Wednesday, April 14, 2010

Samruddhi - Poddar Developers - update

There has been a good response for the project in that 600 bookings already made - within a month of launch. However, of this, most bookings are for the 1 BHK category (which was priced at Rs 4.5 lakhs) and less for the 1 RK (priced at Rs 3.5 lakhs). In fact, the surplus bookings for the 1 BHK category have meant that (a) it will be closed quite soon as it seems that only Phase IV flats left in this category and (b) the builder has raised prices to between Rs 4.65 and 4.95 lakhs, depending on the floor. For the moment though, the 1 RK prices have been retained at Rs 3.5 lakhs and the builder has also set up a sample flat at site for viewing in order to generate interest (until now only the 1 BHK sample flat was ready). We still do not have a clear idea on the proportion of investors to end users but MHFC is certainly trying to spread the word among the latter segment so that they come forward to book a flat in what is probably a reasonably affordable project, even for those earning between Rs 8-10,000 Rs per month (the EMI on a Rs 2.8 lakh loan - after the 20% client own contribution of Rs 70,000 - will be approx Rs 3,700 over 15 years).

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