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- I do not know if this is for your own stay or investment and what is your time horizon. In real estate the cardnial rule is Location, location, location. Location as in macro, micro and the immediate neighborhood.
Think about the following:
a) Behala will probably not have the same branding in anyone's mind as Salt Lake or New Town/Rajarhat in the near future. I have spent more than 10 years in each of these areas.
b) Consider the distance of your place to work from the proposed residence. Suggest that you travel to your places of choice using your usual mode of transport during peak hours, and think what it will be 5 years from now. Half a km may not be an issue at all if proper transportation exist. The place where Salt Lake City Center is now was more than a km from the nearest bus route 30 years back :)
Look at the best location from your choice and go for the best apartment that you can afford in that area. Do not attach to much importance at the price, as it is relative and will be somewhat immaterial 10-15 years down the line.
Keep in mind, in a comparable location, lower prices have higher risks (e.g.Ideal Aquaview has a time based payment) while higher prices have the risk priced in (e.g.construction linked payment for Tata).
If locations are not comparable, then Lower prices can also be for a lower priced location.
Now, if you have a dilemma of where you want to invest across non-comparable, go back to the cardinal rule. If you had the money and land was available, where would buy a piece of land, in New town or Behala?CommentQuote1Flag
- Thanks a lot for your reply. i can feel your deep understanding of real estate. thanks a lot for your reply.
what i find in Greenfield, is their growth trend. i see their price and i find it was double in 3 years. Area was very clear and green.
one more help i need from you, i find multistorey apartment near wetted area in New Town area like ideal aquaview. what about safety in this project?CommentQuote0Flag
- Construction near wetland these days is not an issue at all if constructed properly. Did you have any questions about the palm shaped islands built in Dubai?Or tall bulidings built on reclaimed land in Singapore? :) The entire Salt Lake was a wetland about 50 years back, and most of Kolkata about 300 years back. The question of how Ideal will construct this building, frankly I do not know. They did tell me about using some new technology for faster construction etc. Ideal Aquaview is about 500 metres from the nearest wetland or bherry. Do you know the depth of these bherries? 3-4 feet. I have seen these completed dried up often as late as last year. There are highrises being build around Beleghata Lake, Rabindra Sarowar, which are much deeper than these bherries so building around wetlands do not worry me much.
If after doing your research, you feel Greenfield is the place, just go for by your gut feel and go for it. If things go ok, all real estate investments should yield returns.CommentQuote0Flag
- Let me add my 2 cents here...while location is definitely the key parameter to be considered in real estate selection, due thought need to be given to possibility of infrastructure development in the vicinity, quality of builder, time window for returns, distance/connectivity to workplace, rentals etc.
Now the biggest thing going for Greenfield City is the Metro which will ensure that the rate goes up as the metro nears completion. After the metro is launched, it is going to give you normal returns which would be lower in comparison to say, a newtown or select areas in Rajarhat. This is not going to command a lot of rental income either. But the quality of construction is very decent and for the price, is very appealing. So there are two reasons why you can go for Greenfield City - either you want to play short term... enter at arond 3.3K psf and exit at minimum 5K psf in 2-3 years..... or if you have no qualms about living in Behala and you want a safe investment.
Otherwise you should look at New Town/Rajarhat and rightly so. This area is bound to witness significant infrastructure growth and if didi manages to get business investments, this is where most offices would come up.. that would assure you stable rentals. As a thumbrule though, I would stay clear off time linked payment plans though.... I have no doubt that Aquaview would turn up pretty decent... its just that I do not think the project completion would be anything less that 5-6 years, which may not make it a sound investment decision now.CommentQuote0Flag