Dear Friends,

I want to buy my own house after family seperation,(flat sold in bandra 1.80cr divide by 4 legal hiers), i have a kitty of 45L, i am currently staying in bandra in my family house with wife and kids and brothers wife and kids) we have got time of 45 days from 20 july 2011 to vacant the family house from the current buyer to take possesion.

uptil june 2011 i was thinking that i will easily get a 2bhk house in navi mumbai with the kitty i have and maybe i will be able to save few lakhs but to my supprise i was shocked when i heard the prices. i started looking for a house in vashi then koperkhaine then ghasoli then nerul, then khar, then kamothe and finally i went even upto to taloja and gave up, and then i decided i will sit in the house few days and research b4 i go to the sites and be embarresed.i came across this forum, thought i could get some advice on whether to buy now in and with a compromised area or just stay on rent till i can afford or wait for the prices to fall. thanks.
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  • ur budget

    Assuming ur budget to be 45 L and u want 2 save maybe 5L, u end up with a budget of 40L. You would be able to get a 2 BHK in thet range maybe in Dombivli/Kalyan.
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  • You will have to buy within a fixed time frame (2-3 yrs...not sure exactly) to avoid capital gains tax.

    The prices in Mumbai and Navi Mumbai currently are insane. You'll probably have to shift to Mira Road or beyond for a 2bhk in that range - or look for 1bhk's elsewhere.

    Also please note - you are buying a house to stay there - so buy immediately. The prices may or may not correct - nobody knows - and more often than not they just keep going up. You dont want to be in a situation 6 months down the line where you cant even afford a 1bhk.
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  • Start your research now...RE is all about timing...it can be speculated but only assumptions can be made about the RE rates will rise or decrease in coming year or 2 ...and as you are looking for a house to stay and not investment purpose go ahead and buy one....all speculations about rise / decrease in RE rates are for investors....Search New and Resale flats with thier ongoing rates here Mumbai Flat for Sale go ahead buy it...Good luck mate...

    Thanks
    Rajendra
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  • Sunijani, you need to be a bit careful here as Capital gains tax (CGT) could come into play.

    Normally the profit on the sale of a house can either be invested in buying property or bonds (3 years) to get
    away from CGT. But usually this can be applied to only one property.
    Are the other legal heirs contemplating buying property with their proceeds as well ? Would be advisable to
    check with CA about your case.
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  • See there is a simple rule on the tax saving. Open a Capital tax -saving account in any nationalised bank and deposit the amount of 45 lakhs into the same before 31st July of the year in which the capital gain occurs.
    I think you have a time of 2 or 3 years (not certain) to buy the house. THis prevents the unnecessary pressure to buy the house.

    Yeah in my opinion buy if you like something and in the budget. Bargain hard. Any upward downward movement is just a notional loss as you will not be in a position to sell the house for 3 years.

    All the best
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  • Buy a Flat

    Dear Friends,

    Thank you so much for your advice, I have decided to buy a house spending all the 45L i have and i will add another 10L loan to make it 55L total. my house hunt is on, would appreciate if someone who has recently bought a house to stay in NAVI MUMBAI for approx 55L, could advice me.

    Thanks a Lot,
    Sincerely
    B.Regards
    Sunijani.
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  • Originally Posted by sunijani2004
    Dear Friends,

    I want to buy my own house after family seperation,(flat sold in bandra 1.80cr divide by 4 legal hiers), i have a kitty of 45L, i am currently staying in bandra in my family house with wife and kids and brothers wife and kids) we have got time of 45 days from 20 july 2011 to vacant the family house from the current buyer to take possesion.

    uptil june 2011 i was thinking that i will easily get a 2bhk house in navi mumbai with the kitty i have and maybe i will be able to save few lakhs but to my supprise i was shocked when i heard the prices. i started looking for a house in vashi then koperkhaine then ghasoli then nerul, then khar, then kamothe and finally i went even upto to taloja and gave up, and then i decided i will sit in the house few days and research b4 i go to the sites and be embarresed.i came across this forum, thought i could get some advice on whether to buy now in and with a compromised area or just stay on rent till i can afford or wait for the prices to fall. thanks.



    I am selling my 2BHK 876 sq ft flat in Shubhshagun complex, kamothe, if you are interested then you can contact me 07512473439. It will be a broker free deal.
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  • NO, THANK YOU DEAR. NOT INTERESTED IN KAMOTHE
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  • Originally Posted by Sharpj
    See there is a simple rule on the tax saving. Open a Capital tax -saving account in any nationalised bank and deposit the amount of 45 lakhs into the same before 31st July of the year in which the capital gain occurs.
    I think you have a time of 2 or 3 years (not certain) to buy the house. THis prevents the unnecessary pressure to buy the house.

    Yeah in my opinion buy if you like something and in the budget. Bargain hard. Any upward downward movement is just a notional loss as you will not be in a position to sell the house for 3 years.

    All the best


    Hi Friends,

    Has anyone booked a flat in koperkahine or seawoods, pls advice whats the rate and any good project in 55L.
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  • Seawoods would be difficult to get 2 BHK in ur budget but Koperkhairne may be possible if you negotiate hard
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