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 sreekys
    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.

    Compared to Mumbai the rates are not high. Even compared to central Pune, NCR & Bangalore, rates in Navi Mumbai are competitive. Nowadays flats in nasik sell for 2500 psf!


    Originally Posted by sreekys
    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.

    I compared with pune, because Pune took off mostly due to mumbai-pune expressway & proximity to Mumbai. I compared to Chandigarh bacause it is again an artificial city like Navi Mumbai. As the first planned city of India, Chandigarh is known internationally for its architecture and urban planning. It was this role model that made Maharahtra to use CIDCO. Mumbai cannot easily offer better lifestyle as compared to international cities due to the haphazard development. As compared to this, Navi Mumbai has the potential to be the next Shenzhen.
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  • So jadhav-saheb

    I took your advice and contacted Kalpataru to get some information. As Sharpj correctly said they do charge a hefty premium. They have 1082 sq ft BHK and their garden view is 4600 and non-garden view is 4400 with 25 floor rise.

    So if we consider a 4th floor garden view flat, we are talking approx 50 lacs add compuslory parking, development chgs, and all govt levies, we appear to be in the range of 60 lacs. The first thought which came to my mind was OUCH!!!

    I have decided to get some information on Indiabulls Panvel A very preliminary review of the posts bring up some concerns about quality of construction, completion date (December 2012), location, toll naka, load etc. But the builder is reputed and rates are I think around 3000 per sq ft.

    At this points it looks like I might be skipping Khargar, panvel entirely..and head towards Dombivli direction.. (since parents live in Thane) or even better be a ghar jamai. :)

    Will keep you all posted.

    SSS
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  • Originally Posted by sansunder
    So jadhav-saheb

    I took your advice and contacted Kalpataru to get some information. As Sharpj correctly said they do charge a hefty premium. They have 1082 sq ft BHK and their garden view is 4600 and non-garden view is 4400 with 25 floor rise.

    So if we consider a 4th floor garden view flat, we are talking approx 50 lacs add compuslory parking, development chgs, and all govt levies, we appear to be in the range of 60 lacs. The first thought which came to my mind was OUCH!!!

    I have decided to get some information on Indiabulls Panvel A very preliminary review of the posts bring up some concerns about quality of construction, completion date (December 2012), location, toll naka, load etc. But the builder is reputed and rates are I think around 3000 per sq ft.

    At this points it looks like I might be skipping Khargar, panvel entirely..and head towards Dombivli direction.. (since parents live in Thane) or even better be a ghar jamai. :)

    Will keep you all posted.

    SSS

    In Dombivali you will pay 30L.

    What is the point in Dombivali?? Dombivali will be an annexe to Thane with nothing more than crowding. Atleast navi mumbai promises (albeith tentatively) to deliver theme parks, airport, local train, course, parks, metro, sez, sea link, ....
    If you are in no hurry than get in an under-construction project as if the airport gets approved you will definitely see good appreciation.
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  • Purchase of a new flat at Kharghar

    Should one opt for a resale at Adhiraj Complex Sector 5 or a new flat at Sector 27 with Sai Developers both in terms of returns in form of rentals for the next year or two, self occupation and prospects of appreciation?
    Will be grateful for opinion from people staying at Kharghar and others who are aware of the facilities and property trends in the area.
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  • Hi,
    This is not a right time for the RE investment.

    My suggestion is to invest in balanced MF. You will probably get min 10% return per annum which in your case 5 lacs, if your budget is 50 lacs.

    Buy only when you come back India, near to your job location.

    RE prices will go down once stock market comes down or see correction. Everything is inflated rite now and wise man don't invest in bubble.
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  • That is change from you.. I thought you were bullish on Mumbai RE..

    Originally Posted by sweetunaiya
    Hi,
    This is not a right time for the RE investment.

    My suggestion is to invest in balanced MF. You will probably get min 10% return per annum which in your case 5 lacs, if your budget is 50 lacs.

    Buy only when you come back India, near to your job location.

    RE prices will go down once stock market comes down or see correction. Everything is inflated rite now and wise man don't invest in bubble.
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  • When did you find me bullish on Mumbai RE?

    I always mentioned not to invest for at least past 6 months. If people are buying for their own use, thn it's okay to buy at current rate.

    If someone is looking for investment than it's strictly NO NO NO. Mumbai is no more investment friendly. I somehow don't understand that why people buy at pick and later cry.

    Cash is "hukkam ka ekka" at this point in stock/RE market. Hold your cash and wait for right time and opportunity.

    If any NRI in this forum looking for investment, pls look for Tier-2 cities chandigarh, Ahmedabad, Pune, etc.

    Originally Posted by Sharpj
    That is change from you.. I thought you were bullish on Mumbai RE..
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  • Dont say Pune is good investment, People on the Pune forum will will skin you alive :). They think Pune is overpriced and want investors to move to Satara :))
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  • Originally Posted by rameshyahoo
    Dont say Pune is good investment, People on the Pune forum will will skin you alive :). They think Pune is overpriced and want investors to move to Satara :))


    lol.. rightly said ramesh!.. the way Pune forum is going.. people are just waiting to form a lynching mob for "investors in Pune" :)
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  • PUNE will give you maximum return 5 yrs down the line in RE if you invest right now. It will be more than Mumbai, NCR, and B'lore.

    Take my words..!!
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  • Ha Ha..

    There are plenty in the Pune forum who do not think so. Problem with Mumbai is lack of supply and the city cannot grow as it is a peninsula.. but the same cannot be said about Pune.. It has land and the outskirts will expand.. so what you think today as outskirts will come into the city limits..
    I do not think you can make anything by the way of rentals.. Just hope for capital appreciation .. It is a bet

    Originally Posted by sweetunaiya
    PUNE will give you maximum return 5 yrs down the line in RE if you invest right now. It will be more than Mumbai, NCR, and B'lore.

    Take my words..!!
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  • Sweetunaiyaji

    Please share your opinion on RE in mumbai , surrounding areas and attractive investment option in India.

    It has been some time since we have heard from you.

    Personally, before taking any decision, i would like your opinion on same

    Please respond.
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  • Originally Posted by sweetunaiya
    PUNE will give you maximum return 5 yrs down the line in RE if you invest right now. It will be more than Mumbai, NCR, and B'lore.

    Take my words..!!


    Don't know about returns 5 yrs down the line.
    will be good enough if we get possession of the flat and scheme that we book into - 1 piece, all completed, at least bfore reaching retirement age :D:D:D
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  • Bubble is going to burst in Mumbai... Wait for next 2-3 months. Monsoon will bring more bad news for Mumbai RE.
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  • I am hearing since Y2008 (sub-prime crisis) that Mumbai RE proces will crash, come down etc etc - actually nothing of that has happened so far (June 2012).

    In fact, in Y2010, Mumbai RE prices went-up - in some locations proces shot-up by 40% also.

    Mark my words, not many new projects were lauched in Y2011-2012 - so in y2012-2014 - the prices will shoot-up once again for projects nearing completion.

    If the suppy dries-up or is negligible than the final product will appreciate and if product is house than definately it will.

    See no signals of Mumbai RE prices coming down in near future.
    (actually if the prices remain steady means a big thing in Mumbai RE sector)
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