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Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

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Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

Last updated: January 25 2013
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  • Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

    Hello everyone... I am hoping to get some good advice on what would be the best possible way forward for me.

    I want to invest in gurgaon (GCX/SPR) area for 2-3 years. I might extend it but 2-3 years is what I am looking at now. I do not want anything in excess of 30-35L upfront including premium. Also, I do not have to make too many payments atleast for next one year since I am out of country and the whole process of taking a home loan as an NRI isn't a possibility now because of the time constraint. I plan to take a home loan against the property whenever I visit India next but that is out until atleast 1 year.

    Also, I am planning to buy the property under my fathers name so that we can close it quickly without me having to be present physically to sign the papers. Would it be a problem transferring the property to my name whenever I am in India next? Are there any clauses related to this that I should be aware of when shortlisting a property?

    My father would be out of country from mid-march until August to I want to make a decision fast so we have time to do all the formalities (if I do find a good option). Fallback option is to wait for another year until I am physically present and buy a property then.

    All suggestions/advice are welcome.
  • #2

    #2

    Re : Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

    you can look at anyone of the unitech properties at SPR. My order of preference being the following

    - South Park
    - Anthea Floors
    - Crestview

    These properties would fit the bill and the const activity wont be much during next 1 year

    I would recommend you to go through the individual threads of these properties and then take an informed decision.

    Comment

    • #3

      #3

      Re : Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

      Thanks roughrider. Yeah...unitech projects are an obvious choice because of their pace of projects. Do you think they would be able to give decent returns in next 2-3 years?

      Any other options?

      Do you think it would be feasible to have my father buy it under his name? I will fund the money but he will be the principal owner. Also, if I buy in resale now... can I transfer it under my name whenever I am physically present? Are there any transfer charges involved on multiple transactions?

      Comment

      • #4

        #4

        Re : Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

        Originally posted by kkapoor1
        Hello everyone... I am hoping to get some good advice on what would be the best possible way forward for me.

        I want to invest in gurgaon (GCX/SPR) area for 2-3 years. I might extend it but 2-3 years is what I am looking at now. I do not want anything in excess of 30-35L upfront including premium. Also, I do not have to make too many payments atleast for next one year since I am out of country and the whole process of taking a home loan as an NRI isn't a possibility now because of the time constraint. I plan to take a home loan against the property whenever I visit India next but that is out until atleast 1 year.

        Also, I am planning to buy the property under my fathers name so that we can close it quickly without me having to be present physically to sign the papers. Would it be a problem transferring the property to my name whenever I am in India next? Are there any clauses related to this that I should be aware of when shortlisting a property?

        My father would be out of country from mid-march until August to I want to make a decision fast so we have time to do all the formalities (if I do find a good option). Fallback option is to wait for another year until I am physically present and buy a property then.

        All suggestions/advice are welcome.
        Mr Kapoor, in your case my suggestions are 1. Invest now if looking for GcX or SPR. 2. Buy in your name in direct booking if you want to keep it less painful, resale take time and give good stress unless you are local, transfer to anyone is chargeable by builder. You can do direct booking without coming here. 3. I will recommend Crestview as prices are lower and good appreciation is expected in next 2 years (original booking for 2bhk should be 6345 -3% discount means 6150, which is equivalent to South Park resale, resale you can get at around 5500-5600 but I see people trying to hold it, so limited options might be there).

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        • #5

          #5

          Re : Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

          Originally posted by kkapoor1
          Thanks roughrider. Yeah...unitech projects are an obvious choice because of their pace of projects. Do you think they would be able to give decent returns in next 2-3 years?

          Any other options?

          Do you think it would be feasible to have my father buy it under his name? I will fund the money but he will be the principal owner. Also, if I buy in resale now... can I transfer it under my name whenever I am physically present? Are there any transfer charges involved on multiple transactions?
          Surely they will give decent returns but if market don't crash like 2008-09, every transfer you need to pay 75 Rs/sqft charge, at time of purchase mostly seller bear it, but in your case you need to bear, it will be difficult to get home loan without transfer, secondly as NRI you can take home loan, there is no issue

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          • #6

            #6

            Re : Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

            Buy Era skyville Sec 68...rate is ~4100 and premium amount is around 100-200. No further payment expected in a years time.

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            • #7

              #7

              Re : Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

              Originally posted by vibhusjain View Post
              Surely they will give decent returns but if market don't crash like 2008-09, every transfer you need to pay 75 Rs/sqft charge, at time of purchase mostly seller bear it, but in your case you need to bear, it will be difficult to get home loan without transfer, secondly as NRI you can take home loan, there is no issue
              Thanks vibhus. Yeah, I could take a home loan as an NRI but there is a process involved wherein I have to send a POA in my father name to India. This process takes a while and by the time it reaches India... I would hardly have enough time to apply for home loan and get it sanctioned. As I said... my father would also be out of country from mid-march and I want to close on something before then.

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              • #8

                #8

                Re : Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

                Originally posted by golu11 View Post
                Buy Era skyville Sec 68...rate is ~4100 and premium amount is around 100-200. No further payment expected in a years time.
                Thanks golu11 for the advice. I looked up this project's thread and it doesn't give good vibes. I would rather stay out if the project doesn't have approvals and no banks are providing loans.

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                • #9

                  #9

                  Re : Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

                  Originally posted by kkapoor1

                  Thanks vibhus. Yeah, I could take a home loan as an NRI but there is a process involved wherein I have to send a POA in my father name to India. This process takes a while and by the time it reaches India... I would hardly have enough time to apply for home loan and get it sanctioned. As I said... my father would also be out of country from mid-march and I want to close on something before then.
                  I know the pain after staying out for 5 years and started investing too late in area, if need any help feel free. I am biased to Unitech as they always given decent returns to me and I hold couple of their properties

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                  • #10

                    #10

                    Re : Invest in SPR / GXC Now or Defer? Need NRI Perspective, Gurgaon

                    Look fOr spire than in the same sector

                    All approvals, constuction going on, both public and private sector banks are funding it

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