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1BHK Hiranandani Powai Maple or Resale

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1BHK Hiranandani Powai Maple or Resale

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  • 1BHK Hiranandani Powai Maple or Resale

    Friends I need your suggestion on buying a 1BHK flat at Hiranandani Powai.

    Background: I am living in Mumbai since last 10 years. Due to location advantage (closeness of work place from home), I zeroed upon Powai where I want to buy my 1st house. For next 10 years, I wish to continue living in company accommodation at Powai, hence I'd be renting out the property that I'd be buying now. In Powai, the two best locations that I narrowed down were (1) Hiranandani, (2) Lake Homes. Out of these two, I finally chose Hiranandai, considering various factors. In Hiranandani, my budget would be to buy a 1 BHK flat (by taking almost 80% loan from bank), which I'd be renting out immediately. After 10 years, I'd plan to sell the flat and buy, may be a 2 BHK, which I'd like to occupy myself with my family.

    At Hiranandani gardens, I saw various 1 BHK flats in different buildings on resale, as-well-as in the upcoming project i.e. Maple (1BHK). The price of the resale 1 BHK flats and in the Maple are almost the same (+/- 5 to 7 Lacs after negotiation). The real issue is as under:

    (1) Resale flats are almost 28 years old. I don't think there is going to be any increase in the price of flat in next 10 years, considering that the prices are already at peak. There is no news/ talks regarding redevelopment of these 28 years old buildings. Loading is around 25% in these old buildings.

    (2) Upcoming project (i.e. Maple) is being told by the Hiranandani sales office to be completed by the end of 2018. However I did site visit. To the best of my understanding, the project will surely take another 20+ months to get completed; i.e. it may be available only by the end of 2019. Loading is around 40%.

    Dialemma of purchasing the resale property is that, I may not get any appreciation in next 10 years as the flat will be almost 40 years old then. But the good point is that I will be constantly getting at least Rs 40,000/- per month rent from this property, which would pay a part of my EMI.

    Dialemma of purchasing the new project is that, I may not get possession for the next 2 years, so I loose almost Rs 40,000 per month rent for (at least) 2 years. But then the good point is that it would be easier to sell this new property after 10 years.

    Any smallest information and suggestion in this regard would be highly appreciated.
  • #2

    #2

    Re : 1BHK Hiranandani Powai Maple or Resale

    Amongst the 2 options, I would recommend the newer building though they will be much smaller in size. They are around 380 sq feet carpet I guess. Given that you'll be buying from the builder, please check for parking as parking in that building is limited due to the newer rules. Selling without parking becomes an issue later on.

    Alternatively, 2/3 things come to mind:

    a) Wait for a year or so: I think Maple will meet the 2018 end timeline give or take a few weeks. The super structure is almost done. Please see Atlantis for a check on time lines. If you're ready to wait, you can buy from resale rather than builder at, probably, lower rates if real estate prices dont jump which is unlikely.

    b) I guess your reference price range is 1.5-1.7 all in. Maybe if you stretch a bit or negotiate a distress sale, you may get a smaller 2 BHK in Nahar etc. Prefer one within the newer complex with parking etc.

    c) Buy one of the new, about to be launched, Hiranandani 1 BHK near the dmart area. These will be cheaper than Maple. Whhat you lose is rent, you'll make up in the lower cost as well as reduced interest as this will be staggered payment. Assume 4 years for possession.post approvals Do remember that Hiranandani group is in a pressure to deliver smaller flats quickly, so don't think there will be major delays. Pls do the calculation to see if it works for you.

    Cheers and all the best.


    Comment

    • #3

      #3

      Re : 1BHK Hiranandani Powai Maple or Resale

      Originally posted by selfuse20 View Post
      Amongst the 2 options, I would recommend the newer building though they will be much smaller in size. They are around 380 sq feet carpet I guess. Given that you'll be buying from the builder, please check for parking as parking in that building is limited due to the newer rules. Selling without parking becomes an issue later on.

      Alternatively, 2/3 things come to mind:

      a) Wait for a year or so: I think Maple will meet the 2018 end timeline give or take a few weeks. The super structure is almost done. Please see Atlantis for a check on time lines. If you're ready to wait, you can buy from resale rather than builder at, probably, lower rates if real estate prices dont jump which is unlikely.

      b) I guess your reference price range is 1.5-1.7 all in. Maybe if you stretch a bit or negotiate a distress sale, you may get a smaller 2 BHK in Nahar etc. Prefer one within the newer complex with parking etc.

      c) Buy one of the new, about to be launched, Hiranandani 1 BHK near the dmart area. These will be cheaper than Maple. Whhat you lose is rent, you'll make up in the lower cost as well as reduced interest as this will be staggered payment. Assume 4 years for possession.post approvals Do remember that Hiranandani group is in a pressure to deliver smaller flats quickly, so don't think there will be major delays. Pls do the calculation to see if it works for you.

      Cheers and all the best.

      @selfuse20: Thanks a lot for your suggestion.

      Yes carpet in Maple is around 380 sq ft. Carpet for the resale flat (28 years old) is around 440 sq ft.

      All parkings in Maple is already sold. So the rate quoted at Maple is excluding Parking. But of course they are telling that there is ample visitor parking available in podium.

      I have excluded all other socities in Powai, mainly because 10 years down the line, it would be easiest to sell the flat at Hiranandani. Same reason for selecting a 1 BHK over a 2 BHK, i.e. the ease of selling. Lake homes look to be promising, but anyway it is surely next to Hiranandani.

      I will surely keep in mind your suggestions. Any positive/ negative words about buying the 28 years old resale 1 BHK flat at Hiranandani Powai?

      Comment

      • #4

        #4

        Re : 1BHK Hiranandani Powai Maple or Resale

        I would not suggest buying in Maple without parking. No point in spending so much without parking. Even if you get to park in the visitor parking, not a great idea to remain at mercy of society. No parking means more time to sell and overall lower sale value. I am speaking from experience here.

        If you're fully keen on Maple, ask the sales guys to give you any cancelled allotment. Also, lock in periods might also get over and resale flats will come to the market. Maybe with ola/uber and autonomous cars, parking maybe useless later on but I still would be conservative in this area...

        Don't have too much idea about old flats - I don't see much advantage except more space, which of course, if critical for many people. And maybe lower maintenance. But that's it. Selling a newer flat with better amenities will be much easier.

        I agree with you that Hiranandani will continue to remain the most aspirational area in Powai.



        Last edited January 29 2018, 10:03 PM.

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        • #5

          #5

          Re : 1BHK Hiranandani Powai Maple or Resale

          Originally posted by selfuse20 View Post
          I would not suggest buying in Maple without parking. No point in spending so much without parking. Even if you get to park in the visitor parking, not a great idea to remain at mercy of society. No parking means more time to sell and overall lower sale value. I am speaking from experience here.

          If you're fully keen on Maple, ask the sales guys to give you any cancelled allotment. Also, lock in periods might also get over and resale flats will come to the market. Maybe with ola/uber and autonomous cars, parking maybe useless later on but I still would be conservative in this area...

          Don't have too much idea about old flats - I don't see much advantage except more space, which of course, if critical for many people. And maybe lower maintenance. But that's it. Selling a newer flat with better amenities will be much easier.

          I agree with you that Hiranandani will continue to remain the most aspirational area in Powai.


          Thank you

          Comment

          • #6

            #6

            Re : 1BHK Hiranandani Powai Maple or Resale

            What was Maple's launch rate? What's the expected rental?
            Last edited April 19 2021, 11:16 AM.

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            • #7

              #7

              Re : 1BHK Hiranandani Powai Maple or Resale

              Seriously its sad to see mumbai people living like rats...380 carpet...this is a shame... greedy builders instead of reducing prices are reducing carpet...and dumb people are purchasing...seems like i have to settle in a tier 2 Town...

              Comment


              • amancrapbox
                amancrapbox commented
                Editing a comment
                Well, how people like to spend their money, is absolutely their choice. You're free to make your decisions, just like everyone else.
                It required a large proportion of population to accept current rates for markets to not crash. So, your calling a substantial proportion of population as "dumb" reflects more on your intellect instead of all people of Mumbai - especially those tho work hard/ smart enough to be able to afford these crazy prices, and still make a decision to spend their money on real estate.
                Not that I see rates as worthy of it, especially when compared to other metros, but that's just my opinion. If it were of the masses, prices would have crashed. and markets are supreme than any individual's opinion!
            • #8

              #8

              Re : 1BHK Hiranandani Powai Maple or Resale

              amancrapbox what an apt name. You speak like a shady builder. I raised a genuine point. Even dogs will not be able to survive in 380 carpet and you are calling people fancying such apartments smart. Dude mumbai doesnt even have 5% of hong kong infra to command those prices and to pack us in cages. Don't worry about me worry about yourself. I have enough money to up-front buy a 1000 carpet without even having to move to thane but i will instead go for a mansion elsewhere in india or abroad. Don't be salty. 380 carpet is a cruel joke on mankind and especially on indians.

              Comment

              • #9

                #9

                Re : 1BHK Hiranandani Powai Maple or Resale

                All said and done prices didnt fall, even after covid impact, in fact we have seen huge demand in the past few months, people have lapped up properties at these exorbitant prices. Given a choice anybody will live in a bunglow in tier2 city and many did try to predict that prices will crash after the WFH trend. Rental market has definitely crashed. Builders might be greedy but what about re-sale, not many distress sales to buck the trend. Lets see if wave 2 gas any impact.

                Comment

                • #10

                  #10

                  Re : 1BHK Hiranandani Powai Maple or Resale

                  rmaharishi Yes ultimately the market is the truth...but really will never be able to understand the kind of people who will go for 380sqft. If you see OPs nebuchadnezzar first post, he mentions he is buying for investment and not self use. But ultimately we need self use consumers. Who is the OP trying to sell to? What kind of people will sink close to 2cr in 380 carpet without parking and without municipal Infra. More than builders it's the buyer (mainly investors) to blame. Can anyone sustainably live in 380 carpet. I really need to understand how.

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