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Is it good to buy 2 Bhk in Wakad for 53 lackhs

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Is it good to buy 2 Bhk in Wakad for 53 lackhs

Last updated: December 16 2012
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  • #11

    #11

    Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

    Ever heard of name Bombay getting changed to Mumbai more than 15 years ago?

    Originally posted by rpawaskar2 View Post
    About my studies i went in almost every corner of Pune and seen lots of project. from last 1 year i waited prices to fall but it has not happened it has gone out of hand i have seen bombay where prices was same as pune few years back now its just impossible. Kharadi is to much expansive it costs something 60 lakhs and wagholi doesn't have basic infrastructure to live (in future it will have but i will take time)

    and was thinking to buy house in wakad because
    1) may be i could get job in Hinjewadi and my wife is also in IT currently in Kothroud.
    2) i am from bombay and wakad is near to bombay (my travailing is mostly by train)
    3) i may settle in PUNE or bombay (note sure depends on job and more jobs are in pune)
    4) if in future if i want to get settle in other parts on pune so i can sell that flat and buy in that area, so looking for appreciation.
    5) i am planing to buy in project where possession will be 1 to 1.5 years so i will have some time to pay gold loans.

    so i was thinking of this risk so please advice on this basis.

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    • #12

      #12

      Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

      Originally posted by rpawaskar2 View Post
      Hi i am working in Kharadi and i want to buy house in wakad.
      i have seen projects in wakad near datta mandir and near palash project which is costing 53 lackhs
      is it good place to leave and invest.
      its far from my office in kharadi but since recent studies shows that wakad rates will become double by 2017. Is it really true or just gimmick to boost the rates which is seen slow down
      Please help me as i will be taking home loan + gold loan and investing savings of parents also

      if you think it is going to double then buy it
      no one can help you if you are going to borrow so much money ......

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      • #13

        #13

        Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

        Originally posted by rpawaskar2 View Post
        About my studies i went in almost every corner of Pune and seen lots of project. from last 1 year i waited prices to fall but it has not happened it has gone out of hand i have seen bombay where prices was same as pune few years back now its just impossible. Kharadi is to much expansive it costs something 60 lakhs and wagholi doesn't have basic infrastructure to live (in future it will have but i will take time)

        and was thinking to buy house in wakad because
        1) may be i could get job in Hinjewadi and my wife is also in IT currently in Kothroud.
        2) i am from bombay and wakad is near to bombay (my travailing is mostly by train)
        3) i may settle in PUNE or bombay (note sure depends on job and more jobs are in pune)
        4) if in future if i want to get settle in other parts on pune so i can sell that flat and buy in that area, so looking for appreciation.
        5) i am planing to buy in project where possession will be 1 to 1.5 years so i will have some time to pay gold loans.

        so i was thinking of this risk so please advice on this basis.
        - Dont xpect prices to fall. If there is recession prices will at the most stabilize in Pune.
        - Wakad is currently a concrete jungle. If you are thinking about appreciation then Ravet, Kiwale can also be looked into. Its nearer to mumbai and rates quoted would be lesser compared to Wakad
        - If you are not sure about your job being in East Pune or West Pune then to be on safer side why dont you try in locations around Vishrantwadi, Kalas, Kirkee, Dapodi, Bopkhel. There are deals in the range of 4300 - 4500. Since these areas have proper connectivity and near to city centre your investment will be on the safer side
        - If you are looking for train connectivity try taking a home around Dapodi / Kasarwadi / Pimpri stations.
        Last edited December 13 2012, 08:38 AM. Reason: more pts

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        • #14

          #14

          Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

          Originally posted by Startdsl View Post
          Ever heard of name Bombay getting changed to Mumbai more than 15 years ago?
          Are you sure? Never heard of it!!

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          • #15

            #15

            Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

            Originally posted by Startdsl View Post
            Ever heard of name Bombay getting changed to Mumbai more than 15 years ago?
            You can start calling a banana by a different name, but it will still remain a banana
            Last edited December 13 2012, 02:39 PM.

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            • #16

              #16

              Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

              rpawaskar
              My frank opinion is that you are staking too much for a house in Wakad. If its your parents lifetime savings and they are going to live with you then i can understand. If this is going to be your house only then i really don't see why parents earnings should be staked here. (Just my opinion. No offense)
              Going for gold loan means that you will have two emi. If you look for a house with only 1 year left to possession, your pre-emi from that 40 lakh loan will be close to 35k. Can you afford that comfortably along with the gold loan. Do keep some liquidity for emergencies too.
              My advice on this
              Hedge against RE price rise which might or might not occur by buying something which you can actually afford without over-leveraging. There will always be areas in pune and its outskirts where you can get a house within your budget. A few years down the line, when you are better off financially and know what your financial liabilities are, you can sell this off and buy the house you want be it Wakad or Kharadi.

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              • #17

                #17

                Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

                Originally posted by Mikhail View Post
                rpawaskar
                My frank opinion is that you are staking too much for a house in Wakad. If its your parents lifetime savings and they are going to live with you then i can understand. If this is going to be your house only then i really don't see why parents earnings should be staked here. (Just my opinion. No offense)
                Going for gold loan means that you will have two emi. If you look for a house with only 1 year left to possession, your pre-emi from that 40 lakh loan will be close to 35k. Can you afford that comfortably along with the gold loan. Do keep some liquidity for emergencies too.
                My advice on this
                Hedge against RE price rise which might or might not occur by buying something which you can actually afford without over-leveraging. There will always be areas in pune and its outskirts where you can get a house within your budget. A few years down the line, when you are better off financially and know what your financial liabilities are, you can sell this off and buy the house you want be it Wakad or Kharadi.
                Totally agree on point about using Parents life time savings. I see this as a trend wherein parents are putting their savings for Son's dream home.

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                • #18

                  #18

                  Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

                  Originally posted by lazybone007 View Post
                  You can start calling a banana by a different name, but it will still remain a banana
                  No wonder projects are named after funny Spanish names/other banana republic names. Indians like a foreign name than their own.

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                  • #19

                    #19

                    Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

                    i also agree 2 u its more than my capability.
                    since i have seen projects in almost every corner of city and more than 100 projects (its true) i am getting confused so i wanted advice from experts

                    i have also done lots of recherche of my own understanding builders tricks, paid surveys, investors, fake advertising but after after all this i found out that RE is only driven by investors and builders and you have to buy according to them mango peoples like us can't do anything in this. so i am frustrated and just want to buy house only once and get out this.

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                    • #20

                      #20

                      Re : Is it good to buy 2 Bhk in Wakad for 53 lackhs

                      Originally posted by PJames View Post
                      No wonder projects are named after funny Spanish names/other banana republic names. Indians like a foreign name than their own.
                      and there are quite a few who fall for this trick too...

                      Imagine 'Palm Greens' and 'Siddi vinayak'. Already you would have a +ve feeling about Palm Greens

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