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Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

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Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

Last updated: June 24 2014
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  • Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

    Hi,

    I am planning to sell my builder floor of 161 sq yd in Suncity, sector 54, Gurgaon and purchase a plot in sect 57, near hong kong bazaar.

    My floor would fetch approx. 90L and I will take a loan of 70 L to pay a total of 160 L for the plot. Then a would ask a builder to build 3 floors in collaboration. In return builder would keep one of the floors. I would keep Ground floor for my own use and sell off 1st floor to repay the loan. I am hoping to save around 50L from this complete deal.

    This is completely new to me hence please provide your valuable comments.

    PS. I am currently living in my 160 sq yd floor so till the time new floors are ready I will have to move to a rented accommodation. Please consider this point as well.
  • #2

    #2

    Re : Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

    160L for 180sq yard plot in Sector 57? That's almost 89 k per yard.
    Is this a proposal or an idea from a broker?

    Comment

    • #3

      #3

      Re : Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

      How are you calculating 50 lac profit? Please elaborate.

      Comment

      • #4

        #4

        Re : Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

        Originally posted by MohanS View Post
        Hi,

        I am planning to sell my builder floor of 161 sq yd in Suncity, sector 54, Gurgaon and purchase a plot in sect 57, near hong kong bazaar.

        My floor would fetch approx. 90L and I will take a loan of 70 L to pay a total of 160 L for the plot. Then a would ask a builder to build 3 floors in collaboration. In return builder would keep one of the floors. I would keep Ground floor for my own use and sell off 1st floor to repay the loan. I am hoping to save around 50L from this complete deal.

        This is completely new to me hence please provide your valuable comments.

        PS. I am currently living in my 160 sq yd floor so till the time new floors are ready I will have to move to a rented accommodation. Please consider this point as well.
        Your idea is really gud. Do u have any buyer ready to pay you the expecting price for your suncity floor.
        Read with the intent to understand not to argue.....

        Comment

        • #5

          #5

          Re : Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

          What you have written does not make sense. The floor that u are living on is worth 90L and the floor you are wanting to build and sell would definitely not sell for more than 70L which is the value of the loan. 1 floor will be kept by builder and you will be left with 1 floor.

          the net result would be that you will be left with a floor in a slightly inferior located place but with a bigger size floor.
          This is the best case scenario from what i have understood. And thus not making sense to me as when dealing in properties there is always a risk involved no matter how little. And the upside is not big enough to take the risk.

          This is my personal view and there may be something that i am missing here.

          Comment

          • #6

            #6

            Re : Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

            Originally posted by MohanS View Post
            Hi,

            I am planning deal.

            This is completely new to me hence please provide your valuable comments.
            Dear,

            I am a married man. But 36 years before the marriage I was also new.
            Please don't get afraid with new.......

            Kindly make few more posts so that you can complete 10 Posts and I can PM you.

            Dear, Please talk to the local builders the floor prices in proposed areas.
            Give us a feedback and then I will suggest.

            Pls list down all the (+)Ve & (-) ve points.
            Good idea but don't be in hurry.
            It is same like starting a new business.

            Comment

            • #7

              #7

              Re : Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

              @all - thanks for your comments. please see my reply below:

              @boomer - The rate is what the broker told me. haven't started with it yet so there is no proposal.

              @ggnguy - I would take a loan of 70L. I would sell off 1st floor for approx. 120 L, so the profit would be 50L approx.

              @deepak456 - I don't have the buyer yet, but floors in my neighborhood have fetched 90L - 92L. so I am expecting the same.

              @ng13 - The current price for a 180 sq yd floor in sect 57 is approx 120L and not 70L as per my market research. so I am doing all my calculations based on 120L. Also, registry of 160 sq yd floor is not allowed so I wanted to sell this off and get a floor on which registry is open.

              @planner - thanks for the support. the area I am planning to buy a plot is just 100 meters from hong kong bazaar, sector 57. The builder floor price is about 110 to 125 L based on condition and location. Other points:

              +ve:
              1. My current floor is not open for registry as it is 161 sq yd. So, I will get a proper registered floor if I move to 180 sq yd floor.
              2. I will earn a little profit of approx 50L after selling 1st floor. I will be left with ground floor which will be bigger in size and registered.

              -ve:
              1. I will have to take a loan of approx 70L to purchase the plot.
              2. I will have to move to a rented accommodation until the floors get ready.
              3. Not sure how to find a trust worthy builder to get the floors built.

              Comment

              • #8

                #8

                Re : Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

                you have to pay interest on 70 L for 2 years and you have to pay rent for 2 years,,

                so,, deduct interest and rent for that 50 L( profit)

                then I think.. you will left with 25 lac profit only..

                Comment

                • #9

                  #9

                  Re : Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

                  I dont think that the Floors in HUDA are that easily saleable and market might slow down take that into consideration

                  Comment

                  • #10

                    #10

                    Re : Should I sell 161 Sq Yd Builder Floor For Purchase Of 180 Sq Yd

                    Originally posted by MohanS View Post
                    Hi,

                    @planner - thanks for the support.

                    Not sure how to find a trust worthy builder to get the floors built.
                    hahahaha

                    Bhai,
                    1. had we checked the trustworthy wife???? hahahah
                    2. This is need of Builder as well you.
                    3, A lot of conversion going on Indrapuram area like this.
                    4. Ask this to your builder this idea---See his reply. as well profitability issue.
                    5. Prepayment of Loan === May be 2%
                    6. You need to pay EMI of loan.
                    7. This way only a lot people do business.
                    8. Plot will be on your name only so less chance of lafda.
                    9. Once you complete 10 Post -- I will send you some more hidden idea (Not wife but this business).

                    Comment

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