Team-BHP - The Property / Real Estate Thread

This will be a very noob question for all of you. After a serious discussion last night with my friends, we were discussing investing in properties in upcoming tier2 and tier3 towns. Now most of us have purchased an apartment either in our hometowns or Bangalore. We were thinking if it makes sense to spend in a cities like Hubli, Jamnagar, Cuttack, Salem, Nashik, etc. There are apartments available from 10L and villas available from 20L. And pretty good in terms of amenities too. Would you guy think it makes sense to do this?

With my savings, I can close my current home loan. Or with the same amount, I can actually buy an apartment in one of the above cities. What would you guys suggest? Has someone done this just for the sake of investment? If yes, then share your experiences.

Quote:

Originally Posted by creative420 (Post 3466771)

We were thinking if it makes sense to spend in a cities like Hubli, Jamnagar, Cuttack, Salem, Nashik, etc. There are apartments available from 10L and villas available from 20L. And pretty good in terms of amenities too. Would you guy think it makes sense to do this?

Have you given a thought to investing in the Nilgiris. Coonoor especially?

There are many folks from cities, especially Bangalore and Mysore who have invested here. They have built cute homes measuring 3000 sqft in 25 to 30 cents of land.

The idea was to build and then sell later, however no one has.:D Blame it on chilling out here during the weekends and also some of them let it out as private guest homes during the season. Further the property also lies maintained as there are caretakers for the guest home.

Benny

After 6.7 years of stay at the same apartment, i am looking to move to a new place by August 31st/September 1st. Currently staying at HSR layout and ask anyone for a rental apartment, the first discussion starts around 10 months advance. I find it unreasonable, its a personal opinion/problem so please, no offence meant !

Where can i find a minimal 2BHK with amenities like water, car parking, electricity at HSR layout, Haralur, Bellandur, Sarjapur road area ? How much rental advance is reasonable ? I am okay to pay up to 6 months but currently unable to afford beyond that. I am looking at Rent in the range of 13-15k (all inclusive) slightly negotiable. For a family of three.

Same time,i am also open to look at buying a ready to occupy apartment in the above areas, but with a tight budget. If anyone planning to sell their apartments or know of any such sale ads in the above areas (within 40L ) then, please let me know. Looking at a place to stay not for any investment/resale purpose.

And woes with the online portals:

Magicbricks isnt working (does not let me reset password), 99 acres throws up agents. Commonfloor search isnt working !

Quote:

Originally Posted by sunishsamuel (Post 3470801)

Just quick advice as I was in the market for similar rental. For the rental values you provided, the apartments I saw were next to terrible. Anything livable within an apartment community is 20k and up in the whole of HSR Layout. You might get lucky with independent owner owned floors as part of their own house, but even that in good and safe areas are upwards of 18k.

And yes, almost everyone asks for a 10 month advance but I've seen a few come down to a lakh. So that seems plausible. You'll have to search hard - there are way too many brokers operating around. Be patient, and don't let go off your current place until you find a new one, and sign the agreement.

Alternatively, move to Coonoor like Bejoy says :D 15k will find you a brilliant little cottage there!

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Originally Posted by Red Liner (Post 3471512)

Alternatively, move to Coonoor like Bejoy says :D 15k will find you a brilliant little cottage there!

Yes, your point well taken. If i had an option to reach Bellandur from Coonoor in 1-1.5hr every day, i'd have loved to stay at Coonoor. At least, i can enjoy my time after work and weekends, along with some fresh air :)

I have decided to increase my budget for a better place and started looking out accordingly. But the owners and agents suggested me to look after august 2nd week as they are confident that getting an apartment is easy and 15 days is enough to find one. I have not checked for any place in the last 6.7 years and got a bit worried considering family requirements. Thanks a lot for the inputs and feedback, i dont think i need to be paranoid at this time and hope to find a good place to stay soon.

Quote:

Originally Posted by sunishsamuel (Post 3471595)

I have decided to increase my budget for a better place and started looking out accordingly. But the owners and agents suggested me to look after august 2nd week as they are confident that getting an apartment is easy and 15 days is enough to find one.

I would recommend you start searching right away so you begin understanding pricing, areas, facilities, feedback from Neighbors and most importantly sleep on possible places before taking decisions. Plus, since you are in the game early on, it does seem to become one. A game.

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Originally Posted by Red Liner (Post 3471613)

Sunish Samuel , I had suggested my 2bhk place at Bellandur @36 , beside the Mall ..what say? PM reply:)

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Originally Posted by pulsar56 (Post 3471467)

Hi Benny,

What would be approximate costs for investing in Coonoor?

The Nilgiris is divided into municipality and panchayat zones. Prices vary according to area.
Prices also depend on the volume that you are able to buy. You can still buy an acre of tea estate for like 20L per cent and at the same time find 10L per cent in gated communities. We are also planning to develop another gated community in Coonoor.

Fex, My 10 cents of land on Kotagiri Road and asking 2.5L per cent. On the main road and ready for construction. If you go down a bit further, you can find cheaper. However you would need to move earth for road and construction. So the price is determined by various factors.

Minimum 5 cents of land are required to get a building plan approved.

I suggest you pick up 20 to 30 cents of land and build a 2500 sq ft home, a little away from town limits. Will appreciate over time and will also double up as your summer home.

Drive down here someday and I will organise for you to see some properties.

Quote:

Originally Posted by beejay (Post 3471841)

Minimum 5 cents of land are required to get a building plan approved.

I suggest you pick up 20 to 30 cents of land and build a 2500 sq ft home, a little away from town limits. Will appreciate over time and will also double up as your summer home.

Drive down here someday and I will organise for you to see some properties.

Thank you for the information Benny. Will get in touch with you later once I finalize my plans.