It seems prices has started falling in Mumbai, many builders have started quoting less than what is being advertised, also many flats owners have reduced their prices to sell their flats as soon as possible before the price drops more, any first hand input welcome...:D
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  • is it worth investing at these prices in navi mumbai ?

    Originally Posted by subbus
    Price change are always evident in new constructions.

    Resale
    If an owner wants to sell his house and if a recession pops-up, he would refrain from selling it. He might consider it to be given for rent. He would wait till the economy recovers and then when the prices are up to his expectations, he might consider a resale.
    Only under times of great distress or personal finances would a person consider selling it at cheaper rates, recession or not.

    New construction
    The land is usually acquired from local villagers, adivasi etc. The land comes at very cheap rates.
    In Bangalore (Mumbaite working in bangalore) there is a proposed Infosys/Wipro campus as huge as Ulwe town. Land is available for grabs at 175-200/sq feet. Many builders have already purchased the plot and waiting for Infosys/Wipro to go ahead with the construction.


    i observe that the prices in navi mumbai are already sky high.navi mumbai prices are almost the same as that of borivali now.whereas borivali is a fully developed area we are paying now for a very undeveloped area for prospective development which may take another 15-20 years.i wonder that given the prices at which we are buying in navi mumbai it shall have a significant appreciation.i dont anticipate the appreciation 2 grow at a rate more than that of FD's given the fact that the original prices of purchase are 2 high.if i buy a flat for 85 lacks today then i am apprehensive that after 15 years its cost shall become 4 times say 3.2 crores ie the appreciation in a FD.Plus we have liquid cash in a FD and we dont have 2 run after the builders n cheaters.

    Given that we buy a 3BHK for 85 lacks i dont see its price grow 4 times and become 3.2 crores like as it happens in a FD.This coz the original buying price of 85 lacks for this apartment is already too high in my view.
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  • Originally Posted by omshanti69
    i observe that the prices in navi mumbai are already sky high.navi mumbai prices are almost the same as that of borivali now.whereas borivali is a fully developed area we are paying now for a very undeveloped area for prospective development which may take another 15-20 years.i wonder that given the prices at which we are buying in navi mumbai it shall have a significant appreciation.i dont anticipate the appreciation 2 grow at a rate more than that of FD's given the fact that the original prices of purchase are 2 high.if i buy a flat for 85 lacks today then i am apprehensive that after 15 years its cost shall become 4 times say 3.2 crores ie the appreciation in a FD.Plus we have liquid cash in a FD and we dont have 2 run after the builders n cheaters.

    Given that we buy a 3BHK for 85 lacks i dont see its price grow 4 times and become 3.2 crores like as it happens in a FD.This coz the original buying price of 85 lacks for this apartment is already too high in my view.



    Sri omshantiji,

    Aap samjhdar ho gaye...
    lekin duniya me chutiyo ki kami nahi hain....ek doono hazaar milte hain....
    aur baad me apni kismat ko rote hain....
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  • Originally Posted by vatsalbajpai
    Sri omshantiji,

    Aap samjhdar ho gaye...
    lekin duniya me chutiyo ki kami nahi hain....ek doono hazaar milte hain....
    aur baad me apni kismat ko rote hain....


    Dear Vatsal ;

    in this area i think it is profitable / worthwhile investment in Panvel only if i get a psf rate of around 2500-2700 psf.lemme see if some reputed builder like Arihant comes up with a new launch at this rate otherwise i better review my investment plans here.i know there are already builders who are offering this rate but i m not aware of their credentials / reputation from investment point of view even though space agency is doing marketing for them and wrongfully misleading the buyers to be the builder themselves.
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  • Folks .. I came across this one spreadsheet that I was using a while back for doing some property research in the western suburbs. Just stumbled upon it again .. thought I'd share it with all of you.
    The prices were unreasonable then and are unreasonable and out of reach now .. curse these filthy builders, brokers and bankers
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  • Originally Posted by Kimmig
    Folks .. I came across this one spreadsheet that I was using a while back for doing some property research in the western suburbs. Just stumbled upon it again .. thought I'd share it with all of you.
    The prices were unreasonable then and are unreasonable and out of reach now .. curse these filthy builders, brokers and bankers



    he he..this reminds me of the all the spreadsheets I used to make...i a fed up opf all this now...all analysis in last several months tell u just one thing....its stupid to buy a property in Mumbai.

    But yet... we dont have a choice
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  • Originally Posted by Kimmig
    Folks .. I came across this one spreadsheet that I was using a while back for doing some property research in the western suburbs. Just stumbled upon it again .. thought I'd share it with all of you.
    The prices were unreasonable then and are unreasonable and out of reach now .. curse these filthy builders, brokers and bankers


    Kimmig, Respects! this is a very comprehensive research. Thanks for sharing.. may be a years from now, we would look back at this document and have a historic data to analyze the mumbai property market, which remains so unreasonable as always..
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  • where is the fall

    Hi,
    I thought market would correct, no signs yet. Saw something I liked, about 28 years old building and paid in the token for 84L. It has been difficult, seems its overpriced, guess one has to pay the price for the right thing.

    On a different note, wonder if a resale flat would need Title Search and Verification through an Advocate. The Society is running for years but been told OC isn't there. OC is such an important paper? despite all the facilities being available to the flat owners.

    Please throw some light.
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  • Prices coming down

    Prices have started to come down, yesterday received a mail from Orbit Corporation where I enquired about 3 months back. They were not even ready to talk about any discount, now they have mailed about a festive discount.

    I reckon that anything which is under construction is about to see minimum 10% correction. The ready property may not see correction and the new launches will definitely happen at lower prices.

    All the best to home seekers, I bought mine in a ready building in June, where I liked the place and was ok with the price (stretched) and have already moved in.

    cheers
    tushar
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  • Market is ready for a correction. I would say nearly 15%.


    - With the GDP figures announced yesterday at a measly 7.7% growth instead of 9% is one indication.
    - RBI has hiked key policy rates 11 times since March 2010 by a cumulative 325 basis points.
    - Combined GFD/GDP for Centre and States fell from 9.3 per cent in 2009-10 to 7.7 per cent in 2010-11.
    - over the past year-and-a-half, the RBI has increased the policy rates 10 time. As a result, the home loan rates for prime borrowers have increased from 8.25% in early 2010 to 10.5% now.
    - home registrations are down 30-35 percent in Mumbai compared with the previous year, which shows that investors and homebuyers have moved to the sidelines.
    - Mortgage rates have gone up from around 8.5%-9.5% two years ago, to 11.5% now
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  • Originally Posted by vyerth
    Hi,
    I thought market would correct, no signs yet. Saw something I liked, about 28 years old building and paid in the token for 84L. It has been difficult, seems its overpriced, guess one has to pay the price for the right thing.

    On a different note, wonder if a resale flat would need Title Search and Verification through an Advocate. The Society is running for years but been told OC isn't there. OC is such an important paper? despite all the facilities being available to the flat owners.

    Please throw some light.


    OC is a very important paper. Its like the soul of a building. With OC u get BMC water at cheaper rates & electric supply at cheaper rates. I m not much knowledgeable but there are many benefits of OC & its a must for every building.
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  • You are right that OC is important. A structure with full fledged society and hundreds of people living in the complex. I wonder if the Water is still not provided by BMC. The electricity and MAHANAGAR gas is also provided in the buildings.
    I have been told that in olden times procuring OC wasn't compulsory. I have been told by the Broker to submit the Blueprint of the Project to get bankloan.
    Is this right way. I am not sure if Bank will do title search and evaluation diligently.

    Anyone throw light on this pls.

    Thanks
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  • Originally Posted by vyerth
    You are right that OC is important. A structure with full fledged society and hundreds of people living in the complex. I wonder if the Water is still not provided by BMC. The electricity and MAHANAGAR gas is also provided in the buildings.
    I have been told that in olden times procuring OC wasn't compulsory. I have been told by the Broker to submit the Blueprint of the Project to get bankloan.
    Is this right way. I am not sure if Bank will do title search and evaluation diligently.

    Anyone throw light on this pls.

    Thanks

    Already there are so many jhols in the property market. Why you want to take risk? If you are a "bhai" then ignore my advice.
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  • RE market more attractive than Bhai-giri

    Originally Posted by jia001
    Already there are so many jhols in the property market. Why you want to take risk? If you are a "bhai" then ignore my advice.


    RE market more attractive than Bhai-giri:bab (38):
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  • 12K low-cost flats to be built in Navi Mumbai

    MUMBAI: The City and Industrial Development Corporation (Cidco) plans to build 12,000 low-cost homes over the next three years. probably the biggest ever scheme since 1987.

    The apartments will be constructed in Ghansoli, Vashi, Khar and Taloja.

    While 7,566 houses, at a cost of Rs 951 crore, will be built for the lower income group in Ghansoli, Vashi and Taloja. Nearly, 1,118 flats will be constructed for the middle and the high income group in Khar. "Though rates will be decided later, we are committed to building affordable houses for all groups.

    Flat booking will start within a year," said Pramod Hindurao, chairman of Cidco. After the Navi Mumbai international airport received environmental clearance, prices in Khar, Belapur, Kamothe, Khanda Colony, Panvel, and Kalamboli went up from Rs 300 to 500 per sq feet.
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