Hi All,

The primary reason for this new thread is discussing the advantages of forming a personal close knit group, as it gives a better bargaining power when negotiating with a builder. My family (my brother and I) and some close family friends have formed a group. We are already five (so would need at least 5 flats from a builder) and we all know each other for years now, all are serious in buying a property and moreover, can move quickly to finalise the deal if we like some property. Knowing each other also means we can discuss our strategy, compare notes and eventually talk to the builder directly to get a good group deal. We have also already zeroed down on 2 properties at Ulwe.

BTW, some weeks back I tried joining some internet sites. These sites form groups for a particular property and then approach the builders for a better rate. After joining some of these sites and interacting with people managing these sites, my primary concerns are three fold (i) these sites approach the builder on your behalf and if the deal goes through, these sites get their commission for the deal only from the builder (ii) so the discount these sites claim to get for you from the builder may not be all that huge. (iii) difficult to get in touch directly with the other members of the group and one can only communicate primarily with the owners of these internet sites.
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  • Hi Aman can you please tell me why are you looking specifically at Ulwe? Also please name the builder and give cost details if you can .. I hope your research to buy a flat in Ulwe is not based alone on Knight Franks report of 150% appreciation ...
  • Wanting to purchase a 2 BHK flat in Mumbai, from the last 2-3 months have visited various locations in Mumbai. In some places like Kanjurmarg, Thane, Malad, Borivali etc., the rates being quoted are so high that these properties do not seem good value for money anymore. Then also looked at places like Panvel, Kalamboli but, I think, these places at present are just too far for a practical daily commute to Mumbai. Kharghar rates being quoted by the builders for that area at present again may not exactly be VFM anymore. Also, visited Lodha Palava city (Casa Bella, Casa Rio etc.) at Dombivili a no. of times, but eventually decided not to proceed ahead with it.

    After 2-3 months of looking around, have zeroed down on the Ulwe area. My reason for buying a flat in Ulwe is not primarily the airport coming up nearby (which I think may or may not happen and even if even it does is some years away), nor the promised sea link etc., but because it would, relatively speaking, take slightly less time to go by car every day from Ulwe to Mumbai, than let’s say from a place like Kalamboli (people in our group actually intend shifting to Ulwe and staying there as soon as we get possession of our flats). Plus the fact that after negotiations with the builder, still may be possible to buy a 2 BHK with an area of approx. 1100-1200 sq. ft. at an all-inclusive price in the range of Rs. 50-55 lakhs odd. And, as you may be already aware, the area may have a good long term potential.

    Have been to Ulwe a no. of times, seen a lot of properties in that area and among other things, crossed checked about the builders, whose properties we are interested in at Ulwe, with some other builders (who are friends of mine). So yes, we have done proper research (can discuss more via e-mail or phone) before zeroing down on these properties.
  • Thanks for your view points Aman .. Please give me some time to decide and if keen I will get in touch with you ..
  • Update:

    (a) 1 member has confirmed via message yesterday that he definitely wants to be part of the group. So now we have 6 confirmed members on board....

    (b) Some members wanting 1 BHK have sent messages that they also want to be part of the group. Whether a person wants 1 BHK, 2 BHK or 3 BHK, we would be happy to accept him/her as part of the group, as most builders have both 1 BHK and 2 BHK in either the same building at Ulwe or having some building coming up nearby at Ulwe which has either 1 BHK, 2 BHK or 3 BHK apartments.
  • what project are you specifically looking to invest in as a group investor?
  • which sector u ppl beleive is the best with some promising builders?????list out... hw much is the psf rates ???quoting..if we go in a group, we will have a good deal...
    even i would be interested in this group & can bring 2 more with me...let us know which builder which project u ppl are targeting..
  • Some general points:

    After adding the floor rise, development charge and stilt parking etc. the rates being quoted by most builders in Ulwe come to an avg. of around Rs. 5000-Rs. 5200 per sq. ft. The stamp duty, registration, VAT and service charge further adds up to about 9% to the total cost.

    Our entire group believes we should at least get so much reduction per sq. ft from the builder that the final rate charged (excluding stamp duty, service tax etc.) but after taking into account the floor rise, stilt parking charge etc. should be such that, in a worse case scenario, even if the RE market sees a correction in 2013-2014, our buy at Ulwe should still be attractive/profitable.

    One more thing....my own personal experience in the Mumbai real estate in the last 2-3 decades has been that a building which is near completion is slightly preferable to a building that may take 2-3 years for the construction ("a bird in hand....."). So, if the deal one is getting for a project which is near completion is, more or less, the same as the rates being quoted for a project that is about to start, perhaps preference should be given to the project which is in the final stages of completion.

    Our group has identified 2-3 buildings which are near completion. Of course,having said this, the selection still being the "work in progress"....so anyone in the group identifies a new project at Ulwe, the whole group goes to check out that building e.g. our most recent addition to the group had visited a building at Ulwe which is nearing completion and he has sent us pics and a video he shot of that building recently via an e-mail. The whole group may now go and check out this building this coming weekend.

    Though some people on this forum (on some other threads) have talked about certain sectors e.g. sector 19 being preferred in Ulwe region, we have gone to Ulwe a number of times and I think, right now, it's more building rather than sector centric i.e. emphasis is more on the quality of the building under construction, the builder involved rather than the sector per se.

    We are already in talks with two builders and initial round of talks have been very encouraging. But rather than discuss the finer details on an open forum, the strategy being adopted by our group, so far, when interacting with the builders, the builders shortlisted, the rates etc. which we think would make the flats a good buy etc. could be, perhaps, better discussed by exchanging e-mails with each other?

    Please let me know what you feel....
  • Rohu01, have sent you a detailed e-mail.

    The Person with the userid "donkeykong"....please check the message in your inbox.

    Guruy777, could not sent you a PM, as getting a message that you have disabled this facility. Please try to PM me instead and I will send you the details.
  • just be carefull - 2010 dec also some come like this to join a group, and finally i bought with that builder alone and that guy who is forming a group is relation from that builder.
  • check his profile

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    03-01-11 #21 - Add Post To Favorites Ariz_sh
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    Yup try n visit the locations to be dissappointed.. Why would one purchase a flat 4000 psf in area like this which is still under Gram Panchayat and not by Cidco??. Water is supplied by MIDC?? when ready/Uc flats are available in much more developed areas like kharghar, kamote and future area like ulwe..

    Few Propeties that I visited recently was in Kharghar sec 35, taloja nr station, kamothe and ulwe

    Here is summary on the property prices

    - Kharghar u/c flats 4500 in a tower and in 4 storey u/c building 3800
    - Taloja U/c it's abt 2700-2800 psf with metro already planned
    - Kamothe ready flat 4500 ( I really liked one flat here decent price )
    - Ulwe U/c flats 4-4500 in a tower and in 4-7storey u/c building 3800

    check his last activity

    New Member

  • Userid "Housie2012": Welcome to the group. An important meeting of the group is scheduled this week and I will soon let you know the details (venue, date, time etc).

    Ujval, Vivek and the userid "skullbox", please check your e-mails. And if I may....may I suggest you edit your posts and remove your e-mail addresses from this thread, otherwise the moderators of this forum may take away your posting rights for some days.
  • Thanks Aman, Please do let me know the meeting details.
  • A quick update:

    1. The total confirmed members of the group, as of today, stands at 10. When the core group was formed, the idea was to negotiate and hopefully finalise the deal with a builder within a certain given time frame, so we may close the group when the group strength reaches, let's say, approx. 20 members. In case you want to join the group, please indicate so clearly e.g. "I definitely want to be part of this group" either on the thread or via PM.

    2. We have taken due note of one of the persons' rather mischievous post on this thread hinting at the possibility of people in the group being related to a builder etc. To the best of my knowledge, there is NO ONE in the core group who is a relative of any builder and/or connected to any real estate agent and I don't think there is any member in the group who has recently joined us through this thread related to any builder and/or any estate agent either.

    3. The only interest this group is representing and protecting is that of the group itself. All group members would meet, every member would bring his/her idea to the discussion table (any building he/she has seen at Ulwe, what according to him/her is a good project etc)., each project would be discussed and evaluated on its own independent merit and then, hopefully, a decision arrived after giving consideration to everyone's point of view. Finally, the project chosen would be the project which is good (financially or otherwise) for the group.
  • Hi Aman,

    I am also interested in joining the group. Do share the details with me.

  • Praful, please pm me your contact details.