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Old 15th May 2023, 12:03   #2761
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Re: The Property / Real Estate Thread

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Originally Posted by 1LR-GUE View Post
Hi all,

I have some queries -
1. When purchasing a flat/gated community villa, did you have anything in the agreement document, stating that builder is liable to cover for latent damages in the construction for a certain period after handing over the property?
This is known as Defect Liability clause. Specifically look for this in the agreement. Has to be atleast 2 to 3 years at the minimum. More the better.

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3. Also, what are your thoughts on home insurance?
Take an All Risk (as opposed to Named Peril) cover including contents.
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Old 15th May 2023, 12:07   #2762
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Re: The Property / Real Estate Thread

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Originally Posted by AltoLXI View Post
I was enquiring about the rates and the engineer told me the average cost of construction (neither bad not very good construction) would be in the range of 2500 per sqft. My budget is around 2000 per sqft.
Rates for key items have gone up - steel, cement mainly.

Please remember that this rate of 2500 is not cast in stone. It can go up, too. The one way out is to plan well to see what alternative materials can you use to reduce costs. May be hollow bricks for interior walls, etc. Optimize electrical wiring - also helps reduce the deposit you need to pay to HESCOM.

Suggest to check around and find contractors who are willing to explore alternative materials. However, foundations and key sections like pillars should not be compromised on.
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Old 15th May 2023, 12:15   #2763
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Re: The Property / Real Estate Thread

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Originally Posted by condor View Post
Please remember that this rate of 2500 is not cast in stone. It can go up, too. The one way out is to plan well to see what alternative materials can you use to reduce costs. May be hollow bricks for interior walls, etc. Optimize electrical wiring - also helps reduce the deposit you need to pay to HESCOM.
Yes, he mentioned 50k for HESCOM. Apart from that 1 lakh for borewell, compound walls, permissions, gates etc. are not included. He mentioned he will use hollow bricks though.

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Originally Posted by condor View Post
Suggest to check around and find contractors who are willing to explore alternative materials. However, foundations and key sections like pillars should not be compromised on.
The engineer said he will plan for G+3 and will get the permission but based on budget the construction can be one or two floors.
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Old 15th May 2023, 14:47   #2764
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Re: The Property / Real Estate Thread

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Originally Posted by AltoLXI View Post
Is the rate 2500 per sqft reasonable? Any pointers to how I can meet my budget? If nothing works out I may be forced to go with only one floor.
Yes, that is the average rate that includes reasonable good quality of materials. And this would go up when other excluded items gets added up, like elevation cladding, compound wall etc.

Yes, the only thing that you can do to reduce the cost significantly is to reduce your square feet area.
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Old 17th May 2023, 19:04   #2765
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Re: The Property / Real Estate Thread

Anyone who has recently bought or constructed their property in Gurugram?

Actually I had booked an under-construction builder floor in Sushant Lok 1 in March and was told by the builder that the OC would come in April end and thereafter they would complete the left over construction. But its almost may end and the OC still hasn’t come and the builder is saying that it is delayed from the back by the authorities. Anyone has any idea how much time it takes in Haryana specifically Gurugram for OC to come after application?

Last edited by Chetan_Rao : 18th May 2023 at 11:56. Reason: Typos
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Old 17th May 2023, 23:41   #2766
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Re: The Property / Real Estate Thread

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Originally Posted by ninjatalli View Post
Bangalore guys - if any of you have purchased a flat in any of the gated community multi-block apartment complexes (e.g. the Shoba / Brigade / Purva / other options), what is generally the UDS ratio observed? Also, what is a good UDS ratio to aim for with regards to evaluating old(er) resale flats?
Would this not over complicate an objective evaluation? I looked at 4 different resale apartments in a single project. Sobha Forest View. Firstly its hard to like an apartment that is not well maintained. Especially the ones with messy tenants. Then, one needs to like the entire project itself - the location, the looks, the amenities, the fees etc. Someone asked me what the UDS of my apartment was. I was so tired considering all the other parameters, that I did not bother getting the answer to that question. Correct me if I am wrong - the UDS matters several decades down the line, when the land would be used to build new apartments. Right? I am hoping I did not miss out considering an important factor into account.

Last edited by GutsyGibbon : 17th May 2023 at 23:42.
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Old 18th May 2023, 06:26   #2767
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Re: The Property / Real Estate Thread

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Originally Posted by AltoLXI View Post
Yes, he mentioned 50k for HESCOM. Apart from that 1 lakh for borewell, compound walls, permissions, gates etc. are not included. He mentioned he will use hollow bricks though.
.
I am in the same boat. Post COVID, rates have shot up 2500 is the minimum rate you will get in Chennai with hollow block and m sand. 2800 will be quoted by reputed contractors. Rates were around 2000 in 2019 times. Outskirts of Chennai and South TN will now quote around 2100 and 2200 which was earlier 1700.

I have scaled down my project significantly and looking to start. Try to go to fixed price contract if possible.
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Old 18th May 2023, 08:52   #2768
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Re: The Property / Real Estate Thread

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Originally Posted by GutsyGibbon View Post
Would this not over complicate an objective evaluation? I looked at 4 different resale apartments in a single project. Sobha Forest View. Firstly its hard to like an apartment that is not well maintained. Especially the ones with messy tenants. Then, one needs to like the entire project itself - the location, the looks, the amenities, the fees etc. Someone asked me what the UDS of my apartment was. I was so tired considering all the other parameters, that I did not bother getting the answer to that question. Correct me if I am wrong - the UDS matters several decades down the line, when the land would be used to build new apartments. Right? I am hoping I did not miss out considering an important factor into account.
UDS is important if a project is likely to be demolished in the foreseeable future (say 50 years) for a new development and also the new project should have substantially more developed area compared to what it replaces. Say there are 10 units in the current project, the new project should have at least 20 units so that the newly added 10 units fund the development project. This type of scenario is extremely unlikely for giant gated apartment projects in Bangalore, which unlike cities like Mumbai/Singapore has access to unlimited fresh land to grow.

Buying an apartment in a large apartment project should be all about quality of living for self-occupied use. With or without UDS, they don't offer good RoI so you might as well focus on quality of life above all else. If you use UDS as an important criteria, you will be limited to small apartments with no amenities and poor upkeep. A higher UDS offers a better protection for your investment. This is similar to buying an independent house in 1200 sqft plot - better from an investment point of view but certainly won't match the quality of life in a gated apartment project.

In several countries, only leasehold (99 years lease) properties can be bought. In India, freehold ownership (title is permanent) is more common. As property prices continue to go up, developers will increase the density of occupancy, UDS will shrink further and will become less relevant. Ownership in such projects will eventually look more like the leasehold type.
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Old 18th May 2023, 09:51   #2769
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Re: The Property / Real Estate Thread

We own a 0.4-acre plot situated adjacent to the upcoming Mumbai-Goa Highway, we were thinking about installing some DC fast chargers as it is around 130kms from Mumbai and a perfect distance to top-up for multiple EVs but many people said that it's not that profitable. What are the other options that we can consider?
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Old 18th May 2023, 10:12   #2770
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Re: The Property / Real Estate Thread

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Originally Posted by Venky03 View Post
We own a 0.4-acre plot situated adjacent to the upcoming Mumbai-Goa Highway, we were thinking about installing some DC fast chargers as it is around 130kms from Mumbai and a perfect distance to top-up for multiple EVs but many people said that it's not that profitable. What are the other options that we can consider?
Lease it to some sucker who wants to run a EV charging station Running a profitable business is a pain, let someone do that while you collect your lease, unless you are passionate about some business.
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Old 18th May 2023, 15:14   #2771
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Re: The Property / Real Estate Thread

Hi All,

Have been exploring gated societies with plot for sale. My thought process is to purchase a plot outside of Bangalore city and construct a house (not for investment). Want it to be a spacious place with garden, parking and all upwards of 2000 sqft. Currently viewed two projects -

1. Godrej Woodland
2. Pushpam Lush County

Anyone has explored these? Would like to know your experience and opinion. Thank you.
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Old 18th May 2023, 16:53   #2772
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Re: The Property / Real Estate Thread

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Originally Posted by amay1283 View Post
Hi All,

Have been exploring gated societies with plot for sale. My thought process is to purchase a plot outside of Bangalore city and construct a house (not for investment). Want it to be a spacious place with garden, parking and all upwards of 2000 sqft. Currently viewed two projects -

1. Godrej Woodland
2. Pushpam Lush County

Anyone has explored these? Would like to know your experience and opinion. Thank you.
If I may ask what is the tentative price range for these plots ?

Regards
Diesel
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Old 18th May 2023, 17:40   #2773
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Re: The Property / Real Estate Thread

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Originally Posted by Dieseltuned View Post
If I may ask what is the tentative price range for these plots ?

Regards
Diesel
In Godrej woodland a 2000sqft is roughly around 90lakhs. They are quoting 4999 per soft with assurance of discount which brings it to around 3999 per soft.

For Puspam Lush County I went through a posting on Nobroker where the offer was of 75 lakh for a 5000 sqft plot which also has some plantation like avocado trees, teak, etc
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Old 24th May 2023, 12:36   #2774
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Re: The Property / Real Estate Thread

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What are the other options that we can consider?
Throw in amenities to catch a quick rest, some food options may be to make them open up their wallets. If your food is a hit with some cool theme to it - itíll make a good place for breakfast rides too !
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Old 24th May 2023, 13:41   #2775
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Re: The Property / Real Estate Thread

Quote:
Originally Posted by ninjatalli View Post
Bangalore guys - if any of you have purchased a flat in any of the gated community multi-block apartment complexes (e.g. the Shoba / Brigade / Purva / other options), what is generally the UDS ratio observed? Also, what is a good UDS ratio to aim for with regards to evaluating old(er) resale flats?
I had a flat with Prestige which i sold off last year while moving out of Bangalore.
The UDS was 50% of the Super built up area in our case.
For reference it was a 15acre society with ~900 flats in multiple low rise blocks.

Incase of high-rise or any different layout the ratio might change.
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