Saturday, October 11, 2008

Mont Vert Makes An Offer You Can't Refuse

Can you postpone the decision of booking a home at Mont Vert Seville at Wakad?


The festive offer is for all Mont Vert projects but it looks very tempting for Mont Vert Seville at Wakad. Because, besides today's festive offer, there are 2 more offers. Exclusively, only for Seville. These offers are not mentioned in the ad. But i found out about theses offers when i called Mr. Manish Kaneria, Director of Mont Vert Homes, to give something exclusive to you.

1) First offer - as a 'compact home' owner at Mont Vert Seville, by default, you are going to get a 25 year free membership of Mont Vert's upcoming Club29.

2) Second offer is about the home loan. Which was the major attraction of PBAP property exhibition. As per the offer, if your loan is up to 30 lakhs, for the first 24 months, you have to pay only 9.5% interest, and the builder will pay the rest.

If you add these 2 offers to today's festive offer, what do you think, can you postpone the idea of booking at Mont Vert Seville?

"Club 29 + Home loan at 9.5% + festive offer"

I said postpone, because, though the combined value of the offers is approx 5 lakhs, i think, this offer will appeal more to those who have a budget to book a flat at Mont Vert Seville. At the current property rate of Rs. 3,299 per sq.ft., 2 bhk flat at Mont Vert Seville fits in the budget of Rs. 38 lakhs and 3 bhk flat in Rs. 62 lakhs!

However, i find, this offer lot better than the "No EMI If you pay ADF!" offer. At least, this offers adds value to the flat and makes living more comfortable after the possession! What do you think? Come on, let us discuss this offer in the comments. (Please, read the comments policy!)

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Wakad News:

1) Rohan Tarang, The NO NEIGHBORS Apartments at Wakad, wants neighbors!

2) Platinum Towers at Wakad offers home loans at 10 % for the first 24 months if you book a flat in PBAP exhibition from 3rd to 5th October

3) Now, Topaz Park, Park Street phase 3, at Wakad offers discount of Rs. 300 per sq.ft. against 'advance' disbursement of loan or 100 % down payment

4) Will Diwali cheer up the real estate sector?

5) Now, SuCasa, at Wakad, also launches compact 2 bhk flats for 33 lakhs (approx) in it's 2nd phase!

6) Hadapsar goes the Wakad way!

15 comments:

  1. Ravi,

    This is very good offer but this is just beginning. In no time builders will have to drop the rates. People don't understand how bad global economy is. It takes a while to see the impact of recession/slow down in India. After all its all about demand and supply game. When there is less demand only thing builders have to do is make flats more affordable and only way they can do is reduce the rates.

    People do not jump onto this bandwagon. Rates are going to drop more. Investors who bought the homes for investing purpose are going to get burned in this slow down.

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  2. # ref: "It takes a while to see the impact of recession/slow down in India."

    Thank god, at least in this week because of the financial institutions and the stock market we have started feeling that all is not well with Indian economy!

    But we have a habit of not accepting and rejecting the reality.

    Builders are the slowest learners!

    # ref: "After all its all about demand and supply game."

    I do not think Indian economy is so simple.

    American economy is based on the "consumption" - means demand and supply, but not the Indian economy.

    Indian economy is based on the scarcity. If there is no scarcity, Indian businessman knows how to create it.

    More than the demand, because of the financial reasons some builders are already selling at a low rate. They will continue till they come out of the red.

    Plus, we have to define exactly what we mean by low rate. I know quite a few projects which were planned to sell at 1500/- but are going for 3,300/-. Even if the price comes down by 1,000/-, i do not see any danger to the builder.

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  3. I thought Monvert sold all its flat on project launch.....Or in PBA exhibition

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  4. wah re wa wakad sagale zale makad

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  5. Ravi:
    I think the offer is good. but many folks would like to see a direct discount. Some may like to have these add on packages and I understand that.
    On the interest discount please remember that its only 1.75% that a PBAP builder will absorb and that too for max of 2 years. But I think its a good offer cose in 2 years I strongly feel the ineterst rates ought to come down.

    On the third point of property prices, I know there is a lot of slow down. I live near registartion office near Spicer college and I see only 1/3 of crowd I used to see six months back. So there is a selling pressure on these builders in general. Only time will tell us how much of this selling pressure leads to what % drop in prices of flats and is it worth wating for a drop if you are going to use your purchase as your primary home.
    One must do an analysis of Rent Vs. EMI and then take a call on buying Vs. Renting.

    If you are uncertain about your employment or future pay raise, its best not to commit to a purchase.

    But overall I agree with you Ravi it looks like its a good deal only one has to go and check the fine lines for themselves. I certainly hope they do not ask for full down payment at one go because in these times that is too risky. Also if you are not intersted in free stuff ask them what price drop will they give you if any.

    For disclaimer I would like to say that I am a small time real-estate investor(not holding more than 3 investment property at any given time). My last three purchases- two in Wakad and one on Sus road of which one flat is in Mont Vert Tropez. All were at 25-40% less than today's lowest rates in these areas. So I am personally fine upto a 30% drop in market from today's rate. My opinions are just based on my thinking and are not to guide you one way or the other.
    Happy cherry picking.

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  6. Ravi,

    My study around Wakad shows that builders like Pride Purple - Park Street, Woods, still have premium flats to be sold. These offers, slowdown will make the not so demanding flats avaialable. However, the good flats, like garden facing .. or mid floor flats, with a beautiful garden.. are still at 3200/- and wont fall down.

    What say?

    NK

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  7. # ref: "I certainly hope they do not ask for full down payment at one go because in these times that is too risky."
    Mont Vert is not asking for full down payment! Yes, i agree with you, it's risky.

    # ref: "One must do an analysis of Rent Vs. EMI and then take a call on buying Vs. Renting.

    If you are uncertain about your employment or future pay raise, its best not to commit to a purchase."

    Thanks! Very important point.

    # ref: "is it worth waiting for a drop if you are going to use your purchase as your primary home."

    I do not see any point in waiting because "timing" the lowest price is impossible. One should always follow his life plan, i believe. Along with the price there are so many other important things about our home. We never take a decision only on the price. Drop or appreciation of my primary residence has only emotional value, doesn't mean much in reality.

    Thanks for the comments. I appreciate you contribution.

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  8. Also leme tell you one thing, if the flat is in ready possesion where u can move in now.immediately as your first home.. then do not wait for the fall. remembers, in fall - u will not get the flat u want.. as all will be jumping again and there will be rat race..

    So.. if u have found ur dream flat .. i think 3200-3300 is a reasonable deal in Park Street, woods. And for under construction flats - u can demand huge huge dicount.. may be upto 2800 for park st.. and for goel ganga, GK, waswani.. ask for 2600. Sonegara, omega - ask for 2500.. But do not wait... ask for discounts and buy.. see at 2500 many people will jump in.. and again the price uptrend will start. indian market and economy is v different than the others.. we still have money.. invest wisely now.. and don't wait for some unrealistic proces like 2200, etc. in good localities..

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  9. # ref: "are still at 3200/- and wont fall down.

    What say?"

    No, these flats are special. There are few fellows who are born to buy these flats at much higher rate. Destiny!

    ReplyDelete
  10. That's right, Ravi. So what do you think -

    1. what should be ideal rate today at park street, ready possesion, ruby park, garden facing flat?

    2. do u expect the park street builder will reduce the cost of his flats? they are pretty beautiful flats. if yes, when will he reduce?

    Thanks,
    NK.

    ReplyDelete
  11. Hello Nihal! why are you asking these questions? You have already booked, isn't it? You got a good rate too! You must have signed the agreement by now. So, please, do not bother yourself with these questions!

    # ref: "1. what should be ideal rate today at park street, ready possession, ruby park, garden facing flat?

    2. do u expect the park street builder will reduce the cost of his flats? they are pretty beautiful flats. if yes, when will he reduce?"

    When i saw your comments, I called my friends at Park Street. They told me, only few number of flats are "left". They are in no mood to bargain and get rid of. So reducing rate is not a possibility.

    Ideal rate for Ruby Park!- What was the rate when the project was launched? Rest is all perceived value not the actual price! We buy a share for 100 rupees but it's price is only 10 rupees.

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  12. Hello Nihal! Thanks for the comments. You have become expert. Your comments will guide many to get a good deal. Here are few additions - 1) u can demand huge huge discount.. Please, never use a word "discount". Builders are allergic to this word. "I did not give discount to my first cousin. I go by fix rate policy!" i have used this line many times.

    2) if u have found ur dream flat Very important point. First finalize the flat you want to book. Do not ask the rate or budget. Wait for the salesman to open this subject.

    3) don't wait for some unrealistic price like 2200, Rs. 2,200 is not an unrealistic price! For the projects you have mentioned this can be called "fair price". See 300 land cost + 1200 construction cost + 300 rs. other expenses = Rs. 400 per sq.ft profit is better than no sale! Without giving ADF, one should always try to get this rate. There is nothing shameful about doing business at a fair price. But problem is most of the buyer feel like "it's shameful for the builder to come down so much", so builders try to be unfair!

    4)2,200 - 2,300 - 2,500 - 2,600 - 3,200 - 3,330 Never, negotiate per sq.ft. rate. You are a buyer, not a seller. You are concerned with the total amount you have to pay. Always talk about all inclusive final amount.

    Nihal, what say?

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  13. I agree that if its your final home just get it at best price that you can get with fair effort of bargaining. But keep in mind that cheaper is not necessarily better. What about the final quality of work, overall planning and ambiance of the complex. If you pay premium for a brand or a particular complex, you will demand that back if you ever need to sell that home. If not you will be happy living in a quality home.

    Here is what else I found out from Mont vert Seville site office yesterday...
    One..they do not bargain on price
    but will give 2 lacs off if LCD TV etc offer is not taken.
    two.. They are not insisting on full payment and no discount even if full payment is given.
    three.. they will honor PBAP 1.75% off on interest for upto max 2 years even with LCD offer.

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  14. Excellent tips. 1 thing that has worked for me several times is - get a bunch of friends when you go to negotiate with the builder. Make the builder believe that all you guys will buy if given a good price. Make him reduce the price even more by handing out a carrot of buying 3/4/more flats. Once builder even whispers of a low price - that's your baseline even for 1 flat purchase. Once you get that price from the builder - take out our checkbook and get ready to cut a check for 10% less price - if he does not agree - get up and walk away - and see the fun :)

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  15. Read this guys and wait till builders reduce prices :
    http://indiahousingbubble.blogspot.com/2008/10/bldrs-tread-cautiously-on-realty-street.html

    ReplyDelete