Deciding upon investing in Prajay Megapolis, Hi Tech City?

Venture Details:

  1. Located : Adjacent to Indu FortuneFields after Hitech City MMTS station
  2. Area: 21.1 Acre land
  3. No.Of Blocks: 23 Blocks
  4. Total Apartments:  3200
  5. It offers 1, 2, 2.5, 3 and 4 BHK residential apartments

 

Builder/Venture Backdrop:

  1. Prajay Engineers Syndicate Ltd. is a renowned builder based out of Andhra Pradesh
  2. It has been in the field for more than 20 years now
  3. It’s Publicly Listed as Prajay Engineers Syndicate on BSE, so it’s in business 
  4. This is the first high rise township they are undertaking and is going to be prestigious venture for them to showcase

 

 

Initial Startup:

  1. The first bookings were started way back in around October 2009
  2. The price was quoted at Rs. 2250 per Sft
  3. The venture was halted due to global downtown and slow real estate activities during that period
  4. People booked at this time has been awaiting on it’s take off since then

    Recent Startup:

    1. Launched Pre-Launch Offer on Ugadi 2012
    2. Pre-Launch price quote was Rs. 2700/sft
    3. Actual launch price is quoted at Rs. 2835/sft
    4. Next price hike is supposed to be Rs. 3200/sft

     

    Disadvantages:

    1. High Tension Electrical Lines are crossing by site which can cause various heath issues in children below 5 years of age as well as cancer for adults
      1. Childhood leukaemia risk doubles within 100 metres of high voltage power lines
    2. The spacing between towers is very less thus you feel like you are in a squeezed living habitants
    3. Location being famous for housing, very fast going to run out of ground water, municipality water supply would become costlier
    4. Swimming Pools are split across and are of small size
    5. Close to Railway track
    6. Apartments value starts deprecating after 10 years of service
    7. No good benefits in case of handover delays, they will pay nominal rentals that is Rs. 3/sft that becomes Rs. 2000 for 1 BHK booking
    8. Bank interest rate returns are better than the anticipated rentals in the area

     

    Advantages:

    1. Location: close to Hi Tech City, Falls under KPHB phase 9, Hi-Tech City MMTS Railway Station,
    2. Land owner and the builder are same thus there is no Developer/ment charges
    3. Adjacent to Indu FortuneFields
    4. Reasonable base pricing
    5. Just stated venture and going to be handover in 2014 for 1st phase bookings
    6. Good quality of construction by Prajay Engineers
    7. Direct Manjeera water supply from GHMC
    8. Direct Gas line connection
    9. Kitchen comes with readymade platform and cupboards as in model house
    10. Good appreciation for cost by builder itself
    11. Good response in the market and Faster bookings
    12. Free Celebrity club house membership
    13. Higher Housing loan interest in the current markets

    8 thoughts on “Deciding upon investing in Prajay Megapolis, Hi Tech City?

    1. Please do not go for this booking. There is huge delay in the project and even the employees are not customer friendly (after taking the cheque from customers)

      1. I can understand your anger Brother. I have read lot of negative reviews of the ED Sumith Sen who is very rash and uncourteous. So what can you expect from people down the line? APart from this, do you forsee any other major neagives? I have visited the project and am impressed despite a few negatives. Can you pls. elaborate??

    2. What are you trying to prove here? We all know that Prajay Megapolis is a failed project. They cancelled Phase-2 and forced people to buy in phase-1 or cancel and do not return money. The handover delayed from 2012 to 2020+. The staff is very very rude. What else you need, if you still do not realize go to their FB groups, you will get clarity. You invest in it , you are screwed up.

      1. Hi Sameer,

        Thanks for your comments. I know what you have said is right. This article was written long ago (Jul 2012) while project was on good track. I’ll revise the article soon to reflect the latest status and its issues.

        Thanks,
        Govardhan

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