Why is possession delayed? Project under construction since at least 2007/08

Raghav Agrawal,

20th February 2014

Buying property in DB Orchid Woods, Goregaon East, Mumbai

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Replies (12)

Hi Jerome,
In deed you need to check the specific clauses in your agreement with the builder in respect to 20/80 scheme as sometimes there are restrictions in selling the property during the 20/80 term. Generally, you are free to make a sale to a new buyer who in turn will be independently assessed for his credit worthiness by the financial institution. As regards to tax liability in case of a sale, you will be subject to the applicable tax laws and will have to pay taxes as applicable. I suggest that you take advice of a tax consultant for this.

Sanjana Jain, Mumbai

21st February 2014

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Hi,
I have booked a flat in DB Orchid Woods and paid 20% of the project cost as per the 20/80 scheme.The 80% loan has been disbursed by the finance company to the builder but i have to start repaying the loan from next year.Can i sell the flat at this stage by just paying 20%?Can the loan get transferred to whom i sell the flat?Can i sell the flat without getting it registered at this stage?..What will be the tax implications/liability on my part?Tax liability if any will be short term or long term and the amount?How much money will i receive assuming the flat cost is 5 lakhs and 20% paid by me is 1 lakh and todays cost is 6 lakhs?What is the amount of transfer fees i will have to pay on selling the flat and to whom will i have to pay it?Will TDS come into effect on this transaction?

Jerome Fernandez, Mumbai

21st February 2014

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Hello Ashish,
All the locations are good for long-term investments and also from the monthly income perspective. If you buy property with least price today, it will give highest monthly return.

Anuj Gupta, Mumbai

21st February 2014

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Hi,
I have a question. I want to buy a 1BHK for rental income. Which of these locations are better for returns - Andheri West near Oshiwara/Lokhandwalla or Goregaon East on Highway? Looking for capital appreciation in the long-term (about 5 to 10 years).

Ashish Sharma, Mumbai

21st February 2014

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Hi to All,
How do you see the prospects of Goregaon East? There is a lot of construction activity going on there. The rates in good projects there are around Rs 15000 per sq ft. Do you think it would provide 20% appreciation year-on-year for first 5 years now?

Ravi Waghmare, Mumbai

21st February 2014

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Hi Ravi,
How are you doing??
It is a very good investment location and the actual returns will depend on market forces but in the long-term, they will give you very good returns because of infrastructure planned there.

Sandeep Mhatre, Mumbai

21st February 2014

Hi,
Heard that price range in and around Goregaon east is hovering between 14865-16247 per sqft and has shown an increase of 6% in last one year which is a good sign of phenomenal growth. Presence of many IT, ITES and retail units in this locality is also one of the main factor for price hike.

Ramesk Polekar, Mumbai

21st February 2014

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Hi,
I am planning to buy a 2 BHK flat in Goregaon east for self use or for investment purpose. Can anybody let me know what is the latest price trend that is going in Goregaon east?? What will be the appreciation trend in another 4 years time. Are prices going to remain stable or it is going to get an increase??

Suresh Khanna, Mumbai

21st February 2014

Comment

Hi Suresh,
Property prices are definitely going to increase in another 2 years time due to many commercial establishments and rapid infrastructure developments going to take place in this locality. Sooner the area will be having a metro rail connectivity which will push the property rates to great extent.

Sunil Joshi, Mumbai

21st February 2014

Hi Vinay,
Orchid Woods is primarily located in Goregaon east and is well reachable by road as well as by rail. It is also near to Western Express Highway which is just few kms from this place. BEST runs daily bus schedules starting from Goregaon depot to all western suburbs like Malad, Jogeshwari, Andheri, VileParle, Khar and Santacruz at frequent intervals. Goregaon station is only 15 minutes from Orchid Woods where fast locals have a brief stop at this station which belongs to western line.

Kishore Pathak, Mumbai

21st February 2014

Comment

Hi all,
How about the transport and connectivity of this project to other localities. Is the project has got all the approvals from concerned departments. Which are the banks are providing for home loans for this proeject??

Vinay Dixit, Mumbai

21st February 2014

Comment

Orchid Woods have flats ranging from 2 BHK, 3BHK and 4 BHK. The area for 2 BHK is about 1420 sqft and costs approx 2.30 crore. 3 BHK comes with area ranging from 1635 sqft to 1820 sqft and is priced between 2.64 crore to 2.94 crore. 4 BHK comes with larger area comprising 2465 sqft and are priced at almost touching 4 crores.

Shrikant Kejriwal, Mumbai

21st February 2014

Comment

Hmmm. Are not the prices look very high for 4 BHK almost costing 4 crores. But came to know that amenities offered are awesome which includes RWH, swimming pool, broadband connection, banquet hall, waiting lounge, hitech gym with state of art equipment's, 100% power backup and much more.

Arup rajan, Mumbai

21st February 2014

Hmmm. What are the flats available in Orchid Woods, price and the amenities provided?? Are the amenities worth the cost of the units. Is it really worth to go for???. Your valuable suggestions will help me in taking a decision.

Abhishke Karule, Mumbai

21st February 2014

Comment

Hi Raghav,
Work is underway for this project and handover is likely by Dec 2015 approx. In fact the work has started way back in year 2007.Orchid Woods has 7 blocks having 55 floors and is situated in Goregaon East.

Ashish Bhoite, Mumbai

21st February 2014

Comment

Hi Ashish,
Even I came to know that work has started in 2007 and still going on. The builder is not willing to give any details pertaining to the delay in project. They are saying that most probably it will get completed by 2015. Keeping my fingers crossed.

Abhijit Thanki, Mumbai

21st February 2014

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