Hello Friends,

http://www.rclhomes.com/khandala.html

I am thinking of investing in Mystica project from rcl homes. However, the property rates are way higher than I had imagined! They are quoting 5200 to 5600/sq feet rate and have following options (Studio-440sq ft, 612 sq ft, 1BHK 731 sq feet).

They have a rent back scheme with assured rental income of 10K for studio and 12.5K for 1BHK. (Caveat - we need to pay 3L towards furniture costs)

There is a club membership charge of 1L.

Bottm line - the studio goes in 30-35L range where as 1BHK is over 40L.

Is it worth it? do you see any appreciation in coming years? Not sure about the existing property rates in that area?

Looking forward to responses on my questions from all the pros.
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  • Originally Posted by ireal1
    Hello Friends,

    http://www.rclhomes.com/khandala.html

    I am thinking of investing in Mystica project from rcl homes. However, the property rates are way higher than I had imagined! They are quoting 5200 to 5600/sq feet rate and have following options (Studio-440sq ft, 612 sq ft, 1BHK 731 sq feet).

    They have a rent back scheme with assured rental income of 10K for studio and 12.5K for 1BHK. (Caveat - we need to pay 3L towards furniture costs)

    There is a club membership charge of 1L.

    Bottm line - the studio goes in 30-35L range where as 1BHK is over 40L.

    Is it worth it? do you see any appreciation in coming years? Not sure about the existing property rates in that area?

    Looking forward to responses on my questions from all the pros.


    I wonder people even consider this as investment option. 1BHK 40L lol.:D:D:D

    Investment opportunity only for smart people.
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  • I RajeshP, I am thinking about this from 2 angles -
    1. Second (weekend) home
    2. Parking funds which will hopefully appreciate (if I do get discounts) - dont forget I will get a rent of 12.5K every month plus I get to live there for 1 month every year (with prior notification)

    Essentially why I wanted feedback from pros like you.
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  • They are charging at least about 4000 more than cost (assuming cost to be 1500 psf). For simplicity, for 500 sf flat, they are charging 20 lakhs more (20 lakh more for flat + furniture 3lakhs). If you invest 23l in fixed deposit or company deposit, you should get 1.84 lakhs per year 'guranteed' (at 8%), i.e. more than 15k per month. I won't go for this, would rather buy two studios in PMC and rent, will have better appreciation, and property will be in front of my eyes.
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  • I checked the location. It comes in premium locality and is closed to Tata Prive. However, I agree the premium charged is much higher. There are other locations in Khadala where psr is around 3300-3500/sq ft.

    Seeking feedback from other members on this poject as well.
    CommentQuote
  • Originally Posted by ireal1
    Hello Friends,

    http://www.rclhomes.com/khandala.html

    I am thinking of investing in Mystica project from rcl homes. However, the property rates are way higher than I had imagined! They are quoting 5200 to 5600/sq feet rate and have following options (Studio-440sq ft, 612 sq ft, 1BHK 731 sq feet).

    They have a rent back scheme with assured rental income of 10K for studio and 12.5K for 1BHK. (Caveat - we need to pay 3L towards furniture costs)

    There is a club membership charge of 1L.

    Bottm line - the studio goes in 30-35L range where as 1BHK is over 40L.

    Is it worth it? do you see any appreciation in coming years? Not sure about the existing property rates in that area?

    Looking forward to responses on my questions from all the pros.


    Oh,rent backs never work and in India, the builders always cite some reason not to pay! For me, its a dead investment, dont believe in this second home concept, better to visit Dukes for a holiday if you want !

    Better put that money in a city, for more appreciation and rent !

    THis post really makes me believe that buying a Real Estate today is a POSITIVE NO -- the euphoria is so much - peope are going in for 2nd,3rd,4th homes :)

    Same stuff has happened with China !
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