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Should I buy now or are prices of flats going down in Mumbai

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Should I buy now or are prices of flats going down in Mumbai

Last updated: August 4 2020
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  • Should I buy now or are prices of flats going down in Mumbai

    My budget is 2 crore. I am looking at buying a 2 BHK in the Vile Parle or Andheri area.

    My timeline is early next year - 2020. Should I wait for prices to go down due to the economic slump? Or due to the builder liquidity crisis and huge unsold inventory?

    Are prices coming down or not coming down in the next couple of years? I don't mind renting till then.

    I am getting mixed messages. Some are saying wait prices are going down and a crash is coming as builders are desperate to sell. Others are saying the builders will never break a rate and have lots of holding power.

    What's the future of Mumbai RE in the next couple of years.


  • #2

    #2

    Re : Should I buy now or are prices of flats going down in Mumbai

    Seems everyone is waiting for Market to come down since long not as economist perhaps as logical buyer Market to come down it could take entire builder lobby to crash. you could see some of its color now but how much TIME it would take to impact the real esate pricing would be difficult to say.

    That’s been said it all depends your requirement and cash you are seating on. under construction (not recommended) or readily available.

    If you have that much cash handy perhaps you can get a deep discount with seller.

    Comment

    • #3

      #3

      Re : Should I buy now or are prices of flats going down in Mumbai

      You shout buy when the market is up, don't buy when it is down

      Comment

      • #4

        #4

        Re : Should I buy now or are prices of flats going down in Mumbai

        There are good 3BHK options in Malad/Kandivali area as well

        Comment


        • dellormicrosoft
          dellormicrosoft commented
          Editing a comment
          I prefer to stay up to Andheri and on WR. Any beyond Andheri will be too far for me. Plus mo of my friends and social circle are in the Andheri and Vile Parle area.
      • #5

        #5

        Re : Should I buy now or are prices of flats going down in Mumbai

        My advice is simple..
        If it is for self use there is no such thing as a good time or trying to catch the bottom

        So you must keep looking and not wait for the time for market to reach the bottom as it is not something you can say for sure..
        But you must understand that you have the luxury of being a buyer in the distressed market
        Stick to your budget
        Do not take too much of a loan
        Never go for under construction properties which have completion beyond 2020 (If the builder says 2020, please add 12-15 months more)
        Have the document vetted by an independent lawyer..

        The reality is if you like something you can go ahead... even if the prices are down you will not probably get what you liked.. and what is available you will not like
        go for a well maintained reasonably new resale properties.. risk is to some extent reduced...

        Real estate buying is emotional decision and not a financial one.. so don't justify ..

        If it was purely financial, maybe continue to stay on rent and get a better use of the money ..





        Originally posted by dellormicrosoft View Post
        My budget is 2 crore. I am looking at buying a 2 BHK in the Vile Parle or Andheri area.

        My timeline is early next year - 2020. Should I wait for prices to go down due to the economic slump? Or due to the builder liquidity crisis and huge unsold inventory?

        Are prices coming down or not coming down in the next couple of years? I don't mind renting till then.

        I am getting mixed messages. Some are saying wait prices are going down and a crash is coming as builders are desperate to sell. Others are saying the builders will never break a rate and have lots of holding power.

        What's the future of Mumbai RE in the next couple of years.

        Comment

        • #6

          #6

          Re : Should I buy now or are prices of flats going down in Mumbai

          I will be buying in cash and not home loan of 8%- 9%.

          So was wond should I just rent and keep the 2 Cr in FD at 7 %, I will get 14 Lac on it and then maybe rent a 2 BHK for 50 K a month, so 6 Lac a year.

          So I come ahead 8 Lac per year, till the prices come down.

          I feel prices have stagnated, even if they don't go down, I don see them going up either.

          But I am buying it as an end user and planning to live in it, hence confused. Not a speculator or investor.

          Last edited September 16 2019, 10:09 AM.

          Comment

          • #7

            #7

            Re : Should I buy now or are prices of flats going down in Mumbai

            Originally posted by dellormicrosoft View Post
            I will be buying in cash and not home loan of 8%- 9%.

            So was wond should I just rent and keep the 2 Cr in FD at 7 %, I will get 14 Lac on it and then maybe rent a 2 BHK for 50 K a month, so 6 Lac a year.

            So I come ahead 8 Lac per year, till the prices come down.

            I feel prices have stagnated, even if they don't go down, I don see them going up either.

            But I am buying it as an end user and planning to live in it, hence confused. Not a speculator or investor.
            Hold on for 2-3months, u will definitely get good deals...

            Comment

            • #8

              #8

              Re : Should I buy now or are prices of flats going down in Mumbai

              My advice will continue to be consistent with what I have said above.. You can wait but don't stop looking.. If you get something which is exactly what you are looking for and if everything is perfect and convenient and this is within your budget then go ahead and buy it..
              Never compromise and settle as this is a buyer's market and you are sitting on cash... Bargain and Bargain hard.. Just because it is below 2 crores also does not mean you should not bargain.. Even 3-4 lakhs saved will bring you some smile..

              Try for something that is ready to move in or a second sale.. You do not want to deploy the cash and the uc property gets delayed and continue to pay rent. I know someone who has given money to a builder for a 1 BHK in 2010 at 50L and given the complete money upfront. It has been 9 years now and the builder has not even cleared the land with some of the existing tenants. This is in Vakola/Santacruz side.. Theoretically the guy claims his property has doubled and now maybe at 1 crore, but the reality is currently he has only a debt of the builder and some corrugated sheets with the builders name on it.. Luckily it was not for self use and it is only money stuck.. You do not want to be stuck with money to the builder and continue to pay rent by investing in a under construction

              Do a thorough check on the documents and due diligence and get a lawyer even if it means some extra expense

              You can wait.. but always remember it is for self use.. Reason I am saying is because even if the prices do come down .. even then the place u liked (without any compromise) might not be available.. if you think too much.. Ready to move-in flats do not drop too much even if the market falls.. Yes rates have been stagnant in most places.. so never over pay

              Since the motive is to buy home.. then park the money in FD till you get the right place.. Not tax efficient but no need to be stressed about it when u r actually taken that call..





              Originally posted by dellormicrosoft View Post
              I will be buying in cash and not home loan of 8%- 9%.

              So was wond should I just rent and keep the 2 Cr in FD at 7 %, I will get 14 Lac on it and then maybe rent a 2 BHK for 50 K a month, so 6 Lac a year.

              So I come ahead 8 Lac per year, till the prices come down.

              I feel prices have stagnated, even if they don't go down, I don see them going up either.

              But I am buying it as an end user and planning to live in it, hence confused. Not a speculator or investor.
              Last edited September 16 2019, 04:35 PM.

              Comment

              • #9

                #9

                Re : Should I buy now or are prices of flats going down in Mumbai

                Is a 2 BHK about 800 carpet in Vile Parle (E) or Andheri (E) for 2 Cr. All Inclusive possible?

                In a relatively new building - 5 years or less.

                Comment

                • #10

                  #10

                  Re : Should I buy now or are prices of flats going down in Mumbai

                  I don't see low prices at all, an I missing something?

                  Comment


                  • amancrapbox
                    amancrapbox commented
                    Editing a comment
                    Negotiate. Make offer and leave.
                    If you buying from builders, they are masters of psychological manipulation. Learn the skill yourself.
                    Ready to move flats is where you cna negotiate most. Then comes under construction. Discounting takes time to flow into Resale unless distress.
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