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Looking for Flat somewhere around magarpatta and now Confused and Frustrated

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Looking for Flat somewhere around magarpatta and now Confused and Frustrated

Last updated: August 23 2010
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  • #11

    #11

    Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

    Originally posted by vikanna View Post
    Hi Guys,

    Here is the story :

    I am looking for a flat to buy.
    I work in Magarpatta City. (but don't know how long I will stay here or in pune)
    I was looking for ready possession flat in hadapsar, kharadi.
    My budget is 25 lacs.

    Here are my findings:
    • "Etasha" on Handewadi Road, Hadapsar : Charging 2575/sqft negotiable for 730 sqft 2BHK. Possession in 1 year, Good amenities
    • "SeaGull" on Handewadi Road, Hadapsar : Charging 2800/sqft 1000 sqft
    • "Sanskruti" on Handewadi Road, Hadapsar : Charging 2750/sqft not negotiable 1000 sqft Ready Possession
    • "" on Handewadi Road, Hadapsar : Charging 2750/sqft not negotiable 1000 sqft
    • "Sainath" Behind Noble Hospital, Hadapsar : Charging 3200/sqft for 800 sqft 2BHK
    • "Magarpatta" : Resale Flat, Charging at 3700/sqft, 1BHK will go up to 31 lacs including all, 2BHK more than 40-45 lacs.
    • "Greenfield" on magarpatta-kharadi road : Booking closed for 1 BHK, They will start booking after 2 months for Phase II. Posession in 1 year. Not sure about rate but should be near about 2800 sqft.
    • "Forest County" Khadadi : 2BHK gone, 3BHK 1800 sqft 3800/sqft will cost around 86 lacs including all, possession after 2 years.

    On magarpatta-khadadir road 2 big malls are coming up. may be in 2 years they will be operational.

    So Greefield could be good investment but as if now only Etasha is coming in my budget and they are saying they've very few flats left.
    But for Etasha I'm bit afraid and confused with locality and surroundings.

    I heard that vegetable market has been allocated a new space near manjri and flyover on railway crossing at handewadi road is approved.

    I am working in IT industry, could be relocated anytime in future. But will it go for good rent or will it return good money ?

    Should I go for Etasha ? Should I wait for other projects ? should I continue
    to pay rent ? Should I wait for prices to go down ?

    Sometimes I think that I belong to lower middle class who cannot afford a single house at good location.
    I dont how people are getting that much money to pay.

    Totally confused and frustrated !
    Seeking your help and valuable suggestions !
    Please Help !
    I am in the same state .......
    Salary doesn't allow me to pay more then 17k per month as EMI
    and in this much EMI cannot buy even a 2 BHK.....

    and those available for sale are too small ..... only 2 person family can stay ...

    While my perantal house is 3000 sf with 1/2 acer land ....
    once my parent comes to stay they won't remain for weeks ...
    what to talk of permanent stay..

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    • #12

      #12

      Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

      What confusion

      Man, you said it all, & there is no reason for you to be frustrated or confused:-

      1. You are unsure of your stay in Pune, so better rent & buy only when you decide a particular city as your permanent residence. If you get shifted to say Bangalore, you can buy a much better flat for 25L here than in Pune.

      2. The returns of investment in RE for now is almost nill....even FD will give better returns than RE, not to forget the maintenance, taxes & the jhig-jhig of the tenants + the liquidity in hand.

      It is better that you stay on rent, keep saving & when you are confirmed about the permanent place, go ahead & buy with max down-payment which you saved from now onwards.

      Rent, save & enjoy for now.
      If you are happy, you are successful.

      Comment

      • #13

        #13

        Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

        Originally posted by realacres View Post
        Man, you said it all, & there is no reason for you to be frustrated or confused:-

        1. You are unsure of your stay in Pune, so better rent & buy only when you decide a particular city as your permanent residence. If you get shifted to say Bangalore, you can buy a much better flat for 25L here than in Pune.

        2. The returns of investment in RE for now is almost nill....even FD will give better returns than RE, not to forget the maintenance, taxes & the jhig-jhig of the tenants + the liquidity in hand.

        It is better that you stay on rent, keep saving & when you are confirmed about the permanent place, go ahead & buy with max down-payment which you saved from now onwards.

        Rent, save & enjoy for now.
        Buddy,

        Wht you say is absolutely correct, One of the biggest thing about rent I have felt is when I use to work in Hinjewadi ,I used to stay in 3 BHK in Baner, and now I works in MP city so have rented in MP city itlself. This save a hell lot of time as compared to other people who comes from Wakad and PS/PN/Pxx whatever.

        The only glitch is if you ever plan to buy, either you have money from onsite to buy in same location or go farther from city.
        My cousins booked a flat in Baner in 31 L in March 2010 [2 BHK- 850 sqft, small builder from Gujrat, no sales person in between, gives what you demand such as extra slab in kitchen, no amenities though], I insisted on the same prinicipal of living on rent. The problem is now, builder doesn't negotiate below 38 L ...Now I don't have any choice.

        The fact is people still buy and when you want to buy a new/resale thing it is always 5-10 L above your budget and you have to go further or wait.

        Both [rent/owning a house] their advantage-disadvantage.

        Comment

        • #14

          #14

          Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

          Originally posted by nitinsharma View Post
          There is one magnus realty project named "Simplicity" on handewadi road...You can get around Rs2300 per sft rate there....

          Guys,

          Any suggestion on this project ?? Can one invest in this project ?

          Thanks
          Nitin
          Check for availibility of water in handewadi area from anyone who stays nearby. One of my friend has expressed concerns about the same.

          Also regarding Simply City...it does not fall under PMC.

          Comment

          • #15

            #15

            Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

            Do not hesitate to rent. There is nothing wrong in renting.

            For minimizing hassles while renting a flat, consider these things -

            1) Do not rent those flats whose owners are outside India. Problem is, if there plans change and they have to return back, they will give you a notice anytime and you will need to move.

            2) Ensure that your landlord has a different home and is not interested in living in the home you are renting. There are people who buy flats only for renting in the hope that the rent will be an income during their retirement years. This is the ideal renting house coz' the landlord is not interested in selling it unless he gets a crazy price for it. This also ensures a lot of peace of mind for the tenant.

            3) Don't rent investor flats. These are always up for sale, and if get sold, the new landlord might want to shift in. It's too much hassle for tenants to move out. Don't do this even if the rent quoted is really low. Never trade peace of mind with few hundreds of rupees. Everybody on this planet only lives for peace of mind.

            Spend some time in finding the right house for renting. If you analyze the right things, you could find peace of mind even while renting.
            Last edited by harshalx; August 20 2010, 03:42 AM.

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            • #16

              #16

              Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

              Originally posted by harshalx View Post
              Do not hesitate to rent. There is nothing wrong in renting.

              For minimizing hassles while renting a flat, consider these things -

              1) Do not rent those flats whose owners are outside India. Problem is, if there plans change and they have to return back, they will give you a notice anytime and you will need to move.

              2) Ensure that your landlord has a different home and is not interested in living in the home you are renting. There are people who buy flats only for renting in the hope that the rent will be an income during their retirement years. This is the ideal renting house coz' the landlord is not interested in selling it unless he gets a crazy price for it. This also ensures a lot of peace of mind for the tenant.

              3) Don't rent investor flats. These are always up for sale, and if get sold, the new landlord might want to shift in. It's too much hassle for tenants to move out. Don't do this even if the rent quoted is really low. Never trade peace of mind with few hundreds of rupees. Everybody on this planet only lives for peace of mind.

              Spend some time in finding the right house for renting. If you analyze the right things, you could find peace of mind even while renting.
              Do u think owner will allow u to stay mor ethan 3-4 years in any flat.....I met many owners who r afraid of some tenant friendly laws and don't allow single owner to stay for more than 3-4 years.
              And if this is the case then it doesnot matter wether it is a investor flat or NRI

              Comment

              • #17

                #17

                Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

                Originally posted by harshalx View Post
                Do not hesitate to rent. There is nothing wrong in renting.

                For minimizing hassles while renting a flat, consider these things -

                1) Do not rent those flats whose owners are outside India. Problem is, if there plans change and they have to return back, they will give you a notice anytime and you will need to move.

                2) Ensure that your landlord has a different home and is not interested in living in the home you are renting. There are people who buy flats only for renting in the hope that the rent will be an income during their retirement years. This is the ideal renting house coz' the landlord is not interested in selling it unless he gets a crazy price for it. This also ensures a lot of peace of mind for the tenant.

                3) Don't rent investor flats. These are always up for sale, and if get sold, the new landlord might want to shift in. It's too much hassle for tenants to move out. Don't do this even if the rent quoted is really low. Never trade peace of mind with few hundreds of rupees. Everybody on this planet only lives for peace of mind.

                Spend some time in finding the right house for renting. If you analyze the right things, you could find peace of mind even while renting.
                Cud relate with your post..but i have never found renting to be a peace of mind option..

                Landlord I : Guy who eats-sleeps money, deducted some Rs 200 for laundry from my deposit and through out the stay kept on crying for more money for flat maintenance and stuff...

                Landlord II : decided to go for IT folks only expecting a bit of more professionalism...supposedly the bugger has defaulted the home loan amount and i was getting frequent visits from recovery agents and then followed visit of brokers and prospective buyers during odd hours of the day - so had to run from tht place

                Landlord III : almost similar to Landlord I..keeps cribbing about money..however i keep stuffing his mouth with money whenever he asks for something. and the ordeal continues..
                Last edited by chinmay686; August 20 2010, 11:24 AM.

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                • #18

                  #18

                  Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

                  Owner does allow to stay more than 3-4 years on rent! Few of my friends are living on rent for more than 5 years.

                  One more advise I will give is, if you are staying in a banglow, where a floor is rented out, see the owner's family as well. My previous land lord's wife was real psycho, and we had lot of trouble because of her idiotic behaviour. Now the place I am staying has a really nice family with all decent and lovely people, so staying there is actually comforting.

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                  • #19

                    #19

                    Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

                    vikanna, your confusion & frustration may be coz you're forced into RE-buying out of peer/family pressure.
                    Irrespective of work-location, it makes no sense to buy at these levels in Pune.

                    I am renting at Fatima-Nagar near big-bazaar for the past 3 yrs and it is the best option.
                    Had I purchased, would be living in city-outskirt paying 3-4 times my current-rent. Absolute waste of money.

                    If u want to buy RE for tax-saving, buy in place where rate is reasonable & rent in Pune. Then claim EMI & HRA both
                    Originally posted by ani_meher View Post
                    see the owner's family as well. My previous land lord's wife was real psycho, and we had lot of trouble because of her idiotic behaviour. Now the place I am staying has a really nice family with all decent and lovely people, so staying there is actually comforting.
                    Agree. Builder/owner, should be reasonable and helpful person. Better to avoid arrogant people.
                    It is better to have 11/22 months registered rent-agreement.
                    Last edited by hitmady; August 20 2010, 11:48 AM.

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                    • #20

                      #20

                      Re : Looking for Flat somewhere around magarpatta and now Confused and Frustrated

                      fact of life .......
                      there is no perfect budget or perfect timing to buy "your house".
                      ur budget will ALWAYS be short by few laks and the house that you like will ALWAYS be beyond reach by few laks.
                      tough one to crack....

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