I have booked a flat in 2010 of buliders Arrow Engineering Ltd in Pen city, Navi Mumbai. Now it's been six years yet the construction work has not started, however due to upcoming Naina project under CIDCO the development is under finalisation and as per builder it will be out in next six months. As per builders following are the benefits of the project :
1) Development of 1.7 Fsi on surrender of 40% of land on minimum area of 25 hectares with very minimal government charges
2) High Rise Buildings on 25 hectares allowed
3) Land less than 25 hectares only .2 Fsi that also development permissible on minimum 10000 sq Mtrs plot area with high Government charges
4) Metro, Multi Modal corridor, Internal Roads , local train , Trans Harbour bridge direct connectivity planned
5) Special incometax benefits for affordable housing
6) Salt Pan land development also allowed ( subject to special permission)
On enquiring about the registration , it was told to me that a piece of land will be registered and on completion of construction equivalent flats will be given. My question to you is
A) how profitable is to invest on this project as the applicable flat rate are still the same for people who have booked earlier.
B) three types of agreements have been forwarded to me , if you can go through it , and tell me which one to select?