20+ year old flat in prime city ( Prabhat/Senapati Bapat rd) Rs 60L
OR New flat in baner/wakad/pashan for 50L
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  • Depends

    Hi,

    It actually depends on ur requirement...........
    If you have to live in that area immediately with ur family then u hav to go with the prime location as Baner Wakad and similar areas are not fully developed for a living.
    If you can hold on for a couple of years then you can invest in these areas............ 50 L is too much for these areas......... proper study of the area can easily make that budget go down...........
    Also, for a 20 yr old resale property...... 60 L is too much...... if you want to go for those ones...... make sure you dont end up paying more for a resale
    Baner -- can be a good option for your req..... it is good for a living and also the rates are not toooooooo high
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  • I dont feel both rates are good for investment. At the moment rates below 30 ls is good for investment I feel, as if you are lucky the appreciation can be huge. Go for prime locations only if you are going to live in the place, else go for upcoming areas where you can get a decent 2 bhk for 25 to 30 ls as 2bhk sells more easily than 1 or 3 and above bhks. If you get a decent 2bhk flat in wakadarea for 25 to 30 ls or pashan for within 35 ls, go for it.
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  • Go for the old flat on Prabhat Road / Senapati Bapat Road.
    What is old?
    RCC has a life of 70 - 100 years. So the RCC framework is young.
    The interior design might be old, just spend 5L to upgrade it to Italian marble, new paint, wooden flooring in bedrooms, modular kitchen, jaquar fittings, etc. and see the difference.
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  • true - i wud imagine rent realisation will be higher in prime areas too.
    not sure if banks are funding such old properties easily? any experiences. will a bank allow 15-20 yr ahead loan on a 20 yr old? if yes- any interest rate difference.
    the old properties also tend to have better carpet: builtup ratio. something that todays builders exploit liberally.
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  • Interest rate for resale flat will be same as that for new flat.
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  • But legal documents required are more, because in case of new project, builder has done the legwork of getting the project approved from HDFC.
    In your case, HDFC will ask you to get a title search report done from a lawyer. It is better to do it anyways for your security.

    A good title search report will cost approx 25k, in which the lawyer does the following:
    Go to all registrar offices in Haveli taluka etc. to find out the owners.
    Applies to housing society for NOC
    Gives advt in newspaper for owners to come forward and stake their claim.

    Also some detective work might be required to find out if there are any court cases, etc :)
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  • land value appreciate. but, the construction value goes down with age. That is why old flat at prime location is coming close to the same price of new flat in suburb.
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  • Originally Posted by sam_sang
    20+ year old flat in prime city ( Prabhat/Senapati Bapat rd) Rs 60L
    OR New flat in baner/wakad/pashan for 50L

    Property prices in prime area correct less than outskirts. Outskirts suffer huge damage
    during downfall. So unless the property is very old, definately prime area property is better investment.

    Investing today in Pune definately will come with risk. All the best.
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  • Originally Posted by sam_sang
    20+ year old flat in prime city ( Prabhat/Senapati Bapat rd) Rs 60L
    OR New flat in baner/wakad/pashan for 50L


    In a city with adequate moisture content the buildings are more susceptible to wear and tear, and if maintenance is not done properly the internal structure may be weak.
    So even if for two years its ill maintained, the damages done are irrepairable.
    Thats why flats or be it any construction depreciates. This depreciation is faster in case of weather condition are harsh.
    Also 20 years older won't be carrying that much amenities, with lesser open space.
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