Respected members

Quick background: I am looking to purchase an approx 1000 sqft apt 2BHK for around 40+ lacs in the Khargar area, in the Sep 2010. Purpose of purchase is combination of invst and having a roof over my head in the event of any job issues and return to India. Based on advice from members like sreekys bumped up my budget to 50 lacs.

Last week my father made a visit to Khargar and shortlisted the following projects. Details of which are present below. I would be extremely grateful if this community should share their insights and perspective on the below project to help in the narrowing of the list. Comment around price per sq feet, builder reputation, location etc would be very much welcome.

Full disclosure: the two things which have quite shocked me (having never bought a house before) was a. the percentage of black money still being demanded now-a-days b. the fact that my 50 lacs budget seems almost useless.

I am truly wondering whether I should
a. Bite the bullet and increase my budget?
b. Change the location (Dombivili, Kalyan etc.) or change the time of purchase. (Visit India again after Diwali)?
c. Increase the budget even more by 15 lacs and look at some place like Bhandup/ Mulund East?

Here are the details of the 8 projects.

Thanks in advance and hopefully there will be other who can use the below information in their house hunting process

SSS

1 MAN VALLEY VISTA ESTATE-

located opp D.Y Patil Stadium,Nerul. Website-www.maninfraprojects.com
Tel 022-27672767 / 27682768
2 BHK Area 967 Built up area.Carpet 33% less. Rs 5750
Approx Total cost Rs 65 lacs all incl
Under construction.Booking amt Rs 1.5 lacs. Will be ready by end 2011
Payment all in white.

2 Kasturi Builders.( Avenue infraprojects Pvt Ltd
Located at Sector-10 khargar
2 BHK Area Built up 1100 sft rs 4500/-Total cost incl stamp duty will be Rs 57 lacs.Stamp duty 6.5%
Under construction. Will be ready by Dec 2010
Payment 65% white and 35% black

3 Arihant Superstrucures Ltd
Arihant Aradhana Sector-10.Near to highway (Mubai-Pune Highway ) and Khargar station.
No Cost and other details available at site which we can get from their Vashi office.
Rate Approx Rs 4800/- and total cost est around Rs 60 lacs.Under construction.Estimated to complete by Dec 2010

4. Hi-Tech Ifraprojects Pvt ltd
Sector-10 Khargar. Website- www.surinvestment.com
Elite Enclave
1234 sft Rs 4300/-.Total Cost approx Rs 63 Lacs out of which Rs 43 lacs will be in white and rest black
Under construction.Will be ready by 2011
Located after Arihant.Appears to be Hifi set up.With swimming pool,club,garden etc.

5. Hi Tech Infraprojects Pvt Ltd
Shakti Heights.
1107 sqft 3800/- Total cost45 lacs excl stamp duty.To add 6.5% stamp duty.80% white
Next to elite enclave.No swimming pool or club.Under construction

6. Nisarg Nirman Developers
Hyde Park- Sector 35 G Khargar
Website www.nisarggroup.com
Under construction.Will be ready by March2011
Area 1065 sft Built up.Carpet area 32% less RS 4200/- Total Project cost Approx s 52 lacs
Parking optional.Full white payment

7. Suncity Construction
Suncity Residency
Plot No-E-87/87 A Sector-3
Khargar
Under Construction will be ready by March 2011.
No website
Area 1305 sft Rs 4500/- Total Cost Approx 60 Lacs

8. Arihant Sharan which is in sector 20 after the highway.
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  • Originally Posted by sansunder
    Respected members

    Quick background: I am looking to purchase an approx 1000 sqft apt 2BHK for around 40+ lacs in the Khargar area, in the Sep 2010. Purpose of purchase is combination of invst and having a roof over my head in the event of any job issues and return to India. Based on advice from members like sreekys bumped up my budget to 50 lacs.

    Last week my father made a visit to Khargar and shortlisted the following projects. Details of which are present below. I would be extremely grateful if this community should share their insights and perspective on the below project to help in the narrowing of the list. Comment around price per sq feet, builder reputation, location etc would be very much welcome.

    Full disclosure: the two things which have quite shocked me (having never bought a house before) was a. the percentage of black money still being demanded now-a-days b. the fact that my 50 lacs budget seems almost useless.

    I am truly wondering whether I should
    a. Bite the bullet and increase my budget?
    b. Change the location (Dombivili, Kalyan etc.) or change the time of purchase. (Visit India again after Diwali)?
    c. Increase the budget even more by 15 lacs and look at some place like Bhandup/ Mulund East?

    Here are the details of the 8 projects.

    Thanks in advance and hopefully there will be other who can use the below information in their house hunting process

    SSS

    1 MAN VALLEY VISTA ESTATE-

    located opp D.Y Patil Stadium,Nerul. Website-www.maninfraprojects.com
    Tel 022-27672767 / 27682768
    2 BHK Area 967 Built up area.Carpet 33% less. Rs 5750
    Approx Total cost Rs 65 lacs all incl
    Under construction.Booking amt Rs 1.5 lacs. Will be ready by end 2011
    Payment all in white.

    2 Kasturi Builders.( Avenue infraprojects Pvt Ltd
    Located at Sector-10 khargar
    2 BHK Area Built up 1100 sft rs 4500/-Total cost incl stamp duty will be Rs 57 lacs.Stamp duty 6.5%
    Under construction. Will be ready by Dec 2010
    Payment 65% white and 35% black

    3 Arihant Superstrucures Ltd
    Arihant Aradhana Sector-10.Near to highway (Mubai-Pune Highway ) and Khargar station.
    No Cost and other details available at site which we can get from their Vashi office.
    Rate Approx Rs 4800/- and total cost est around Rs 60 lacs.Under construction.Estimated to complete by Dec 2010

    4. Hi-Tech Ifraprojects Pvt ltd
    Sector-10 Khargar. Website- www.surinvestment.com
    Elite Enclave
    1234 sft Rs 4300/-.Total Cost approx Rs 63 Lacs out of which Rs 43 lacs will be in white and rest black
    Under construction.Will be ready by 2011
    Located after Arihant.Appears to be Hifi set up.With swimming pool,club,garden etc.

    5. Hi Tech Infraprojects Pvt Ltd
    Shakti Heights.
    1107 sqft 3800/- Total cost45 lacs excl stamp duty.To add 6.5% stamp duty.80% white
    Next to elite enclave.No swimming pool or club.Under construction

    6. Nisarg Nirman Developers
    Hyde Park- Sector 35 G Khargar
    Website www.nisarggroup.com
    Under construction.Will be ready by March2011
    Area 1065 sft Built up.Carpet area 32% less RS 4200/- Total Project cost Approx s 52 lacs
    Parking optional.Full white payment

    7. Suncity Construction
    Suncity Residency
    Plot No-E-87/87 A Sector-3
    Khargar
    Under Construction will be ready by March 2011.
    No website
    Area 1305 sft Rs 4500/- Total Cost Approx 60 Lacs

    8. Arihant Sharan which is in sector 20 after the highway.

    If someone asks for black money discard that option. RE is a long term and big investment. The builders who ask for black money are small and unscrupulous ones. Even the apartment (quality) they will sell to you will represent this. Rather spend you hard earned money with some good builder. There is no point buying from a unscrupulous builder at a great location in a building which needs to be redeveloped in 20 years. Even if you try to sell it before that, the buyer will not be as fool as you were.

    Kharghar is overpriced and the rate of appreciation would be less than the inflation (you will be burning money). Rather buy in Panvel where the rates are still sensible. On a price/quality basis, Kalpatru in panvel is better than the options you suggested. On a location basis, it is still well inhabitable and in future Panvel may garner more value than Kharghar as it has quite some land for big projects.
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  • This is not the time to buy property particularly when you are not a user. Keep the money in bank/ debt mutual fund to grow. The RE price has reached to such a level from where it can only go down and the same is going to happen soon.
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  • Originally Posted by tubaibabu
    This is not the time to buy property particularly when you are not a user. Keep the money in bank/ debt mutual fund to grow. The RE price has reached to such a level from where it can only go down and the same is going to happen soon.

    It may not go down but it is hard to go up/
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  • Please hold on and postpone the decision to end of the year. Even if rates might not fall, it will surely not go up as they are pretty high already....
    Never deal with black.... especially the 60:40, 70:30 builders.. unless you have already some black money at your disposal...
    No harm in doing a similar check and study of Dombivili Kalyan,

    Finally if you are planning to be abroad and manage stick to reputed builders like Godrej's, Kalpataru's and Hiranandani's .. Clean dealings and a hefty premium, but piece of mind.. and your dad does not need to run around...
    Delays are to be factored in for everyone..
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  • Originally Posted by Sharpj
    Please hold on and postpone the decision to end of the year. Even if rates might not fall, it will surely not go up as they are pretty high already....
    Never deal with black.... especially the 60:40, 70:30 builders.. unless you have already some black money at your disposal...
    No harm in doing a similar check and study of Dombivili Kalyan,

    Finally if you are planning to be abroad and manage stick to reputed builders like Godrej's, Kalpataru's and Hiranandani's .. Clean dealings and a hefty premium, but piece of mind.. and your dad does not need to run around...
    Delays are to be factored in for everyone..


    Well said SharpJ
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  • Converting hard earned white money into black by paying cash to the builder is stupidity :bab (22):
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  • please hold your decision to buy as there is a lot of comedy being played out due to panvel airport between corrupt pawar ,raj maaroray ,uddhav khavoray and jairam roke' esh.
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  • Originally Posted by mamba
    please hold your decision to buy as there is a lot of comedy being played out due to panvel airport between corrupt pawar ,raj maaroray ,uddhav khavoray and jairam roke' esh.

    In 3 weeks if he gives approbal then expect to pay 10L more.
    It is anyone's guess Mamba. How many will you stop. These NRIs get money like water and then they like to spend it like water.
    :bab (4):
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  • I think the good times are gone.. NRI's do constitute a big chunk of buying.. but they do not earn money like water.. I think that phase is gone.. be it gulf.. or the west.. slowdown is having its impact .. I don't think many NRI's are in China...
    Yes whenever I go to any construction site in Mumbai, the sales guy gives me that rubbish.. all booked 2 flats available.. 50% NRI's sir.. you will have great neighbors.. as if it is something good.. so that is not the reality.. I have seen projects in New Mumbai, Powai, JVLR, Goregaon, Chembur, Bandra.. everywhere broker or the sales guys tell the same thing.. all booked by NRI's :bab (59):

    I have learnt to discount it as sales talk.. but agree they also constitute a certain proportion of buyer just as a resident indian..
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  • Infact there are more investors with black who pre-book with the builder and then before registration dump the property on unsuspecting buyers with huge gain. they then roll the black money onto the next project with the same builder. the cycle can only be broken if loans r not available to the end-user. as of now 50-60L is easily available so any price crash in this range is a remote possibility. The bank has approved a loan of 60L for a friend who earns 8L.
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  • I think its time to objectively look at these locations and evaluate them assuming that the airport may not come there. Am saying this to highlight one fact and that is distance. Distance from the mainland city...Yes of course these locations are far and thats precisely the reason why they shd not be priced do high. I mean just thinking of it today in the papers I read that the rates in 2005 for PLanet Godrej near Byculla station was just 4.5 to 5K psf and today that is ten times the rate. Now they are charging the same or more rate for far flung locations all within a span of 5 years! The Navi Mumbai location is FAR and so are locations like Kalyan and Dombivili. These are the only options that the common man in the city can look at. In the midst of this the politicians have bought huge tracts of land and hence are also protecting their interests to make sure the airport comes up there. But the question to ask is what if the airport does not come up there indeed (Refer todays DNA Navi Mumbai airport not a good idea) then what? As long as buyers think of that and are ready to go for the gamble it may be worth the chance.
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  • Originally Posted by sreekys
    I think its time to objectively look at these locations and evaluate them assuming that the airport may not come there. Am saying this to highlight one fact and that is distance. Distance from the mainland city...Yes of course these locations are far and thats precisely the reason why they shd not be priced do high. I mean just thinking of it today in the papers I read that the rates in 2005 for PLanet Godrej near Byculla station was just 4.5 to 5K psf and today that is ten times the rate. Now they are charging the same or more rate for far flung locations all within a span of 5 years! The Navi Mumbai location is FAR and so are locations like Kalyan and Dombivili. These are the only options that the common man in the city can look at. In the midst of this the politicians have bought huge tracts of land and hence are also protecting their interests to make sure the airport comes up there. But the question to ask is what if the airport does not come up there indeed (Refer todays DNA Navi Mumbai airport not a good idea) then what? As long as buyers think of that and are ready to go for the gamble it may be worth the chance.


    So why does the distance from the mainland city matter so much. Navi Mumbai by itself has the potential to be the next Chandigarh in making. If Pune can capitalise and be a success being 100 miles from Mumbai then Navi Mumbai is better placed. Thane/Chembur and Sewri links turn Navi Mumbai to be a suburb much closer than most eastern/western suburbs.
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  • Thank you all for your advice

    The one thing I am definitely taking from this thread is NO to black money.

    Jadhav-saheb; I will contact this Kalpataru project in Panvel. But given their proximity to the airport, I wonder how much cheaper could they be compared to Khargar.

    Smartj: Thank you for the points you raised about NRIs. I can speak for US, EU and UAE and the picture is horrible. B/w taxes upto 50% (EU), high unemployment and job insecurity, real estate value erosion (all of my friends who bought house until 3 years back are looking at 10-12% capital loss) not much of water left in the tank..:bab (38):. Hence the plan to have a safety net in Mumbai when the ^%&t hits the fan. After all it has been my Janam and karambhoomi.

    I will consider coming after holidays but leave might be a challenge..

    So as a last question. IF we were to consider the following 4 properties which are 100% white, would anyone have thoughts on these in terms of builder rep, location etc.

    thanx Regds..SSS

    3 Arihant Superstrucures Ltd
    Arihant Aradhana Sector-10.Near to highway (Mubai-Pune Highway ) and Khargar station.
    No Cost and other details available at site which we can get from their Vashi office.
    Rate Approx Rs 4800/- and total cost est around Rs 60 lacs.Under construction.Estimated to complete by Dec 2010

    6. Nisarg Nirman Developers
    Hyde Park- Sector 35 G Khargar
    Website www.nisarggroup.com
    Under construction.Will be ready by March2011
    Area 1065 sft Built up.Carpet area 32% less RS 4200/- Total Project cost Approx s 52 lacs
    Parking optional.Full white payment

    7. Suncity Construction
    Suncity Residency
    Plot No-E-87/87 A Sector-3
    Khargar
    Under Construction will be ready by March 2011.
    No website
    Area 1305 sft Rs 4500/- Total Cost Approx 60 Lacs

    8. Arihant Sharan which is in sector 20 after the highway.
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  • Well I am not so much into RE investment for now.. I think it is over priced and I will want to sit on the sidelines for now. Nisargroup does not have a good reputation, but some are happy with the way Hyde Park is shaping up.
    Arihant has mixed reviews.
    Do a search on both in the forums and you will have people commenting both ways. So I guess it is upto you ..

    These are not tier 1 builders so have a look at the property yourself before making the decision. Do not put the burden of the decision on your father..

    Expect 7-8 months delay in getting procession and almost a year from the date before the place is livable..
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  • Of course distance from mainland city does not matter however conditions apply...India and especially mumbai does need to decongest itself which means building new cities and townships. Today it is very easy to buy car or even a house because of loans and as long as your income is steady with an increase of 10% yoy on an average you should be fine...but do you think as of today Navi Mumbai has the same or more amount of potential as the mainland city does? If yes then I have to disagree and if no then there is no reason why the rates should be so high in the first place. Which means that Navi mumbai as of today is grossly overpriced and the buyer should be aware of it and not expect a huge return immediately...now we all know why and who is behind it.....lastly comparing it with cities like pune and chadigarh is a strech because Navi Mumbai as such is only 25 years old while these cities have a good old legacy to them and hence self sufficient. The only reason the future for navi mumbai is brighter than these two cities is its proximity to mainland mumbai...we can deny it as much as we want but thats the fact and thats my opinion.

    Originally Posted by jadhav_ravi
    So why does the distance from the mainland city matter so much. Navi Mumbai by itself has the potential to be the next Chandigarh in making. If Pune can capitalise and be a success being 100 miles from Mumbai then Navi Mumbai is better placed. Thane/Chembur and Sewri links turn Navi Mumbai to be a suburb much closer than most eastern/western suburbs.
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