I had purchased an apartment in Orchid Petals in 2006 as a second buyer at Rs2325/sq ft with a bank loan of 35 Lac at 12%.. I am paying an EMI of Rs 37K on this. I had got it for personal use (long term) but we are not likely to use it for next 4-5 years. The Location and Layout are nice.
In view of the inevitable price correction expected in Gurgaon, does it make sense to sell it now at the current price of 3500/sq ft, return the bank loan and look for an alternative say a year later. Will I get such a good location and layout and facilities in a reasonable or lesser price? For an apartment of 2000sq ft or more that I need, a bank loan is inevitable even later. Or should I hold onto this apartment even if I am paying hefty EMIs? Your views please to help me understand likely trends and make up my mind.
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