Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 2nd March 2016, 09:55   #1846
Senior - BHPian
 
schakravarthy's Avatar
 
Join Date: Dec 2013
Location: KA 09 / KA 02
Posts: 1,305
Thanked: 3,707 Times
Default

Quote:
Originally Posted by maddy42 View Post
We purchased a site in the Sathghalli B zone outside the ring road. What do you expect of the growth prospects of this area? Price we paid was about 2100 psqft. Mysore has always been a "will grow soon" city but nothing shows from the growth prospect other than crazy price for real estate.

As of now we see a lot of activity with regards to sites, but no industry activity which can compensate for the same. Am i being pessimistic in this crowd of optimism?
I'm not sure I understand your query.. Did you purchase it as an investment, or do you have plans of settling down there? If investment, then I guess the "crazy price for real estate" must've already justified your investment, no? If as a self-residential option, you might have to wait a bit longer before the area 'tames down'.
The residential property I currently stay at has multiplied 10 times over in the last decade, no exaggeration. The land still commands a premium at Mysore.
I would say hang to that site for a bit longer. Your investment won't go in vain.
schakravarthy is offline   Reply With Quote
Old 3rd March 2016, 09:45   #1847
Senior - BHPian
 
maddy42's Avatar
 
Join Date: Aug 2007
Location: Phoenix, Coorg
Posts: 1,817
Thanked: 426 Times
Infractions: 0/1 (5)
Default

Thank u for that.. Just concerned at such a large chunk of money which goes to an very small piece of land... With the same amount you could grow some food for humans! Lol anyways whom am I kidding!

On a side note I noticed land value in my district Coorg has been escalating. Only issue is urban centers have no town planning or proper garbage and sewage disposal and the site owners have to take care of these on their own. And if anyone is interested in purchasing coffee plantations, the price at which they sell currently will never yield a return on the investment by just cultivating coffee. The price and the cost of labor doesn't match with the inflation of coffee prices.

Maddy
maddy42 is offline   Reply With Quote
Old 3rd March 2016, 14:59   #1848
BHPian
 
Join Date: Jul 2005
Location: Bangalore
Posts: 262
Thanked: 36 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by schakra View Post
Please help me with this dilemma as I need to inform the developers before 4th March.
I had invested in Mysore in 2006 along with a fnd of mine as well in one of the society layout that was to be formed in a similar fashion as yours. The land was in society name, however plan approvals and every other documentation was pending and been pending till 2014.
However the total cost of 3.2 lacs for a 1200sft was collected and never appreciated since the property papers was not in my name and neither the layout formed because of approvals pending from MUDA.
So pls check for sure if the MUDA approval is already obtained and only then invest in such layouts.

ps: I anyways opted to come out of the deal along with my fnd with 100% money in 2014 that I had invested and aprpecite the society chief to oblige with this. But if you see from 2006 - 2014 - my 3.2lacs never appreciated and no interest.
anup7649 is offline   Reply With Quote
Old 3rd March 2016, 15:10   #1849
Newbie
 
Join Date: Aug 2013
Location: Namma Bengaluru
Posts: 23
Thanked: 6 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by anup7649 View Post
So pls check for sure if the MUDA approval is already obtained and only then invest in such layouts.

ps: I anyways opted to come out of the deal along with my fnd with 100% money in 2014 that I had invested and aprpecite the society chief to oblige with this. But if you see from 2006 - 2014 - my 3.2lacs never appreciated and no interest.
Anup7649, thank you for sharing your experience and I am sorry to hear about the problems you had to go through for this property investment. The developer had informed me during booking that its a MUDA approved site and the same is also mentioned on their website. The land will also be registered in my name after the allotment.
This is the developers 5th phase of the same layout, I had visited their previous phases and they have been properly developed with roads, sewage system, site demarcations etc. so the developer seems genuine.
My only concern is if the prices of the land will appreciate in the future as Mysore is not growing as rapidly as Bangalore hence I didn't want this to be a dead investment.
schakra is offline   Reply With Quote
Old 3rd March 2016, 15:11   #1850
BHPian
 
TorqueyTechie's Avatar
 
Join Date: Apr 2014
Location: Bengaluru
Posts: 539
Thanked: 741 Times
Default Re: The Property / Real Estate Thread

Folks, very specific query regarding plots in mysore. I am looking at investing some money for purchasing a plot in mysore. The budget I have in mind is around 10-15 lakhs. Any suggestions as to which area I should look for buying in mysore? Though for now its investment purpose, I might plan to settle down there in future.

Also, do banks provide loans for purchasing plots?
TorqueyTechie is offline   Reply With Quote
Old 3rd March 2016, 15:45   #1851
BHPian
 
Join Date: Jul 2005
Location: Bangalore
Posts: 262
Thanked: 36 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by schakra View Post
My only concern is if the prices of the land will appreciate in the future as Mysore is not growing as rapidly as Bangalore hence I didn't want this to be a dead investment.
Quote:
Originally Posted by TorqueyTechie View Post
Any suggestions as to which area I should look for buying in mysore?
Also, do banks provide loans for purchasing plots?
Great to hear about that sChakra. Do note that with the volume of sites available in Mysore now, the reselling will do take time. Also the incremental gain will be slow when compared to Pune or Bangalore for sure and thats the call you have to take.
I love mysore for it being a peaceful city (I have seen it through 3 decades and the way it has grown), hence it is an apt retirement place.

TorqueyTechie - The areas you could look at are Nanjangud road (i.e towards ooty), T.Narsipura road, Madikeri highway, areas of Bogadi, and towards Brindavan garden.
All nationalised banks provide plot loans.

Regards,
Anup
anup7649 is offline   Reply With Quote
Old 3rd March 2016, 16:18   #1852
BHPian
 
Join Date: Apr 2009
Location: Bangalore
Posts: 442
Thanked: 33 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by anup7649 View Post
Also the incremental gain will be slow when compared to Pune or Bangalore for sure and thats the call you have to take.
Quote:
Originally Posted by TorqueyTechie View Post
Also, do banks provide loans for purchasing plots?
Not sure about Mysore, but 10-15 lakhs is too low for Bangalore. For that amount, any site will be good distance away from the city, somewhere beyond the PRR (or if one is lucky, close to the PRR) and in all probability with no individual electricity connection, no water, no working sewerage connection even if they claim it exists, no security, no shops for groceries and mud road for access. Plus the headache of actually going there once in a while to ensure that someone has not encroached on your land. Also one should watch out for the status of land, whether it is on a lake, gomala land, need for conversion, etc.

Almost all banks provide land loans. Interest rates are marginally higher with higher downpayment and there are no tax benefits.

Last edited by nowwhat? : 3rd March 2016 at 16:20.
nowwhat? is offline   Reply With Quote
Old 3rd March 2016, 16:35   #1853
BHPian
 
KK_HakunaMatata's Avatar
 
Join Date: Jan 2016
Location: Bangalore
Posts: 336
Thanked: 280 Times
Default

Quote:
Originally Posted by TorqueyTechie View Post

Also, do banks provide loans for purchasing plots?
AFAIK HDFC, Axis and LIC grants loan for purchase of plot. I have a loan from HDFC for plot. Rate of interest is same as any other house loan, currently it's at 9.25 or so I guess.
KK_HakunaMatata is online now   Reply With Quote
Old 3rd March 2016, 16:45   #1854
BHPian
 
chakri400's Avatar
 
Join Date: Dec 2007
Location: Bangalore
Posts: 178
Thanked: 97 Times
Default

Not sure if this was shared before, please excuse if it is a repeat: http://www.financialexpress.com/arti...-loans/217664/
chakri400 is offline   Reply With Quote
Old 3rd March 2016, 19:44   #1855
BHPian
 
diyguy's Avatar
 
Join Date: Jun 2009
Location: Chennai
Posts: 249
Thanked: 111 Times
Default The Property / Real Estate Thread

Quote:
Originally Posted by KK_HakunaMatata View Post
rate of interest is same as any other house loan, currently it's at 9.25 or so I guess.
I have HDFC too and it is 0.05% or 0.15% (I forget) higher than a house loan. I moved from LIC to HDFC. Axis was not responsive and I think they got turned off when I told them it is a plot loan. My current rate is 9.7.
diyguy is online now   Reply With Quote
Old 4th March 2016, 14:50   #1856
BHPian
 
TorqueyTechie's Avatar
 
Join Date: Apr 2014
Location: Bengaluru
Posts: 539
Thanked: 741 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by anup7649 View Post
TorqueyTechie - The areas you could look at are Nanjangud road (i.e towards ooty), T.Narsipura road, Madikeri highway, areas of Bogadi, and towards Brindavan garden.
All nationalised banks provide plot loans.

Regards,
Anup
Thanks Anup let me try searching around that area.

Quote:
Originally Posted by nowwhat? View Post
Almost all banks provide land loans. Interest rates are marginally higher with higher downpayment and there are no tax benefits.
Thank you for the info. I am aware that tax benefits wont be available and am ok with that.

Quote:
Originally Posted by KK_HakunaMatata View Post
AFAIK HDFC, Axis and LIC grants loan for purchase of plot. I have a loan from HDFC for plot. Rate of interest is same as any other house loan, currently it's at 9.25 or so I guess.
Thank you for the info. I think private banks do lend but at a slightly higher ROI. LIC may be same as nationalized banks I guess. Let me try searching around more on that.
TorqueyTechie is offline   Reply With Quote
Old 9th March 2016, 13:39   #1857
BHPian
 
Join Date: Mar 2007
Location: Pune
Posts: 103
Thanked: 6 Times
Default Re: The Property / Real Estate Thread

Hi Folks,

I am contemplating buying of an apartment in Prestige Shantiniketan, Bangalore. I really liked lay out of flat as well as the community/open space/amenities.

I had some questions. Please share your insights if you stay there/have stayed there or have POVs.

1. Is there any concern around construction quality of Shantiniketan ? I know the story of the building collapse etc. However, if anyone has first hand experience, is construction quality of apartment really bad?( eg. Seepages, cracks etc.)
2. I heard that the lifts used in towers are of inferior quality and have frequent breakdowns. Is that right?
3. Landowner is selling his share of apartments in tower 5 for around 7100/- psft ( including car parking ). These are unused flats. At this rate - is it a good buy with end user perspective? I am planning to stay there. Do we see any upside from this level in future?

Thanking you in advance!
pranav_mankad is offline   Reply With Quote
Old 9th March 2016, 15:24   #1858
Team-BHP Support
 
Join Date: Feb 2004
Location: Bangalore
Posts: 11,727
Thanked: 9,038 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by pranav_mankad View Post
Hi Folks,

I am contemplating buying of an apartment in Prestige Shantiniketan, Bangalore. I really liked lay out of flat as well as the community/open space/amenities.

3. Landowner is selling his share of apartments in tower 5 for around 7100/- psft ( including car parking ). These are unused flats. At this rate - is it a good buy with end user perspective? I am planning to stay there. Do we see any upside from this level in future?

Thanking you in advance!
FLats are decent. The ones you are looking at have never been used. Expect teething issues + seized fittings etc. No idea about elevators. MY cousin stays there. I will find out more on Fri
ajmat is offline   Reply With Quote
Old 11th March 2016, 17:45   #1859
BHPian
 
Join Date: Mar 2007
Location: Pune
Posts: 103
Thanked: 6 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by ajmat View Post
FLats are decent. The ones you are looking at have never been used. Expect teething issues + seized fittings etc. No idea about elevators. MY cousin stays there. I will find out more on Fri
Thanks ajmat! Ill wait to hear further from you.
Meanwhile, is there any feedback on Sobha Habitech? I see a new apartment coming up in front of it. Given this, is that a good buy?

Thanks
pranav_mankad is offline   Reply With Quote
Old 12th March 2016, 12:56   #1860
Team-BHP Support
 
Join Date: Feb 2004
Location: Bangalore
Posts: 11,727
Thanked: 9,038 Times
Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by pranav_mankad View Post
Thanks ajmat! Ill wait to hear further from you.
Meanwhile, is there any feedback on Sobha Habitech? I see a new apartment coming up in front of it. Given this, is that a good buy?

Thanks
Spoke to my cousin

Price is a little high but only saving grace is that the views from these apartments (audikeshavalu's) and nice - pool side. Lifts sre Hyundai, sometimes erratic but the maintenance team are prompt

Construction quality is not that great
ajmat is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
A trip out of Real estate to TEA ESTATE - Our Valparai vacation ch.nathan Travelogues 47 4th May 2012 16:00
Interesting website for availing discounts on bulk buying for cars, real estate etc. DCEite Shifting gears 0 6th September 2010 16:15


All times are GMT +5.5. The time now is 09:35.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks