Among the old well known business families in Bangalore is the Sipani’s. Back in the 80’s, they were known for the car they manufactured called Dolphin - it was a Fibre glass body car (http://en.wikipedia.org/wiki/Sipani). Dolphin did not do well and was eclipsed by Maruti 800 as it came around the same time.
Over the years, the Sipani brand has been in a few B2B businesses. Today most youngsters would not know the Sipani brand.
However in the past one year, the Sipani brand is starting to be visible in the real estate market in Bangalore. They have come up with 5-6 projects - mostly in Koramangala - my information is that they are delivering well on these projects.
The most attractive thing about this launch is the pricing – it is currently being offered at 1800 per sq ft –I am attaching the price list here (https://dl.dropboxusercontent.com/u/73601331/Bliss%20e-Price%20till%2027th%20Feb.pdf) – You can get a 3 bedroom, 1416 sq ft flat for around 31- 32 lacs – That’s the good news. The bad news is that, this price is going up by Rs 150 psft with the launch which is planned for next Friday (27th).
So in case you are interested – please read further my views and please take your call as soon as possible – definitely by Thursday evening (27th).
So here are my views on the property:
The positives beyond the price:
- Legally clean - It is coming up in a land parcel that is owned by the Sipani family for more than 15 years – so I do not think they would have any legal issues – HDFC, ICICI and Axis have already approved it for home loans
- Neighbouring developments –
- The flat complex is adjoining a staff hostel complex build by Sipani’s for Narayana Hrudayalaya. I think there will be appx 500 employees (Doctors and Nurses) of the Hospital staying there. This is good because more people means more commercial activity and more development.
- They are also going to build a 100 bed hospital in the same neighbourhood (planned to complete around the same 18 months) which will be managed by Narayana Hrudayalaya – that is also good because there will be some commercial activity as well.
- There is also a commercial supermarket being planned by the Sipani’s adjoining this property.
- Size of property - The property has only 285 flats –and has reasonable common amenities –a swimming pool, a club house, a basketball court, amphitheatre and some greens.
- The overall design - it is good and the construction that we saw (they have two model flats ready) was satisfactory -I am attaching the specs here (https://dl.dropboxusercontent.com/u/73601331/Sipani%20Bliss%20Specifications.pdf) –these are reasonable specs. They have a brand to keep and they will deliver well (my belief).
- Distance from main road - It is just about 2 kms from the Hosur highway and the approach road is a decent tar road (40 ft I think). There are three approach roads and we drove in two of them and they are good enough.
- It is appx 7-8 Kms from Electronic city -I think the drive will be peaceful.
- Price of flats in the area – There are no flats there – but I think the going rate for something like this would be Rs 2200 psft plus right now.
- Price of flat after 18 months – this is my forecast - I believe the flat would be selling at around 3000 psft in 18 months time, when the delivery will happen.
- The location - around the area, there are green farms – in fact I saw a good grape vineyard pretty close to the location. There are quite a few plotted layouts (land selling at around 1400 psft ) – but there are hardly any people living there right now. Is it bad? – may be – may be not.
- Rental - I would think you will get appx 7-10 K per month for a three bedroom flat. That is 2-3% of the flat value which is what you get anywhere -so that is not a negative actually
- Selling the flat - if you want to invest now and exit when it is ready, it would need a bit more work as the location is currently not developed.
So in case you are interested – please reach out to Abhinav Daga of Sipani Properties at 99000 89306 and act fast. I believe it is a good deal
Disclaimers – There are two of them:
- I may or may not invest in this. I do not need more real estate for myself – I have more than my fair share –but I am recommending it to my readers.
- I do not have any brokerage or such incentives by recommending this – sometimes, readers think that I am blogging for such gains. I want to assure you my reader that there are no such motivations for me and my objective of doing this is pure and simple – to be able to help the readers of my blog – just the way someone helped me many years back.