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Indiabulls Greens by Indiabulls in Panvel, Mumbai

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Indiabulls Greens by Indiabulls in Panvel, Mumbai

Last updated: July 7 2017
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  • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

    Originally posted by keezpanvel View Post
    Has anyone gone for the ADF Scheme from Indiabulls housing Finance for the Panvel Project. Please let us know.
    Hi,

    I have taken the ADF from IB Home Loans. Almost everyone had advised me against taking the ADF but I have no regrets. From what I hear is that people have started getting demand letters for 20% and further 10%. This effectively means we are paying IB nearly 50% sometime soon. I atleast saved 3.2 lacs by taking the ADF. I have explained in details regarding ADF with calculations in some previous posts. If you are looking for a long term home loan of more than 5 to 8 years then I would not suggest the ADF. I have taken a home loan of 5 years with ADF and I have no doubt in my mind that it is a good option. See previous posts in the forum.


    PREVIOUS POSTS:


    Hi Shukla,

    Thanks for your detailed explanation. I totally agree with you that it would be be cheaper if I take the usual loan. But in case of a usual loan I am not sure if I can get a tenure of 5 years starting from now. Since I am going for a total loan tenure of 5 years starting from time of disbursement my total interest amount over a period of 5 years (at 10% floating interest rate) is approximately 7.1 lacs for a loan of 26 lacs. By taking an ADF I am saving 3.1 lacs upfront. This means I am paying an excess of 4 lacs as interest over a period of 5 years. If I put the 3.1 lacs which I save upfront in a FD where the rate of returns post tax is 6 pct (say) I will still get around 1.2 lacs in 5 years as interest after tax deduction. Now remaining is 2.8 lacs which effectively means thats I am paying an average interest of Rs 4,667 / month for 5 years which is the worst case as other investment options will give higher yield. Also in case I make any pre payments (upto 25% of principal remaining )my interest amount will further reduce. I am really bad at calculations so some of the above may not make sense. Also if there is further delay in the project I guess in the normal loan you will be more at loss as you are now paying mainly interest more than principal. In case of ADF if you choose a lesser tenure you are starting to pay more of principal from the very beginning which makes more sense if you have taken the property purely for investment purposes.

    Your comments would be much appreciated.

    Cheers!!!


    ----------------------------------------------------

    Hi Yogi,

    I agree and yes I thank you for your advise. Frankly I had not googled this before but I am still not shocked. As I have mentioned earlier that is good when you are taking a loan for a long duration like 10 to 15 years. In my case where I am taking a loan for only 5 years and also getting a discount of 11% on the 80% cost of the flat (nearly 3.1 lacs) it does not seem to be a bad option (to me). Again I am saying that I might be wrong but after doing my calculation (which I have posted earlier) I am paying an average interest of Rs 4667/- per month for 5 years by taking the ADF and taking into account that 3.1 lac discount and putting the 3.1 lac in an FD for 5 years and getting a post tax return at 6%. If you can give me an example with figures to show me that I am at loss by taking the ADF I would then totally agree. The example which is given on one of the sites showing that ADF is a bad option is for a loan duration of 20 years http://www.rediff.com/getahead/2006/jul/03loan.htm. Obviously for such a long duration you will stand to loose by just getting a 10% discount upfront. But when you take a loan for 5 years and get a 10% discount upfront from day one the principal component of your loan is higher than the interest component. In my case for a 26 lac loan for 5 years at 10% my first EMI will be approx Rs 55,200/- where my Principal component will be Rs 33,500/- and interest component around 21,700/-. Now if I taken the same loan of 26 lacs for 20 years my first EMI would be approx 25,100/- with the principal being just Rs 3,400/- and interest being nearly Rs 21,700/-. So as you see a lot depends on the loan tenure and by taking a short loan tenure a discount of 10% becomes substantial.

    ------------------------------------------


    Cheers!

    Vishal
    Last edited by capt.vishal; July 27 2011, 11:27 AM.

    Comment


    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

      Originally posted by Chirpyguy View Post
      Hi Vishal,

      I was looking to finalise the deal this month and the price quote i got from IB was 4,100 which is fine but it's definitely not a cheap option when you factor in other costs (4L for Parking, 2L for club house, Flr rise, PLC and so on...). Hence, i wanted to be absolutely sure that i am investing in a right project. However, when i read reviews on this forum, i couldn't convince myself to invest in a project for which builder might change the layout in future or revise the saleable area - i can understand issues around delay in construction/registration etc but clearly this is quite serious. So finally i decided to invest in HIRCO instead. I know couple of other people who ultimately preferred HIRCO over IB due to the similar concerns. HIRCO is fully booked though so trying my luck!
      JUST TO REMIND YOU THAT HIRCO IS ON 99 YEARS LEASEHOLD UNLIKE IB IS ON FREEHOLD AND U ARE THE OWNER OF YOUR FLAT

      Comment


      • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

        Hi

        Guys Do u think after signing the agreement they can still change saleable area and also can they change the flat allocation also due u see any other hidden charges

        Comment


        • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

          Originally posted by indiabulls View Post
          JUST TO REMIND YOU THAT HIRCO IS ON 99 YEARS LEASEHOLD UNLIKE IB IS ON FREEHOLD AND U ARE THE OWNER OF YOUR FLAT

          What will normally happen after 99 years? Will it be renewed in favorable terms??

          Obviously, it will be difficult to ask everyone to vacate the place after 99 years......

          Comment


          • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

            Originally posted by s.sath View Post
            What will normally happen after 99 years? Will it be renewed in favorable terms??

            Obviously, it will be difficult to ask everyone to vacate the place after 99 years......
            Normally it should be in your favour, but they may be able to dictate new conditions, may apply govt rules of that time, etc and one cannot predict anything (of course we will not be alive too).

            One major diifference between leasehold and freehold is that former is like a long term renting to you, 99 years and you are not really owing the flat, where in freehold, which is normal in India, u are the owner....

            Comment


            • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

              LEASE HOLD

              Originally posted by indiabulls View Post
              Normally it should be in your favour, but they may be able to dictate new conditions, may apply govt rules of that time, etc and one cannot predict anything (of course we will not be alive too).

              One major diifference between leasehold and freehold is that former is like a long term renting to you, 99 years and you are not really owing the flat, where in freehold, which is normal in India, u are the owner....
              My worry is that will the structure last for 99 years i am sure in that time rules will have changed and it will be redeveloped at least 1 time.

              It isnt going to make a difference as long as the quality and project location is good.

              Half of buildings in South Mumbai are on Pagree system still people are staying.

              Comment


              • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                Originally posted by indiabulls View Post
                Normally it should be in your favour, but they may be able to dictate new conditions, may apply govt rules of that time, etc and one cannot predict anything (of course we will not be alive too).

                One major diifference between leasehold and freehold is that former is like a long term renting to you, 99 years and you are not really owing the flat, where in freehold, which is normal in India, u are the owner....
                As far as cities are concerned, value of land far outstrips the value of construction. In case of IB you are paying Rs 1000 per square feet for construction and rest 3500 is for land. In case of lease, you will basically erode the value of your 80% investment with every passing year. And when it comes to selling, the buyer will take into account the eroded value. After 99 years, whosoever it is, will have to shelve crores to re-buy the land.

                As an example, say after 33 years, buildings are old enough to fall.
                You go to sell your flat:
                IB will get 3500*20=70K psf
                Hirco will get 3500*20*(66/99) = 46K psf

                Big problem with Hirco is that in 5 years, the difference between IB and Hirco, will be like bandra and andheri. Location is the key. Just expect Mumbai Pune expressway to go the same way as western express highway.

                While customer services maters to americans, when dealing in India, you just have to overlook customer service. While IB is resgitering the agreement (with all plans) straight away, has secured pemission and has about 10 floors constructed, Hirco is still showcasing its show flat. So I think IB is better value for money.
                Last edited by jia001; July 27 2011, 07:58 PM.

                Comment


                • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                  Originally posted by capt.vishal View Post
                  Hi,

                  There is no doubt that HIRCO is a good investment and if you are going ahead with it then it is good. Both IB and HIRCO are long term investments. HIRCO definitely has a upper hand as they are reportedly more transparent and reliable. Frankly when I was looking for a property IB was available for 2450 psf and HIRCO for 3600 psf or maybe 3200 psf can't remember exactly. At that time I thought it was better to go ahead with IB as I was getting it cheaper and also because it was closer to Panvel (effectively Mumbai). IB is also far off from Panvel but not as far as HIRCO. I do not regret investing in IB at all. If you take me back to Jan 2010 and give me both options I would still go for IB considering that IB was cheaper. I have stayed in Navi Mumbai all my life and am very well aware of the Property options here. I frankly feel that on today's rate both HIRCO and IB are overpriced. You can get good options in Khar for around 6000 psf. My first choice was Kalpatru in Panvel but again when I was going for IB the rates at Kalpatru were already 3600 psf. Finally whether you go for HIRCO or IB you will not regret. I only wanted to make you aware that don't go by all the negative posts in the forum. Also I personally consider the option of taking a apartment in IB Phase 1 4500 psf a better option as there will not be any further changes in the sellable area etc. and the construction is in full swing unlike Phase 2 where I hear even approvals are not in place.

                  Good Luck.

                  Regards

                  Vishal
                  Thanks for the insight Vishal & 'Indiabulls'- appreciate it. As i am based in London, i am completely relying on desktop valuation to make investment decision and these small details are quite useful in terms of making an informed decision. I am still waiting to hear from Team HIRCO re availability of flat, but still haven't ruled out IB completely.

                  Cheers.....

                  Comment


                  • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                    Hi

                    Guys Do u think after signing the agreement they can still change saleable area and also can they change the flat allocation also due u see any other hidden charges

                    Comment


                    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                      That's precisely the reason people proceed to register the agreement.

                      Comment

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