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Dated March 30, 2009 Comparative Study Projects coming up in OMR, Chennai on par with specifications of Swanlake Presentation by N.Venkatasubramanyan
Comparative Study- Projects coming up in OMR-Chennai Rate Rs.2500 per sq.ft • BSCPL Infrastructure Ltd –Rs.1000 crore company • World-class luxury apartments at Bollineni Hillside – row houses, villas and apartments at OMR –an integrated township spread across 92 acres. Wide choice of homes to suit every pocket from 650 sq.ft to 3000 sq.ft • Rate Rs.2500 per sq.ft for apartments • Work in full progress – delivery from March 2010 onwards • Specifications – on par with Purvaswanlake • Time/Construction linked payment Plan
Comparative Study- Projects coming up in OMR-Chennai Rate Rs.2700 per sq.ft • Indiabulls Greens – 3km from Sollinganallur junction • 1,2 and 3 BHK apartments • 650 sq.ft to 1750 sq.ft • Rate Rs.2700 per sq.ft all inclusive (car park) • Amenities and specifications on par with Swanlake • Project work to commence in April 09 and to be completed by March 2011 • Time/Construction linked payment Plan
Comparative Study- Projects coming up in OMR-Chennai Revised Rate Rs.2895 per sq.ft • Bella TUSCANY – Padur, OMR, on the banks of Muttukadu lake with panoramic view. • Bungalow apartments • a combination of freedom and security. • own sit out, private gate, foyer, front facing windows… the independent feel of a bungalow in an apartment. • Rate revised from Rs.3695 to Rs.2895 per sq.ft with price parity assurance to all their customers both existing and new • Specifications: on par with Purvaswanlake • Time/Construction linked payment Plan • Delivery by December 2009.
Comparative Study- Projects coming up in OMR-Chennai Revised rate Rs.2650 per sq.ft • DLF HOMES – DLF Gardencity at OMR • Rate reduced by Rs.800 • Revised rate Rs.2650 per sq.ft with price parity assurance to all the customers. • Luxury flats with specifications matching with Purvaswanlake • Additional facilities include PSBB Millennium School, Shopping Complex, Heathcare Centre ( not available at Purvaswanlake) • Time/Construction linked payment Plan • Possession by December 2010
Comparative Study- Projects coming up in OMR-Chennai • Adair Akshaya Homes – OMR • Completed construction on time in Jan 2009, with specifications on par with Purvaswanlake • Collected monies based on Time/Construction linked payment Plan • The booking rate was Rs.2340/- in Jan 2007 and remained the same till the last customer.
Comparative Study- Projects coming up in OMR-Chennai • Provident Housing Ltd.,(subsidiary of Puravankara) is launching Provident CosmosCity at OMR • Rate 1780 per sq.ft. “And now the benchmark for affordable housing in India is well and truly reset”- thus claims Provident Housing Ltd • Time/Construction linked payment Plan • Possession by April 2011 • Specifications within the flat are same like Swanlake except for area per flat, certain high-end items and covered car park, club house. • when flats to land area ratio appears the same in Purvaswanlake and COSMOSCity. • The difference in rate between between Purvaswanlake and Cosmoscity is Rs.1860 per sq.ft indicates the need for revision at PURVASWANLAKE.
Swanlake v/s COSMOS City • Provident Housing claims 100% bookings for its First Phase of 550 flats in COSMOS City in 7 days of the launch. • Provident Housing has now launched its second phase at COSMOS City which it hopes to be booked in full soon. • How is that Purvankara is not able to do the marketing magic at Swanlake? Reasons are obvious.. HIGH COST, HIGH COST and HIGH COST alone………….
Comparative Study-Projects coming up in OMR-Chennai • Basic Rates per Sq.ft of luxury apartments in OMR • Purvaswanlake – Rs.3540(possession by March 2011) • XS Real _ Rs.2895 (possession by December 2009) • Mantri Synergy _ Rs.2800** (possession by May 2010) • DLF Homes _ Rs.2650 (possession by December 2010 ) • Indiabulls Greens_Rs.2700 ((possession by March 2011) • Bollineni Hillside- Rs.2500 (possession starting from March 2010) • All other builders • have revised their launch price downward looking to the current trend prevailing in the realty sector • and price-parity is maintained for all their clients. • This has helped them to improve their bookings and help speedier project implementation. • **semi-deluxe flats
Swanlake –Project Specific • The basic rate at Rs.3540 is the highest in OMR area – needs to be reduced on line with other builders in OMR. • There has been undue delay in project implementation whereas amount collected from the buyers are far in excess as compared to project progress • Buyers have been put to financial strain on the higher cost per sq.ft on one hand and heavy interest lost on the monies blocked with Puravankara
Swanlake –Project Specific • Monies blocked in the project N.603 and C.603 is over Rs.74 lakh on which we have lost earning of interest @11.5% p.a i.e.Rs.70916 per month or Rs.8,51,000 per annum. • We would have easily got a ready-built 3 BHK luxury flat and a 2 BHK flat from another builder against the monies so far blocked in Purva Swanlake. • If Puravankara offers reduced rates to new customers who are late entrants in 2009, these late entrants benefit both by way of saving of interest (approx Rs.10 lakh from April 2007 to March 2009 for N block flat ) besides paying Rs.3 to 4 lakh lower than the flat price paid by a early bird buyer in 2007. • Should not be existing buyer be treated fairly?
Swanlake –Project Specific • Puravankara should give fair treatment to their existing customers who have put in their family savings and borrowed monies into the project right from 2007 • by revising the basic rate lower than the launch price • and giving parity to all their buyers • By offering payment holidays so as to match with the Construction linked payment Plan • This Proactive RESPONSE from Puravanka will enhance the TRUST, redeem its CREDIBILITY, maintain EQUITY to all its clients and help complete the Project in a WIN-WIN situation.