Is it worth investing in L&T Crescent Bay Flat

Q: I WOULD LIKE IF ITS WORTH INVESTING IN Ruparel Ariana and L&T Crescent Bay. WILL THE PROPERTIES in 3 to 4 years time? What would be the current rate per sq foot for each flat?

Ramji Patel, Mumbai

6th July 2015

Investment Advice in L&T Crescent Bay, Parel, Mumbai

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Replies (4)

@Ramji,
You need to take the following considerations before you invest in Parel. I haven't seen much appreciation in the locality and the reason high property value and unsold inventories.

1) Both look like good developers. Hence, make a choice depending on your requirements and budget.

2) Property is very expensive in Parel (in the range of Rs 18000-31000/sq.ft). Also know that Parel hasn't witnessed much of an appreciation in the last 3-4 years due to high property prices and lack of buyers in that area.

Considering the large number of unsold apartments in expensive prime suburbs in Mumbai, there doesn't seem to be more than 1-2% of appreciation in the next 3-5 years.

Dharmaja Patel, Mumbai

15th July 2015

Comment

The Major problem is that L&T keep telling prospective buyer the they rate per sq foot is fixed .Could any one who could give a more accurate figure for the current bay L&T .
The second problem with the builder they keep you in the dark. L&T gives a consolidated figure an amount say 3.5 BUT WILL NOT GIVE AN ACCURATE BREAK UP OF THE FIGURE. I EVEN NOTICE L&T KEEPS ADD NUMBERS WITH A PROPER EXPLANATION.
CAN ANY HELP HOW TO STAY OUT OF TROUBLE EVEN WITH THE BUILDER L&T.
IT WON'T GIVE ITS LOADING FIGURE for the Flat, 2 L&T IS Charging for parking despite the fact the more that 40 % cost extra based on Super built up area for each flat ,which includes Parking. In 2010 the Supreme Court have passed a judgement on Car parking CANNOT BE Charged from the buyer. The cost for parking and other facilities has been included in the cost.
The 2012 Mumbai High court order CANNOT SUPERSEDE THE SUPREME COURT ORDER .
THE L&T Builder keeps using all sorts of charges to bring up the figure to 3.5 cro

Ramji Patel, Mumbai

8th July 2015

Comment

Dea Sir,
Before buying property or signing agreement paper with any builder, check all the legal approvals, verify it by local municipal, asked some owner of that project and read all the clause carefully mentioned on sale deed like possession, floor plan, maintenance charges, payment schedule etc.

You are right as per the Supreme Court order builder can't charge for the car parking. But as per the Maharashtra Govt. excluding Bungalow on independent land parking under stilt or covered parking has to be valued at 25% of the rate arrived after appropriate reduction applicable to property purchased in that zone. For open parking space valuation should be done by taking 40% rate of developed land in that zone. You can get more details on Maharashtra Govt. site i.e http://e-stampdutyreadyreckoner.com/Guideline-Entire-Maharashtra.html

Dharmaja Patel, Mumbai

15th July 2015

Hi Ramji,
Who is going to buy????? It is you, who is going to invest your hard earned money. You are as much needy as the developer. So, if the builder is not ready to show you the clear picture of the project, stay away of such builder. If the buyers ignore the builder for their behavior then builders will have to change their tendency.

Shantanu Kumar, Mumbai

28th July 2015

As far as locality is concrned, Parel is known as a cosmopolitan area with all facilities like schools, colleges, hospitals, malls, markets, railway station, play grounds etc. within a radius of 1 to 2 km. Due to this, Parel has seen huge property price appreciation and property became unaffordable. The monorail project passes through Parel on the eastern side along G D Ambekar Marg which is another factor of rising prices in that locality. But now there is a fall in property price due to pile-up of unsold apartments in the area.

Anuj Gupta, Mumbai

8th July 2015

Comment

Hi Ramji,
Ruparel Ariana by Ruparel Realty located at Jerbai Wadia Road, Dadar Naigaon, Parel, Mumbai. It offers 2/3BHK residential flats from 1250-1900 sq-ft. and it's current price is Rs. 18000/sq-ft. A2BHK will cost to you Rs. 2.25 crore.

Whereas, L&T Crescent Bay by L&T Realty offers 2/3/4 BHK residential flats form 1320-3910 sq-ft. and it's current price is Rs.26515/sq-ft. And a 2BHK will cost to you Rs. 3.50 crore.

Ketalpujara, Mumbai

8th July 2015

Comment

Yes, the project locality is same but the amenities provided by the L&T Realty is more luxurious than Ruparel Ariana that is why there is a difference in price. Seeing the locality price of Parel i.e. (Rs.18500-31500/sq-ft) both the projects are quoting very affordable rate.

Ruparel Realty giving possession for Ariana in September'2018 whereas, L&T is offering possession for Crescent Bay in July'2017. Both the project are under construction.

Residential property in Parel are quite expensive and the residential market is showing a downward trend. So, i don't think there will be a much appreciation in the next 3-4 yrs.

khushisha, Mumbai

8th July 2015

Thanks Ketal. You have given very useful information. This is going to help us for sure.

MadhavJha, Mumbai

8th July 2015

Hi,
To get more details of these project click the link L&T Crescent Bay, Parel

Ruparel Ariana, Parel

Or,

To get best deal on these properties, list your requirement here or you can call on this toll free number (1800) (180) (180) (180) Or You Post your Requirements to get matching properties details on your Email and Mobile.

Sanjana Jain, Mumbai

9th July 2015