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.
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  • 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.


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  • Originally Posted by selfuse20
    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?
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  • 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.



    CommentQuote
  • Originally Posted by selfuse20
    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 :)
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