Any Views On Greenfield Gardens Telecom Layout

[OldWorldCharm]

Hi,

Does anyone know how Greenfield Gardens layout from Telecom Employee's Co. Op. society is shaping up? This is in Devanahalli, about 4-5 KM (on the left) from the ITC factory. Apparently, they have 3 phases in this project. Phases 1 and 2 seem to be complete and 3 is in progress in terms of sites development. Is this a worthy investment option for future? Any legal angles to be wary of?

Regards.

[blackstallion76]

Friends,
At last, Telecom GFG 1 & 2 phases have completed allotment process on Aug 13 and 20. Completed most of 50x80, 60x40 and 30x40 plots.
GFG 3 will start allotment from next week.
During General Body meetings last year (7months back) the expected additional price was around 50-60 psqft. Suddenly they announced 200 psqft to meet the allotment and registration. There was a huge concerns of the society raising the final amount to 600 psqft and later with lot of arguments in counseling it got reduced to 575 psqft.
The current market price running around Chaparkal Road is around Rs. 1000 - 1200 psqft. Even Developer was pulled into explaining why the raise of final price was 175 instead of 50-60 rs. This is put a huge burden to get it registered.
The procedure and process of allotment was very professional.
However, some of the P&T employees wanted to change their site nos which was not controlled properly.
Hats off to President G.Babu for ending this long process where people have waited for 8 long years.
In one way, we could have atleast earned double the amount if we had parked our funds in FDs. But, we are in a fix anyways.
Seems like some of the GFG layouts have 30-40% of Associate Members. Some of the employees were arrogant to accept this as AM members will pay any price to capture the secondary market.

Most of the AMs which had seniority of 1150 > got only odd sites or lesser than 2400 sqft. The registration will happen by Oct or Nov for Seniority till 1400.
I am really concerned as the appreciation of this layout will take atleast 4-5 years depending upon how fast the developer will work.
Its only for my children to dream of a house in this layout.

If anybody has any other news which are factual, please add on.

[ramprasad.ms]

you are right blackstallion... I was at the counselling meeting & GFG 1 allotment and it seemed fair. however it was surprising to see the additional costs(Rs 175 psft) as it seemed high considering the project start date(2005).

Development in that area will definitely take another 5-10yrs but what I hear is that there are plots available around 750 ~ 1000 in that area (recently 1 of my friends booked a plot @ a Maxworth project on IVC road around Rs-750).

But as far as the documentation is concerned, I think Telecom Layout would have very clear titles and supporting documents compared to any other builder in the surrounding area.

[ragsaol]

Maxworth properties i don't think they have BIAPPA approved also not worth for money. In case of telecom at least papers are clear. I heard not sure its correct there will be further increase in the price before registration is that true? also will Associate members have a chance to upgrade to higher dimension?

Regards,
Raghu

[ramprasad.ms]

Further increase in prices - Mr.Babu has promised that it will not.

AMs getting upgrades - I don't think it would work out.

[nagsbhat]

What do you feel? Though no choice, would you think it is worth the investment?

[ragsaol]

I feel its really worth...cox imagine around 10,000 sites (GF1,2,3,4) around this area also Postal is coming around 1500 sites, the entire area will be developed. Once the allotment and registration completes the selling and buying activities will start and definitely area will improve. At present proper documented sites are around 1000 Rs. so still its worth. But all this happens only after few years say about 5 years as blackstallion76 said its helps only for our children's.

[blackstallion76]

There is no increase in prices above 575 for intermediate sites and 725 for corner sites.
Thats been confirmed from Babu infront of 1500+ members this Sunday.
The registration will start from Oct for GFG II Sen No. till 1400. Greater than 1400, it will be in Dec or Jan 2013.

There was requests from members to change of bigger dimensions. There is lot of demand for this. Society is not entertaining this.
Otherwise, it will create internal market prices within GFG phases.

Only promising in this whole episode is Telecom Society (Central) has brand value and known for their promises.
Pennfield Gardens near Byatarayanapura has come up really well and prices are multi-fold.
They have recently opened up Gym for residents with membership costs.

The only extra price which can be incurred would be cost of maintenance which would be around 10-20Rs based on Site dimension.
Not sure, as this was not confirmed. Just guessing. Legal titles will be clear as they deal very ethically. Past layouts in HBR, Pennfield, Woods Enclave have come up really well and maintained as well.

[jaggims]

Am i missing something here, in 2005 when i applied it was for 350 rs/sqft, later some time last year or so they decided to increase 50 rs/sqft. now you guys are talking about 175 rs/sqft more during allotment??? this is insane, how can they decide to increase the price like that without taking members in to confidence, why didn't they discuss in the general body meeting.

[aries31]

Hi

I am not a telecom/post employee. However, I was told I could buy one site here. At prices quoted on http://bsnlhousingsociety.com/telecom-a ... idency.php

I am looking at 80x50 at about 27.x lakhs.

I was under the impression that only telecom employees can buy these sites..?