This is one question we keep hearing from NRIs. Unfortunately, most NRIs believe that the local rich is a miniscule percentage in Hyderabad, compared to number of rich NRIs abroad. But the fact is that Hyderabad has several times rich people than NRI community, who have made money in politics, underhand Govt. Jobs, Contracts, Business and Industries. But they were a bit lethargic. But the Lanco booking has proven beyond doubt, that the local rich is a very strong community, with much deeper pockets than NRIs, which can be influenced into booking in Projects, by a highly focused campaign.(Extract from Exclusive Ventures Report 15-07-2007) www.exclventures.com
LANCO HILLS as in 2007
LANCO HILLS in 2011 (As Projected in 2007)
(The present ground reality of LANCO HILLS PROJECT, as on 10 th September 2011, is quite different )
The Local Rich is a Colorful Mix. The Sleeping Giant Suddenly Stirrers Up!
Local Rich as a group was a Sleeping Giant. It was never really poked by anyone. But the high end Ad campaign was so forceful that the slumbering Giant woke up and unleashed its booking fury! It was so fearful, that people who were too smart to ask inconsequential questions at this stage, were brushed aside. Blank cheques were sent through drivers and office boys to pick up properties ranging from 90 L to 2.5 Crore! There was no space for fumbling NRIs who send parents to enquire about land record, approval, carpet area, home loan interest rate and what not?! Who cares?
Industrialists, Cinema Community, Business Men, Politicians, and Officers with abundant black (its no great deal to convert black to white if they can generate black!) were all there, grabbing flats with no questions asked. Gleaming BMWs, Benzes, Toyotas and Skodas were all over the place! To hell with home loans!
The campaign clearly established Lanco Hills as a high end destination where the moneyed should own property. If today, Jubilee Hills stands for status, tomorrow it will be Lanco Hills spread over 100 Acres. That was a place to be identified with, as per the campaign..(Extract from Exclusive Ventures Report 15-07-2007) www.exclventures.com
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Hyderabad neo-rich, who have amassed abundant black money, do not need loans.
ReplyDeleteThe Lanco Hills Project as of now, is no where near what has been projected to be in 2011.
Ground reality.Current status. NRI's or local rich doesnt matter. Even if it means a lil more money the high end customer looks for quality.
ReplyDeleteCurrently the way I see it, the project is a dud. It certainly doesnt look like an elite project once you step in. The security staff are no where near being professional.Have heard of thefts from customers staying there. The lifts are non functional most of the time and barely big enough to carry two passengers let alone any furniture. Again the lift boys are unprofessional reeking of bad odor. I have heard rumors of finished apartment getting flooded due to plumbing issues. The progress is at snails pace. There are problems with registration due to legal issues. At current pace it would take another 5 years to complete the residential part let alone the commercial zone. The price has been drastically reduced due to market conditions but in exchange you get downright inferior quality fixtures like doors kitchens. The way the apt is delivered it would be stretching it to call it an elite project.
Centralised gas, utilities like washer dryer etc will not be available anytime soon. Plenty of work on towers left..expect lot of construction labor to be around for a few years and what comes with that stains of spit and gutka in all places, unhygenic surroundings and ofcourse risk of physical injury to kids given the amount of construction left to do.
Now does it matter if the customer is neo rich local or nri..you can come in a Benz or BMW...it doesnt make it an elite dwelling...does it?
Having said that if the management pays some attention and gets its act together, I would think it would end up as a good project in the long run. Poor guys the management has had its share of hurdles right from the begining and one should be thankful that they are attempting to finish it and not going bust like other projects in town. Lets just hope that the economy picks up and given the inflation in India, the prices are bound to rise.
Thanks for the comments and feed back.Every project management has its share of hurdles, Ups and Downs of Economy, but the competency of the management depends on not passing them onto their customers, just as they do not pass on their profits.
ReplyDeleteHope the management of Lanco Project, pulls up its socks, to make the project, which looks a dud one currently,an Elite Project as projected at the earliest and do justice to its customers
Good thoughts and comments,can't agree better. lets see post supreme court verdict in LH favor if things improve
ReplyDeleteHi Now comment on the project , how it is going.
ReplyDeleteSeems nearly 200 families occupied.
What you say ??
All that I can say is - We are Now in 2013 and Good Luck to the Customers
DeleteReally good blog and thanks for providing the information. The people who have affordable money mostly the rich NRI's, they can buy high priced villas or apartments in hyderabad.
ReplyDeleteReal Estate Property
Helpful info. Any updates for 2015?
ReplyDeleteSorry for the delay in my response due to my indifferent health these days. The Project seems to have been some what completed, though not as projected by 2011 in 2007.The essence lies in the satisfaction and happiness of those, who bought high-priced apartments in Lanco Project.
ReplyDelete