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Palace Garden, Hirco Group, Panvel, Mumbai

Last updated: July 11 2017
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  • #81

    #81

    Re : Palace Garden, Hirco Group, Panvel, Mumbai

    Originally posted by wadia View Post
    wellsaid sweetunaiya!

    No airport, no sea link, all SEZs scarapped, a flat in a factory town of Rasayani fetching 60-70 lakhs is great investment strategy.
    I specifically wants to write my exp of real estate in past 15 yrs.

    1. It was around a decade back, I was searching for property in Malad area. The entire area near goregaon sports club was considered as dump yard, nobody was ready to live thr. I at tht time bought property in raheja in near d-mart link road. Than it is a history - Mind space has changed everything.
    A flat which i bought because of close proxmity to mind space cost me 3k spft and now it is selling at 9k spft price in around 10 yrs.

    [Note: When i bought Mindspace, malad link road area was under development]

    2. After few yrs, again I had money and decided to invest. Now my eyes were on lokhandwala complex in kandivali[e]. Everyone on earth at tht moment ask me not to go so far from kandivali station. But somehow I wanted to be near by expressway. By that time I also tested the price hike of my raheja building because of builders reputation.
    A flat bought in 2500 spft is right now selling at around 7k in 8 yrs.

    [Note: When i bought property in kandivali[e], thr was N no of building construction going on. People said the same thing tht once building is build, thr will be more inventory and I will get in more cheaper rate.

    Comment

    • #82

      #82

      Re : Palace Garden, Hirco Group, Panvel, Mumbai

      My key learnings -

      1. Always bought property when it is under construction.
      2. Try to choose premium builders. [Trust me it gives u a good night sleep and peace in mind]
      3. Visit selected area min 15 times. Walk on roads, visits near by shops, see bus routes, proximity to station, cable lines, monsoon situation etc.
      4. Visit site location by your own and not with agent. See surroundings.
      5. Trust your decision. Don't listen to anyone.

      ----------------------------------
      Now about a facotry town Rasayani
      - HIRCO is not a 5 tower complex. It is a TOWNSHIP.
      - Next 15 yrs, developing india needs cheaper space to start their business, and HIRCO is best option.

      Why is it a best option -
      1. Reputed builder constrcution
      2. SEZ
      3. Much more cheaper rate compare to prime mumbai location
      4. One day in future, Int. airport will be thr[ May be after 15-20 yrs]. The current mumbai airport will need more space in future.
      5. Sea link - I don't care. I didn't write anything about sea link in my any post.
      6. Closure to Matheran, Lonawala - Trust me people have changed their life style. Everyone needs peace and space. I have seen people following wester culture of taking rest on Sat-Sun. People would choose to live in HIRCO once development is done in next 10 yrs also because they can easily reach to hillstation. [This is purely my individual view, people can have many objection]

      Comment

      • #83

        #83

        Re : Palace Garden, Hirco Group, Panvel, Mumbai

        Originally posted by sweetunaiya View Post
        I specifically wants to write my exp of real estate in past 15 yrs.

        1. It was around a decade back, I was searching for property in Malad area. The entire area near goregaon sports club was considered as dump yard, nobody was ready to live thr. I at tht time bought property in raheja in near d-mart link road. Than it is a history - Mind space has changed everything.
        A flat which i bought because of close proxmity to mind space cost me 3k spft and now it is selling at 9k spft price in around 10 yrs.

        [Note: When i bought Mindspace, malad link road area was under development]

        2. After few yrs, again I had money and decided to invest. Now my eyes were on lokhandwala complex in kandivali[e]. Everyone on earth at tht moment ask me not to go so far from kandivali station. But somehow I wanted to be near by expressway. By that time I also tested the price hike of my raheja building because of builders reputation.
        A flat bought in 2500 spft is right now selling at around 7k in 8 yrs.

        [Note: When i bought property in kandivali[e], thr was N no of building construction going on. People said the same thing tht once building is build, thr will be more inventory and I will get in more cheaper rate.
        Well done. I am happy for you. But had you invested in FD you would have got the same return!

        Comment

        • #84

          #84

          Re : Palace Garden, Hirco Group, Panvel, Mumbai

          Originally posted by sweetunaiya View Post
          My key learnings -

          1. Always bought property when it is under construction.
          2. Try to choose premium builders. [Trust me it gives u a good night sleep and peace in mind]
          3. Visit selected area min 15 times. Walk on roads, visits near by shops, see bus routes, proximity to station, cable lines, monsoon situation etc.
          4. Visit site location by your own and not with agent. See surroundings.
          5. Trust your decision. Don't listen to anyone.

          ----------------------------------
          Now about a facotry town Rasayani
          - HIRCO is not a 5 tower complex. It is a TOWNSHIP.
          - Next 15 yrs, developing india needs cheaper space to start their business, and HIRCO is best option.

          Why is it a best option -
          1. Reputed builder constrcution
          2. SEZ
          3. Much more cheaper rate compare to prime mumbai location
          4. One day in future, Int. airport will be thr[ May be after 15-20 yrs]. The current mumbai airport will need more space in future.
          5. Sea link - I don't care. I didn't write anything about sea link in my any post.
          6. Closure to Matheran, Lonawala - Trust me people have changed their life style. Everyone needs peace and space. I have seen people following wester culture of taking rest on Sat-Sun. People would choose to live in HIRCO once development is done in next 10 yrs also because they can easily reach to hillstation. [This is purely my individual view, people can have many objection]
          very wellsaid again sweetunaiya!!

          unfortunately some people like to counter your statement just for the sake of making a counter statement it because of their pessimistic attitude and lack of vision........... I am sure that 15 yrs ago, when Hiranandani soft-launched their powai township at around Rs.500 psf, even then there were a whole lot of people thinking that it is too high for a township built in such an isolated place but 15yrs down the line the property in the same township now commands well in range of 10k to 15k psf!!
          Last edited May 23 2010, 11:40 AM.

          Comment

          • #85

            #85

            Re : Palace Garden, Hirco Group, Panvel, Mumbai

            Hi.. Sweetunaiya,

            Thanks for sharing your experience and your strategies. Definitely your strategies will help, while investing in new property.

            If you don't mind, may I ask you which are the projects currently you have invested?


            Originally posted by sweetunaiya View Post
            My key learnings -

            1. Always bought property when it is under construction.
            2. Try to choose premium builders. [Trust me it gives u a good night sleep and peace in mind]
            3. Visit selected area min 15 times. Walk on roads, visits near by shops, see bus routes, proximity to station, cable lines, monsoon situation etc.
            4. Visit site location by your own and not with agent. See surroundings.
            5. Trust your decision. Don't listen to anyone.

            Comment

            • #86

              #86

              Re : Palace Garden, Hirco Group, Panvel, Mumbai

              Originally posted by wadia View Post
              Hirco is not in panvel but in rasayani.

              If you call Rasayani as Panvel then the people should start calling Borivali as Andheri.

              South Mumbai commands 1 lac psf because of the 200 years than went into making South Mumbai being perceived as posh. Do not expect South Mumbai to lose its position as the most posh place in India. So if Rasayani can command 3850, South Mumbai should command 1 lac psf. If South Mumbai falls to 50k, Rasayani will fall to 1925.
              There is no base effect at the price of 3850. It is already too high.
              Dear Wadia,

              I agree that it took 200+ years to make south mumbai, but you have to agree that it took less than 20 years for the property rates out there to jump from 10k to 100k thats why it is more vulnerable to the concept of RE bubble.

              South Mumbai has very little scope for further growth of industry and consequently growth of employment as it is very near to the saturation, on the contrary Panvel has a lot of scope for development in both these areas, which makes it logical for the panvel rates to rise and illogical for the rates in south mumbai to scale new heights.

              The very fact that you yourself are an investor in IB project in Somathane, is enough to prove that you agree with the growth potential of Panvel and the surrounding region. Currently IB is quoting 3000+ as well...

              cheers
              Bhushan

              Comment

              • #87

                #87

                Re : Palace Garden, Hirco Group, Panvel, Mumbai

                Originally posted by bhushank4 View Post
                Dear Wadia,

                I agree that it took 200+ years to make south mumbai, but you have to agree that it took less than 20 years for the property rates out there to jump from 10k to 100k thats why it is more vulnerable to the concept of RE bubble.

                South Mumbai has very little scope for further growth of industry and consequently growth of employment as it is very near to the saturation, on the contrary Panvel has a lot of scope for development in both these areas, which makes it logical for the panvel rates to rise and illogical for the rates in south mumbai to scale new heights.

                The very fact that you yourself are an investor in IB project in Somathane, is enough to prove that you agree with the growth potential of Panvel and the surrounding region. Currently IB is quoting 3000+ as well...

                cheers
                Bhushan

                I never objected to the growth potential of Panvel. I too think that South Mumbai is unreasonably high. In one of my past posts I have used Hiranandani Powai to justify Hirco Panvel.

                But, if you see my first counter post:

                My worry is, the "Absolute value of investment".
                I think that 3850 or 3K for IB or 4K for Kalpatru is too high. 60-70 lakhs is huge money. I am worried about the upside to this.
                I do not see many buyers who have this sought of money. If you take the 9.75% p.a. rate of return on FD, I think FD is a better investment. Because in 14 years I fail to see the price being 2.4-2.8 crores.
                So my argument was against RE as an investment tool at such rates.
                If you invest in Mutual Funds, the return may be much higher.
                However if you do not have the money, not taking home loan and are counting on the staggerred payment idea then it is a different story. But even in that case investment at 3850 in RE is sounding scary to me.
                15 years ago 500 was logical because at that time Mumbai prices did not match New York's. Now 3850 sounds risky because I do not see New York prices quadrupling in 14 years, there is nothing in Mumbai to be double triple the price of New York and also I do not see much change in people's perception of posh (South Mumbai commanding atleast 7-8 times (from current 30 times) the price at Panvel). Damn!! My argument caught me here. So if South Mumbai is at 1.5 lac psf in 15 years time, then Panvel can be 1/7th of that rate, which will be 21K. I am confused now. I will go back for a walk!

                Back from the walk:

                My argument may probably hold for people investing (only for returns) in Bandra.
                The Hirco 3850 may still have a good upside, provided:
                - The current Malabar = Manhattan rates are justified. (By increasing India's GNI per capita, by including NRIs )
                - Panvel grows at 4 times the rate of South Mumbai (for 20 years I have seen South Mumbai grow at the same rate as Goregaon. Office space required is a minuscule (1/20th) of residential space.)
                - Government gets the airport, sea link and other things right. And the supply is still constrained in the all-side open mainland
                Last edited May 23 2010, 01:46 PM.

                Comment

                • #88

                  #88

                  Re : Palace Garden, Hirco Group, Panvel, Mumbai

                  Originally posted by chikkoo View Post
                  Hi.. Sweetunaiya,

                  Thanks for sharing your experience and your strategies. Definitely your strategies will help, while investing in new property.

                  If you don't mind, may I ask you which are the projects currently you have invested?

                  I am not disclosing any building name, because ppl will say that I am marketing agent for certain builders.

                  Well, selection of property depends upon your goals and budget. Don't know whether you are looking for investment properties or home.

                  Based on my panvel, kharghar, palm beach, seawoods frequent visits, I would like to say STRICT NO to kalpataru and IB.

                  IB comes in airport funnel zone. It means construction is only allowed for 3 floors. Somewht similar to current airport colony in andheri(e).

                  Kalpataru - I would blindly invest in kalpataru because of builder reputation. But this time it is NO. I have seen kalpataru site location in monsoon and it is worst..!!
                  I would luv to know that how would ppl reach to their flats in monsoon.

                  Comment

                  • #89

                    #89

                    Re : Palace Garden, Hirco Group, Panvel, Mumbai

                    Originally posted by wadia View Post
                    Well done. I am happy for you. But had you invested in FD you would have got the same return!
                    Do you mean fixed diposits in banks? It seems you don't know ABC of investment and indian tax codes.

                    Buddy, You might be right in your own sense. So I better stop replying to you.

                    Best of luck..!!

                    Comment

                    • #90

                      #90

                      Re : Palace Garden, Hirco Group, Panvel, Mumbai

                      Originally posted by sweetunaiya View Post
                      Do you mean fixed diposits in banks? It seems you don't know ABC of investment and indian tax codes.

                      Buddy, You might be right in your own sense. So I better stop replying to you.

                      Best of luck..!!
                      Thanks!
                      I agree I am a yeda, donno what I say . Sometimes I am out of my own sense . I need a doctor. Someone, somewhere, please, bachao .
                      Recent bimari hai jab se yeh forum join kiya hai , somebody please help me forget the name of this forum . Else I will be total yeda.
                      Last edited May 24 2010, 05:36 PM.

                      Comment

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