Project By Skanda in sarjapur road

[divvas]

Hi All,

I wanted opinion the project that is yet to come near Sarjapur road(near Wipro Corporate Office) by Skanda Group which is made on 27acres(312 app plots), I got to know about this project through the marketing people who had posted ad on olx. They are yet to get the BDA approval (Don't know when).Skanda people told that they are quoting 3300 to 3500Rs persqft only if you are ready to pay the full amount by cash. There will not be any registration done, they will only give "MOV". As of now they are looking only for the investors who can pay the full amount. Once they get the approval they will increase it to 4000 to 4500 Rs itsims.
They are telling that almost 25 plots have been sold already. I location is still not having any compound wall, it have trees in it.
Can any one suggest me whether this looks fishy? I am looking for building the house not for investment. Since this suites my budget I really wanted to know is it safe to go ahead and buy it. If any one has already booked please do let me know. It would really help me in deciding whether to go ahead.Thanks in advance.

[vishwas_bda]

Sounds a bit risky.

1. Does it come under BDA or BMRDA APA jurisdiction?
2. What are the commitment in MOU?
3. Are there any hard deadlines/timelines?

Biggest risk is the validity of the MOU and the fact that the developer can simply sit on your money and say that the conversion/approval is taking time

[divvas]

Hi Vishwas,

This project is in Hadosiddapura near wipro corporate office which comes under BDA jurisdiction accodring to this list specified in the below mentioned link
http://ravikanthpropertyconsultant.word ... ion-areas/
I have spoken to a person who had payed 80% and got his MOU, in that they would specify they will be getting the approval by 6months from the date of MOU and if they fail to provid by that date they will provide 18% of interest to the amount given and refund the amount.

[harisha]

Any contact info?

[divvas]

You can contact Varun-9739157000 or Raghu-9379119335

[sriram]

It seems like a risky bet. Please take feeback from the customers of their previous projects like Skanda Nirvana (near Panathur, ORR) and their apartment project (behind CISCO, ORR) regarding the timelines, builder integrity etc. I think their villa project is delayed quite a bit. If you are confident that you can get your principal back in case the project doesnt take off, then it may be worth taking the risk. Also, please take the 6 months timeline with a pinch of salt. The practical scenario would be that incase the project doesnt take off, you may be able to get your money back maybe after a year or more, with minimal interest and after numerous follow ups. They are basically leveraging their land-holding to mop up funds to complete their ongoing projects.

[divvas]

Thank you Sriram for the valuable response. I spoke to a guy who has already bought the plot he told me that he spoke to the farmers of that land they have given them 2.5 years for the complete development depending on their progress and development of the layout they will sell more land to them. Farmers have total 200Acres of land out of which they are given 27Acres to develop. They are telling that they will get the approval by december. In the MoU i am planning to put the timeline of 3months rather than 6months else they have to return my money back. I am planning to take a lawyer to do the process. Since i am planning to construct a house there and the distance from main road is just 1.3kms i was interested in that location and basically it is BDA approved layout which i could afford.Still i am in a dilama because it is a hard earned money to construct a house...

[Sebbyjoe]

Please feel free to call me on xxxxxxxxxxxxxx. We represent the developer and all your queries can be answered by me without assumptions or ambiguity.
Sebastian j

[Sebbyjoe]

Dear All,

This project has just recieved BDA approval. Anybody want to take advantage of the price before it is raised can contact me on xxxxxxxxxxxx.

Regards,

Sebastian J

[asiteseeker]

This project from Skanda is a Joint Development project. I inquired with one of the contact mentioned in the portal, who is a third party marketing firm executive, said that Skanda has given this project for marketing to his company. They are yet to get the BDA approval number/papers from the authorities but they got the confirmation about the BDA approval it seems. And they quoted the price as 3500/- to 3600/- per sft as a pre-launch offer if full amount is paid upfront. Once they launch the project to public they want to sell at 4300/- to 4500/- per sft. As of now nothing has been started there, it's like an agriculture land with trees and grass without any fence/compund.