Hi friends,

I am looking to buy a 3BHK in Gurgaon for 2 Cr. AI. So far I have shortlisted 2 options:
#1 Near-RTM projects on GCX where 90-95% payment is gone (don't want to name any project as that starts a flame war).
#2 RTM on Sohna Road - societies which have existed for 8-10 years.

Money wise, both options look very similar given you also save rent in RTM from day one while in near-RTM, EMIs are slightly lower because some payment is yet to go as well as the money spent on doing interiors etc is not yet committed.

In some threads I have seen comments like why buy a 10 year old construction. What is the assumed life of these apartments? Do they need more spending and more money in upkeep as they get older? Is there really such a huge difference between a brand new and 10 year old apartment? There are some pros also for RTM like already established society etc. Is new construction more important than these factors?

If you were in my place, which place would you choose and why?
Thanks.
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  • Go for Central Park-2

    buy a 3 bhk. 1700 sqft in Central Park-2 Sohna Road (New Towers).. all inclusive around 1.90 cr.. one of the best complexes in India.. visit and then see..
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  • Not heard good things about it.
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  • There is nothing called near-RTM. You never know when a new problem crops up and project is delayed by another 2 years. Also, till you see the final product, you never know what all promises will be delivered. I myself was very tempted to buy Skyon but the whole area is under development and even if a few projects get delivered, the ongoing construction activity all around will not allow for good quality of life till the 'dust' settles. Either wait till possession or buy RTM. With 90% payment gone, there is not much financial sense to take risk.
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  • You can get Heritage One and Emaar Palm Drive in this budget. Later is RTM(OC already received) and for Heritage you have to wait for 6 months. If you can wait further ie 1-2 years you can consider Skyon too.
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  • I am aware of what I can get in this price. My question is what should I prefer and why? Is Heritage One a better choice than say Uniworld Garden or Park View 2 on Sohna Road? Thanks.
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  • Orchid Petals

    Originally Posted by Vaibhav123
    I am aware of what I can get in this price. My question is what should I prefer and why? Is Heritage One a better choice than say Uniworld Garden or Park View 2 on Sohna Road? Thanks.


    You should consider Orchid Petals. I live in Orchid Petals (as a tenant) and can give you the pros and cons of it.

    Pros:
    1. Ready to move from Day 1. No uncertainty regarding possession, water supply, etc. You get what you see.
    2. More than 85% occupied. Getting Maids, Drivers, Daily Services would be easy Your wife would be thankful to you.
    3. Social Life will exist for children, elderly persons. You will not have to wait for people to come in and settle.
    4. Gym and 3 Swimming pools operational. If you like to use these facilities you don't have to wait for them to get started.
    5. Very active RWA. Your suggestions would be heard.
    6. And the most important Pro which is not offered by any society - Market (Sapphire) walking distance from your home. Be it vegetables, Medicines, Doctors, Restaurants, Wine Shop :), tailor, dry cleaner, everything is available in walking distance. You will not have to take out your car to go to the market. Everyone from your home including children, wife and elderly people can go to the market on their own.

    Cons:
    1. 8-Year-old construction. You might have to spend around 30K per bathroom to fix the water seepage problem.
    2. There is a little traffic situation on the road connecting to the main sohna road because of the entry/exit gates of spaze office building.
    3. Club House not operational.
    4. Some menace going around because of stary dogs in the society.

    Personally I feel that the 10 minutes I waste every day (5 minuets going and 5 minutes coming back) in the traffic at junction is in no comparison to the facilities I get while staying in this society. I hope this helps.
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  • There is definetely a compromise that you may have to take in whichever option you may choose...
    RTM and 7-8 year old projects give you everything from a day one. This would suit you if you have parents and kids with you...

    However, from capital appreciation point of view, max appreication would have already got factored in by now. What you may get in future is inflation adjusted returns.

    Second point that you may miss is that some of the new projects on GCX are giving better amenities and there is some X factor that may be attached with them due to them being "New Dulhan". Aur Nai Dulhan ke thaat he alag hotey hein.

    If you got for near completion project of a builder you know the project is genuinely coming up for possession then you may get a different feel along with the money that u may spent. Every thing new around you may give you extra bang for your bucks.

    Though you may have to go through the pains of settling with others at the same time and see the township come to life in 1- 2 years.

    This would suit those who are just married and living alone without kids and parents. Especially DINK couples.

    With Groffer, Local Banya, Food Panda, Tiny Owl speding billions to get those little change out of your pocket, I think everything that you need for day to day life is just few swipe away on your mobile.

    You may also get a chance to participate in the value discovery process of the project hence some decent capital appreciation over next few years may help you forget the small niglling issues that may come as a package while you shift into the new township..

    You will have to see whats the best case scenario for you and take a call accordingly.

    Ultimate you are the best judge for your needs...

    Just dont forget to call me for a beer once you move into your new house :bab (59):...
    (If you move into old property I wont mind a Single Malt ...Oh that reminds me of Matrix_55 and if you move into a new one, I will get the full crate)
    All the best.

    RA.




    Originally Posted by Vaibhav123
    I am aware of what I can get in this price. My question is what should I prefer and why? Is Heritage One a better choice than say Uniworld Garden or Park View 2 on Sohna Road? Thanks.
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  • @tiduji, thanks for your inputs. How are the room sizes in Orchid? Also, how is the construction quality in general? Seepage into every bathroom is a red flag isn't it?

    I like its location though - too much on the main road is also not good coz of noise and pollution so a little away from the main road is probably better.
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  • Originally Posted by Vaibhav123
    @tiduji, thanks for your inputs. How are the room sizes in Orchid? Also, how is the construction quality in general? Seepage into every bathroom is a red flag isn't it?

    I like its location though - too much on the main road is also not good coz of noise and pollution so a little away from the main road is probably better.

    The seepage problem is there because of the pipes which have got rusted. No other problems with build quality in general. The room sizes are also good, but you need to check them out for your use case. 2061 sqft 3+1 BHK flats are available for 1.75 Cr.
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  • @Rushil, you have totally summed up my dilemma. I don't have kids yet but I do want my parents to shift in with me now that they are retired.

    Let's keep aside appreciation for a moment. My question is that should older buildings be valued lesser than newer ones like it happens in case of cars? Do we expect to spend more money in the upkeep of the old building? What is the life of these buildings?

    Other than the feel-good of new building, is there anything else I lose when buying an old one? I understand some of the newer developments have VRV, security cameras and phones etc or great clubs but other than that, is there a major improvement in the quality/techniques/technology in construction that will make the newer buildings have lower maintenance cost and longer life? Thanks.

    Oh and I am a slow decision maker so expect your single malt or crate to take a while!
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  • Originally Posted by tiduji
    The seepage problem is there because of the pipes which have got rusted. No other problems with build quality in general. The room sizes are also good, but you need to check them out for your use case. 2061 sqft 3+1 BHK flats are available for 1.75 Cr.


    Is it normal for pipes to get rusted and leaky in 10 years or is it a case of poor quality pipes being used in the first place? Also, how is the quality of other things like bath fittings, doors, door frames and tiles etc? Sorry for too many questions and thanks for your patience to reply.
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  • I would like to quote a real life incidence a friend of my shared long back. I guess I have already shared it in one of the threads before.

    A friend of mine in college days always used to curse his grand dad in every oppurtunity he used to get. I always found it strange but never bothered to ask him.
    But over a long time I got qurious and asked him one day. Initially he refused but after lots of coaxing he told me the reason.

    His Grand dad used to own 2 acres of land when Vasant Vihar was getting built. At that time they had old small house in Dariba Kalan. His grand dad always loved that area and dreamt of owning a big house in that area. According to him everything was so near. Schools,colleges, ISBT,Railway station and what not...

    So when he got the oppurtunity, he sold his two acres of land in vasant vihar area and bought a big house for his entire family in Chandni Chowk area.

    He fullfilled his dream but left his future generation to sulk on the decision he made.

    Point I am trying to bring in here is that in Real Estate more than the quality of appartment or all the additional facilities that one gets, its the location that eventually gives you the premium.

    Today location does not necessarily mean bang on the road or near to other important areas but also on the basis of the future development potential of that area.

    If we look into the above example, Chandni chowk was the centre of all activies for business during that time and Vasant Vihar was just a village.
    But the way it was planned with open areas and connectivity all around coupled with all the amenties, it started commanding the premium at later stage. Though it took long for it to reach where it is today, but better late then never.

    All the new appartments that are coming up now on Gcx or on any other new areas in Gurgaon are part of the new master plan. There is a thought gone behing all the sectors after sector 58. Its all on paper but eventually everything is going to come in the shape as it is envisaged.

    This is where all the new sectors on Gcx come on tops. There is no haphazard development, lots of open spaces, good connectivity ,wider road,drain boxes already in place, better electrification, water, and other connectivity.

    These things will always make it a better place. I would rate Gcx appartment or SPR appartment better than Sohna Road.
    Its already cluttered, big traffic, lots of consgestion at rush hours etc...

    These points are often ignored while taking a decision but these are the important triggers which get better valuation in the long run....


    You know it better what suits you and your future generation are going to remember you for the decision that you take today.
    Offcourse you cant ignore the requirement of Your parents and this is where you will have to find the middle path...

    All the best.

    PS:- Single Malt more it matures, better for me... So no worries on waiting ..


    Originally Posted by Vaibhav123
    @Rushil, you have totally summed up my dilemma. I don't have kids yet but I do want my parents to shift in with me now that they are retired.

    Let's keep aside appreciation for a moment. My question is that should older buildings be valued lesser than newer ones like it happens in case of cars? Do we expect to spend more money in the upkeep of the old building? What is the life of these buildings?

    Other than the feel-good of new building, is there anything else I lose when buying an old one? I understand some of the newer developments have VRV, security cameras and phones etc or great clubs but other than that, is there a major improvement in the quality/techniques/technology in construction that will make the newer buildings have lower maintenance cost and longer life? Thanks.

    Oh and I am a slow decision maker so expect your single malt or crate to take a while!
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  • @RA very well written post. I used to enjoy your posts many months back, today I read this and cant stop complimenting. Pls. keep up the good work.
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  • Guys, what is the approx extra payment that goes in buying a RTM house other than what you pay to the seller. I understand there is registry, 1% TDS, brokerage and society moving charges. Is there anything else like VAT etc which I read on some thread? Is it for RTM also or only for UC and how much is it? Thanks.
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  • I visited Tata Raisaina today. Very nice society and they are maintaining it pretty well. Maintenance charges are also very less(2 rs sqft). 3BHK, 1750 sqt can come in your budget.
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