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Old October 28 2010, 03:13 AM   #1
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Default Godrej Garden City - Ahmedabad

I know, I know .. Wrong forum. But the other forums are cold, and I want an opinion not just about Ahmedabad, but about my course of action as well..
Well, here goes my situation:

1. As realacres says, I am one of the guys with a bit of white money in hand right now. Some part from sale of stocks (tx to pcpune), and some part from current cash reserves and some part from future cash flows over next 2 yrs. I can raise upto 60L by the above avenues, without taking any loan. I am not comfortable putting too much money in stocks right now. I do have plans for other savings though.

2. I am already settled in Pune, and also am in the process of negotiating a 2BHK for around 30L (under construction.. I know .. taboo, but getting a very good deal as I can put a bit of cash upfront).

3. So I am looking at buying another 2BHK in the Ahmedabad Godrej Garden city, which is a 250 acre township where base rate is still 2100 (which is higher than last year's base rate in that area of 1400, but acceptable comparable as 5 yrs back rate there was 1500). This will also be a hedge against IT, as Ahmedabad has less dependence on IT. I am getting the flat all inclusive for less than 25L. I am thinking of taking 20L loan (against which I do have reserves in terms of cash, FD, stoc.ks, gol.d, other housing etc). Also, because both flats are under construction, I will be able to put money over next 2-3 yrs slowly and can survive without any major loan / compromises in lifestyle.So I am not going into a major debt also.

4. The plan will be to sell this off after 5 yrs when the city will be developed (just like Magarpatta).


So my question now is ..... Is getting 2 flats at the same time (one in Pune and 1 in Ahmedabad) advisable ? Do you see any problems with the above logic ? Am I insane to put so much money in Real estate right now ?

Any answers, comments, suggestions, criticism, advise, brickbats welcome :-)

~D

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Old October 28 2010, 09:42 AM   #2
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Just one hitch, Garden city will take more than 10years to fully complete. 10years is what Godrej plans. Still you can sell without doubt, just take this in mind that even after 5 years, city wont be complete.
Btw, flats are available in better localities in Ahmedabad at similar rates. I am sure you can get 2bhk at new C.G. road, much better area than garden city. Garden city will have good construction as it is being done by L&T.

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Originally Posted by rendezvous View Post

4. The plan will be to sell this off after 5 yrs when the city will be developed (just like Magarpatta).

~D
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Old October 28 2010, 11:05 AM   #3
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Thanks Aditi ! You are right. A friend has booked a flat at a better place for a better rate. He himself told me that Garden city and the other place were his top 2 choices. But I have my limitations. I don't know much about Ahmedabad, I don't want to go with 'any' local builder.

I know someone well placed in Godrej properties, and also brand (trust, listed co, clear plans etc.) name, and also if this becomes like MPCity, then it will be a 'city centre' within itself. Since they have also sold 1000 flats already, I would take that as a good indication of lack of such a dev. in Ahmedabad.


~D
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Old October 28 2010, 11:13 AM   #4
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hey dat's good idea....my cousin has bought 2 bhk in GGC recentally....well, some people will advice u dat location is not good...but believe me it's very good and strategically choose location by Godrej....as per my info...70% investor has booked the space and 30% end users....dat's not bad....and home loan users are very less....i wud advice u to go ahead without any worry.
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Old October 29 2010, 09:51 PM   #5
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Realacres, pcp, munish, surya, manoj, wiseman, Jitu_sir, Aditi ...any one else ? any thoughts ... ? ... I really value your views folks ... !
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Old October 29 2010, 11:18 PM   #6
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I am actually looking for a flat in ahmedabad, whether its in the godrej city ..that would really depend on the price and other factors. I am looking at purely from investment, and i believe nagpur and ahmd are the best cities to invest in India. Let me know if you hear anything from them as now the bookings are not open for Godrej city.
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Old October 30 2010, 12:02 AM   #7
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Quote:
Originally Posted by rendezvous View Post
Realacres, pcp, munish, surya, manoj, wiseman, Jitu_sir, Aditi ...any one else ? any thoughts ... ? ... I really value your views folks ... !
Dear rendezvous,
Regrets for unable to provide required info since I am unaware about this project. Will try to find & share some info.
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Old October 30 2010, 03:52 AM   #8
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rendezvous I am very much surprised that you look at flat as investment.
A flat(construction) depreciates, only land appreciates.

Anyways.. investing all the money in one sector is not a good idea. what if it crashes?

I do not believe investing in different cities is diversification. If RE falls it will fall across India.

Yes buying little in USA and little in India can be called as diversification.
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Old October 30 2010, 05:57 PM   #9
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For investment and for a longer horizon like 5-10 years, it might be a better location. But as of now, in next 2 years, it wont be much better to live. There are much better locations to live right now. I advise you visit the place once. If you like it, then go ahead. I really like the project because its from Godrej and construction is being done by L&T. But I dont feel like investing in a flat personally and for self-use, there are much better areas in Ahmedabad.


Quote:
Originally Posted by rendezvous View Post
Thanks Aditi ! You are right. A friend has booked a flat at a better place for a better rate. He himself told me that Garden city and the other place were his top 2 choices. But I have my limitations. I don't know much about Ahmedabad, I don't want to go with 'any' local builder.

I know someone well placed in Godrej properties, and also brand (trust, listed co, clear plans etc.) name, and also if this becomes like MPCity, then it will be a 'city centre' within itself. Since they have also sold 1000 flats already, I would take that as a good indication of lack of such a dev. in Ahmedabad.


~D
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Old October 31 2010, 07:55 PM   #10
 
 
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Icon2 Godrej GC.

Sorry for being late here, was traveling for past 2 days. Here is my take on this project:-

Pros:-

>> Is of Godrej Properties, builder is few in India whom you can trust,
>> Is based in Gujarat + govt support for all the builders constructing townships to de-congest the city. So, expect good Govt support for this,
>> Narendrabhai Modi is personally looking into creation of Urban infra which includes creation of satellite cities & connecting them with network of roads & metros,
>> There is no Pawar & Co. here, so you can be relaxed.
>> Cost of living is less compared to Pune.

Cons:-

>> Gujarat Govt is going to support all townships in the radius of 50 km from the city limits. This has made other players jump in the fray as well,
>> Godrej is not alone, 6 other townships are coming up in the radius of 20-50 km. This means more competition to Godrej + better options elsewhere as well,
>> Time frame for this project to complete is 10 yrs according to builder. For me, it is 15-20 yrs.
>> Most of the buyers here are INVESTORS, hence the END USER will be having more options from investors/builder when completion nears. This means investors who bought at around 1500 levels can offer better rates than you as you will be buying at 2100,
>> More investors & less users result is high price appreciation in initial stages but drops or stagnates later as investors see no appreciation & end users think better wait & get more options,
>> 6 townships means that buyers will be having more choice elsewhere as well.

Weigh the options above & then take final call.

*PS:- Townships are being built by over-depending on State govt. Hence, if state govt retreats from its earlier position, the entire stuff can be a flop show. You also need to see what is going to come up between the city to this township. If something good is planned, expect better value for the project, if connectivity means just a big road without development around it, value will fall as people will prefer to stay close to city. Btw, see if you can buy from a investor who bought at 1400 & now wants to sell sub 2k. Hope this helps.
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