Greetings to all the members of the IREF community. I am completely new to real estate, and would really appreciate your advise and will rely on the expertise esp of our veteran members in this urgent matter. Below are some points to explain my situation and need.

Basics for Apt for Personal Use-GGN
1) Need to buy an apt for personal use
2) Will take against loan. Budget max 1 cr
3) 2-3 bedroom unit. Priorities- Get Sunlight, Ease of daily maintenance -Leakage, plumbing, electrical and other issues; Storage in kitchen, bedrooms, baths-i.e. good dressers, store room etc; and tight security
4) Middle class community. Good surrounding for young professionals and senior citizen families. No kids related requirements needed. Away from main highway/road traffic.
5) Completed or soon to be completed project. For New projects-can wait max 2-3 yrs

Basics for real estate investment-GGN
1) Budget 1-60 lakhs. Will take against loan, if I buy it before my own apt.
2) Are plots better vs apts for investments as far as resale ease, and earnings is concerned?
3) Any recommended areas for plots or apts -for good future sale earnings?

Time period I have, to buy or make progress towards it: 6 wks. I am visiting India sometime bet Aug- Sept/Oct. Hence the matter is of great urgency!

I need to almost simultaneously 1) buy an apt unit for self use, and in addition 2) invest in real estate as a means of secondary income, and / or as a means to gather funds to buy my own apt. I am a middle class earning indiv, so spending for both the options needs carefull planning & review- whether to buy with resale earnings or with loan (might take yrs to pay off a cr).

Questions:
1) Is it better to buy with loan, real estate for investment before buying an apt for self use?. That is- later sell it, and then use funds to buy my own apt? Or better to buy with loan, apt for self use before - buying for investment?
2) Are near completion/completed projects better than new projects? Any builders who currently deliver within 2-3 years?
2) What are the key points to keep in mind while choosing an apt, or investment and when dealing with dealers to avoid fraud?
3) Should one go through property sites, or hire a dealer or do both? Any property sale sites recommended?
4) Any completed or soon to be completed apt projects for sale by Unitech, DLF, Ansals etc. currently, that fit the above profile?
5) How long does it generally take to look do either of the two- investment, and self use purchase? What can one hope to achieve in 6 weeks?
6) Should I buy at this time, or next year? Are the prices expected to increase bet aug-oct?

I have viewed all current projects by various builders online, not visited them personally. I would really appreciate if u can pls recommend any apt units that fit my criteria for self use, and advise upon the above questions.

Much obliged. thank you.
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  • Maunisha,

    See answers to your questions inline below:

    Originally Posted by maunisha

    Questions:
    1) Is it better to buy with loan, real estate for investment before buying an apt for self use?. That is- later sell it, and then use funds to buy my own apt? Or better to buy with loan, apt for self use before - buying for investment?
    A: In my opinion, it is always better to buy for personal use first. That way you know how much money you have left to invest and it takes a great burden off your shoulders. Also, if you invest somewhere you will have to hold it for atleast 3 years or else you will be charged short term capital gains tax(30% flat).

    2) Are near completion/completed projects better than new projects? Any builders who currently deliver within 2-3 years?
    A: No builder has/will deliver within 2-3 years. Newer construction is supposed to be better than older one but there are no guarantees and it depends more on builder's reputation.
    2) What are the key points to keep in mind while choosing an apt, or investment and when dealing with dealers to avoid fraud?
    A: Survey the location closely, speak with people already living/invested there, ask questions from fellow members here and don't make hasty decisions.
    3) Should one go through property sites, or hire a dealer or do both? Any property sale sites recommended?
    A: Online sites will always quote a price on a higher side. If you don't know someone then go with a big broker like century 21 etc. or brokers who deal only in cheque transactions like allcheckdeals etc. Other members might be able to give you better advice in this regard.
    4) Any completed or soon to be completed apt projects for sale by Unitech, DLF, Ansals etc. currently, that fit the above profile?
    A: Depends on where exactly in Gurgaon you are looking for. There are options available with these builders. Search on 99acres or magicbricks to get an idea and negotiate with a broker.
    5) How long does it generally take to look do either of the two- investment, and self use purchase? What can one hope to achieve in 6 weeks?
    A: Depends on an individual. Both property and investor should be a perfect match or as close to perfect to get the deal done.:D
    6) Should I buy at this time, or next year? Are the prices expected to increase bet aug-oct?
    A: Property is something whose prices go up everytime you inquire about it. Decision also depends on factors like : Money in hand, loan rates, purchasing power, urgency etc.

    I have viewed all current projects by various builders online, not visited them personally. I would really appreciate if u can pls recommend any apt units that fit my criteria for self use, and advise upon the above questions.
    A: There are plethora of options available in under construction properties but limited ones in ready to move. You can look at Orchid Petals, Nirvana Country (2bhk options), smaller units in DLF Phase V, Sushant Estate etc.

    Much obliged. thank you.


    Hope it answers all your queries.
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  • Many, Many Thanks for all your answers. Its very helpful. Appreciate it.
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  • I welcome, and would appreciate as many views and inputs as possible on the above issues. Senior members- I would look forward to your guidance on these matters. Please, please advise.
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