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When and where should I buy a flat in Pune?

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When and where should I buy a flat in Pune?

Last updated: June 20 2010
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  • When and where should I buy a flat in Pune?

    Hi all,

    I have been thinking about buying a 2 bhk flat in Pune. I have poured over different developers and projects (there are way too many). After doing some reading, and talking, I am even more confused than when I started. I had shortlisted Inora and maybe Air Castles but I am having some second thoughts.

    In fact I am not sure about these mega complexes any more. Should I opt for a simple simple building, maybe two 1 bhk flats side-by-side, in the hopes that one day I will convert it into a 3 bhk or at least 2.5 bhk flat.

    More importantly is it even a marginally right time to buy?

    Thanks
  • #2

    #2

    Re : When and where should I buy a flat in Pune?

    Originally posted by narc113 View Post
    Hi all,

    I have been thinking about buying a 2 bhk flat in Pune. I have poured over different developers and projects (there are way too many). After doing some reading, and talking, I am even more confused than when I started. I had shortlisted Inora and maybe Air Castles but I am having some second thoughts.

    In fact I am not sure about these mega complexes any more. Should I opt for a simple simple building, maybe two 1 bhk flats side-by-side, in the hopes that one day I will convert it into a 3 bhk or at least 2.5 bhk flat.

    More importantly is it even a marginally right time to buy?

    Thanks
    Hi narc113, if you could tell your budget & the areas which you are looking at or which are convenient to you, then members here can guide or suggest you better.

    Comment

    • #3

      #3

      Re : When and where should I buy a flat in Pune?

      My budget would be in the range of Rs. 30 lacs. I am not so sure about area though. I am looking at it as something I will use after an year and a half or two years. I am planning to look for better opportunities then. If I get a ready possession I can start looking for those opportunities right away.

      The reason I am planning to buy one one now because two years down the line I will have other responsibilities that I currently don't have.

      Comment

      • #4

        #4

        Re : When and where should I buy a flat in Pune?

        With a budget of 30L, you have very limited options if you are looking to buy a 2BHK. You might find some for 1 BHK.

        Regarding the location, consider your need to travel to point of your work, other basic facilities like water, roads etc.

        With budget of 30L, I think you would find projects in areas like Ambegaon, Kondhwa, Hadapsar, Dhanori, Ravet etc.

        Also decide the location based on whether you are going to stay there in future or is just an investment.

        Comment

        • #5

          #5

          Re : When and where should I buy a flat in Pune?

          I think I will be able to extend the budget by another 2 lacks. But that's it.
          So which would be better?
          A relatively cheaper flat in, say a simple building or a flat in a complex?
          I will have to consider outgoings per month as well.

          I am not interestied in amenities like gym, swimming pool etc.

          Comment

          • #6

            #6

            Re : When and where should I buy a flat in Pune?

            dont go for ganga skies or goel ganga developer even if he gives u a 3 BHK for 30 L.

            reason is:
            * Low quality cements used for constructions,-

            I think apart from all other things cement quality should not be compromised. As this is the base on which life of the property depends.

            I say the bcoZ on e of my friend booked the flat there 2600 PSf last year. (Rate is attrtve so he booked).
            He is wrking in L & T contrution in testing dept. He happen to visit the site and took some cement sample (mixture used for slab) for testing and was shocked with the quality. He cancelled the booking even for that rate.

            He said what the use to buy if property life is 15-20 yrs.
            So my frnd be careful with ganga skeis. or goel ganga.

            thanx

            Comment

            • #7

              #7

              Re : When and where should I buy a flat in Pune?

              Originally posted by narc113 View Post
              I think I will be able to extend the budget by another 2 lacks. But that's it.
              So which would be better?
              A relatively cheaper flat in, say a simple building or a flat in a complex?
              I will have to consider outgoings per month as well.

              I am not interestied in amenities like gym, swimming pool etc.
              Your original question: When and where should I buy a flat in Pune?

              My suggestion:
              1. Find a locality that you like, figure out your requirements, and an apartment for sale
              2. Calculate the fair price of the apartment (how much it cost for the builder to build, and add his profit margin)
              3. Buy the apartment if you feel it makes sense

              You are approaching it the wrong way, which (strangely enough) we all do when it comes to real estate. Tell me, do you buy a certain brand and size of mixie based on your requirements, or will you see how much money you have in your pocket and then go hunting for a mixie that fits your budget? Sure, you may find a good mixie on sale, but chances are that it may not even match your requirements. Okay, you may not be able to afford the mixie that is perfect for you - in such a case, do you think it is better to buy a unsuitable mixie today or wait a little longer, save, and buy your perfect mixie?

              You say you will have other commitments later. Tell me, are you planning to pay for the house in cash? I guess you plan to take a housing loan. If that is the case, you will still be paying your EMIs later when your commitments will increase, so really, nothing will change.

              In Pune, builders are currently making 150%-200% margins. I personally don't consider it fair value. But this is a decision you have to make for yourself.

              Comment

              • #8

                #8

                Re : When and where should I buy a flat in Pune?

                Originally posted by asliarun View Post

                Sure, you may find a good mixie on sale, but chances are that it may not even match your requirements. Okay, you may not be able to afford the mixie that is perfect for you - in such a case, do you think it is better to buy a unsuitable mixie today or wait a little longer, save, and buy your perfect mixie?

                You say you will have other commitments later. Tell me, are you planning to pay for the house in cash? I guess you plan to take a housing loan. If that is the case, you will still be paying your EMIs later when your commitments will increase, so really, nothing will change.

                In Pune, builders are currently making 150%-200% margins. I personally don't consider it fair value. But this is a decision you have to make for yourself.

                I am also in a similar situation. Then what do you suggest asliarun?
                Agreed that builders are making huge profits & rates are sky high. But will waiting for some time help? And wait till when & for what? If at all RE prices come down, how much can we expect them to reduce?

                Comment

                • #9

                  #9

                  Re : When and where should I buy a flat in Pune?

                  Put that money in MIP, pay the rents with 1/3 the money -- about 10-12K, rent in a post locality for a 2 BHK, enjoy the other 1/3 rd on holidays,etc, put the other 1/3rd in Pure Equity Mutual Funds ...

                  Do this for 5 years...and then we will talk....

                  Comment

                  • #10

                    #10

                    Re : When and where should I buy a flat in Pune?

                    Originally posted by nitesh321 View Post
                    I am also in a similar situation. Then what do you suggest asliarun?
                    Agreed that builders are making huge profits & rates are sky high. But will waiting for some time help? And wait till when & for what? If at all RE prices come down, how much can we expect them to reduce?
                    The answer is difficult - basically, as long as it takes.

                    One thing you have to realize is that real estate has extremely long boom and bust cycles - usually 10-12 years or so. You cannot look at it like you look at the stock market. Unfortunately, because of the easy availability of home loans, extreme family pressure and peer pressure, and because of greed to get "assured" returns, people are fancying themselves to be "investors" in the real estate market.

                    Like I said, forget about the economy, the investors, the going rate and all that nonsense. Just focus on your requirements, and try to calculate for yourself if you are getting a fair price for the money you are putting into a house. A very good way to calculate fair price is to look at the input cost.

                    If you are not getting fair value for whatever reason, like say, you feel that LCD TV prices are not fair value - you can either still buy an LCD TV because of peer pressure, or you can wait until the prices will come close to being fair value. If you have calculated the input cost or manufacturing cost accurately, have faith that the selling price WILL have to come down. Remember, you can fool some of the people all the time, and all of the people some of the time, but you cannot fool all the people all the time. BUT, this requires patience, especially because real estate normally moves very slowly.

                    In the meantime, as pcpune suggested, put your money in a saving scheme and one that will let you break the investment if you require. In any case, if you have money, you always have power and freedom to buy your dream house if you happen to find it at the right price. A home loan is not power. A home loan is doing gulaami to your bank until you repay all your EMIs.. which is okay, but only if it lets you live in your dream house that you bought at a price you are happy with.

                    Comment

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