Can i buy a site under Due associates at hosa road

[saibabu]

hi

shabini, simplycar venikathir did any of you proceed with buying in this layout? Today I went to see this layout and BBMP has already started laying tar road. I asked the people laying the road and they said that the work is for laying the storm water drain and tar road upto Begur. After seeing the layout and the roads I dont see any issues with the layout since it is so close to Electronic City. Also could see some development work going on in the layout also. However when I called them up they are now quoting 2800 and said it is negotiable. If any of you have bought a site here please let me the price and if you have got know of any issues with the layout.

[simplycar]

Hi saibabu

I am thinking of going ahead but 2800 seems to be high. I am trying to find out the right price and if there are some issues with the layout before proceeding. I will update this thread if I find some info good \ bad.

[kumarkrish]

Hi Shashi/Shabini,

Have you bought the site in Duo south city. Can you please text me - 9900704694

regards

kumar

[sriram]

I have a site in Duo City (Phase-I), Hosur Road (behind Manipal County). I did not do a legal check before registering the site but luckily till now I have not faced any issue.

The layout development was completed in 2007 (this is what I remember roughly) but due to the bad condition of the approach road, no houses were constructed. Also, Duo had promised an alternate approach road from Manipal County (and due to this promise many people bought sites in Duo City) but unfortunately they did not keep their promise. They had also promised a club-house and swimming pool but the swimming pool is scrapped while I heard they have left some 4000 sqft land for club-house construction.
Till 2010, Duo was quoting around Rs 1700 for Phase-2 (without BDA approval), then after 1 or 2 house construction started they were quoting around 2000 (in 2011) and I think due to the road construction they are quoting 2800/-. Main question is Have they obtained BDA approval for Phase-2 ?? Duo is not in a good shape financially and IMO, the big risk for Phase-2 is the BDA approval. I think the price can be negotiated to around Rs 2200 to 2300 since Duo is in need of money. Just 2 months back, I saw an advt for Phase-I site (BDA approved) for Rs 2200 (nego) but due to the road construction the price may have increased. HTH.

Hi saibabu

I am thinking of going ahead but 2800 seems to be high. I am trying to find out the right price and if there are some issues with the layout before proceeding. I will update this thread if I find some info good \ bad.

[saibabu]

Hi Sriram

Thanks for the reply. I got it confirmed from BDA office, they have got approval for 60% sites in phase 2 and selling those sites at 2800. And for unreleased sites letting you book at lesser prices around 2600. Do you know if there was a litigation earlier on this property that was solved later? What was the litigation about?
I am thinking of going ahead since the road is also now almost constructed and other things seem ok. If someone can confirm about the legal issues then i was thinking of obtaining documents and consulting some lawyer for other checks.
simplycar and shabini did you get more information on this layout? please post here or send me mail if you got information

[sriram]

There was a bank notice for auction of land for survey numbers of Phase-2 around 9 to 12 months back. Duo had taken a loan but maybe unable to payback and the bank to recover the money had published an advt for auction of land. I have the pdf of the bank notice somewhere. What I heard is that the auction finally did not take place and Duo somehow managed to settle the issue with the bank. That is the reason I said that Duo is not in a good position financially and is in need of funds. You can check on this aspect. Although Duo is quite slow in layout development but from my experience we can believe their words to an extent. In my case, I had booked the site by paying x lacs but by the time I was registering my land the price had almost doubled. However, Duo did honour their commitment and did not ask for extra money unlike many builders in Bangalore. In Phase-I I havent come across any legal issue. For Phase-II, you can check on the mortgage/loan aspect.

[simplycar]

Hi Sriram

Thanks for providing so much information. In case you have the pdf still could you please email it to me? I have sent a message with my details.
@saibabu : I am going to get the papers verified soon and will update you on that. If you are proceeding with buying try for something less than 2800. 2800 seems too high.
Also better go for the already released sites IMO.

[sriram]

You can see the notice at the following link:
http://www.idbi.com/pdf/Sale%20Notice_revisedL_duo..pdf

[saibabu]

hello simplycar did you get any more information? did you buy the plot?

[simplycar]

Hi sriram, thanks for the link to the notice. it helped me a lot.
saibabu - the lawyer has asked for some additional documents which i got today. i need to decide after getting his opinion and based on the price they finally agree for. other than that the connecting road was my concern which has improved now. so other things seem to be ok.