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Rediff.com  » Getahead » Want to buy a house? Here's help

Want to buy a house? Here's help

May 28, 2009 11:30 IST

Do you know what's the going rate per square foot in your neighbourhood? Is it the best time to buy real estate/ home? Or should you wait for a while before buying your dream home?

What are the chances of real estate prices going further down? Or are they likely to go up in the near future? When will the property market stabilise?

To answer these and various other money and invetsment related queries, real estate expert Tushar Bungley, hosted a chat with GA readers on May 28.

For those of you who missed the chat, here's the unedited transcript:


 Venkat asked, Hi Tushar, I have seen one add called SilverOak which is at Horlur (3.5 Kms from Sarjapur Road). They are quoting 1800/- Sq.ft. The builders name is ReliableBuilders. Can you suggest whether 1800/- is value for money at this time. My observation is it takes minimum of 2 yrs to get that area developed.
Tushar answers,  at 2009-05-27 13:34:071800 Rs/ sqft seems to be on the higher side. Is this an all inclusive price ?


SRAM asked, Hi Tushar, I am planning to buy a land (2400SQFT) or land with old house in Chennai (Neelangarai or Velachery). Can you please tell me the market price there now and Is it good time to buy or prices are going down further.. Please advise. Thanks
Tushar answers, In Velachery prices are around 3500 - 4200 Rs/ sqft. Prics in chennai have sustained much better compared to other cities. Now is a good time to buy. Also check out the home valuation section on www.100nests.com


rohanmotha asked, Hi, I am looking to buy a 3 BR flat in Bangalore. I see that prices are slowly coming down. Do you think this is the right time to buy or should I wait for some more time? Kindly advise.
Tushar Bungley answers, This is the right time to buy, reports suggest that prices shall not go down further.


rohanmotha asked, Hi, I am looking to buy a 3 BR flat in Bangalore. I see that prices are slowly coming down. Do you think this is the right time to buy or should I wait for some more time? Kindly advise.
Tushar answers, Start looking at projects and negotiate prices. You can close the deal in probably one to two months.


xyz asked, Hi Tushar, I am planning to buy a 3BHK flat in Bangalore North (near Peenya Industrial Area) and the builder has offered per sft rate of Rs. 2000/- for only the flat. The super built up area of the flats is 1300 sft. Other amenities like car parking, club house etc will be charged extra. The flat will be handed over in 2010 end or at the latest early 2011. It is good option to buy now or wait for a little while longer considering that the market may become better and prices may rise?
Tushar answers, Price is good, but evaluate the builder and find out how many apartments have been booked to ensure that the project gets completed within time.


xyz asked, Hi Tushar, I am planning to buy a 3BHK flat in Bangalore North (near Peenya Industrial Area) and the builder has offered per sft rate of Rs. 2000/- for only the flat. The super built up area of the flats is 1300 sft. Other amenities like car parking, club house etc will be charged extra. The flat will be handed over in 2010 end or at the latest early 2011. It is good option to buy now or wait for a little while longer considering that the market may become better and prices may rise?
Tushar Bungley answers, Prices shall not go down further, but it advisable to buy ready to occupy flats than waiting for 2010 or 2011.


FaltMagnta asked, Where can i buy a flat for Rs. 25 Lakhs and resell it in 2-3 years for good returns?
Tushar answers, Search on www.100floors.com with your budget specified in search.


ABCD asked, In terms and condition of a builder it is written That "the builder shall have the right to raise finance/loan from any financial institution/bank by way of mortgage/charge/securitization of receivables of the said floor subject to the said floor being free from any encumbrances at the time fo execution of sale deed. The company /bank shall always have the first lien on the said floor for all its dues payable by the applicant in respect of loan granted for the purpose of the costruction" IF Builder has first right to raise loan then how can I raise loan on the same property
Tushar Bungley answers, The bank shall have the lien on the whole of the project and the shall not affect your loan procedure or individual apartments purchased by the apartment owners


longnose asked, Tushar, I have a house which is 1.25 grounds in Indiranagar chennai.What will be the current price for this property? Where can I get current property prices? Are there any agencies in Chennai who can help me on this?..Many thanks in advance for your guidance
Tushar answers, You might want to check out exisiting and past and prjected property prices on www.100nests.com Indiranagar should be around 7000 Rs/ sqft


pradeep asked, I have seen resale flat in sector 19 Nerul having area of super builtup 575sq/ft what will be its buying price
Tushar Bungley answers, Stamp duty, and other miscellaneous charges shall be additional from the price or consideration agreed.


GND asked, Hi Tushar, I have seen a flat at Platinum City,Yeshwantpur,blr,Its built by Indian Builders.ITs a 2 BHK house with 1100 sqft and with amenities like Swimming pool,garden,playground,party hall.The price quoted is 34lk.Is the price correct? and for how much can i negotaite?
Tushar answers, Price seems to be on the higher side. Ideally should be around 2400 - 2800 Rs/ sqft


Rajesh asked, I have booked a flat of 880 Sq. feet Builtup area on Floor No. 11in Thane (W) last month. The price was Rs. 2950/- per sq. ft. (Inclusive of floor rise and front facing). Is this a correct price?
Tushar answers, Yes this is in range of the prevailing prices in Thane.


Atul asked, I am planning to buy a flat in pune.I listed one 2BHK flat(850sq. ft.) @ 29lacs. Shall i proceed or wait for some time for further correction?
Tushar Bungley answers, Cities like Pune have not seen much change in prices. However prices will not go down further. So it is advisable to invest now.


GND asked, Hi Tushar, I have seen a flat at Platinum City,Yeshwantpur,blr,Its built by Indian Builders.ITs a 2 BHK house with 1100 sqft and with amenities like Swimming pool,garden,playground,party hall.The price quoted is 34lk.Is the price correct? and for how much can i negotaite?
Tushar Bungley answers, Prices are correct, however can further negotiate it between 2500-3000.


Roopi asked, Hi Tushar.I have bought a 200 square yard residential plot in Omaxe City Patiala for Rs 6000/square yard for investment purpose. Please advice if this investment would be benificial in long term(5-10 yrs).Thanks.
Tushar Bungley answers, Given the longer horizon of the investment, it is expected to give good returns.


SKJ Mumbai asked, is there any benefit for hearing handicapped? i mean some flat at concessional rate?
Tushar Bungley answers, Housing projects by the Govt give privilege to physically handicapped persons under special catergories. So applications can be mede when such scheme is open to public


longnose asked, Tushar, thank you for the reply. Is the price of 7000 for the house or the land. I was told land is the one which fetches the price
Tushar Bungley answers, Price is for the land.


Sashikumar asked, Hi Tushar, What is your opinion on the Real Estate in Chennai for another 1 year. Whether will this come down further?
Tushar Bungley answers, Chennai has not seen much correction in property prices compared to other cities. Property prices have stabilised and are not expected in come down here.


Roopi asked, Hi Tushar.I have bought a 200 square yard residential plot in Omaxe City Patiala for Rs 6000/square yard for investment purpose. Please advice if this investment would be benificial in long term(5-10 yrs).Thanks.
Tushar Bungley answers, Property being a long term investment shall definitely appreciate in such areas. Such areas such become Tier III cities in coming years.


dasari asked, I am planning to buy apartment in SJR Luxuria. Rate per sqft is RS 3000. Please let me know your opinion about this investment.
Tushar Bungley answers, Which city / area is this located ?


kannan asked, Hai, As i am planning to relocate from Bangalore to Hyderabad.But i am having the flat in Bangalore East Area.What i will do now?Whether i can sell it now? Or Leave it for rent/lease for a year time? I have purchased the flat through ICICI Bank. And i am paying the EMI of almost 23000/month..Please advice..
Tushar Bungley answers, Might be a better option to rent / lease it for now and watch and look out for good prices/ buyers.


cherry asked, Hi Tushar, I have planning to buy a residential plot(2400sqft) in Bangalore. I have seen plots in KPTCL layout in Sarjapur and Ramamurthy Nagar Bangalore – The prices quoted is 1800 -2000 psft. Is this price OK and since it is BBMP, Can I avail home loan (composite for site and construction)?
Tushar Bungley answers, The price quoted here are fine and are in the market price ranges.


Sreedhar asked, Hi Tushar I am planning to buy a 3 bhk house/appartment in Bangalore. My wife is more interested in Individual house and i like appartments. Could you advise me on which one to for. Also, i consulted my uncle who is a real estate guy and he says taht prices will go down still and he is advising me to wait till september. Could you tell me what to do now. My budget is around 45 to 50 lakhs.
Tushar Bungley answers, Investment in flat is a better option in this market condition. But that again depends on your choice between flat or individual home. As far as prices as concerned, real estate industry has specified that prices shall not go down further. So no point in waiting to invest.


bala asked, Would you be able to share the outlook for residential prices in chennai ? Some are heard saying the prices will correct significantly from current levels and also where can one get a fair assessment of current prices for areas like Vadapalani, KK nagar in Chennai ?
Tushar Bungley answers, You can get a detailed analysis of chennai property price trends here http://www.100nests.com/app/Chennai/valuation-trends?cityName=Chennai


Babu asked, How is the real estate booming in Bangalore and other cities after our Lok Sabha election?
Tushar Bungley answers, We are yet to see any boom post the elections.


sushil asked, Hi Tushar, Can I buy home at G.B. Road Thane(W) at Rs. 2500 sq.ft rate ??? It will take 18 month to complete. Builder is Unnathi associates/Raunak Group.
Tushar Bungley answers, It is advisable to opt for ready to occupy flats, instead of waiting for 18 months in these market conditions.


ricky asked, Hi Tushar, bought a flat in Rainbow vistas for 2300 per sftirrespective of any floor and any facing. this is 4 kms away from hitech city hyderabad. This venture is from ashoka builders. Aprt from this he is also charging 400000 for amenities. Is this a good deal?
Tushar Bungley answers, The price seems to be good, you can go ahead with it.


buyer asked, Is this a right time to Purchase property in Pune area. Is there any chances of Price going further down?
Tushar Bungley answers, Pune has not seen and shall not see in fall in prices. This is the right time to invest.


Vikas Arora 123 asked, Dear Sir, We are 2 brother and we want to either purchase two 3bhk Flats in Dawarka, New Delhi for 65 Lacs each or build our own independent house in Sushant Lok-1 in Gurgaon of 215 sqyd @ approx 45-50k per sqyd for approx 1.3 cr. Please suggest which would be better option in terms of living & investment for future as well. Please suggest as its very urgent for both of us?
Tushar Bungley answers, From an investment perspective Dwarka seems to be a better option as it will possibly give better returns and has better amenities and facilities.


rajan asked, is hiranandani plce gardebe in sriperumbuttur in chennai good buy
Tushar Bungley answers, It is a good buy, but check about completion dates and find out number of apartments booked.


John asked, Hi Tushar, I am looking to buy around 1200-1500 sq ft of plot (inside a layout) somewhere nearby whitefield or kadugodi. Could you please suggest me if this is the right time and is whitefield a good option and the price ranges. My budget is around 10-15 lakhs. Please advice.
Tushar Bungley answers, Whitefield is still a good option and this is the right time. Prices range from 25-30 lakhs for plots.


Rupesh asked, Is this a right time to Purchase property in Malad (West), Mumbai area. Is there any chances of Price going further down?
Tushar Bungley answers, Prices might not come down in this area.


karthik asked, hi tushar actually my brother has seen a flat in New Panvel which is on resale.as per the owner he told us that the total carper area is 817 sq.ft.but when we saw the house papers in the drawing it is written 817sq.ft, but its written in the same doucument that total carpet area = 429sq.ft & flowerbed area =65 sq.ft.now my question to u is that ., is this calculation right as per law & if it is right how the loading calculation is done? 1 more question is that the qwner has done a good amount of interior in this house & has qouted 22 lacs for that house , & we have given him the token amount.just guide us that is this deal a worth...thanks
Tushar Bungley answers, Unless and until the physical measurement of the flat as well as the papers match, do not venture out and buy as your purchase could lead to a defective title of the property.


laxmikant asked, Hi Tushar, i am looking for a 2BHK flat in HSR, Outer ring road, sarjapur and my budget is 30Lakh,Can you please advice me which builder are selling ready to occupy flats in these locations.
Tushar Bungley answers, There are several options on Sarjapur road. You can search on www.deals.100floors.com


karthik sk asked, i want to buy land in coimbatore is it ok for business purpose after few years, the price will go up
Tushar Bungley answers, Investing in coimbatore is a very good option, being a Tier II city currently it is expected to have great growth.


Rajesh asked, Is there any chance for further price reductions in Thane?
Tushar Bungley answers, Flats may not see much reduction in prices as far as Thane is concerned


Nalin asked, Where you see the market situation in next six month in northern india
Tushar Bungley answers, Real estate prices in Northern India have fallen to the maximum, and may not see further fall in prices atleast in the next six months.


KGS asked, I WUD LIKE TO INVEST FOR A SITE OF ABOUT 1500 SFT. PL SUGGEST BEST ALTERNATIVE IN BANGALORE
Tushar Bungley answers, Bangalore East seems to be a good option.


nilesh2002 asked, Sir, i wish to purcashe 2 bhk at jaipur at sirsi road @Rs.1500 psfeet. My job is transferable and likely to be transfer in 3 to 5 years. Will i get any appreaciation at jaipur at this rate. Sir builder is also providing clubhouse facility, swiming pool, power backup, etc. But i will only invest here, when some appreaciation will meet
Tushar Bungley answers, 3 - 5 years is a good time horizon to expect around 5 - 10% returns.


Dev asked, Tushar...Have the property prices in Gurgaon started moving up...will it be the right time to buy or shud I wait for some more time
Tushar Bungley answers, Prices are not expected to go further down.


Vikki asked, NRI seawood is in Navi Mumbai and the quoted price is Rs.5200/sqft Can I buy?
Tushar Bungley answers, Price seems to be on the higher side.


Himanshu Sharma asked, I want to invest in land in Lucknow. What is your opinion about it?
Tushar Bungley answers, Places like Lucknow fall under Tier II category and a good investment option.


gauravgothi asked, Hi Tushar, I am from Nagpur. I have been closely observing the realstate price here since I have to buy a home however in Nagpur prices have not come down. Whats your take on the prices in this region?
Tushar Bungley answers, Prices in Nagpur have not seen any change in prices compared to other cities. However Nagpur is a good investment option as it falls under the Tier III cities category.


Dev asked, Tushar...Have the property prices in Gurgaon started moving up...will it be the right time to buy or shud I wait for some more time Tushar...Have the property prices in Gurgaon started moving up...will it be the right time to buy or shud I wait for some more time Tushar...Have the property prices in Gurgaon started moving up...will it be the right time to buy or shud I wait for some more time Tushar...Have the property prices in Gurgaon started moving up...will it be the right time to buy or shud I wait for some more time
Tushar Bungley answers, This is a good time to start looking for properties in Gurgaon.


AG asked, In Kothrud Pune price quoted is 5,500/sq ft. Justifiable?
Tushar Bungley answers, This is on the higher side. Ideal price should be around 4000 - 5000 Rs/ sqft for apartments.


sfs asked, Tushar I Bought a built up house (90 sq m.) in Greater Noida in 2006 for 15 lacs. I will get the possession by end of this. But due to some finical constraint I would like to sell the property. Is this the right time to sell it?? If not how long should I wait and what's the maximum premium I can expect frm it?? Please guide
Tushar Bungley answers, If it is an individual house, you can go ahead and sell. Since it is a 2006 purchase you may not get a substantial return for the same.


rk asked, Hi, Is rae of 2100 /sqft is good one on noida-greater highway,,,, JP greens has come up with a project. and good is this company in real estate
Tushar Bungley answers, Rates can be negotiated further down taking into account bad market situation in these areas.


rahulc asked, Is this a right time to Purchase property in Kharghar, Navi Mumbai area. Is there any chances of Price going further down?
Tushar Bungley answers, Prices in Kharghar shall not see in further drop in prices.


Girish Bhagia asked, Rahejas have been in news lately for their loss making land deals as well as backing out of projects. In their recent ad for Raheja Classique in Andheri West they have reduced the price by 20%. Are these signs of big builders finally blinking and reducing prices? Can we expect more such price reductions from other big builders?
Tushar Bungley answers, Prices reductions might be expected as there is currently an excess of supply over demand.


ravid asked, hi, what will apartment prices/sft in Rajarajeshwari nagar, bangalore
Tushar Bungley answers, Apartments with amenities like club-house, swimming pool,gym, etc, shall cost anywhere between 2500-3000 per sqft.


Chakri asked, Hi Tushar, I am planning to buy a 3-BHK flat from small builder in Bangalore Mahadevapura with Basic Amenities near to HP office for 33.5 Lakhs (everything inclusive) - 1300 sqft . Is this a Good price and a right time
Tushar Bungley answers, Rates per sqft are ok, but can be negotiated from around 2500 to 2350 taking into account the current market situation.


ash asked, Hi Tushare, I had bought 650 sq feet house in neel kamal builiding located on 90 Feed road, which is around dharavi-sion road. The posession date was April 2007 but the construction has not begun only and the builder eternally keeps giving execuses. My money is stuck since the time of boooking which was in 2005. Can you please suggest what measures I can take.
Tushar Bungley answers, Approach the Consumer court for defeciency of service on part of the builder.


YashMunot asked, Hi Tushar, Please answer me regarding Mantri Celestria and dlf lake city proj in hyderabad? Are price quoted by them ok?
Tushar Bungley answers, Prices are ok, both projects are good.


madhu asked,  Hi Tushar,Builder quoted me a price of Rs.2050per sqft. for their flat in "The Green" marathalli bangalore.for 1314 sqft plat.is this price is ok.shall i go for it?
Tushar Bungley answers, Price is good, just checked what all are included in this price.


hari asked, has the real estate prices in hyderabad increase after Election results??
Tushar Bungley answers, Too premature to comment


Pramod_pm asked, Is it a good time to buy house or should we wait further 3 to 6 month. Is there any chances for correction. Here in Bangalore big developers are still holding in to the old rate.
Tushar Bungley answers, You might want to start looking at prospective places to buy in and then close the deal.


VijayKC asked,  Very good afternoon Tushar, Please tell me whether is this good deal to book flat in BPTP sector 85 Faridabad. Thanks in advance Vijay
Tushar Bungley answers, Faridabad is a good investment option in these market contitions.


DeepakM asked, LUXURY VILLAS IN BANGALORE East/Central - up or down? Suggestions?
Tushar Bungley answers, Up is the outlook!


Satish asked, How do I buy a BDA Plot?
Tushar Bungley answers, One has to apply in the prescribed format whenever BDA announces the allotment of sites in its layout. However allotment depends on the eligibility criterion.


qwerty asked, Hello Tushar, can you tell me if IT engineer is allowed to buy agricultural land in Karnataka State? How can one become an agriculturist? Is there any way an IT engineer own agriculture land and become an agriculturist?
Tushar Bungley answers, Non-agricultururists cannot purchase agricultural land, the elgibility criterion is either agricultural family status or income of Rs.2lakhs and below for last five years from the date of purchase.


Sakthi asked, Hi Tushar, I am looking for a 2bhk with a budget of 30 lakhs in chennai(around tiruvanmiyur,velachery) Will it be possible?. could you please suggest a website which lists downs the property values?
Tushar Bungley answers, Do check out www.100nests.com for online free property valuations.


Pooja asked, Hi Tushar, I am looking for a 2BHK flat. In Kaggadasapura/Malleshpalya which are near to my office builders are quoting reasonable price. But these are BBMP approved. Is it safe to go for it? And is it good time to invest in a property or should i wait for 3-4 months?
Tushar Bungley answers, BBMP approved are the safe projects and can go ahead with the investment if prices are reasonable. No point in waiting as prices shall not go down further.


sabinantony@rediffmail.com asked, I would like to buy a house in Goa Panjim and may sell it in 3yrs time do u thing its a good idea as investment
Tushar Bungley answers, Investment for 3 years may not fetch you substantial returns.


Gaurav.229 asked, Could you please tell me any good 2BHK apartments to purchase at HSR Layout, Sarjapur Road, Koramangala, BTM. My budget is about 25 lakh
Tushar Bungley answers, 


Shrinivas asked, who are reputed builders around Hebbal and Manyata Tech Park area for 3 BHK apartments for a price of around 30L in bangalore? Kindly answer the query Tushar
Tushar Bungley answers, There are several reputed builders, but not around the price range of 30 Lakhs.


Tushar Bungley says, Thanks for participating in this chat, pls log on to www.100floors.com to chat with our real estate experts about all property related matters.