I'm 26.5 years old. I stay with my parents, brother, sis-is-law and nephew in our own house. In total, there are 6 members in our house. I work in a reputed MNC and my take home is around 75k per month. I have 24L of liquid cash.
I'm thinking of investing in an apartment now.
The reasons for thinking about getting an apartment now are: 1) In the future, I might have to stay away from my parents and brother's family. I have no such intention right now, but I feel it is better to be prepared.
2) It is nice to know that you have a house of your own to go to in case something bad happens.
3) I feel that the apartment cost might increase if I delay further. Even average builders are quoting 3500+ psf for pre-launch. I did some research and found that 3 years back class A builders like Mantri used to quote 3200 to 3400 psf for pre-launch, and average builders quoted less than 2500 psf. This may be due to increase in raw material cost and labour charges. If I continue to delay the purchase further, an apartment may become un-affordable in 2 to 3 years from now.
4) No problem of land sharks. Relatively safer compared to plots, although returns might be a tad lesser.
Now my questions are: 1) I'm thinking of 55L as the max budget for the apartment including registration. This is with the thinking that I can take a loan for 35L and manage 20L on my own. EMI would be manageable with 35k per month. I'll be left with around 40k per month as my take home. Is this manageable?
2) Should I wait till I get married? My parents have started looking a girl for me and the progress has been slow. Marriage might take 1 to 1.5 years from now.
3) I'm thinking of buying Provident Harmony in Thanisandra main road. It looks affordable and a 3BHK falls in my budget. But are they reliable? Their past record is nothing much to speak of considering that they have done only 1 more project in yalahanka. If I buy this, can I expect an appreciation since Sobha City and Bhartiya City and nearby, and Thanisandra and Hennur Main road have lot of great projects going on. What kind of rent can I expect? What kind of return can I expect if I plan to sell this later on?
4) Any more projects that I can consider in my budget?
I think you should go for apartments because am not telling you on the basis of your family or Marriage am just giving this advice you because investment on apartments is always better than any other investment . Thanks Srs Residency Faridabad