First off, I would like to say this is a great community and loads of invaluable information for real people (as opposed to the dubious articles in the press who have vested interests in the RE sector). Great job to each and all of you.
I am presently looking to relocate from my current residence of 30+ years (Bandra) to another place. The reason for the relocation is due to a local politician's in-law (the builder) buying 8 of the 12 flats in my building. We've decided to move before things get painful, but making sure we are getting decent money for it.
After having a look at surrounding suburbs, I feel the costs are much too prohibitive and offer tiny spaces as well. I was thinking about Andheri-Goregoan, but I've been warned that these areas are very congested and crowded to travel to and from.
I've liked a 3BHK - 1450 sqft place in Santacruz East (Vakola) but I am not sure about the area. This is just off the main road (Nehru Road). I found this area to also be very crowded and (excuse any offence) a little 'downmarket'. i.e. I hear Vakola is susceptible during any riots etc. Anyone have any additional knowledge on the Vakola area?
Additionally, with the stock market cascading over the last few weeks and the global enthusiasm on India cooling considerably in the wake of scams/lack of infrastructure, would you recommend that I wait a few more months before I buy?
Also, could anyone advise all the documents that I will have to ensure are in place before buying :
a] A new construction building
b] A resale flat
I look forward to your feedback.
Once again thanks a lot for your help and any recommendations you may be able to provide.
We were in a similar situation like you some 4 years ago , a builder took our bandra w building for redevelopment and we were house hunting for a new flat, like you we had almost finalized a flat in Vakola it was 3BHK flat in almost new building, but luckily for us we happened to visit that locality on a sunday evening to show that locality to my mother and one drive through that area and we rejected the idea straight away,so crowded with hawkers on the street just outside the building and people from nearby slums and rickshawallas and all coming there to enjoy sunday evening market, so finally it was no to Vakola, we decided on Shivaji park where we got a flat at a little higher price but it was worth it. You should explore Matunga, Shivaji Park and Hindu Colony area too they have decent buildings