Here Comes DLF Chennai Garden City- 1200 sq ft Starting 35 Lakhs
| The much awaited project in Chennai is finally here. DLF has finally come out with information of its new project, The Garden city in semmancheri in Chennai. Agressively priced starting around 35 lakhs for a 1200 sq ft, it is bound to hit the already dull IT corridor market. |
A total of 3500 apartments, Padma Sheshadari school, Fortis mini hospital , mall etc is planned and this is what i call perfect time to invest. Is it worth it, a big YES from my side. With neighbouring projects priced at 3500+, the worst hit would he Hiranandani Upscale, Adora who are priced very very high for almost same features. Need to see how well is Hiranandani competes against DLF.
If you are planning for home in IT Corridor, there is no better time to so. Read the full article here in Hindu.
Indicative Prices (I am yet to confirm this)- Thanks Ramesh- One of our readers
Rate(per sq. ft.) Type Super Area (sq.ft.) Basic Sale Price(Rs.)
2800 2BR-2T 1280 33,60,000
2800 3BR-2T 1480 41,44,000
2800 3BR-3T 1680 47,04,000
DLF Garden City might Look like this
(4 votes, average: 4.25 out of 5)
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Folks
I have booked at DLF (for self occupation) and I am very happy with the project. I happen to know a few people at DLF and I am convinced that nothing is fishy.
A few posts appear alarmist and without understanding of the law. One specifically relates to registration of UDS. The apartment registration law of TN is very clear that you have to register the constructed apartment (in case of all buildings of ground + more than 3 floors). The practice of registering UDS and then having a construction agreement is of doubtful legality. This is the law under which registration are done in Bangalore as well and is modelled on the Maharashtra law, which is considered a model act.
Actually this law protects the buyer. It is common knowledge that many builders in Chennai get approval for certain area and arrive at UDS. But they end up selling and constructing more flats than approved in violation and hope to get approval later. Unfortunately, there is no way for buyers to find out how much of UDS is sold. In most cases, if you total up the UDS, it would be higher than the land area available.
There is nothing hanky panky if DLF is registering the full property. Anyway this will be at actual amount applicable at the time of registration.
For those who are worried about the site and flooding etc, remember that Velachery till a few years ago used to be flooded every monsoon. Nanganallur – Madipakkam area continues to be flooded during every monsoon.
Regarding water, there is no location in Chennai, which doesn’t have a water problem. Buying water in Chennai is a reality.
As far hidden cost, some you may not know horror stories that almost all builders put you through. Builders sell you common area and terraces. Builders sell you a 3 BHK, while the approval is for 2 BHK. Obviously, I can’t share these names on the public domain. However, if anyone takes the pain to check with CMDA, they can easily find out.
Finally, it is an individual decision based on facts and judgement. I know my facts that I know and have made mine. Urge people to actually check facts and take own decisions. Like any disclaimer, all statements are true to the best of my knowledge and any body using this information does so at his discretion.
Mr Krishnan, Other promoters still confirm that the registration will be done basis undevided portion of the land ad not on the value of the fully built apartment. What do you think the difference will be between these two options. Is it a negligible difference. If registration is to be done on the full value of the apartment by law, then how come other promoters continue to register only the undevided portion of the land. Appreciate your comments.
The real estate prices are coming down in Mumbai/Gurgaon/Delhi. Chennai is not far . look for a correction of atleast 20 – 25 % in Chennai Real Estate in Particular the large and premium segmnents like DLF / TVH/OLYMPIA /akshaya etc or any other large Project which offers more than 200 Flats
Please click on the link below for the news item.
http://www.indianrealtynews.com/real-estate-india/developers-lure-wary-buyers-with-freebies-and-discounts.html
Mr.Krishnan/Sukumar
the uds registration will attract stamp duty of less than Rs 20000 while the stampduty on the complete apartment with uds approx say 60 lakhs will attract more than Rs 5 lakhs . the difference you will agree is not NEGLIGIBLE. Other promoters on the OMR road the registration is done for uds land only
****BE-AWARE YOUR CHEQUE MIGHT BE ENCASHED*****
I blocked my apartment in Jan, and did not receive any communication except one asking for my contact details. After that on reading this web site, I followed up on my allocation and this is the mail I recieved from DLF!!!
“As per our earlier email to you from the customer care department, informing you that they would be presenting your cheque and the same would be hitting your bank today, accordingly as we have not received any stop notice from you we had presented the cheque on Saturday and would be reaching your bank today. Please do the needful.”
DID NOT EXPECT FROM DLF. THEY PROMISED NOT TO ENCASH TILL THEY RECEIVED SIGNED CONSENT FROM ME!!!
DLF trying to encash the deposit cheques without signing any formal agreement raises various questions. Why are they in such a hurry ? Are they trying to forcefully hold back the customers. This was definitely not expected from a company of DLF repute. Going by the news and the general RE trend, looks like it is better to wait and watch . Nothing to lose.
In my case, no better….
The check was deposited even before I got the email!….
Agree that registration of UDS is cheaper. However, it is not legal as per the model act. The govt. is yet to start rigorously implementing this. The day day they do it, they may ask all to pay the difference
If you wish to purchase an apartment at OMR without doubt TVH – Ouranya Bay will be the TOP choice because it is priced most competitively in relation to its location,spec and common amenities.
Also they are offering right sizes without comprimising on comfort and utility.I am making this sugestion after visiting all the prominent projects situated in and around OMR.
I booked DLF and cancelled now as it is costing Rs5000 per sft (of carpet area, for a 11th floor 2 BR garden view). Now looking at alternatives and Chennai pattinam, by Cee Dee Yes looks interesting.
Though it is interior, the price looks attractive.
They are offering at Rs 2250 per sft and are charging only on the carpet area. They are not adding any common area. i.e. for 1600 sft 3 BHK apartment, you will be paying 1600X2250. This includes car park and registration and excluding electricity deposit.
They are also taking care of the interest component of the loan till the possession, i.e. Apr 2010.
We will be paying only 15% down payment and the rest only after possession. It won’t affect us even the project is delayed a little.
I am a layman as far as Real Estate is concerned. Would appreciate suggestions.
Suneel,
I would advise you to visit the chennai pattinam site. You will have to travel around 15 km south after sipcot (…iam sure that cee dee yes didnot mention this to you )….take a right and travel another 7 kms !! The site is in the middle of nowhere…!!(thats why cee dee yes doesnot offer any site tour )
Please visit the site before you decide
anyone can help me reg suggestions abt l&t and other projects which is good
i UNDERSTAND THAT dlf BOOKINGS ARE STILL OPEN. THE RESPONSE CONTINUES TO BE NOT SATISFACTORY.ALTHOUGH THEY SAY TTHE CURRENT BOOKINGS ARE ART 3400, IT IS UNDERSTOOD THAT MORE THAN 50 % HAVE NOT CONFIRMED THEIR RS.3000 0R EVEN RS.2800 BOOKINGS.THERE ARE CURRENTLY MORE THAN 10000 + APARTMENTS AVAILABLE IN AND AROUND OMR . TOO MUCH OF A SUPPLY AND LESS DEMAND.TIME HAS COME FOR THE INVESTORS TO SEEK HUGE DISCOUNTS PARTICULARLY IN DLF BECOS OF ITS LOCATION AND HUGE AVAILABILITY OF 3500 FLATS IN ONE LOCATION
Mr. Krishnan,
Let me refer to your comments below:
Comment from Krishnan
Time: April 14, 2008, 9:54 am
One specifically relates to registration of UDS. The apartment registration law of TN is very clear that you have to register the constructed apartment (in case of all buildings of ground + more than 3 floors). The practice of registering UDS and then having a construction agreement is of doubtful legality. This is the law under which registration are done in Bangalore as well and is modelled on the Maharashtra law, which is considered a model act.
Actually this law protects the buyer. It is common knowledge that many builders in Chennai get approval for certain area and arrive at UDS. But they end up selling and constructing more flats than approved in violation and hope to get approval later. Unfortunately, there is no way for buyers to find out how much of UDS is sold. In most cases, if you total up the UDS, it would be higher than the land area available.
Comment from Krishnan
Time: April 16, 2008, 6:39 am
Agree that registration of UDS is cheaper. However, it is not legal as per the model act. The govt. is yet to start rigorously implementing this. The day day they do it, they may ask all to pay the difference
========================================
Actually when you enter into a contract with your developer, for an apartment,you are actually entering into two Agreements,- an Agreement for Sale and an Agreement for Development.
Agreement for Sale simply confirms that, out of the total land parcel in which the development occurs, you and your developer, agree to transact a certain portion of land which ultimately becomes the Undivided Share of Land.
In the Development Agreement, you are actually appointing the developer to construct an apartment in the land and deliver it to you.
So if a developer conveys the undivided portion of land, by way of a sale deed, to you before the construction begins or when the construction is in progress, there is NOTHING ILLEGAL about it.
If both you and your developer agree, you can also do the Registration at the end of the project completion.But when substantial construction happens and then you go for Registration, the Sub Registrar or Registrar has a right to ask for inspection of the development and order charges for the constructed areas as well.
Most of the reputed developers start in Chennai, start their Registration process only after the CMDA or DTCP approval is obtained.Both these approvals will clearly compute the undivided share of land area and the total saleable area.No reputed developer will exceed the saleable area in general-Now I am referring to the majority- unsavoury exceptions may be existing, here and there.
So Registering the undivided share of land well in advance, is not as risky as you seem to believe.
On the contrary look at the advantages:
For the buyer, for the payment which he has made till the Registration, he gets an irrefutable proof and hold on the property by way of a sale deed, valid in all courts of law.
In India, guide line values have generally increased with time. Especially for upcoming areas there seems to be no possibility that guideline values will come down. So if a buyer registers early, will he not stand to gain substantially?
You have mentioned about the law catching up and how those people who have booked earlier will have to pay the differences. That is unlikely to happen because :
The action so far has not been illegal.Even if registrations were done where the government is awaiting a legal clearance, they would mention such a thing on the sale deed itself-(Remember the case between Builders Association of India and the TN Government on stamp duty, which the Government lost? On all sale deeds executed during that period, the SROs had put out a seal which said that if the Government wins the case they weill ask for extra stamp duty.)
Then why are large and well known developers like DLF registering at the end of the development?The answer possibly lies in two areas:
The business format followed by DLF is construction of large number of apartments across various states in India.Every state has got a different set of registration rules, procedures and cost! So how could they possibly operate on a pan India basis and hope to avoid process confusion, especially if they have a centralised business approach? DLF possibly had to arrive at a common denominator of operation across all states which is `to register only when the construction is completed.’
Another possible reason could be that ;
Approvals for large developments are generally not obtained in one stroke.Companies go to DTCP or CMDA in a phases manner.Suppose , in a large township approvals have come only for one portion of the development- construction has started in that portion-uds to be given to such buyers is derived from the whole property- then obviously registration cannot happen unless the entire UDS and Saleable areas become clear to the developer ( which can happen only if full approvals are obtained.)
My point here is both methods are legally correct- please take your call in this light.
SureshS
For the information of all property investors
- India Properties – Real Estate India – Indian Property News Site – http://www.indianrealtynews.com -
US Housing Crisis Melts Indian Realty Valuations
Posted By Indian Realty News On April 19, 2008 @ 12:19 pm In Real Estate India, Real Estate Companies | No Comments
The sub prime crisis may have struck in the US, but real estate companies around the world are feeling the heat. The meltdown in property firms’ valuations in other economies, including India, China, Japan and the UK, has surpassed that of the US with Indian real estate companies witnessing one of the biggest falls. Some leading Indian real estate firms are trading at about 34% discount to their net asset values (Naves), which implies that property firms are being valued at just two-thirds of the assets they hold.
This makes India the second-most affected nation after Malaysia in the first quarter of 2008 among key property markets, according to a Citigroup report. Interestingly, in the US, the property market index is trading at just 12% discount to its NAV. Its performance is even better than the global index, which is ruling at an 18% discount. NAV is the present discounted value of all future cash flows of a property firm. It factors in the existing land bank, overall development opportunities and project execution of a property firm. It is a valuation tool for real estate firms.
Analysts say the discount to NAV shows that the Indian property market is on a downswing. According to ICICI Direct real estate analyst Rupesh Sankhe, “Historically, when the property market cycle is on an upswing, firm’s trade at a premium to their NAVs, and during a downturn, this tends to get reversed with shares trading at a discount. Since real estate stocks are high risk, the trend gets amplified.”
Indian property stock prices have dropped as much as 50-67% and underperformed the Sensex by 23% in the first quarter of 2008. Such a sharp fall has widened the discount to their NAVs, which was just 1-2% in November ’07. This is despite the fact that Citigroup has lowered the NAVs of Indian property firms by 9-27% in its analysis. Real estate consultancy firm Cushman & Wakefield joint managing director Sanjay Dutt says high interest rates have made property firms with high debt exposure prone to rapid erosion of corporate valuations.
He added that each segment of the domestic real estate sector is facing problems: “With the exit of speculators from the residential market, the transaction volume is down by almost 40%. Secondly, a large part of the IT & ITES space is occupied by US and Europe-based MNCs, but in the first quarter of this year, a majority of them didn’t commit to any space and we don’t expect it to change in the second quarter either. In the office space, rates have started softening due to new supplies. Majority of the mall developers are also hit as cost of servicing debt has gone up and private equity funds are being cautious in investing in the sector.”
Valuations in the Indian real estate sector had peaked in January, when the benchmark stock market index, Sensex, also hit an all-time high, with realty stocks trading at over 20% premium to their NAVs. After the stock market crash, DLF, Unitech and Purvankara traded at a discount of 18%, 26%, and 49%, respectively, to their NAVs. Regionwise, Malaysia fared worse than India with property stocks here trading at a marginally higher discount compared to India. The correction in Chinese property stocks seems to be the deepest since November last year. Chinese property stocks are trading at a discount of 27% to their NAVs compared to a premium of 5% in November. The US, in fact, saw marginal reduction in discount since November ‘07.
Some risks appear to be priced in and the valuations seem attractive, but there could be more volatility ahead, says the Citigroup report, pointing out that the sector is highly vulnerable to capital flows as risk appetite tapers off.
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Article printed from India Properties – Real Estate India – Indian Property News Site: http://www.indianrealtynews.com
URL to article: http://www.indianrealtynews.com/real-estate-india/us-housing-crisis-melts-indian-realty-valuations.html
Click here to print.
Hello guys, nice thread lots of information.
I’m planning to book a 2 BHK flat and I’m talking to the sales representative for booking it. the current base price is 3200/sqft. i didn’t get the pricing from them yet, but i’m estimating somewhere around 40 lakhs beyond which i might have problems. for a 2 BHK flat, the base price would be 1000 sqft (approx) * 3200 = 32 lakhs. so i’m assuming another 8 lakhs for car parking, corpus fund, eb, maintenance, registration fee etc. or would it be more than 40 lakhs? i really don’t want to book it if the total cost would be more than 40 lakhs but i’m not sure about all the other cost details. and i’m not sure if there would be any hidden costs. as per the comments from one of the users above, it looks like DLF can increase the common area at their wish, which doesn’t make sense. does it mean that they can increase it whenever they need money and want to raise some money? will anyone help to estimate the total budget for me for a 2 bhk flat. the representative said 7th floor is vacant, so i need to include 30 per sqft for floor raise. pls help me to estimate the total cost (including registration fee), so that i will know the final amount that im going to pay.
The base rate is 3200 per sq. ft.. Check the sq. ft. you want to buy and get the base cost. This 3200 sq. ft. will increase at Rs.30/- per floor starting from 4th floor, meaning you have to pay 210 extra which means 3410 per sq. ft.
Then add Basement car park – 2 lacs
DLF club membership fee – 70,000 (this is for the first 2 yrs)
Interest bearing maintenance security – @ 50 per sq. ft
Water & electricity – 1 lac
Regn cost @ building value – approx – 3 to 4 lacs
If you know the sq. ft. now you can easily get the total cost..
Hope this helps..
Hi Ganesh,
Your calculation would be 1200 sft x 3200 + 30x7x1200 + Rs.100/sft for Premium apts (facing garden)+ 2 Lacs car park + 1 Lac Water/EB/etc + 9% on overall cost for Regn + 70k for clubhouse charges for 2 years etc – all should add to Rs.46- 50 Lacs Minimum. This working is for 1200 sft flat maybe there are flats with lesser sft also. In any case, 40 lacs is too low budet for DLF for any size apt.
You may please cross check the above and take a decision, hope this is useful
Ram
Mr Ram.
you have shown calculation of 1200 sq ft of chargeable area. can you please tell me what will be the net carpet area of the flat
Its clear by reading these posts that gullibility and fear factor are the two key drivers of real estate.
Both DLF and Hira are big builders. They build townships. Hence by definition the location tends to be underdeveloped because only then can you buy a large tract of land. If one saw either Powai or Gurgaon 15 years back, one will know what I mean. Thier projects take 2 1/2 to 3 years to build and internal / external roads etc happen over a period of time. So first, one needs to be invested for at least the medium term. Second, one also needs to remember that property tends to be an illiquid investment which takes time and effort to maintain and sell. Third, one should have the ability and willingness to ride out a slowdown cycle without panicking. You must have the stomach for a loss in order to make a profit. Without risk there is no return.
If you dont have time to manage all this, try a real estate fund instead of a property and leave it to a professional money manager. There is no guarantee that it will outperform and like any other mutual fund carries future risks.
If you are still unsure, then just dont invest. That choice always exists with a person and needs to be respected. Just put your money in a fixed deposit and sleep well.
But dont let fear and gullibility be the cornerstones for your investment decision. Go visit the site. See the plans. Collect the information. Make your decision along with your family or one / two trusted advisors. Ultimately its your money. The more advice u take, the more you will be confused. There will always be people with a pessimistic view like Rajan or people with an bullish view like Krishnan.
If you are putting your money, you should have a view of your own. Without a view there is no position to make either a profit or a loss.
Cheers
The carpet area is around 850sqft
A Report from Indian Realty News FOR the information of Investors in Property in CHennai
Updated: April 24, 2008 | 07:39:47 PM | http://WWW.INDIANREALTYNEWS.COM
The stock of unoccupied properties with real estate developers in the main technology hubs of Bangalore and Chennai is mounting and indications are that their problems will only get worse as software companies head towards greener pastures.
In Bangalore’s Whitefield suburb, once a magnet for IT firms, supply outstripped absorption by 300,000 sq ft in 2007 and about 8% of the developed area remained vacant, data from real estate consultancy Cushman & Wakefield (C&W) show. Prices are stagnating and the situation is deteriorating. In the first three months of 2008, the demand-supply mismatch was more than a million sq ft.
If Whitefield is in a bad way; the Old Mahabalipuram Road (OMR) technology cluster on the outskirts of Chennai is deep in the doldrums, with just nine deals in the whole of 2007. Of the four million sq ft that came into the market last year, only 1.7 million sq ft were absorbed even as rentals fell by 18% and the vacancy rate was up to 11%, again according to C&W data. Most of the more than half a million sq ft that entered the market between January and March have gone a begging.
Property developers’ greed must take a major portion of the blame for the current plight, even insiders say. “The key factor contributing to the oversupply is the consistent overpricing of projects in both micro markets. Developers who priced projects at Rs 4,000 per sq ft were unknowingly killing their golden goose in a sense,” Shriram Properties managing director M Murali said.
Whitefield and the OMR cluster, where IT and technology-enabled services firms occupy most of the office space, could be delivered another blow when a government scheme which provides tax incentives to companies in so-called “technology parks” comes to an end next year.
“STP (Software Technology Park) units and business parks in both locations will take a beating in rentals with the sunset clause (for the Software Technology Parks of India scheme) ending in March 2009. Firms will now increasing look towards Special Economic Zones (SEZs), rendering a number of buildings vacant,” Mr Murali said. And a prolonged downturn in the US will only add to the misery. The OMR cluster also faces a peculiar problem: the Tamil Nadu government does not permit IT parks and STP units to lease space to non-IT firms.
“A number of developers of STP space in Chennai have started offering a variety of attractive terms such as free car-parks, incubation space while the project is under construction, lower deposits and rent-free periods so that they do not have to bring down the base rent. Given the competition, a number of them are also appointing exclusive marketing agents to market their IT parks,” Ramesh Nair, the MD of Jones Lang LaSalle Meghraj said.
The silver lining for property developers could be the interest from start-ups and mid-sized firms as rentals fall. Nearly a third of the transactions in both the OMR cluster and Whitefield involved small- or mid-sized firms.
News Published Under: Real Estate India, Chennai, Bangalore |
India has one of the youngest population and all the upcoming IT professionals are going to be buying houses every year. I think 30,000 to 50,000 new flats hitting the market in next 3-5 years should be nothing for Chennai.
T
he prices can go up or down but I don’t buy the high inventory stuff for Chennai.
@@Chinna,
This is the first phase of RE crash. Denial. I really think the article has its merits. Inventory is the key. Talk to any builder, they dont want inventory, even a single apartment, as its a pain in the neck. I agree with young population and IT, but, remember, how many can afford an EMI @ Rs.50000/- per month, especially if US hits recession.
You have to see the fundamentals, before you invest. Fundamentals are not right in Chennai. And Boom has to bust, and it will.
Realty bites tech hubs in Bangalore, Chennai
http://economictimes.indiatimes.com/News_by_Industry/Realty_bites_tech_hubs_in_Bangalore_Chennai/articleshow/2976761.cms
Satheesh,
I dont think all the areas in Chennai would be affected. Also the pricing comes crucial. I feel OMR is not worth the investment decision now even though personally i feel TVH is a good buy for the price and amenities.
Again if this is your first home, i would advise to invest if you are sure of repaying. Dont go for huge investment. An investment of around 25-30 will appreciate.
Else invest in lands. Dont invest in a hurry.
Uday and everyone
what is your opinion about doshi’s Lancor’s properties in Tambaram and Vandalur? Do they have chances of appreciation? And what about navalur area for buying the apartmen? thanks in advance
I just got the estimation from DLF guys for my 2 BHK and the cost is 45 lakhs, which means I would have to take a loan of atleast 35 lakhs. And I estimate the EMI would be around 38,000 per month. I’m not sure if I can pay that amount every month considering the slowdown of IT sector. (I’m working in IT).
Also I would like to know the approximate maintenance cost for this flat on a monthly basis because I don’t think maintenance would come at a low cost when so many attractions are provided by the builders. How much would be my monthly maintenance cost if I buy a 2 BHK flat in DLF?
Ganesh, 45 Lakhs for 2 bhk is too much for that area. I think you can easily buy in perungudi a nice 2 bed apartment for that money.
Wondering how the figure came to 45 Lakhs. Can you give some break ups. Maint can be safely assumed to be atleast Rs 1.25 per sq ft. Since the apart complex is huge with lot of amenities, i feel Rs.1.25 is atleast the minimum they would charge.
Regarding repayment, if you dont anticipate some bulk payments , then i think you should go for a apartment purchase now. Recent hike in CRR could further lead to interest rate hikes. At present they haven’t increased home loan rates, but there is a possiblity.
Uday, I agree that all the areas will not be affected. But, I feel that there are so many outskirts project without sustainable growth, which will have be affected. If there is no job growth around the sizzling market, the sizzle will be off in a while and reality would strike back. I am sure, some nice areas like Adyar, Anna Nagar and Poes will stay or continue to increase, but OMR and outskirts will see a huge decline.
Ganesh,
It looks like you are doing a very responsible thing. You should always calculate the EMI+Rs. 1.50 per sqft + Rs. 2000 for emergency(like plumbing or heater or AC) + electricity, which would be in your case almost like Rs.42000. Any fiscally responsbile person would not borrow more than 40% of your gross pay. But, if you are young(say late 20s), you can borrow upto 55% of your gross. So, in this case, you should be making at least 65000/- per month.
I am sorry, my comments should be read as
“Regarding repayment, if you dont anticipate some bulk payments , then i think you should NOT go for a apartment purchase now.”
Missed the NOT while typing
How come not much is discussed about another upcoming project in OMR ( OPALINE). People are talking about other projects like TVH, Purvankara, Hiranandani etc.. I feel not much is discussed about OLYMPIA – OPALINE. Why ??
i got confirmation from dlf gared city ,i was surprise to see that because while booking the said salable area is 1690 sq ft , now they have have come up with 1825 sq ft , i do not know whether it will be in carpet area or common area
pls clarify if some one knows
The actual increase is in the common area. The flat remains the same size but you end up paying more for the same flat
DLF – Building India or Cheating India. Because of the so called brand name, I blocked an appartment on first week of January by giving a check for 4 lakhs. One week later I changed my mind and called them to cancel the booking because of the delay. They agreed to cancel without any fuss, also promised they will not be encashing the check unless the contract is signed. Beliving them I did not care to issue a stop payment Instruction and I forgot this long back, but they encashed the check without my consent on 15th April. I called them immediately, they said this happend by mistake and they will be refunding the amount within 24 hrs. But the refund didnt happened, every day different people responding my queries and promising the refund within 24hrs, so far 15 24hrs passed, same status. During this time I am receiving lot of calls from their marketing dept to take the appartment, they are even willing to reduce the price from rs.3000/- to 2800/-. If anyone with simillar experience, please share it hare.
Looks like the realistic rate for OMR properties is around Rs 2500/- per sq.ft. If it is true that DLF people are willing to come down to Rs 2800 from Rs 3000, the time is not very far to reach Rs 2500 or that matter Rs 2000/-. If a money powered company like DLF is desperate and wants to reduce price from Rs 3000 to Rs 2800, imagine the fate of other lesser known companies. They will come under tremendous pressure if they cannot sell their apartments as envisaged. Meantime, how big is TVH ? Is it a financially strong company. Their project looks big and brochure etc looks colourful, but the point is, in case there is going to be a crash in the market, will they survive ? We have seen much reputed promoters like Alsa and Alacrity vanishing after the last real estate crash in Chennai. Better, watch out.
RBI has hiked the CRR yesterday. This will surely have a negative impact on housing loans. It is more or less definite that the downward trend has started. Of course no builder or promoter will openly admit this and will try to hold on and paint a rosy picture. The mid range builders are the ones who will come under pressure immediately and then followed by big names. In recent years people have this false feeling that once the real estate prices go up, it will never come down. But we have seen many real estate crashes in the past. It can happen again.
A close relative has booked a flat in DLF Garden City and have experienced the same unprofessionalism so far. But we still hold on to it for we seem to trust the DLF brand and hence we seem to be be giving in emotionally to stick with our decision while rationally, we ought to have considered opting out seeing the unprofessional handling thus far. We had earlier paid a cheque for 4L and received a provisional receipt. Few days back, we were called and were told that the cheque returned and hence we need to give another cheque. Since the cheque was not encashed for a long time, we thought a mistake like unclear signature or incorrect name could have occured at our end and we rushed and visited DLF today to replace another cheque from the same bank. When they collected the new cheque and did not give us the old returned cheque, we became uneasy and checked with our bank and saw that the first cheque had already been debited. We contacted them again and they say that, post verification they will return the second cheque which will not be deposited. We tolerated unprofessionalism in unclear ccommunication and not adhering to committed timelines so far, but when it comes to financial matters few people can tolerate their hard-earned money not being handled the most professional way. In this regard, DLF has to go a long way and my reason for this first post is to find out 1) Whether this has occured to anybody else and 2) Inform the DLF authorities reading this post to interfere and bring in some of the professionalism we expect to deal with a company of such stature.
hi at,
so sad, won’t u check with ur bank before u give a second cheque. it is ofcourse ur negligence….
Dear Uday,
I m buying a flat at Green acres (Jains)at pallavaram at 34Lacs through second sales. Can u give me ur opinion abiut this. What could be the expected registration cost for this?
If I plan to buy a house, I won’t go besides a huge traffic probable road like OMR. I’ve stayed besides IT corridor, Bangalore and experienced its worst effects. My pal who was staying with me has developed breathing trouble by the road’s severe pollution. I request all dear builders not to choose “On the main road” for your residential apartments, atleast for our next generations’ health sake……
XS,
lately i have being hearing a lot about Green acres being delayed.
check this links and then decide
http://www.chennaimetroblogs.com/frustrated-customers-of-jain-green-acres-pallavaram/
http://www.r2iclubforums.com/clubvb/showthread.php?t=6513
Regarding registration, read point F of this article. Let me know if you still did not understand the reg amount.
http://www.chennaimetroblogs.com/selling-your-propertythings-to-do/
good luck
@AT,
I am sorry to hear this, but as someone pointed, its your obligation(NEVER EVER expect any builder to be prompt and honest) to check with your bank. I think it might work out ok for you since you have given check and will be in record, but it will give you many sleepless nights, though.
Dear Uday, Thanks for the links. As of now people have started moving into the Green Acres. Jains have started handing over. Lots of people have moved in.
I m very new to chennai, i do not know much about the pallavaram location. I would like to know how much would be the appreciation at these levels. How good is this location for future prosspects.
There are so many litigations regarding the ownership of land area of this project. One of the litigants has smartly pushed the land on DLF . Investors, please ask DLF to provide you with an encumberance certificate for 20 years and you will be shocked!
Dear All,
For all those who have not visited Gurgaon yet.
DLF is a company who has single handedly made a city called Gurgaon. They have turned a village into a world class city. Their architecture and quality is world class. You feel that you are in a diffeent country all together.
I am sure they will turn around OMR into a happening place soon.
I have booked a flat and strongly recommend to others !!
Regards
JS et all ,
Do you guys have any idea about when they are supposed to start construction, I visited the place yesterday and there seems to be no activity except for land surrounded with DLF plates.
While there is no doubt about the credibility and performance of DLF, the issue here is that they have not taken the Chennai buyers or investors into confidence. The whole booking procedure itself was done in a very unprofessional manner. No receipts issued for the cheques. Buyers were told that these are only security cheques and will not be deposited unless the contract is signed.. Saleable area was increased arbitrarily without any reason or justification. Cheques of intended buyers who later did not want to proceed, were deposited and funds claimed by DLF. These are not small or simple issues as far as the buyers are concerned. Probably DLF does not have the right management in place for its Chennai project and it could be that some immatured and inexperienced staff have made a mess of it. But for the ordinary person it is DLF which is responsible for whatever happened. On top of it if DLF had purchased land with litigation, then, more trouble will start. People selling land using bogus documents is common in Tamil Nadu. If the litigation starts, it could continue for years. As someone rightly pointed out, buyers must check for 20 years EC of any property they intend to buy.
JS
I agree with you that DLF gurgaon is a place any one would be proud to stay. DLF is a Big company and will make sure that the propert in question, the Land etc is in order before entering into the PRoject.9I am referring to SUKUJI’s comments. But One thing I like to make clear is the the site Chosen BY DLF 3 KMsinside the main road is not ideal.I dont think DLF should claim thta it is OMR Project. at best they can call this chemmencheery or THAZAMBUR. Also TN Governent proposes to construct a massive Rehabilitation Project for the Slum dwellers (who are evicted from SLUM CLEARNCE BOARD FLATS or other unauthorised occupants in the city )close to the current TSUNAMI resettlement project.NOW you have a 2 side view of the TSUNAMI COLONY. later you will have 360 degree view of the slums. certainly this will not be even afraction of GURGAON. Please note that Tamil NADU will not change. Adjacent to the premium luxury villa/apartments you will have slums just as you have in Mylapore, mandaveli. adyar, kotturpuram. certainly investing in OPALINE or TVH on the Main OMR road is a far better investment. As said earlier DLF Is a good company, they have only chosen a wrong palce for their project