Anybody has some idea of the Mayfair anthem project near the ORR marthahalli bangalore?

1

Hi All,

Recently i come across to the following new residential project near the Outer ring road marthahalli behind the Vrindavan tech park.

http://www.srivathsainc.com/index.php?page=1&id=1

According to me are the following are +ves and -ves

+ves:

1. Location is good on close to main road, close to Outer ring road and many big it hubs.

2. Plans are good, no common walls and should be spacious and well lighted ventilated.

-Ves

1. Builder is very new and it is their first project in bangalore, they said they have completed 10+ projects in HYD but look like many of them are small projects.

2. Not sure about the brand of the builder and quality of the construction will be?

3. I heard some instances of builder not completing the project and ran away in between, and since builder is from HYD it is difficult to catch and track them.


kindly feel free to share more opinions and info if somebody has already booked.

 
asked December 10, 2011

25 Answers

1

I booked a flat there, but still I have not went ahead for agreement. I verified land documents with a lawer. The land record is completly clear. But the “Power of attoney” and the “Joint Development Agreement” is not registered with the Registrar office. Reason: the builders will have to pay 6 corore as stanp duty. For that the builder has assured that at time of the registration all the land owners will come for the registration of flats to individual owners. But I m not sure how much we can trust this? One another point, if the GPA is not registered then the agreement that we are going to sign with the builder is also void in front of court. Confused currently. But I have interacted a lot with Satish (MD) and Vyankat Rajesh, and with their attitude and dedication, I am making up my mind to take a chance. Feel free to advice me if I am wrong or to give more information. My mail ID:

1

Hi Nishu,


 


Lot of people have booked flats there and already cancelled due to above legal issues. JDA and GPA not registered. It will cost 75 lacs max for registering both the JDA and GPA for that project.  Developer will save 3 cr in tax if he dont register and sell flats like this.   You can ask for some written agreement that land owners need to come for registration. Builder will get a profit of 8 to 10cr. Even then to escape from tax etc they are asking customers to take risk ( infact they are saying it is not a risk) 🙂 .  You can ask them we (all buyers)  will bare the charges for registering JDA and GPA , then you will come to know what is his stand.


Even though location is good and plan is good , it is very difficult to go ahead with legal issues. When some dispute comes between landowner and developer , then you will be in deep waters (as you have no right on the property).


How come you are sure that they will deliver with good quality ? when they are tryiing to save some money by illegal means.  Rs3000 to 3300 /sqft for a new developer is a mere waste. Just see there website for already constructed apartments 🙂


Already from  lot of companies in and around that area (  intel, cisco, accenture,cessna,vtv etc ) people booked and cancelled flats.


I say BIG NO as legal issues are there along with quality concerns as he is new.


People who are going ahead are “FUNDING money for his experiments and illegal earning”


Regards,


RealEstate Don


 


 

1
Hi ,
I totally disagree with RealEstate don.  He seems to be a broker and Mayfair Anthem are not selling the flats through brokers.
Latest update/pics of this project is at  
http://www.facebook.com/pages/Owners-of-Mayfair-Anthem-Residential-Project-at-ORRBangalore
AND
http://groups.google.com/group/owners-of-mayfair-anthem-residential-project-at-orrbangalore ( you can update the status update etc at this link )
Today only me & Pratyush went at the site & met Satish (Builder ) & Venkat ( Project Head, Civil Engg ) .  We were somewhat satisfied with the proceedings in terms of project , legal documents , quality of the previous projects in Hyderabad , their attitude & project demand .   
Regards,
Avanish
1
High stamp duty clogs revenue flow
Since April, govt has hardly earned any money as developers evade registering property documents
By S Kushala
Posted On Tuesday, October 11, 2011

     
It was a move aimed to boost the revenue — increasing the stamp duty for registration of joint development agreements (JDAs) and general power of attorney (GPA) documents. But the developers seemed to have outsmarted the policy makers and the idea has bombed. The result —developers have stopped registering the JDAs and GPA documents.

The 6 per cent stamp duty on the registration of JDAs and GPA documents, which the state government introduced from this April, has gone awry. The steep rise in the stamp duty charges has not gone down well with Bangalore’s realtors, who are not declaring such documents. In the bargain, the government is even losing whatever little moolah it used to earn earlier from registration of JDAs and GPA documents.

Post April, the sub-registrar offices have hardly seen JDA and GPA registrations. “The move has had a negative impact. Earlier, the stamp duty was a maximum of Rs 1.65 lakh and builders used to declare JDAs. But now, nobody wants to pay such high stamp duty charges. Hence, it is resulting in evasion and revenue loss to the coffers,” a senior official in the stamps and registration department told Bangalore Mirror.

The sub-registrar offices across the city are not even registering two to three such documents a month. Prior to April 1, it was a flat 1 per cent stamp duty on JDA on the guidance value of property or a maximum of Rs 1.5 lakh and Rs 15,000 for GPA. The budget rolled out 6 per cent each for JDA and GPA registration, along with 0.72 per cent additional duty and surcharge.

The builders’ association had termed the 6 per cent stamp duty as meaningless and had appealed to the government to revert to the old system.

How it pinches developers?
Muni Venkatappa is a mid-segment builder who takes up residential projects on a joint development model. He hunts for a property that is about four to five acres, enters into a joint development agreement with the property owner and constructs housing complexes.

He has recently ventured into a Rs 5 crore apartment project on a plot of 2 acres. The joint development ratio is 60:40 — 60 per cent is developer’s share and 40 per cent is the property owner’s. For this transaction, Venkatappa has to draft a JDA and get a GPA in his name. Earlier, he paid Rs 1.65 lakh for the registration.

With the developer’s share being Rs 3 crore (60 per cent), with the new rule, he will have to cough up Rs 36 lakh (12 per cent) along with additional duty and surcharge for registration of JDA and GPA.

“Why should I shell out that much? Instead, I choose not to register the documents. Since the deal demands that I prepare a JDA and get a GPA from the property owner, I will get it done from the notary,” says Venkatappa.

Builders’ association has termed the 6 per cent stamp duty as meaningless

Copyright 2009 Bennett Coleman & Co. Ltd. . All rights reserved.
1

Hi All,

B. Sathish , MD , Srivathsa Constructions told me yesterday that they got the approval letter from SBI ‘s Advocate yesterday only.

Regards,
Avanish

0

Hi All,

     I am also planning to buy an apartment in mayfair anthem, the plan is too good and lot of variety to choose from. But having 2nd thought after these legal issues? is it good to go ahead ? Also, the booking amount is 2 lacs when compared to other builders? he is not tier1 builder also? also, can you let me know about the “Tetra Grand” Project coming up in that area? You can mail me @ .

Regards,

Madhan.J

0
0

Hi All,

Detailed Layout , Floor Plan , Specifications etc are available to download from http://groups.google.com/group/owners-of-mayfair-anthem-residential-project-at-orrbangalore

There, you can also download the agreement statement provided by Srivathsa Constructions Pvt Ltd.

Regards,
Avanish Kumar(A-205)
M-9916349993

0

Hi Avinash,

 

I am not a broker and dont want to argue with you on this.  I think you might have got a good deal  🙂 . Anyhow “All the Very Best”.

You have posted agreement documents related to Joint Development Agreement and General Power of Attorney. But they are not registered. Unless they are registered those documents doesnt have value.  Until they are registered builder wont be having any right to sell on unregistered JDA and GPA.  Even if he sells buyers wont be having any legal rights on the property.  Only landlord has the sole rights. He can say anytime that property belongs to me and can put a case.

You can talk with a lawyer and then post anything related to this.  Dont try to MISLEAD others. 

You can post legal opinion from your lawyer on this site including the lawyer number. If some one says LEGAL,  i am ready to take this property for Rs3290 /sft also.

Regards,

RED -Am–

 

0

Sorry RED if I really hurt you .   Your name is somewhat unusual which relates you to a broker .  I don’t know from where you got the stats that so many people booked & then cancelled .  Unless you have  a proper source , your statement will mislead others .   Do you have the current booking data ?    I have booked 2 flats there and at much more rate what other shave booked .  I don’t think that you have ever talked to the Marketing guys there , that’s why you are talking aboth the price of Rs 3290/- .  As per the discussion with group members & other people , the current price in A-Block is Rs 3175-3200 & in B-Block its Rs 3150-3200 per sqft .      We have formed an owner group & we are regularly discussing the legal documents .  We are more serious than anybody else as we have put our booking amounts there .    According to the 2-3 paid lawyers we have discussed , JDA & GPA are not mandatory at all .  If all the land owners sign on the agreements , nothing else is needed .   Project got approved by LICHF on last Friday .      Builder has already provided all the documents  he has and our layers are satisfied with this .   Only the Layout approval from BBMP is pending which will take hardly few days .

-Avanish

0

All THE BEST

0

Hi All,

Before proceeding for Agreement (deposit of first 15% ), make sure that :

> GPA ( General Power of Attorney) is registered with government
> JDA ( Joint Development Agreement ) is registered with government
> Construction Layout Plan is APPROVED by BBMP officials

At the moment, no one of the above is done though GPA & JDA are not mandatory if all the Owners of the land sign on the agreement .

No harm in booking the flat in this project with your choice as later you’ll not get the same by even paying the higher price . Once everything is done , you’ll not get the same price and flat of your choice.

Regards,
Avanish (A-205 )

0

Mr Shivappa – MA LLB (SPL )
Advovate & Land Consultant
(Work Undertaken : High Court , Revenue/Civil Court , Land alienation, Registration )
#205, 2nd Floor, Kurubara Sangha Building , 1st Main , Kanakadasa Circle, Gandhinagar , Bangalore -560009

He went through all 70-80 legal documents provided by the builder and provided me his 13 page Legal opinion report.
I can’t present all 13 page content here but his final verdict regarding Mayfair Anthem project is ::

> Land is good as it belongs to only one person – Smt. Vijayalaxmi & her siblings . All documents are absolutely OK .
> JDA ( Joint Development Agreement ) – Even though it is not registered in Sub-registrar office, it is on mutual understanding b/w land owner & the builder. Builder will take care of it for the flats in his own share (55% ). It is registered as it will cost Stamp Duty of 7.72 % of the project value and finally that cost will be passed to the customer.
> GPA ( General Power of Attorney ) – There is no problem in it as it is done with Notary .

So , both JDA & GPA registration with sub-registrar are not mandatory at all .

Going further , some list of documents along with Layout approval need to be asked from Builder. Some documents required at the time of final possession & registration like NOC from the Lift Inspectorate.

“The purchaser may proceed for negotiation with the developer at his convenient option”

Believe me , the lawyer is too good in his profession & very much experienced ( Age -50+ yrs ). The way he has done the analysis was totally unexpected from my side. His fees is also nominal .

BBMP approval for layout is anyhow to come . If you keep on digging up for a single document , you will loose the opportunity , rate & favorite flat location and never own a home of your choice.

Regards,
Avanish Kumar
Martahalli
Bangalore

0

Yesterday I went to the site & talked to MD of Srivathsa Construction Pvt Ltd regarding the JDA/GPA registration & BBMP approval. According to him , construction layout is already approved and only 1-2 signatures are pending which will be done by this week itself. As the JDA/GPA were one in Feb’2011 , 6% Registration charges doesn’t apply for them . So JDA & GPA will be registered by next week itself .
This is a very good news for all the persons who have already booked or looking forward for booking in this project. Only these two items are pending in this project . Once these are done , there will be a boom in the demand & may be in the rate. All the best to builders of Mayfair Anthem Project.

Regards,
Avanish
A-205

0

I think that you guys  need not to worry about the quality of project . Reason : Project Head- Venkat has already worked with Mantri & Sobha . Builder – Mr Sathish has developed so many projects in Hyderabad with good quality. Builder is trying to establish himself in Bangalore , this is his first project here , he’ll definitely give his best as he has next project already in plan Also Block-A of this project is in premium. Its quality will be benchmark for Block-B. After showing Block-A as sample , builder can sell remaining flats of Block-B at higher cost.   That’s why they are not negotiating for Block-A flats .   Only 2 flats are remaining to be sold in Block-A.  Also they have increased the rate by Rs 100/sqft from last month rate.

0

Hi ,

Last week I met Mayfair Anthem and came to know that following approvals they have recieved now:

> NOC from Airport Authority of India,Bangalore
> NOC from the Traffic Department
> NOC from the Lift Inspectorate
> NOC from the Department of Telecommunication
> NOC from the BESCOM
> NOC from the BWSSB

These were the last document required for BBMP approval’s final stamping.
Now, all the buyers can proceed for the agreement without any further worry .

-Avanish

0

Project’s plan seems to be BBMP approved now. Got this news from the builder’s facebook page : http://www.facebook.com/MAYFAIR.ANTHEM
-Avanish

0

Hi All,

I have visited this project 2,3 weeks back.  One main concern I see here is, There is a CELL PHONE TOWER established on adjust building just beside the project recently. I enquired with near by shops, they said its operations are not yet started, it is erected recently. I heard it is not good for health, especially for kids being near to cell phone tower.

Any body has any idea about it or other concerns in this project, please share it.

0

I see most of the posts for this project is promoted by some name called Avinash, I think all the owners and buyers should post actively to share positives and negatives of the projects, that is how we can control the seller’s market.  Otherwise it will be individual trap from builders.

0

Anybody has knowledge about the cell phone towers beside mayfair towers. Please throw some light. I am interested in this area and project, but concerned about tower and slow development in this area.

http://timesofindia.indiatimes.com/city/kolkata/Doctors-not-convinced-of-safe-radiation/articleshow/21155256.cms

http://timesofindia.indiatimes.com/city/mumbai/4-from-Vile-Parle-building-with-cancer-brain-tumor-blame-it-on-cell-tower/articleshow/21474305.cms

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