Guidance needed in shortlisting Khargar projects and dealing with black money - Indian Real Estate Forum

sansunder · 26-08-10

Respected members

Quick background: I am looking to purchase an approx 1000 sqft apt 2BHK for around 40+ lacs in the Khargar area, in the Sep 2010. Purpose of purchase is combination of invst and having a roof over my head in the event of any job issues and return to India. Based on advice from members like sreekys bumped up my budget to 50 lacs.

Last week my father made a visit to Khargar and shortlisted the following projects. Details of which are present below. I would be extremely grateful if this community should share their insights and perspective on the below project to help in the narrowing of the list. Comment around price per sq feet, builder reputation, location etc would be very much welcome.

Full disclosure: the two things which have quite shocked me (having never bought a house before) was a. the percentage of black money still being demanded now-a-days b. the fact that my 50 lacs budget seems almost useless.

I am truly wondering whether I should
a. Bite the bullet and increase my budget?
b. Change the location (Dombivili, Kalyan etc.) or change the time of purchase. (Visit India again after Diwali)?
c. Increase the budget even more by 15 lacs and look at some place like Bhandup/ Mulund East?

Here are the details of the 8 projects.

Thanks in advance and hopefully there will be other who can use the below information in their house hunting process

SSS

1 MAN VALLEY VISTA ESTATE-

located opp D.Y Patil Stadium,Nerul. Website-www.maninfraprojects.com
Tel 022-27672767 / 27682768
2 BHK Area 967 Built up area.Carpet 33% less. Rs 5750
Approx Total cost Rs 65 lacs all incl
Under construction.Booking amt Rs 1.5 lacs. Will be ready by end 2011
Payment all in white.

2 Kasturi Builders.( Avenue infraprojects Pvt Ltd
Located at Sector-10 khargar
2 BHK Area Built up 1100 sft rs 4500/-Total cost incl stamp duty will be Rs 57 lacs.Stamp duty 6.5%
Under construction. Will be ready by Dec 2010
Payment 65% white and 35% black

3 Arihant Superstrucures Ltd
Arihant Aradhana Sector-10.Near to highway (Mubai-Pune Highway ) and Khargar station.
No Cost and other details available at site which we can get from their Vashi office.
Rate Approx Rs 4800/- and total cost est around Rs 60 lacs.Under construction.Estimated to complete by Dec 2010

4. Hi-Tech Ifraprojects Pvt ltd
Sector-10 Khargar. Website- www.surinvestment.com
Elite Enclave
1234 sft Rs 4300/-.Total Cost approx Rs 63 Lacs out of which Rs 43 lacs will be in white and rest black
Under construction.Will be ready by 2011
Located after Arihant.Appears to be Hifi set up.With swimming pool,club,garden etc.

5. Hi Tech Infraprojects Pvt Ltd
Shakti Heights.
1107 sqft 3800/- Total cost45 lacs excl stamp duty.To add 6.5% stamp duty.80% white
Next to elite enclave.No swimming pool or club.Under construction

6. Nisarg Nirman Developers
Hyde Park- Sector 35 G Khargar
Website www.nisarggroup.com
Under construction.Will be ready by March2011
Area 1065 sft Built up.Carpet area 32% less RS 4200/- Total Project cost Approx s 52 lacs
Parking optional.Full white payment

7. Suncity Construction
Suncity Residency
Plot No-E-87/87 A Sector-3
Khargar
Under Construction will be ready by March 2011.
No website
Area 1305 sft Rs 4500/- Total Cost Approx 60 Lacs

8. Arihant Sharan which is in sector 20 after the highway.

jadhav_ravi · 26-08-10

Quote:

Originally Posted by sansunder

Respected members

Quick background: I am looking to purchase an approx 1000 sqft apt 2BHK for around 40+ lacs in the Khargar area, in the Sep 2010. Purpose of purchase is combination of invst and having a roof over my head in the event of any job issues and return to India. Based on advice from members like sreekys bumped up my budget to 50 lacs.

Last week my father made a visit to Khargar and shortlisted the following projects. Details of which are present below. I would be extremely grateful if this community should share their insights and perspective on the below project to help in the narrowing of the list. Comment around price per sq feet, builder reputation, location etc would be very much welcome.

Full disclosure: the two things which have quite shocked me (having never bought a house before) was a. the percentage of black money still being demanded now-a-days b. the fact that my 50 lacs budget seems almost useless.

I am truly wondering whether I should
a. Bite the bullet and increase my budget?
b. Change the location (Dombivili, Kalyan etc.) or change the time of purchase. (Visit India again after Diwali)?
c. Increase the budget even more by 15 lacs and look at some place like Bhandup/ Mulund East?

Here are the details of the 8 projects.

Thanks in advance and hopefully there will be other who can use the below information in their house hunting process

SSS

1 MAN VALLEY VISTA ESTATE-

located opp D.Y Patil Stadium,Nerul. Website-www.maninfraprojects.com
Tel 022-27672767 / 27682768
2 BHK Area 967 Built up area.Carpet 33% less. Rs 5750
Approx Total cost Rs 65 lacs all incl
Under construction.Booking amt Rs 1.5 lacs. Will be ready by end 2011
Payment all in white.

2 Kasturi Builders.( Avenue infraprojects Pvt Ltd
Located at Sector-10 khargar
2 BHK Area Built up 1100 sft rs 4500/-Total cost incl stamp duty will be Rs 57 lacs.Stamp duty 6.5%
Under construction. Will be ready by Dec 2010
Payment 65% white and 35% black

3 Arihant Superstrucures Ltd
Arihant Aradhana Sector-10.Near to highway (Mubai-Pune Highway ) and Khargar station.
No Cost and other details available at site which we can get from their Vashi office.
Rate Approx Rs 4800/- and total cost est around Rs 60 lacs.Under construction.Estimated to complete by Dec 2010

4. Hi-Tech Ifraprojects Pvt ltd
Sector-10 Khargar. Website- www.surinvestment.com
Elite Enclave
1234 sft Rs 4300/-.Total Cost approx Rs 63 Lacs out of which Rs 43 lacs will be in white and rest black
Under construction.Will be ready by 2011
Located after Arihant.Appears to be Hifi set up.With swimming pool,club,garden etc.

5. Hi Tech Infraprojects Pvt Ltd
Shakti Heights.
1107 sqft 3800/- Total cost45 lacs excl stamp duty.To add 6.5% stamp duty.80% white
Next to elite enclave.No swimming pool or club.Under construction

6. Nisarg Nirman Developers
Hyde Park- Sector 35 G Khargar
Website www.nisarggroup.com
Under construction.Will be ready by March2011
Area 1065 sft Built up.Carpet area 32% less RS 4200/- Total Project cost Approx s 52 lacs
Parking optional.Full white payment

7. Suncity Construction
Suncity Residency
Plot No-E-87/87 A Sector-3
Khargar
Under Construction will be ready by March 2011.
No website
Area 1305 sft Rs 4500/- Total Cost Approx 60 Lacs

8. Arihant Sharan which is in sector 20 after the highway.

If someone asks for black money discard that option. RE is a long term and big investment. The builders who ask for black money are small and unscrupulous ones. Even the apartment (quality) they will sell to you will represent this. Rather spend you hard earned money with some good builder. There is no point buying from a unscrupulous builder at a great location in a building which needs to be redeveloped in 20 years. Even if you try to sell it before that, the buyer will not be as fool as you were.

Kharghar is overpriced and the rate of appreciation would be less than the inflation (you will be burning money). Rather buy in Panvel where the rates are still sensible. On a price/quality basis, Kalpatru in panvel is better than the options you suggested. On a location basis, it is still well inhabitable and in future Panvel may garner more value than Kharghar as it has quite some land for big projects.

tubaibabu · 26-08-10

This is not the time to buy property particularly when you are not a user. Keep the money in bank/ debt mutual fund to grow. The RE price has reached to such a level from where it can only go down and the same is going to happen soon.

jadhav_ravi · 26-08-10

Quote:

Originally Posted by tubaibabu

This is not the time to buy property particularly when you are not a user. Keep the money in bank/ debt mutual fund to grow. The RE price has reached to such a level from where it can only go down and the same is going to happen soon.

It may not go down but it is hard to go up/

Sharpj · 26-08-10

Please hold on and postpone the decision to end of the year. Even if rates might not fall, it will surely not go up as they are pretty high already....
Never deal with black.... especially the 60:40, 70:30 builders.. unless you have already some black money at your disposal...
No harm in doing a similar check and study of Dombivili Kalyan,

Finally if you are planning to be abroad and manage stick to reputed builders like Godrej's, Kalpataru's and Hiranandani's .. Clean dealings and a hefty premium, but piece of mind.. and your dad does not need to run around...
Delays are to be factored in for everyone..

jadhav_ravi · 26-08-10

Quote:

Originally Posted by Sharpj

Please hold on and postpone the decision to end of the year. Even if rates might not fall, it will surely not go up as they are pretty high already....
Never deal with black.... especially the 60:40, 70:30 builders.. unless you have already some black money at your disposal...
No harm in doing a similar check and study of Dombivili Kalyan,

Finally if you are planning to be abroad and manage stick to reputed builders like Godrej's, Kalpataru's and Hiranandani's .. Clean dealings and a hefty premium, but piece of mind.. and your dad does not need to run around...
Delays are to be factored in for everyone..

Well said SharpJ

lazybone007 · 26-08-10

Converting hard earned white money into black by paying cash to the builder is stupidity

mamba · 26-08-10

please hold your decision to buy as there is a lot of comedy being played out due to panvel airport between corrupt pawar ,raj maaroray ,uddhav khavoray and jairam roke' esh.

jadhav_ravi · 27-08-10

Quote:

Originally Posted by mamba

please hold your decision to buy as there is a lot of comedy being played out due to panvel airport between corrupt pawar ,raj maaroray ,uddhav khavoray and jairam roke' esh.

In 3 weeks if he gives approbal then expect to pay 10L more.
It is anyone's guess Mamba. How many will you stop. These NRIs get money like water and then they like to spend it like water.

Sharpj · 27-08-10

I think the good times are gone.. NRI's do constitute a big chunk of buying.. but they do not earn money like water.. I think that phase is gone.. be it gulf.. or the west.. slowdown is having its impact .. I don't think many NRI's are in China...
Yes whenever I go to any construction site in Mumbai, the sales guy gives me that rubbish.. all booked 2 flats available.. 50% NRI's sir.. you will have great neighbors.. as if it is something good.. so that is not the reality.. I have seen projects in New Mumbai, Powai, JVLR, Goregaon, Chembur, Bandra.. everywhere broker or the sales guys tell the same thing.. all booked by NRI's

I have learnt to discount it as sales talk.. but agree they also constitute a certain proportion of buyer just as a resident indian..

26-08-10	#1
sansunder New Member Join Date: Aug 2010 Posts: 16 Thanks: 0 Thanked 0 Times in 0 Posts	Guidance needed in shortlisting Khargar projects and dealing with black money Respected members Quick background: I am looking to purchase an approx 1000 sqft apt 2BHK for around 40+ lacs in the Khargar area, in the Sep 2010. Purpose of purchase is combination of invst and having a roof over my head in the event of any job issues and return to India. Based on advice from members like sreekys bumped up my budget to 50 lacs. Last week my father made a visit to Khargar and shortlisted the following projects. Details of which are present below. I would be extremely grateful if this community should share their insights and perspective on the below project to help in the narrowing of the list. Comment around price per sq feet, builder reputation, location etc would be very much welcome. Full disclosure: the two things which have quite shocked me (having never bought a house before) was a. the percentage of black money still being demanded now-a-days b. the fact that my 50 lacs budget seems almost useless. I am truly wondering whether I should a. Bite the bullet and increase my budget? b. Change the location (Dombivili, Kalyan etc.) or change the time of purchase. (Visit India again after Diwali)? c. Increase the budget even more by 15 lacs and look at some place like Bhandup/ Mulund East? Here are the details of the 8 projects. Thanks in advance and hopefully there will be other who can use the below information in their house hunting process SSS 1 MAN VALLEY VISTA ESTATE- located opp D.Y Patil Stadium,Nerul. Website-www.maninfraprojects.com Tel 022-27672767 / 27682768 2 BHK Area 967 Built up area.Carpet 33% less. Rs 5750 Approx Total cost Rs 65 lacs all incl Under construction.Booking amt Rs 1.5 lacs. Will be ready by end 2011 Payment all in white. 2 Kasturi Builders.( Avenue infraprojects Pvt Ltd Located at Sector-10 khargar 2 BHK Area Built up 1100 sft rs 4500/-Total cost incl stamp duty will be Rs 57 lacs.Stamp duty 6.5% Under construction. Will be ready by Dec 2010 Payment 65% white and 35% black 3 Arihant Superstrucures Ltd Arihant Aradhana Sector-10.Near to highway (Mubai-Pune Highway ) and Khargar station. No Cost and other details available at site which we can get from their Vashi office. Rate Approx Rs 4800/- and total cost est around Rs 60 lacs.Under construction.Estimated to complete by Dec 2010 4. Hi-Tech Ifraprojects Pvt ltd Sector-10 Khargar. Website- www.surinvestment.com Elite Enclave 1234 sft Rs 4300/-.Total Cost approx Rs 63 Lacs out of which Rs 43 lacs will be in white and rest black Under construction.Will be ready by 2011 Located after Arihant.Appears to be Hifi set up.With swimming pool,club,garden etc. 5. Hi Tech Infraprojects Pvt Ltd Shakti Heights. 1107 sqft 3800/- Total cost45 lacs excl stamp duty.To add 6.5% stamp duty.80% white Next to elite enclave.No swimming pool or club.Under construction 6. Nisarg Nirman Developers Hyde Park- Sector 35 G Khargar Website www.nisarggroup.com Under construction.Will be ready by March2011 Area 1065 sft Built up.Carpet area 32% less RS 4200/- Total Project cost Approx s 52 lacs Parking optional.Full white payment 7. Suncity Construction Suncity Residency Plot No-E-87/87 A Sector-3 Khargar Under Construction will be ready by March 2011. No website Area 1305 sft Rs 4500/- Total Cost Approx 60 Lacs 8. Arihant Sharan which is in sector 20 after the highway.

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26-08-10	#3
tubaibabu New Member Join Date: Jan 2010 Posts: 42 Thanks: 0 Thanked 0 Times in 0 Posts	This is not the time to buy property particularly when you are not a user. Keep the money in bank/ debt mutual fund to grow. The RE price has reached to such a level from where it can only go down and the same is going to happen soon.

26-08-10	#5
Sharpj Senior Member Join Date: Mar 2010 Posts: 765 My Mood: Thanks: 7 Thanked 15 Times in 11 Posts	Please hold on and postpone the decision to end of the year. Even if rates might not fall, it will surely not go up as they are pretty high already.... Never deal with black.... especially the 60:40, 70:30 builders.. unless you have already some black money at your disposal... No harm in doing a similar check and study of Dombivili Kalyan, Finally if you are planning to be abroad and manage stick to reputed builders like Godrej's, Kalpataru's and Hiranandani's .. Clean dealings and a hefty premium, but piece of mind.. and your dad does not need to run around... Delays are to be factored in for everyone..

26-08-10	#7
lazybone007 Member Join Date: Oct 2009 Posts: 463 Thanks: 4 Thanked 6 Times in 5 Posts	Converting hard earned white money into black by paying cash to the builder is stupidity

26-08-10	#8
mamba Member Join Date: Dec 2009 Posts: 143 Thanks: 0 Thanked 1 Time in 1 Post	please hold your decision to buy as there is a lot of comedy being played out due to panvel airport between corrupt pawar ,raj maaroray ,uddhav khavoray and jairam roke' esh.

27-08-10	#10
Sharpj Senior Member Join Date: Mar 2010 Posts: 765 My Mood: Thanks: 7 Thanked 15 Times in 11 Posts	I think the good times are gone.. NRI's do constitute a big chunk of buying.. but they do not earn money like water.. I think that phase is gone.. be it gulf.. or the west.. slowdown is having its impact .. I don't think many NRI's are in China... Yes whenever I go to any construction site in Mumbai, the sales guy gives me that rubbish.. all booked 2 flats available.. 50% NRI's sir.. you will have great neighbors.. as if it is something good.. so that is not the reality.. I have seen projects in New Mumbai, Powai, JVLR, Goregaon, Chembur, Bandra.. everywhere broker or the sales guys tell the same thing.. all booked by NRI's I have learnt to discount it as sales talk.. but agree they also constitute a certain proportion of buyer just as a resident indian..