BHK apartments in Bangalore, rents of 55,000/- to 70,000/- are unheard of unless its located in CBD. Any rental above 35k is unsustainable, as the tenant will be able to find equally good options at cheaper prices. Why would he pay more? He will move out sooner than later. So, effectively, landlords don’t make more than 35k per month averaged ANNUALLY.
Comparison of PMW, KZ and Equinox is already discussed in this forum, so, I will not delve on that further.
If you are looking for own use, I believe current rates at PMW are fine. Check for listings at commonfloor.com and talk to brokers. You should able to get a good deal in this sluggish RE market. Bargain hard.
If you are looking for investment, BEWARE.
rates are not going to touch 9K in the next 5 years. It’s been struck at 6250 for the last 2.5 years…!!!
These amenities are just glamorous. But are they really useful? I have heard in some function they will serve 20 items,30 items on lunch? Do people take it all? Will it be a healthy food? Consider a basic swimming pool. How often flats rejuvenate the water? Its a static pool of water and its shared by many people. You cannot even guarantee others are not even littering in it. Are they really clean? I will not have problem if we have your own swimming pool.But public amenities I am not having such hope.
have you ever seen any grade A developer project? have you ever invested in a property with such amenities? have you ever lived in a property with such amenities? go ahead to those buffets and serve as much as you can and go back to your hole. these have become a basic necessity.
Search for rent for 2 or 3 bhk near Hebbal, coffee board layout and you will see prices start from 20000 for unbranded apartments with no amenities. Prestige is premium and rentals should be higher then at least 25K for a 2bhk, so 3bhk should be around 30 to 35 minimum depending on your interiors.
Sai,
PMW is the best choice go ahead and invest in the same. Higher ROI compared to – Karle Zenith & Water Edge. It should touch 10,000/- in 5 years.
Adi
@Adi
>>>>>>>>>>It should touch 10,000/- in 5 years.
PMW is not going to touch 10k in the next 5 years.
Now, even if we believe its going to be 10k in 5 years, lets do our math:
Money put in FD:
———————–
Principle amount: 6250/- (current base price at PMW)
If put in FD with 8% interest, after 5 years, Interest gain: Rs.3037.17
Investment in PMW:
——————————
Current base Price: 6250/-
Add other charges: Car parking, floor rise, premium, deposits, registration, VAT, S.TAX, your effective buying rate will easily stand at 7250/-.
Selling Price: 10,000/- (assume)
So, effectively, you will make: 10,000 – 7250 = Rs 2750 per sq. ft.
( I have ignored taxes involved in both cases because just as you pay TDS on FD, so you will pay taxes when you sell your property after 5 years.)
(I have not even added the brokerages involved if you chose to sell via brokers.)
So, your Net “gain” by investing in PMW over FD is: 2750 – 3037 = (—) Rs 287
In other words, by investing in PMW, you LOSE Rs 287 per sq.ft because of the opportunity cost .
Nor you will be able to rent out your apartment at Rs 287 per sq. ft to make up for this lose.
Remember, this is considering that you are able to sell it at 10k (unlikely) . If you are not able to sell it after 5 years, opportunity cost will increases further, increasing your loss.
Whereas by putting in FD, your Gain after 5 years is: Rs.3037.17 per sq. Even if you deduct 30% on TDS, you still make a GAIN more than PMW investment.
Whatever you chose to invest your hard earned money, chose wisely.
Good Luck.
1. Here tax can’t be same,as property is capiatl gain tax. long term will lesser than normal income tax and depriciation amount also used in calculating captital gain.
2. You have not calculated the rental income on unit while calculating income.
Thanks
@Krishna Vangala
1. ONLY IF the property is held for more than 3 years, TAX will be levied at flat 20%. Otherwise, you pay at personal income slab, mostly at 30%.
2. Rental income? Well, those are peanuts after blocking 90% of the total investment for 4-5 years, waiting for the project to complete. And it’s only on completion that you get to see those “chicken feed” rental incomes to console yourself.
In most cases, rental income doesn’t even cover the money you send on interiors before giving out for rent. How about TAX on the rental income?
One don’t need pay upfront 90%. you will be paying over 3 to 4 yrs for that amount. say 25 % each year. One can get interest for the amount not paid.
In your calculation you have assumed all the amount paid once and upfront.
If you paid upfront all the most, generally in case of immediate registration. that case you can add rental income of ( ~25000 per month for 2BHK) and long term capital gains .
If immediate registration is not the case you will not be paying upfront all the amount.
Prestige is launching phase 2 of this. so call prestige for the latest price. Expert Manjushree might not be aware of offline prices
@anon
Most of us are unaware of OFFLINE prices.
So, you mean to say, Prestige is selling at prices lower than ONLINE price of INR 6250 ?? ………. Interesting.
Investors should go for OFFLINE prices then and dump current Phase-I investors, who are holding on to their investment to sell at higher rates.
The cushion of HYPE created by builders gives them enough room to sell at cheaper rates, especially so, in a down market.