Project Review :The Festival City, the commercial project is situated in the sector 143B, Noida, Noida Expressway. The project is under developing by the Bhasin & Mist Avenue. This project consists of commercial retail shops, office space, food courts, club and Multiplex etc.
Possession | Construction Update
This is probably the most uncertain query of the entire project. The project is under construction since last five year. at present there is no construction activity. The possession is undefined/uncertain.
As per Location
The Festival City, situated on the service road of the Noida Greater Noida Expressway. the beauty of this project is that this project is really very close to the Noida Expressway and upcoming sector 143 Metro Station. So can say that the location of the Festival City, Noida Expressway is very prime.
Drawbacks | Bad Factors
That The location and layout design of the Festival City is very prime but to see the present situation of this project it seems that the construction of this project is hardly complete.
It seems that the developer of this project the Festival City is not committed to this project. Investors’ hard earned money is stuck in this project and there is no one to worry about them. There is no sale/resale/purchase in this project.
Due to the delays in the construction of this project, the profits for the investors have almost come to an end. Now, what to do? It’s a big question.
The developer of the Festival City has almost ruined this premium location project. The possession is undefined, uncertain. If the builder had given possession of this project in his committed time frame, then investors would have been in the benefit of at least Rs. 1000/- per sq ft today or more.
As we have seen above, the entire construction is planned well and the locality is also chosen well. The drawback here though is the fact that the construction has completely slowed down. With a possession date set in another year’s time, the project has a long way to go for completion. It seems to have already outlived its past expectancy date of completion which has caused a lot of worry in the minds of investors.
The project has been re-launched several times already with new completion target dates and yet there has been no significant progress. There is not much help from the Noida authority as well on this issue. The investors who have their money into the project are already trying to sell their property and recover their capital. It has been a cumbersome experience for investors who deal with soft launch projects along Noida or any other location along Delhi NCR.
That Festival City project is already delayed more than three years, and at present, there is no construction activity at this site. This is a Mall type property. At present, there is no residential population surrounding this project.
The Maintenance cost is always too high in Mall type commercial properties.
The Maximum Mall or Mall type properties are not the good and safe investment options in the Ghaziabad, Noida and Greater Noida area. The maximum investors who invested in Mall type properties are in 99% loss.
Actually, only a few Malls is running fine in Ghaziabad, Noida and Greater Noida area, like The Shipra Mall, The GIP Mall, The DLF Mall of India etc otherwise all other Mall type properties are the investment of 99% loss.
The Noida Greater Noida Expressway is an IT-BPO company’s destination. Right now the requirement of good location commercial office spaces in this area is high, and supply of good and approachable location offices spaces is limited. But, this project construction is very slow, can say that no construction activity for more than one year, the project is already delayed by more than three years, and possession is undefined.
The Noida Authority has turned this area of the Delhi NCR into a nuisance zone. The Builders are fear free and are allowed to do all sorts of nasty things.
Price | Lease Price
These days developer of the Festival City project offering buyers so many interesting payment plans to invest in this project, commercial retail shops, and office spaces, like 12% assured return and 50-50 payment plan etc.
That builder/project who offer this kind of investment offers is not in the category of secure investment.
As our experience most assured return properties are a investment of loss.
These days the developer of the Festival City, offering many attractive schemes to customers to invest in this property, like the 12% assured return, lease guaranty, and the 50% – 50% payment plans etc.
Basically, the assured return & lease guaranty is nothing, the real estate developers sell their low money property at a very higher price and return your hard earned money in the name of the assured return & monthly rent to you in the form of EMI.
Actually, the assured return plan is a trick of fundraising. The Real estate developer sells its non-salable property with a greedy plan on a very higher price, to innocent customers in the name of assured return. They are making you fool.
Conclusion | Advice
The Property investment is a huge step and it involves a lot of money. It is therefore important that you review the pros and cons and weigh them before reaching a decision. As for the Festival City property from Bhasin & Mist Avenue is concerned, despite being multi-use one of its kind project, the simple fact that the project is unable to meet its milestones speaks volumes on whether you should rely on it. Our advice would be to not invest in this project given the uncertainty surrounding the possession dates.
CPR Rating : *
NOTE: BEFORE INVESTING, DO YOUR OWN RESEARCH