Info: IT Employees Housing Co-op Society

[sriram]

The developer is BriCasa developers (http://bricasadevelopers.com/). Their office address is same as present address of IT Housing Society. They commenced operations in 2011.

[msn1270]

Ramks

In my personal experience, many of the societies work in the same way and lot of time delays happens in all projects. Usually any society takes around 3-5 years to come out with a layout for registration.
Many societies look for land developers who can sell them in bulk under agreement. Same case with majority of the telecom societies also in Bangalore & Mysore. As & when there is realistic progress,
definitely i'll update here. I don't want to do any speculation or hype things.

[cheetah]

Any updates in here folks? Seems like the society is dead by now but I am hoping for the best.

[msn1270]

Here is the first project update from them.

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[cheetah]

Guys, any inputs on the location? For me it looks way too far the city commute for work. Also MSN, can you shed some details on whether you have a tie up with any banks? Most of us might require some amount of loan to purchase these plots.

Cheers

[msn1270]

Any society or agency will do their project based on their financial abilities and their limitations. Every individual will have his own preferred location. Society/agency can't satisfy every individual needs. So this location may help many others, if not for those who would like to commute to Whitefield or E-City or some other far distances.

As of now Society has finalized the Location for their first project and entered into MOU with the Developer. They are yet to start with the project development and approach for all approvals from various bodies. Only after getting necessary approvals, any developer goes for tie up with Banks and financial institutions for loans. At this stage its too early to expect Bank Loans. Completion of the project may take around 18-24 months minimum. Probably we can expect by the time of second or third installment.

[msn1270]

Few of the attached pictures gives you the present state of the identified land for their first project.
The men in these pictures are the team of young IT engineers who have taken this initiative for their community.
Hope it may help some one to decide their interest.

[awin]

All that is fine, but the price of Rs 975 per sq ft is just too high for that area. Agricultural land prices in the region range anywhere between Rs 50 Lakhs per acre to Rs 70 lakhs per acre, depending on road access, terrain type etc. How much do you account for development? Rs 200 per sq ft? Rs 300? Or how much? Consider 45% land for roads/parks and the math easily doesn't cross Rs 600 to 650 per sq ft.

I wouldn't be joking when I derive that the core guys at this IT society is a bunch of spent-fuel IT guys. I guess their resumes will tell the story... Upload those here & let's see.

As a side note, it is imperative that a lot of the 10 to 15 yrs experience IT guys are already or soon to be outdated w.r.t skills, and I am not surprised to see this venture. My only request is don't cheat the unsuspecting in the guise of the purported goodwill.

[ragsaol]

Yes, even i felt price is tooo high for that area...and that too its not ready to register it takes its own time

[msn1270]

Dear Awin

I'm just an ordinary member of this forum and have nothing to do with the ITH society.
But your view on the IT sector people or on your illogical assumptions on the price is not fair.
(As per your view, a person working in IT sector will become waste character say after 15 years.)

Coming to your own inputs

a) 1 acre = 70 lakhs

b) 1 Acre=45,560 sq.ft

c) Development cost of Rs. 200 * 45,560 = Rs. 91,12000.00/-
(DC conversion, layout approval, statutory charges & miscellaneous...etc)

d) Basic cost of land(a) + Development charge/acre(c): Rs. 1,61,12000/-

e) Approved layouts will have 49% of total Area for residential use: 45,560 * 0.49 = 22,324 sq.ft

f) No of 30X40 sites we can have in 22,324 sq.ft = 18 No's(approx.)

g) Basic cost for a 30X 40 site: Rs 8.951 lakhs.

h) Keep profit margin of the developer as 20%/site = Rs. 10.74 lakhs/site.

I) Running cost of the society 10% = Rs. 11.82 lakhs/site.
( considering the society as a Non-Profit organization and their expenditures restricted to travel for Land identification, legal Verification, Chartered accountant monthly salary, admin & logistics ...etc.)

j) Currently Quoted price of Rs. 975/sq.ft = 11.7 Lakhs/site .

Few of the other layouts in this zone SLN City is quoted around Rs. 1,200/sq.ft, T John Serenity is Rs. 1,350/sq.ft...etc. Say this layout will be ready for registration in next 3 years. Still your buying value will be Rs. 975/sq.ft at the time of registration.

Could you please justify where is the cheating factor in the quoted price by the spent fuel IT Guys, so that it helps me and other members to have some basic Idea/Gyan about fair valuation on a piece of land ???