bhavnam

Hi,
I am thinking of investing in a flat in Magarpatta. But I am not sure how much of appreciation it would see down the line. What concerns me the most is that the place seems to be dependent on the IT hub inside it. How is it compared to new places like Pimple Saudagar. The rate seems to only differ by 200-300 psf.

Regards,
Bhavna

shailendrapp

Appreciate your inputs on below points;

1. Quality of construction
2. Future prospects- Rate appreciation & etc.

Any other good projects near by wanowarie & Magarpatta area?

aditi sharma

Quality of living within magarpatta is good. Construction is below average for residential projects.
Township is well managed, but the attitude of magarpatta owners is very rude and arrogant. It is a 'walled garden'. Good for living, not good for owning.
All my personal opinion.

nkhedkar

If you looking for investment then forgot about appreciation, RE market is likely to be flat for next 3-4 yrs (till 2012).

Navina

Hey Aditi,

When I went to the property show this weekend, I met one of the sales of Magarpatta city. He was proposing Trillium and he flatly refused that the land there was on lease. He said that they have complete ownership of the land and this is just a rumour that people are spreading about Magarpatta. Any idea about what is the document I have to ask him to prove that the land is not on lease and is completely owned?

Navina

I personally feel that places easily accessible to hinjewadi may appreciate more in the long run, since the major IT companies are there and Hinjewadi has a lot more IT companies than Magarpatta , Kharadi and the other IT parks. If you are investing, then check out the insignia housing project group.There is a thread in this forum on that. They are working towards building houses at lower market price with all the premium amneties. 2 bhk of 1000 sqft cost only 25 ls. But I think their 1st project is already fully booked and you have to wait for their 2nd project to launch.

aditi sharma

In 'Housing soceity" The flat owner does not own either flat or the land.
Flat and land is owned by housing society and the flat owner gets right to live in the flat or lease it out. The flat buyer becomes share holder in society.
So in technical term, all flat buyers owns the society and society owns the flat and land. (so u have stake in flat and land indirectly)
Ask them how can you explain the above in the township ?

Does township give share to flat owner ?
Upto what I know, the township is owned by magarpatta township company, and its shareholders are all original land owners and builders (and any other stake holder). The buyer gets the flat on long term lease (99 years of 999 years.... I dont know exactly)

They have not formed any society. So in future the re-development rights and maintanances rights remain with them. +Any future FSI.