Thursday, September 9, 2010

Listing of some second home projects in and around Mumbai

Fortune Hotel courtyard, Lavasa, Maharashtra.Image via WikipediaHi Everyone,

I have been asked to compile a short list of second home developments close to Mumbai. I will do so and slowly start reviewing them. Here is my list with quick comments:-
1. Lavasa - must see and evaluate for all. Pricing approx 3500Rs. /sq. foot, leasehold (999 years), tightly managed and regulated community where owners have limited freedom but overall you can expect better behaved neighbours and a community with critical mass.
2. Samira Habitats, Alibaug- Nice Villa Community - we liked the layout of the villas, with a central club house, team seems to be professional, pricing reasonable and Alibaug offers a decent destination close to Mumbai, clean title freehold land and villa.
3. Our Town- Khardi- Excellent pricing and accessibility to the Railway. Lots of investors seem to have bought plots and so limited villas which can make the place seem lonely. The developers seem to be trying their best. Good clean title though you are living in close proximity to villagers. This is not a fully gated community. They plan a modest clubhouse.
4. Ansal Housing - Thai Villas - Very nice though location is far away. It needs to be seen if they will manage to get critical mass given the location and the expense with maintaining such a structure - ability to get hired help, maids etc.
5. Nirman Developers - They seem to have built small villa communities in Neral. The villas seem to be nice but not glamorous. They seem to be marketing them silently or else only to close associates and the fear here is that buyers will be part of a community with not very cosmopolitan profile.
6. Artha Money - Blue Mountain - Ooty - Again an interesting scheme but one where the fine print confuses us. There are many grey areas the land is being sold at 10L an acre and yet the owner is a co-owner. We will try and get further details and at the moment my personal view is that Artha Money seems to be a marketing company with no competence in either property development or agriculture.

Disha Direct and Soft Corner properties two companies in Mumbai also seem to be advertising second home projects. These companies seem to be agents who tie up with property developers and market their properties. We have independently confirmed that they are spending money for their advertisements in Mumbai Mirror and are not private treaty customers of Times of India. However, we have not been able to talk directly to the management of these companies. In projects which they are marketing, we would advise to exercise caution and do a thorough title investigation as their staff may be on a high variable component and since the projects are not their own and their business is dependent on developers, they may not be in a position to ask the tough questions. Having said the same, I have not seen any adverse comments on the internet and would love to hear from customers who have bought properties in their developments.

If you have other developers who are building second home communities or else holiday homes in your city, please send me the links and I will be happy to review them and send you my views. If you have any comments on the above developments, please put them in the comments below and I will be happy to respond.
Enhanced by Zemanta

No comments:

Post a Comment