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- wake up sidOriginally Posted by catchnitinso you think buying real estate at these prices is a crap deal right?
wake up sid :)CommentQuote0Flag
Can u pass the rental flat to ur kids in inheritance?
After 20 years what will you do with that 90 lakhs in the bank, go buy channas or shengdane?
cant pay 1 lac in emi , paying rent is burning money :(, taking sanyas in himalaya is the right optionAny single gal on this forum who would like to njoi sanyas with me in himalayas:DCommentQuote0Flag
After 20 years what will you do with that 90 lakhs in the bank, go buy channas or shengdane?
cant pay 1 lac in emi , paying rent is burning money :(, taking sanyas in himalaya is the right optionAny single gal on this forum who would like to njoi sanyas with me in himalayas:D
if u go to matunga , dadar , juhu , all have pagdi system . if you have time this week go to near the governors bungalow there is a chawl and they still have pagdi system . they were given a choice of 2 crs to vacate the chawl they refused look at that condition it might fall in a few yrs but people still live there and are waitin for their payday .... the reason i know this is cause it is my friends grandfathers building so dont give all the childrens and legacy bullCommentQuote0Flag
Man, you are talking of a chawl. If you have the land transferred and after 70 years you rebuild the building, where is the problem.
Compared to the cost of the land, the cost of constructing the building is a pittance.CommentQuote0Flag
Am new member to this thread. BTW good news for all of those who have booked a flat here. The rate now quoting here is 7500/- + 25/- (floor rise)
A direct jump from 6500 to 7500. investors have made a killing here :))
They are also in the process of launching another project in a new ground. Dont know the details. You can check with the builderCommentQuote0Flag
- I can see some ppl talking abt living on rent. Dont take yourself on a ride here. Buy an asset. That is the best you can do for survival in this city. Living on rent is like paying for an asset owned by someone else. With India's economy slated to grow at 7-9% (Developed country like america grows by 2-3% anually) we are seeing a growth story similar to China's during the period 1990-2010. Buying a property is a right time now. The 2009 recession was a good time to invest. But its not yet late. If you can manage the funds go for it.
I have been looking for the property for 2 years now and know every nook and corner from Andheri to Dahisar. U name it and i know it. Shudnt be taking so much pride in myself. But after researchin for all this time, Octacrest was the cheapest deal. I dont know 7500 is justified rite now.
Other properties to look out for: Rivali Park (CCI Compound), oasis (Acme grp)..rates here are still in 6250-6500 range. Check it out...RNA pallazo and RNA imperial are also on affordable terms...but its on link road and commuting is a problem...although depends whr ur office is located. i use WEH so opted for Octacrest...with the completion of Metro Rail and a flyover connecting Jogeshwari to Oshiwara (some new infra project taken by Reliance Infra)...property rates surrounding these areas will jump by 10-15% (as happened in the case of Banda Worli Sea Link)...which will have a ripple effect through out the suburbs....i do not see any reason why property rates shud go down
1. interest rates are low...(1990 rates used to be 16-18%)
2. Infra projects are coming up...metro rail..mono rail..int airport...airport expasnion....proposed worli nhaji ali link road, etc
3. Cost of construction has gone up in April'10 budget with all the excise duties imposed and all
4. 3.5% sales tax will incur higher property rates as resale guys who sell thier property will demand more for their resale flats if they plan to enter new projects...they need to recover the costs for 3.5% sales in new prjs thru existing sales
5. limited space in mumbai means...demand > supply
6. foreign funds are entering india thru various routes ...CommentQuote0Flag
- Congrats Suarabh. You made 10 lakhs is no matter of time :DCommentQuote0Flag
- Originally Posted by SharpjHow?
Had he bought today he would have bought at 10 lakhs more. He saved 10 lakhs which is liking making 10 lakhs.CommentQuote0Flag
- i will rather live in a 1 crore chawl
Compared to the cost of the land, the cost of constructing the building is a pittance.
I will rather live in a 1 crore chawl then live in those places . i just have to shell out like 1000 rupees as outgoing rather than 75000 rupees a year which approx comes to 6500 a month .well to each his own but i dont want to spend my entire life paying for flat i am living . kaal kisne dheka . I am seeing a trend of supply over passing demand in short future . cause every one wants to be a investor and nobody wants to be a renter but i dont mind being that as i will be the one laughing all the way to the bank . I have been solicited by agents in this forum as late as last wed . so guys relax and take ur gig somewhere else . " I am not buying what u r selling"
and surabh I have an email from octracrest giving me the deal for 6750 and that 2 yesterday .. so dont just talk about economy and some numbers just because you are a commerce graduate . you know why the stock mrket tumbled 190 points just on the news of GS being investigated by the US government . the saying still hold s true " when america sneezes India catches a cold " and will hold good for atleast 10 yrsCommentQuote0Flag
- dude....i am not a commerce graduate... :) but that does not limit my understanding of the market.... and i also do not have any chawl property to bank on. i need a flat and when i see small time builders quoting 7000/- bucks then a premium property developer like Lokhandwala ...5800 is a good deal...and u r rite when u say tht maintenance outgo is large..but tht is large as of 2010....in 5 years time when we look back it wont bother us much....certain decisions are also based in future value of money....i have lot of frnds into mgmt and IT and MBA and stuff....ppl are earning 15Lacs and 25 lacs and things like tht annually....mumbai is a rat race ... so 10K maintenance monthly when u earn 1 lakh monthly is hardly 10% outgo in maintenance....and it is not like lokhandwala is the only builder charging this high maintenance...u buy a property and u pay this much amt in maintenance anywhere in mumbai...unless u go for resale...i personally feel tht its very bold to enter into octacrest at 7500/- ..soi suggested other prjs in my previous post...i am not selling here anything...but when i sought out to buy a flat 2 yrs back,...i cud not buy it unless i mentally prepared my mind for it.....i got a lot of reluctance from my family members to not book this flat but now i feel i made a right decision....lemme asku 1 simple question....do u really believe property prices in mumbai are gonna come down?
also abt ur supply > demand comment....true ..supply is greater than demand...if u take the demand scope to be only mumbai...but dear...everyone is after mumbai....demand is from Gulf(NRI sending huge remittances back home)...Canada(lots of sardarjis have invested in Hiranandani powai area)...Foreign funds (mostly buying real estate in mumbai for launching their international products for a huge consumer base like india as these ppl always start investments in Financial capitals across the globe..e.g Hong Kong..singapore..dubai...new york..london...)..in fact the demand for property in mumbai is also drivern by other domestic location in india...mainly gujarat and punjab...so tht turns around the equation demand > supply....i knw it may sound lame talking but its all very convincing to me after 2 yrs of hard core research. :)
also abt ur comment ..when america sneezes....i wud just correct it...when america sneezes ..world catches cold..but not india...we are very insulated economy bcoz of leftist policies (thanks to their conservative nature)...but as we march into next decade...we will see a lot of interaction between US and indian economy...by way of trade relations..and then 20 yrs down the line ..when america sneezes ..india will catch cold....tht will happen...coz its america policy to weave all countries in this fabric of globalization and float its currency ($) in the world market which it has indefinite control over for printing....but as trade relations improve so will std of living and rate of inflation...if u track financial figures for last 6 years then u will realise tht we are already in the express development mode....tht is y everythign from food clothing and travel cost has increased....how can real estate fall behind...i can on extrapolate tht this trend will continue.......i have written so much...i think i shud put a blog....but if u can develop ur chawl into a good bargain...tht wud be the most amazing thing to happen to u...lemme knw ..i might want to invest
wadia...i did not make 10 lakhs....very imp lesson in finance...don count ur eggs b4 they hatch...its all on paper...but i am really happy the way u put itCommentQuote0Flag
- And as a matter of fact, what is the maintenance used for? It is used to pay property tax, security, water bills, maintaining the gardens, swimming pool, etc. If the society is not cheating then you basically pay for what you get.CommentQuote0Flag
I wonder who sneezed and who caught cold. DJI slipped 1.3% while sen fell 1.08%. DJI is still 20% below the 2007 peak while Sen is 15% down.
So the fact is america sneezed, caught cold and then pneumonia. India had the virus imported, got mild cold and has now recovered while america has got rid of pneumonia but is in bed with 102 degree fahrenheit.
In India growth is back to 9%. I did not see it go below 6% even during the recession. While america fell 6% in red.CommentQuote0Flag
- guys, any idea when we need to sign the agreement and pay the stamp duty. the sales office keeps saying tht it will be done soon..but i feel that they will delay it on purpose as many investors have entered into Octacrest and they wanna capitalize on the profits without paying stamp duty and registration charges (SD & R). No wonder the builder has increased the rate from 6500 to 7500 in one shot to give investors enough buffer margin to resale their investment around 7100-7300.
So if anyone of u is looking to enter Octacrest...get in touch with Brokers and ask for investor flats...u will defi get tht cheaper than the builders quote of 7500/-...just prep urself for the big hunt..its a tough job guys to find and seal a value deal..but as they say...Dhoondne se bhagwan bhi milta hai.CommentQuote0Flag
- Originally Posted by saurabh227guys, any idea when we need to sign the agreement and pay the stamp duty. the sales office keeps saying tht it will be done soon..but i feel that they will delay it on purpose as many investors have entered into Octacrest and they wanna capitalize on the profits without paying stamp duty and registration charges (SD & R). No wonder the builder has increased the rate from 6500 to 7500 in one shot to give investors enough buffer margin to resale their investment around 7100-7300.
So if anyone of u is looking to enter Octacrest...get in touch with Brokers and ask for investor flats...u will defi get tht cheaper than the builders quote of 7500/-...just prep urself for the big hunt..its a tough job guys to find and seal a value deal..but as they say...Dhoondne se bhagwan bhi milta hai.
Dhoondne se bhagwan tho nahi milta par flat dhoodne par bhagwan jaroor yaad aa jaataCommentQuote0Flag