Hi,

This is my first post on this forum though I have been reading it for quite sometime now and I found it realy useful as I was able to find out the cons of investing at a few properties which did interest me .
I am looking for a flat for investment purpose in Mumbai/Navi Mumbai with a modest budget of around Rs.18-20 lakhs. So, i attended this exhibition by BANM. One of the projects called Hex world and Hex city interested me.

The projects are under construction at Kharghar and the price also seems quite affordable. I will be probably b visiting the site next week.

Has anyone heard of it or invested in the same?
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  • Originally Posted by shabbo_Azmi
    Oops... I forgot to mention the funniest part... Despite of spending a lot on free ice-creams, coffee, juice, choclates etc at the exhibition, these buggers were asking Rs. 500 for the brouchure and application form... can you believe????? And hey, altough one person next to me did the booking by giving them the cheque, still they asked him to buy the brochure for 500 bucks... well, how very rude of these builders, isn't it??? Just becasue people of flooding the builders offices madly, they treat the buyer like this...! "माजलेत साले बिल्डर्स.....", if I have to express my feelings in Marathi!



    By seeing the responses on this forum regarding the Hexcity Project I was worried for some time as I have booked a 2 BHK Flat there. You are correct that they asked for Rs. 500/- for brohure on Exhibition day and even later when I visited their office at Hex Blox. I had a big argument with one of their employees at the Site when somebody asked that Armstrong should not increase rates in future citing some reasons and he implied that builders are all powerful in Mumbai, they have arrangement with Registration Office etc. etc. and hence they can can increase the prices in future. Later on I went met with owner of the Plot for Hexcity in their office. And he clarified that they won't take any other charges than those specified in the brochure. Basic cost of 2 BHK Flat the basic cost is 26.5 Lakh which goes to 29,40,100/- after including Registry, Stamp Duty and other Development charges. All details are available on their Website so instead of bying the brochure I took print out from the website.

    All said and done in final analyses I believe that this project is not for those who want early possession for their own use. But for investment purposes it is not bad considering the developments coming in Kharghar and nearby. They themselves have fixed the price of 2 BHK as Rs. 30.5 Lakh in 2nd phase and Rs. 35 Lac in 3rd phase. So that much appreciation is at least sure.

    As far as distance is concerned I measured that distance from Vashi Railway Station to the project site is 20.5 KM and I took 25 Minutes to reach the site on bike from Vashi/Sanpada via Vashi to Panvel Highway. This distance and traveling time is OK with me but locatin is not suitable for those who want to use Railway for commuting though in the next three some improvements may come.
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  • Renting is wasting money.
    EMI values goes down with inflation, you save tax and house prices go up.
    Dont worry about tomorrow.
    Get a loan and pay for the house. If tomorrow there is a problem you may be able to sell it for a premium.
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  • Dear All,
    thank you so much for giving information to me a someone looking for investment in property. i dont think khargar can give me good returns as rates are already so high.
    what do we think about Boisar? you think good to invest?
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  • Originally Posted by jiahome
    Renting is wasting money.
    EMI values goes down with inflation, you save tax and house prices go up.
    Dont worry about tomorrow.
    Get a loan and pay for the house. If tomorrow there is a problem you may be able to sell it for a premium.


    provided economy continues its rising trend. Looking at speech of Obama , inflation rate ... seems some rough patch ahead cab be expected. Go into buying if you have some cushion to protect you for at least 1 or 2 years in case economy takes wrong turn.
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  • Boisar will benefit from the Virar-Dahanu local extension. But again what tata is quoting is again not very realistic.
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  • yes u are right.. but there are other developers also over there who are giving good offers. Tata is selling at 2000 rs/sq ft but other one sathya nagar is selling row houses for 5,50,000 only
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  • Originally Posted by mrjessi
    Dear All,
    thank you so much for giving information to me a someone looking for investment in property. i dont think khargar can give me good returns as rates are already so high.
    what do we think about Boisar? you think good to invest?


    I don't think compared to what Kharghar offers rates are that high. Once everything that is planned in Kharghar is completely developed, Kharghar is going to be the best destination in Navi Mumbai. I think the Central Park is going to be completed by next year (there was a opening ceremony recently for the first phase I think). Essel Group (Zee TV) recently bought a plot for 2100 crore and I don't think they would put that kind of money and not complete their proposed project (Bollywood Hill City, first phase by 2013). And the golf course. That kind of infrastructure is not coming up anywhere else that I know of around Bombay. So, even if nothing else at least Kharghar should be able to catch up to the rates being offered in other places in Navi Mumbai which in itself should be a pretty good return. 4000 psf to 5000 psf is 25% return which is probably as good as you will get anywhere around Bombay.
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  • Armstrong's projects in Kharghar

    Dear All

    From one of the leading agents in the area, almost 50% bookings of two new projects have been canceled by the users....

    things are not good for so-called affordable housing segments...

    By the way, can anyone guess who is the real name behind this builder called Armstrong. One clue He is one of the former Sena strong man in NCP now.
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  • Originally Posted by sanjaykg
    Dear All

    From one of the leading agents in the area, almost 50% bookings of two new projects have been canceled by the users....

    things are not good for so-called affordable housing segments...

    By the way, can anyone guess who is the real name behind this builder called Armstrong. One clue He is one of the former Sena strong man in NCP now.


    If the translate Armstrong to Hindi/Marathi it becomes BHUJBAL.

    ARM + Strong = BHUJ + BAL. :D:D

    VK
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  • You're right.

    and the said NCP men helped the accused of an incident on Feb 03, 2007

    (http://ibnlive.in.com/news/wall-falls-in-navi-mumbai-19-dead/top/32674-3.html)

    Same sight is now the venue for the new projects from Armstrong. It was being offered for less than 1 Cr (5.5 acres of land) way back in June-July 2007 but there were no takers due to the incident.

    But both Builders/politician play hand-in-hand and the common man is the BAKRA in the name of affordiability, inflation etc etc...
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  • I had booked a 2bhk in hex city, then went around for 2 months to find something better so that i could cancel it. Let me tell you I didnot find anything matching to it. It looks like though not in kharghar it is located at a very nice location which is within 2 kms of central park, Iscok temple, fun city etc.. Even indiabulls Greens at panvel is much costlier than this project.Kharghar mind you is the educational hub.I am going ahead with it despite all the negatives mentioned in this forum. By the way, go to any forum on this site for any builder be lodha or anyone, you would find only negative comments. Generally by nature we are negative.
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  • guys how is the future of sector 10 kharghar....it is presently only sector getting developed near to kharghar station.......
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  • Dear Satish,

    We are in negative spirit because rates offered are not justifiable to that what is being offered (location, size) of the flats. You spend some more & you can get good flat in developed areas in mumbai for resale flat.
    We as a middle-class, can think of max 30L budget that too if we stetch both our hands & i dont think it will be wise to spend that kind of money to a under construction property & then pay-on-emi, pay on rent for current house to find out that the home we are trying to purchase is way out of city limits where there is no sign of development as of now. Transportation to that place is is like a nightmare.

    When world economy is drowning, rates of realty in Mumbai are increasing (when there are no sales). By thumb rule of demand & supply, i dont see much price increase of any property that is offered at current rates to its price after 2-3 years.

    Also I would like to share some of my views
    1. Anything that is for sale has to be in ratio with earnings of people. In US rate of flat should match a persons 4 years annual salary. It means if you are middle class & earns 4L then a flat for middle class should be available at 16L.

    2. Its the middle class who is in great need of home. Rich peoples are already having a home & poorer are staying in shanties with free facilities due to krupadrushti by politicians to build their vote bank. There is a other class known as investor but this class is smart & cautious who bets on real opportunity. I dont think at current market rate there are any valid opp's.

    3. After doing all hassles & sucked by builders what will be joy of staying in home where you will be spending more than 5+ hours in a day to travel beyond your work timings. There is no time left for something called as Personnel Life.

    4. Also i find it very much logic in staying in rented house. This helps you to build corpus, reduce your traveling time (as you will be staying in developed area, rather than under developed).
    The rent paid by us will be no more than annual interest paid to the bank.

    5. Another view by which i stand by is we should not visit exhibitions, builders if we are not interested in purchase of that property on the spot or in that period. In last 1 year the people who have made real money in downturn will be Newspapers. They make money by playing with our emotions. They earn by having exhibitions, by full page paid articles & supplements also dont forget ads in their papers. Obviously builders are going to take this money from project costs. By my experience i can say that Real good offers does not come in newspapers, they come in good dealings backed by determination to purchase.

    Then why to pay our hard earned money to B Lobby to get something that is not justified to that price & play with our life & emotions

    Thanks,
    Santosh to get something that is not justified to that price & play with our life & emotions

    Thanks,
    Santosh
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  • any news

    anything latest on this junk project by the corrupt politician - bhujbal?????
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  • Stay away from any of the projects by these ncp goons pawar and his company - they are the thugs of the thugs!!
    Stay away from all projects by ncp corrups - be it hexcity, nanded city, lavasa or any of those.

    Ncp and all its leaders are number 1 luteras.
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