Hidden Facts-Mantri Homes-Double your investment in 3 years Offer
Yesterday, I was browsing economic times and found big banner of Mantri Homes which indicates that by investing in Mantri Homes, you can double your investment in 3 years. How I can double my investment in 3 years? This surprised me and I picked-up the phone and inquired in detail. It was really surprising for me as what was my initial thought was vs what I came to know after discussion with Mantri Homes executive. Here are the hidden facts about Mantri Homes, double your investment in 3 years offer.
10 Hidden Facts-Mantri Homes-Double your investment in 3 years Offer
1) For which projects, Mantri homes have launched double your investment offer in India?
There are 3 properties for which Mantri is offering this scheme.
- First one is Mantri Web-City, Hennur Main Road, Bengaluru.
- Second one is Mantri Serenity, Kanakapura Main Road, Bengaluru.
- Third one is Mantri Serene, Pallavaram, Chennai.
- There are no such offers for other projects and other locations.
2) What is the cost for such residential property?
I inquired about 2BHK. Double bed room flats costs between Rs 66 Lakhs to Rs 95 Lakhs. This total amount is excluding registration, but including amenities.
- Mantri Web-City-2BHK-950 Sft-Rs 5,500 per sft Rs 66 Lakhs.
- Mantri Serenity-2BHK-1015 Sft-Rs 5,990 per sft Rs 76 Lakhs.
- Mantri Serene-2BHK-1,480 Sft-Rs 5,700 per sft Rs 95 Lakhs.
If you are in Bengaluru or Chennai, you would know that prices are inflated for this projects by 5% to 15%.
3) When these projects are expected to complete?
- Mantri Web-City – Expected completion date of Ph-2 by Jul-2017.
- Mantri Serenity – Expected completion date by Feb-2018.
- Mantri Serene – Expected completion date by Aug-2017.
4) How much own funding need to be done and how much is the loan?
- 10% has to be paid by you for registration in cash/cheque
- 60% loan would be given by PNBHFL
- 30% need to be paid by you after 3 years at the time of possession
- Means, you need to pay 40% from your pocket and only 60% comes through a loan. Since it is a huge amount, unless you have cash in hand, you cannot go to such projects.
5) Do we get interest free EMI’s till possession?
Yes. Mantri Homes would bear interest. Buyer need to pay interest free EMI’s for 36 months.
6) What is this double your investment in 3 years offer?
Double your money in 3 years applies only for 10% of downpayment what you paid. E.g.if you have taken 2BHK from Serene, Chennai flat, you would pay Rs 96 Lakhs, out of which you would pay Rs 9.6 Lakhs as down payment during registration initially. If you opt to come out, you would get 100% i.e. another Rs 9.6Lakhs totaling to Rs 19.2 Lakhs back.
7) How the agreement would be made for this double your investment scheme?
No agreement would be made. It can be given in simple plain paper if anyone demands. It is only understanding between buyer of the flat and Mantri . Now Don't ask me why they would not sign for such document.
8) When one can opt to exit and get 100% return?
Buyer can opt to exit at 3 years, however, he need to give 6 months advance intimation to Mantri Homes. Means you NEED to exit at 2 Years 6 months sharp to get this offer of 100% return.
9) How the exit process may work?
You need to inform Mantri Homes who would find buyer and at the price quoted by buyer or by Mantri Homes, you need to sell your flat. Means in above example if you have brought at Rs 96 Lakhs flat in Chennai, you may need to sell even at less amount.
10) Do you really make profit out of this transaction if one want to exit?
It is difficult to say in real estate segment. If prices are already inflated and if you would get 10% more on your current price after 3 years, you may or may not get any return at all if you exit from such offer.
Conclusion: While Mantri Homes-Double your investment in 3 years scheme is good to hear, one should know the hidden facts. I don’t think any one is looking for inflated prices in project, with no legal documentation in place and just getting 10% return on exit within 3 years. Consider all these facts before making any investment in such projects.
Readers in Bangalore and Chennai, what is your view on these projects? Do you feel the above prices are inflated? Do you still think, this is one of the Best Investments in Real Estate?
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Hidden Facts-Mantri Homes-Double your investment in 3 years Scheme
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