donkeykong

excellent information - thanks

hitmady

For investment (if you are end-user and not speculator), do check going rents in this area. Considering India's GDP growth rate of 6-9%, the EMI on the loan (at 85% of cost), should not be more than 2 times monthly-rent.
Else there is no incentive in outright buy. And it is better to live on rent in that flat
Also consider, that now you will be paying (4-5%) Service Tax + VAT on under-construction property.
So take your own sweet time before deciding on booking.

One of my friend has burned his fingers buying in the mid-2008. Now he is feeling the heat coz the investment has gone down the drain & he is paying interest too
I cancelled my booking done in mid-2008. Recently, found that the same property is available at 30% lower rate.
Do not rush, just becoz of marketing hype "Phase-1 is fully sold out and only few flats available in Phase-2". You will be surprised to know that same flats will be available through brokers

razer

I would also stay away from projects that are 2-3 years away from completion, irrespective of how much credibility the builder has.

There are plenty in the Chandivali area that are ready or near complete status.

nitin_shams

I agree but would also add that this might not be applicable to all builders. You can go out in the market and try diff brokers to assess if Raheja vistas are available and at what prices. I believe you wouldnt be getting drastically diff responses as the builder is aware of his reputation and knows that a uniform pricing and message needs to be conveyed in the market. If it were a smaller or not so reputed builder I would have agreed fully that these are typical marketing gimmicks!!

geeee

This isn't limited to just the smaller builders. Even builders like Hiranandani come up with the same marketing tactics. In fact I would suspect that it were the more reputed builders who started the trend. I know friends who bought flats in Hiranandani because of the same argument by the sales people (only a few flats left etc, they were also assured that they were being offered a special rate and the prices were going to double from tomorrow). Raising prices every few months is a surefire way of selling more flats (even though basic economics would teach u otherwise but, the rules of economics do not apply to Indian real estate). Buyers are happier to buy flats when they know that the prices have gone up recently and will go up in the future rather than when prices have gone down recently (very few people actually buy at the bottom of a correction, I doubt there are many amongst us who bought during the recent correction).

sattebaaz

Nopes. Its called looking after your investors. Builders need to support the investors who funded the project at initial stages(when clearances were not there, risk was high(
by quoting a price higher than that offered by investor. Any seasoned real estate buyer in Mumbai can confirm this for you

nitin_shams

If that were the case I wouldnt have got the price I spoke to builder before I booked. I checked with builder, and couple of brokers a month and a half ago and got it at the price that was 'in the market'. The price are now showing a marginal increase, after few months, which looks healthy to me. Besides, I dont believe (or atleast aware of), that you can actually negotiate with top end builders like Hiranandanis or Rahejas!! That just would NEVER work for them.

geeee

Most under construction projects sell at market rate (if not more). So, the builder isn't really rewarding anyone he's just selling his flats and people buy when builders raise prices.

sattebaaz

Look no further than Imperial Heights, where investor is quoting 9000-9500 while builder is quoting 11000. If you ever visit the
site office, they themselves say that investors are quoting less than us.

nitin_shams

I agree that builder is not rewarding any one; neither he has any incentive to do so (atleast for builders like Rahejas). But one thing I can see is the price trend since their launch has been reasonable for this property, and not so disturbing unlike many other cases.