The Property / Real Estate Thread

[heavy_foot]

Which are the best builders to look for in Kharghar, in terms of the quality of constrution and peice of mind? planning to buy a flat there. Can anyone recommend a good website for real estate?

[spadival]

Another good idea is to visit an apartment complex that has been built by the same builder, preferably one that is around a year old. You can gain a lot of insights like:

1. Whats the quality of construction that you can expect?
2. Did the builder deliver on time? This has an big impact if you take out a loan AND find out that you have to pay EMI and also rent a place till the apartment is ready!!
3. Did the builder deliver what they had promised (Eg Gym, garden etc)
4. Whats the maintenance cost and how well is the builder maintaining the complex in the first year?


You should try and get this visit arranged via the builder themselves. Any hesitation on their part will give the game away !! I used this approach when I got an apartment in Chennai.. I was one of the first to book.. only the land was purchased at the time.. forget the foundation, even the old building on the site wasnt demolished yet when I booked !! ... But I wasnt disappointed in the end. The builder did deliver the goods !!

PS: for prospective apartment buyers in Chennai.. I recommend XS Real

[bill1182]

Originally Posted by amitsingh08

khanak: Do you live in the Hiranandani Powai complex? I'm planning to buy a flat there, but am concerned my work commute will be long. If lucky, I'll work in Seepz. But could end up in Vile Parle West or Dadar. How much time would it take me to drive to Andheri station, Kanjurmarg station and Dadar?

Kanjurmarg - 10 min off peak and 20 min Peak

Andheri - 25 min off peak and 45 min Peak

Dadar - 40 min off peak and 1.15 hr to 1.35 min peak

Seepz would be 10 to 15 min any time...

[amitsingh08]

wheeliej: Thanks for an amazing post. The information is so helpful, specially to someone like me who hasnt bought a flat before. Going to see 3 under-construction projects in Chembur,Mumbai today.

Comments on carpet vs super built-up are very insightful. Builders say a 25-30% difference. Total BS. It's more like 50% i.e. you pay double!

Originally Posted by heavy_foot

Which are the best builders to look for in Kharghar, in terms of the quality of constrution and peice of mind? planning to buy a flat there. Can anyone recommend a good website for real estate?

I too am considering a flat in Navi Mumbai, but was leaning towards Nerul becuase its closer to water.
Do you prefer Khargar? Is is becuase of expected appreciation when airport is built. I've always doubted this theory. Property prices surrounding existing CST (Sahar) airport arent high. Why would they be for Kharghar?
None [hide]

[heavy_foot]

Originally Posted by amitsingh08

I too am considering a flat in Navi Mumbai, but was leaning towards Nerul becuase its closer to water.
Do you prefer Khargar? Is is becuase of expected appreciation when airport is built. I've always doubted this theory. Property prices surrounding existing CST (Sahar) airport arent high. Why would they be for Kharghar?
None [hide]

I have lived in Navi Mumbai all my life , in CBD belapur. Kharghar is only a couple of KMs from there. I am also guessing property rates are lower in Khargher than Vashi , Nerul and CBD. Kharghar also has wider roads , good educational institutions also hear that a IIM is coming up here..so Kharghar looks like a good option to me.

[amitsingh08]

Khannak and others:
Visiting Powai tomorrow on Sunday, Sept 16 for the first time in my life.

Can you please recommend places I should see to get a good feel for the neighborhood.

Looking to see flats to buy. Could you also recommend buildings I should see?

Thanks

Amit

[khanak]

What part of Powai are you looking at? If your looking at Hiranandani the only buildings available as of now are Richmond and the last 3 Glen buildings, unless you go through the seconds market. For Richmond and the other new building you can go directly to the Hiranandani sales office at Olympia. For the others there are a couple of brokers just opposite Olympia in Galleria.

Check out Haiko and DMart where you'll be doing most of your shopping, Also maybe some restaurants (though Powai has very few decent restaurants).

Hope this helps, Best of luck.

[amitsingh08]

Thanks a lot khanak, leaving in 2 hours

Amit

[amitsingh08]

Visited Hiranandani, my notes
* Saw Glendale which has 3 bed rooms, 2 flats per floor
* Richmond (5 bhk) and Glenridge (4bhk) are also on sale
* Rs 15250 per sq ft. I almost soiled my pants
* Construction quality very good. Fantastic lift, building lobby. Good flat tiles, windows.
* Sale area is 2125 sq ft. I examined the layout dimensions per room and did the Math. Carpet area is 1518 sq ft. This is a 40% markup - not good.
* Purchase of 2 stilt and 1 podium parking compulsory. Costs 14.5L
* Total cost is 3.24 Cr. Even the NRIs can now go home.

Saw Lake Homes too surrounding Chandivili Lake, which in fact looks more like a gutter. Didnt enter complex, so dont know details.

Link road from eastern express highway to hiranandani is great in some patches and very bad in others. Wide in some areas and 2-lane in others. Quite wierd, I think.

Sorry for to much criticism. This is just 1 person's point of view

[Mpower]

Originally Posted by amitsingh08

* Total cost is 3.24 Cr. Even the NRIs can now go home.

Dayum! Rule of thumb..you (not you) need to be making 1 cr per year to be able to afford that. (unless you are selling your old flat for 2.5 cr)

[khanak]

Originally Posted by amitsingh08

Visited Hiranandani, my notes
* Saw Glendale which has 3 bed rooms, 2 flats per floor
* Richmond (5 bhk) and Glenridge (4bhk) are also on sale
* Rs 15250 per sq ft. I almost soiled my pants
* Construction quality very good. Fantastic lift, building lobby. Good flat tiles, windows.
* Sale area is 2125 sq ft. I examined the layout dimensions per room and did the Math. Carpet area is 1518 sq ft. This is a 40% markup - not good.
* Purchase of 2 stilt and 1 podium parking compulsory. Costs 14.5L
* Total cost is 3.24 Cr. Even the NRIs can now go home.

Saw Lake Homes too surrounding Chandivili Lake, which in fact looks more like a gutter. Didnt enter complex, so dont know details.

Link road from eastern express highway to hiranandani is great in some patches and very bad in others. Wide in some areas and 2-lane in others. Quite wierd, I think.

Sorry for to much criticism. This is just 1 person's point of view

Dude thats the rate in Hiranandani. Infact some of the buildings near the lake are goign as high as 18k in the seconds market.

If your still keen on Powai I may be able to suggest some more properties.

[khanak]

Originally Posted by amitsingh08

Link road from eastern express highway to hiranandani is great in some patches and very bad in others. Wide in some areas and 2-lane in others. Quite wierd, I think.

Its part of the Jogeshwari Vikhroli Link Road. Some parts are still to be done, and the parts that are still left are BAD

[amitsingh08]

Originally Posted by khanak

Dude thats the rate in Hiranandani. Infact some of the buildings near the lake are goign as high as 18k in the seconds market.

If your still keen on Powai I may be able to suggest some more properties.

Khanak, this was a big learning experience for me. I wasnt up to speed on how demand for Powai has grown.

People paying 18K says something about how likeable Powai is.

But I dont think its going to work for me. A lot of my work happens in South Mumbai and Vashi. So I'm considering Matunga(E) or Chembur as options.

But I'm curious. Do you know buildings selling for 7.5K?
That's the rate in Chembur.

Thanks for your advice; it has been super helpful.

Amit
None [hide]

[khanak]

Originally Posted by amitsingh08

Khanak, this was a big learning experience for me. I wasnt up to speed on how demand for Powai has grown.

People paying 18K says something about how likeable Powai is.

But I dont think its going to work for me. A lot of my work happens in South Mumbai and Vashi. So I'm considering Matunga(E) or Chembur as options.

But I'm curious. Do you know buildings selling for 7.5K?
That's the rate in Chembur.

Thanks for your advice; it has been super helpful.

Amit
None [hide]

No problem, I used to live in Chembur earlier so I might be able to help you out there too.

Anyways Hiranandani is a lot more expensive as compared to the rest of Powai.

As for Chembur, try looking at Diamond Garden or somewhere overlooking the golf course if you can. IMO theyre some of the best areas of Chembur. A lot of new buildings are coming up around Diamond Garden becasue builders are buying a lot of bungalows and building apartments in their place.

[Samurai]

Last month when I was driving around in Manipal with a friend, I showed him an under-construction gated community consisting of independent villas next to End Point. Then I told him the price of one 5BR villa. After collecting his jaw from the car floor, he asked me why. The site area was 3600ft (60ftx60ft), don't know about the built area, and the price was 60L for the fully built house without any extras. The only answer happens to be it is cheaper than Bangalore. But there are loads of NRIs buying it up as if there is no tomorrow. Unlike Bangalore, there is no real demand here, nobody is moving in to rent these mega-houses. Still builders are building in a frenzy and non-resident (RIs and NRIs) buyers are buying in a bigger frenzy.

Today I heard a new story, that 60L is real old news. Somebody we know approached the developer with the understanding of purchasing the same villa for 1 crore. But as they met the developer, he told that the price has gone up by Rs.200/sq.ft of the built area, kicking up the price by nearly 10L. The buyer finally saw the stupidity of the whole thing and backed away.