Hello Neighbors - the blog is soon going to be 3 YEARS OLD and that's why the brand new look. The intent continues to be the same i.e connect end users and track progress of the project. Thanks for all your participation and making this forum an important one for all those who have put good money into the Eden Heights project.
Sunday, December 14, 2008
I've been away
Sorry I have been away and haven't gotten a chance to write here. Manish from GPL sent me some pics that were taken during bhumi pujan at the time of casting of the basement raft...If you look at the link on your left you will see the pics. Overall here is what is going on
1. Looks like the construction is in progress as expected
2. The sale is still at 70% or less and folks are able to negotiate better prices (this is my guess)
3. I haven't heard of the EDC bit but i know thats the new ruling in Haryana and will apply to GPL sooner or later.
4. The next payment is round the corner - expect the letters coming out to you in January or 1st week of feb. This will be the 4th payment and probably the heaviest on your pocket
5. Southern periphery road that will connect sector 56 to Sohna and then to GPL is well underway
6. don't expect eden heights to touch 3000 +/sqft very soon. It will tread 2700 - 2800 till some construction is done
Market
1. Property market is really down..i know that gurgaon is down by 15-20% and brokers are screwed up badly
2. home loans are going to go down - to a 8-9% very soon so if you are planning to take a loan and can wait a month or two, it may be worth it
What all are you guys hearing?? I promise to write more often. Hope you guys are hanging along fine and have a blast on christmas and new years!!!
Cheers
Vik
Saturday, October 18, 2008
Sample Flat Review
1. The sample flat exceeded expectations (due to all the fancy interiors). Without the interiors - I cant comment
2. Really liked the quality of wodden flooring in both the bedrooms
3. Kitchen - thought a little small had nice granitie ( or granite like stuff), hob, chimney. I think the modules can have more advanced storage spaces
4. The aluminium doors - excellent quality.
5. Balcony - awesome. Sometimes I wonder if they could have reduced the width of the balcony from 6FT to 5 on both sides and increased the inside space without compromizing on area
5. Use of space just after the living/dining room was nice.
6. The anodized aluminium frame doors in room had only 2 slide panels..what this means is that you cannot put a wire mesh door if you liked. I'd recomment GPL to add 3 slide panel frame (customers like us can get the wire mesh door put if need - but the option should be provided)
7. bath fixtures were ok.
8. The sample flat has a lustor paining while a raw would have acrylic paint
9. I didn't quite like the green tiles in one of the bathrooms
10. I was never a fan of wall papers in india but the wall papers were really neat..
11. In-house doors were absent so i am not sure what type are they using
WHAT changes will i make if i get a raw house
1. get lustor painting done - may be use wall papers
2. get "grohe" or "rocha" bath fixtures
3. get an electronic shower panel put in the master bath.
4. Marble flooring in all rooms and keep the wodden in bedrooms
5. Get a wire mesh on all doors and windows (aleast 1 in each room)
6. upgrade the modular kitchen
needless to say some interior work...
Pics were not permitted - though I had my camera and many opportunities to take pics - I didn't. GPL will be sending us CD with a pictures.
What do you have to say?
Friday, October 10, 2008
12th Oct - See you at the Sample Flat
Lets catch up and exchange notes here. Iwill post pics and share my comments ...
See you at noon on 12th oct at the Sample flat ~ Vik
Check out the NEW POLL on the left
On the top there is a new gaget called SLIDESHOW - I will post all pics there. just click the link and visit the pic gallery
Saturday, September 27, 2008
"Oktoberfest" for Eden Heights
The good news is that EDEN HEIGHTS sample flat is almost ready, interior work almost done and horticulture work too completed. I haven't been to the site off late but kept in touch with the prgress with my "very reliable" sources. I will probably go to the site tomorrow and get some pre-inaugral pictures ..just for all of us. Also if you saw the Time Property today - you will notice GPL broker strip adverts... the big advert is also coming in a week or two..
Shailendar, Manish, Amitabh thanks for the interest in meeting up...but I was a little disappointed with the response to get together but I also understand that quite a few of us are not in ggn but I still think it'll be great for us to catch up during "oktoberfest"... so other those who are interested to meet feel free to write into thiis blog..
Take care folks and wish you a great navratra :) and hopefully we'll bump into one another at the sampleflat.. and click on the left link to FOLLOW THIS BLOG...
Amitabh Sagar - sent some pictures which i posted in this link thanks Amitabh http://picasaweb.google.com/vikrant.bhatnagar/EdenHeights#
CHEERS!!
Thursday, August 28, 2008
Sample Flat, Non payment of 3rd, and getting to know each other
Sample Flat : GPL plans to launch the Sample flat on 5th Oct - during the navratra period and plan to have a lauch party on 4th Oct (I may be a couple of days off but this is what I gather). I am not sure if I am going to be in town, but if I am I will not miss that get-together. I think that will be a great opportunity for some of us to meet in person and share our perspectives, thoughts or concerns.
Non Payment of 3rd installment : GPL is sending out reminders with interest due for those who haven't made the 3rd installment.
Getting to know each other : I have this crazy thought and let me know what you guys feel. I know each one of us is busy, travels a lot or based in a location other than NCR. So I was thinking if it'd make sense for us to organize a get-together at a common location (Gurgaon) and catch up on coffee or a beer (obviously I am not hosting it :) it's gotta be self funded)...let me know what you all think and we can work this out...
Thanks. As always appreciate your participation
~Vik
PS - I still haven't gotten a chance to see the site, if any one of you has feel free to send me pics that I can upload and/or leave comments with the most current status.
Tuesday, August 12, 2008
Statistics - Copycat blog - Independance day
Sunday, August 3, 2008
Whats the latest?
Anyway, Hello again!! and hope you guys have been doing ok, got your loans secured, signed the buyer-seller agreement etc...and one cant miss all the action happening in the 70 sometihng sectors of gurgaon
Sec 70-A - Pal Aquapolis (high end apartments)
Sec 70 - Unitech Commericial and some residential complexes
Sec 74 - DLF commercial and some residential
Sec 78 - another large residential complex
and on top of that BS. Hooda has finalized the infrastructure development plan for the Gurgaon master plan - some of the salient features are
--> Horticulture work across gurgaon
--> better electricity and water supply
--> better infrastructure
--> initiate development of southern periphery (the one that goes in front of Eden heights) and northern periphery road
Anyway - I met Sandeep Gupta mid of last month and we spent a good amout of time taking about the project and had some candid conversations. And here are some take aways
Electricy - approx 3KVA, 6KVA and 7KVA will be dedicated for 2,3 and 4 bhk respectively and there will be a lumpsome payment we will need to make for the electrical infrastructure
--> for power back up
--> for DHBVN
my guess is you should park some cash aside for this.
Loans - Sandeep confirmed that HDFC, ICICI etc started dispensing home loans for the project
Sample Flat - Agreed that it took them longer to complete the sample flat. They changed the designers and made some tweeks to the design too but hope to complete it by Aug ( i still think it will spill over to sep)
Target completion date - early 2012...
Let me know if you have specific questions - there are a lot of things we discussed but i don't want to fill this page with a lot of text..happy to answer.
Enjoy the August!!!
Saturday, July 19, 2008
GPL - Flat Buyer Agreement
>> Sandeep Gupta (GPL) and I spent about 90 mins yesterday (19th july) at his office and he actually opened up this blog from his "favourites links" :) and we went thru each of the clauses I listed below. In the next couple of days I will update the blog with things I found out in our discussion. Thanks
Here are some things that stick out to me in the flat buyer agreement and may mean significant additional payment...
Clause 4(a) - Electricity charges - Deposit for bulk electricity and there is no mention of how much KVA will be allocated to each flat
Clause 5 - Aren't luxurious apartments expected to come with fire-fighting facility - I haven't seen these being mentioned in many other Flat buyer agreements?
Clause 6 - I am not sure I understand it this means payment for purchase and installation of genset for power backup too... eden heights was always promoted as a apartment that will come with 24x7 100% power backup.
Clause 7 - LPG - while this is good to have and I think I did hear mention of this at the time of registration.
Clause 10 - 20% is the earnest money??? WOW this is a lot!!
Clause 13 (a) - "Flat allotee may obtain finance from any financial institution..." there doesn't seem to be many options - considering that none of the pvt sector banks are funding this project yet
Clause 19 (a) - 3.5 years form the date of commencement of construction of the tower - THIS IS CRAZY...I cant imagine any tower construction begining by Jan 09 - add 3.5 yrs to that 2013 looks like the best case scenario for possession. Whereas we all have been told 3 years since the time of registration or booking i.e NOV 2007..
Clause 20 - Buyer compensation Rs 2 psqft - is perhaps the lowest any builder offered- consider thiis we will be entitled to Rs 2psqft in 2013 i.e Rs 4000 per month as compensation for delay - imagine the rent you will be paying in 2013 if you are paying 15000 today?
pls feel free to add other things you observed...
Friday, July 4, 2008
Sample Flat / PLC / Market sentiments & Eden Heights
Sample Flat
Probably it was my jet lag that was making me act a little paranoid but despite trying to catch up on the time difference I decided navigate the poor roads of Gurgaon to the non descript Badshapur village, to the GPL site. I have to say that I was a little disappointed with the progress of sample flat...it didn't look much different to me then what I had seen it a few months back (just that the roof was coming and the exterior walls had a cement coating to it)...so anyone who tells you that the Sample flat will be ready in July is NOT giving you the accurate pics. I don't think it'll be ready until end of August or early Sep. Which makes me wonder if the project is running behind schedule ... nonetheess good thing is that the work is progress
PLC
A lot has been said about PLC and looks like we all realize that it's probably a way for builders to make more money. I was amused that CORNER FACING had a PLC to it...soon we will probably have road facing, mountain facing - even if it is 10 mile away :), Neighbor flat facing haha :)...sky is the limit - PLC really made sense if it was applicable to pool facing or sea facing (in Mumbai)..., I am not sure what builders will offer us If we ask them for a flat without PLC :0).
EDC/IDC
my letter says that EDC/IDC is 200psft - not sure if it is more or less? Any thoughts??
Finally - Market sentiments
Given that the market is seeing a severe downtrend (real estate bigges like Unitech, DLF etc have lost close to 50% in market cap...)...(OMG!!) and inflation touching 12% (WTH!!! ..which is unimaginable) and home loans (12% - 14% - what the f***)...makes me wonder what impact all of this is having on GPL promoters...and I hope that they don't compromize on the quality to battle the market factors and leave the customers (us!!) short-changed!!
Wednesday, June 11, 2008
Quick update on Allotments..
1. The allotment letters are printed and likely to be dispatched today (11th June 08)
2. The letter contains the flat number which is likely to be alloted to you, more often than not, you will get the apartment from the 3 options you provided at the time of booking.
3. Payment is likely to me made in the next 2-3 weeks after receipt of the letter.
4. At the time of payment - the buyer-seller agreement will be done.
5. Interior work is going on at the sample flat and as I predicted earlier...it will not be ready till 2nd week of July.
I am yet to get my letters but if you are excited to know which flat you are getting and how much payment you need to make...you may call the rep at GPL and he would be able to help you with that.
I am off to chicago for a couple of weeks and I hope you all will continue to post here and keep us all updated. Thanks again for visiting this blog and continuing to build the eden-heights community
~vik
Saturday, May 17, 2008
PAY IN JUNE :o)
Anyway back to our favourite real-estate project. I met a couple of folks at GPL today namely, Manish (the sales guy) and a very pleasent elderly gentleman by the name of Aggarwal (who manages the operations, or at least thats what I gathered). Manish was the one doing more of the talking, here are some take away from this meeting
1. Great news for those who were trying to arrange funds for the 3rd installment – the payment date is expected to be around June 10th. The rationale for this is that GPL would like to get done with the sample flat and have some excavation done for the benefit of those who are arranging funds via bank loans. The bank would definitely verify the status of the construction and if they don’t see development on the ground they may not release the funds. So you should expect your payment letters by 1st to 2nd week of June...
2. UPDATE on layout plan/design: One good news for us is that the carpet area of 2150 and 2190 sqft flats has been increased without any impact on the overall super area of the flat (which means better space utilization and they have added a small utility room in 2150 and 2190)
3. UPDATE on layout plan/design: The two 2bhk towers now are laid out parallel to each other as opposed to the previous layout plan as shown in the brochure
4. UPDATE on layout plan/design: The swimming pool is very differently laid out in the new layout plan that is approved (and I think this looks better)
5. The sample flat is till under construction and they hope it’d be ready by end of this month or early next month (exactly as I predicted in my last post)
6. I was intrigued/concerned when I heard that Tower 8 and Tower 9 are reserved for Corporate and the specifications would be different (like no modular kitchen etc…which I don’t ever remember hearing earlier) and even on some further questioning I felt the answer was a little vague.
7. The sales are going very well and GPL is already beginning to re-sale even if investors are booking a Rs100-150/sqft profits. A large % of flats have been booked and therefore they don’t want to spend too much in advertising (which makes sense to me) and the cost of construction has significantly risen in the past few months. (I think it’s a good approach to conserve capital for use in construction)
8. A small bhumi pujan event will be organized prior to beginning excavation and we should expect an advertisement for that
9. The bungalows would be positioned as “premium’ and will be built on 400sqmtrs with approx 4000-5000sqft area and it’s likely that the branding/promotions and even brochures for these would be totally different. The price would be in the neighborhood of 3-3.5cr and investors in flats would have the option of switching over to bungalows if budget permits
10. The GPL website is getting updated too and I am eager to look at the updated version…I feel its too dated now
11. HDFC is still processing the loans. I know someone commented that BOB/public sec banks are better...and I agree but there is just a huge mind set of having a private sec bank funding a reality project (some sense of security - i don't know what caused this sterotype but it does exist)
12. Finally, Manish promised to send picture of new layout plans to me via email. I will update the blog with those as soon as I receive them…
Hope you all continue to find this update useful…I look forward to your comments, questions and hope to be able to provide some clarifications…keep the comments flying in and i'd like to hear which IPL team you are putting your money on as a winner!! I think its the underdogs "Rajasthan Royals"
~ vik
Sunday, May 4, 2008
Allotments "MAY" take place shortly...
The "MAY" above reflects the Month "May", and not tentativeness because the allotments will begin very shortly!! Here is the latest
- Layout Plan Approval : I have heard this over and over again that the "layout plan approval" is the only thing that is pending but the grapevine has it that all approvals are NOW in place
- Allotment letters : Allottment letters may be dispatched by May 11th to all the flat buyers. Which means that you need to keep 10%of BSP + 25%PLC + 50%EDC + IDC equivalent of cash ready. Make the payments and get your allottment done
- Bank Loans : Just like me many of you are also tired of hearing that "we have submitted papers to HDFC bank" - the latest is that HDFC bank should approve the project in a week or so (and so many of us have heard this so many times, so many weeks before :o)..so lets just wait and watch)
- Sample Flat : Sample flat should be ready by end of this month (looking at the progress on the ground - I think it's safe to add a couple extra weeks before it's ready to entertain visitors. Once the sample flat is ready - I will create another section on this blog just get the bloggers feedback on the sample flat to check
- Advertisement: There also seems to be a plan to release some advertisement in this month (It makes sense to have an advertisement now that the Sample flat is getting ready - but my guess is that the advertisement will not come out till the sample flat is totally ready...to get more foot falls at the sample flat)
- Bhumi Poojan: Now that all the approvals are in place - I heard that GPL plans to do a bhoomi poojan (it'll be a nice touch if they send the inverstors/buyers an invite to attend the same)...
So thats the latest and the greatest...from my side.
~vik
Monday, April 7, 2008
Welcome April...
OK - We couldn't have expected for a better begining to April (weather wise), the temperature is hovering between 33 (high) and 19 (lows) ...and its gonna get hotter from here. In addition, April is probably that time of this year when we all may be expecting a notice from GPL for the 3rd payment - its getting bigger and heavier, rite - so if you have booked a 2150 or 2190 sqft apartment; the paymant is probably gonna be close to Rs8,00,000 - Rs10,00,000 ....OUCHH !!! that hurts but it's for a good cause, isn't it. I will update when I hear about the exact due dates. Few questions folks have posted on this blog and I don't have all the answers yet but thought it'd be good to highlight
1. What is holding GPL to begin excavation? Is it the licence? And what about the license?
2. if all the licences are not in place - is it still ok to build the Sample flat?
3. Why are private sector banks not offering loans for GPL project?
4. Are BoB and OBC the only options?
5. Why is GPL not advertising as much as some of the other newer projects?
6. Will the rates be revised after sample flat construction?
7. When is GPL opening bookings for the vilas?
8. The specification say "laminated wooden flooring" - does it mean its not hardwood flooring in the master bedroom?
Feel free to post any other questions you have and i'll try to get some answers...soon!!
Saturday, March 29, 2008
View from the guest bedroom of 2150
Vier from the master bedroom of 2150
Perspective from out side of 2150 master bedroom (above)
Tuesday, March 18, 2008
Quick note on the latest and the greatest
1. Folks from GPL have gone to Chandigarh to get the approvals (so it should be with them any time)
2. When the approvals come in they will send customers (read ~ us) update if any, around layout plans, house design etc...if the super area increases that means additional $$ :o)
3. Sample flat is all done up - like walls and all, but the plastering and touching up is expected to begin in April, I plan to visit the site this weekend and publish some recent pics
4. As soon as sample flat is ready, they plan to jack up the prices - what i heard was RS3500/- psqft - which to me is very unlikely given the market scenario - but Hey!!! am i complaining - absolutely not. If i put 3500 in the colum in my calculator spreadsheet - i am seeing profits (notional :)) -
anyway more to come...
Saturday, March 15, 2008
Eden Heights - Payment Calculator (Construction link plan only)
Since I couldn't upload the spreadsheet that you could simply download - I imported it to the google online spreadsheet with forumlas...anyway this is not the best but a basic planner - if there is a spreadsheet wizard out there who has a better version and willing to share pls let us all know - we will be more than willing to take any help to manage our finances better..
http://spreadsheets.google.com/ccc?key=pStoDbLj7Ub1Yj80Gz1a7AA&hl=en
Thank you. I am thinking on visiting the GPL site this sunday i.e. 16th march else the coming weekend..so hope to have more pics. Pls let me know if there are any specific things you'd like for me to check when I visit the site..
Sunday, March 9, 2008
Home Loan Approval Letter and Layout Approval
- It stated that the 3rd payment will be due at this time
- The letter also stated that as per Construction linked plan the 3rd payment is likely to be due - so I called the GPL rep and confirmed. They stated that the approvals have come thru and formally they will receive the letters next week (I will update the post when i hear that confirmation too).
- Secondly, GPL plans to begin allotment of houses and therefore this letter was sent so that customers can arrange funds either via loans or whatever means they may have as the formal payment letters will be sent to us by mid of April with end of april as due date for making such payments.
2. For some strange reason I still don't see any private banks offering loans for this project - maybe after GPL has the formal approval letters in hand - we will see private banks begining to fund.
3. Also what would be interesting to see (after apporvals are in place) what changes GPL makes to the 2150 and 2190 sqft 3BHK + servant houses. I heard a few months back that the super area of the house is set to increase by 40-50sqft as they plan to add a store cum puja room in the 3BHK offer...(which also means additional payment from us...)
I appreciate you all taking to visit this blog and build the Eden Heights community...hopefully we will all get a chance to meet (when the sample flat is ready...)
Happy Sunday!!!
Monday, March 3, 2008
Sample Flat expectations
1. The quality of anodized aluminiums frames - Almost every builder brochure brags about this but usually the product users end up with is sub standard - look at Park View 1,2, uniworld garden, Nirvana etc for bad examples. However - if you get a chance to look at the Fresco/Close sample flats in the nirvana county - you will know what i am referring too - the aluminium frame,glass quality and the door handles on those frames are excellent I hope thats what Eden Garden procures for this project.
2. The Wooden Doors - I haven't seen good quality doors but Palm Springs sample flat had some very good wooden doors
3. Wooden flooring - If you look at Park View, Close, Fresco...it is almost terrifying (looks like plastic lamination pasted on concrete) - I hope the ones that will be used in Eden heights are of good quality - some examples can be found here http://www.pergo.com.sg/pdt_tpg.html
4. Door handles and latches - Close and Palm Drive/springs would take the cake again
I know some of you would say that palm spring comes at a premium and I totally understand that but these are my wish list you know it as much as me that these small adjustments to the specifications go a long way to build credibily of the brand. So I hope Sandeep you get a chance to read this. i'd love to see the sample flat with these specifications (which hopefully would be standard feature :) - but then I am a very demanding customer afterall - i am not buying the house to sell - I am buying a property that i'd like to live in...
thanks
Sunday, March 2, 2008
Eden Heights - Sample Flat construction in full swing
View from my car - just approaching Eden Heights
View from within the Site
- The foundation had been laid
- The sample flat took some shape - you can guess the entrances, rooms etc but still long way to go (approx 2 months before it gets completec (thats my guess)
- There were many workers on the site but no site manager (guess its a Sunday)
- The one funny thing I noticed - everytime I visited the site the security guard is new and that is coincidently his first day at work so he usually doesn't know much...
So here you go..attaching some pics
Eden Heights - Preface
About me...I have been in Gurgaon for a couple of years and almost invested in a property in december 06 (when we would more often than not hear from brokers that property prices were growing at 100rspsf per month and had I invested then the property (BPTP freedom park life) wouold now have been approximately Rs5000/sf whereas its now 2800 (give or take a few 100) anyway...i am glad I waited and had a good discussion with Mr KL Gupta and Sandeep Gupta - which convinced me to invest in this new venture of theirs. While like most of you even I had my concerns of this group being new blah blah...but i liked their plans, enthusiasm and transparency. Infact, the Guptas encouraged me to talk to the architects of Eden Heights too for clarifications I needed...and I did do my due diligence. So in this cluttered market of Gurgaon where DLF, Unitech, Omax dominate - i decided to invest in GPL
I will not talk about the rate at which I got the property but since I booked it Nov - i got the early bird pricing and some discounts by directly dealing with the developers (some say that I would have saved some money had I gone thru a broker ...anyway that wasn;t too be) and I dont have much faith in the property agents here (who if you look at the property times still haven't revised the rates of the rentals, sale etc...). So a very WARM WELCOME to alll of you........happy posting