Has anyone purchased a property on any of the Sapana developments - Sapana Sapphire/Sea mist/Whispering palms/Palmerias etc. We have been having difficulty contacting the developers and then were just told today that completion has been delayed by another 5 to 6 months even though masonry works are complete. Just wondered if anyone else had the same problem

Hello there

I have booked in Sapana seamist, the completion is expected in Dec 08, don't see that happening though. Booked through Axiom Estate and they told me - right in the beginning - that I should add 3-6 months to the proposed date so I am hoping that it would be ready by March 09.
Which development have you bought in?

regards

We have purchased in Sapana Sapphire which is a row of 7 houses but not on a private development. I gather that you have to always take the estimated completion date with a pinch of salt !

Must say ours was finished early, and most of Regal Properties were fininshed within the time given.

I also bought in this development. completion dates appear to be a shot in the dark. I was told by Axiom rep, 'june 2009' thier website shows - May 2010
today. Nanu,however, are not shy of asking for further repayments, received one today!!

Normaly the purchase agreement states that if the project is not completed on time state in the purchase agreement (other than delayed due to natural calamaties) the developer has to pay the purchaser a daily compesation. Please check on this clause.

Further more due to the financail meltdown please be informed that the property prices in India (yes goa included) will come down by 60 - 70% by mid 2009. Expect developers to offer high discouts on ready apartments if you have cash upfront. Like you can do super negiotation for eg: Visit the developer with a bag full of cash and quote your price, I am sure you will get it. The developers are borrowring money from private investors with the interest rate of 36 - 40% pa.

Interestingly the date on Axioms website was December 2008 till the beginning of this month!
I noticed the change in the second week and sent a letter to Axiom haven't received a response on this count as yet

Unfortunately we have been paying instalments from the last year and almost 80 percent of payment has already been made. Also, according to some of the people I talked to (not builders), the ongoing agitation against “mega housing” may actually mean that prices in Goa would not go down, as the agitation would lead to slow down in new supply.
Would like to know more as to your reasoning for a sharp fall that you feel would come. Either way those of us who have already paid are not in any position to benefit from the fall but would still like to know...

Regards

Indiana Jones

If you look at the realy sector in the stock market its beaten up badly and as per experts the market will be range bound for the next 2 - 3 yrs. The builders have taken up large amount of money from private investors at higher interest rates to complete the projects. Since the financial system is in a mess there is no fresh investment as all the foreign investors are taking back the money to show profits on their balance sheets.
If i look around (when i was in Goa last month) many builders are hard selling their complexes by reducing their prices by 15 - 20%. Interest rates have gone up, uncertainity of jobs so no fresh investments coming in. But he builder has to pay the investors high interest rates that he has borrow the money on. To add to this there are no more FN buying due to the FEMA restriction. With all this I can forsee a price fall of 60 - 70% in coming months

The Indian property has been heading south since late last year. However, this has been restricted to the 'Call-centre' 'tier one' regions where oversupply has been rampant. Goa has had controlled supply/demand ratio, thus far. This should see limited price variations.
I am a little concerned about individual developers liquidity. Moving completion dates is a sign. I have requested for recent photos of the Sapana Seamist development ...still waiting for a response.

Hi
I have sent you a PM please have a look

Yes, i have made installment payments on an apartment in Sapana Seamist.

Looks like there are many expats buying homes in Sapana Estates.
IS it a good investment??

I guess ... if you dont mind never really owning it

Priceless, Mitzyboy, priceless!