Photographs: Stringer/Reuters
Is this the right time to buy a home? What are the factors you should consider before you negotiate a deal? Which are the best real estate opportunities in India right now?
How will the property market behave after the budget? Will the real estate prices fall further, go up or stabilise?
To answer these and various other money and invetsment related queries, real estate expert Tushar Bungley, hosted a chat with Get Ahead readers on July 8.
For those of you who missed the chat, here's the unedited transcript:
dinesh asked, hi, I am planning to purchase a flat in Kabra galaxy, GB road, thaneW at 2600/sq ft. posession will be in Dec 09.is it a good bet in that area. how much appreciation you ecpect in this area? thanks
Tushar Bungley answers, at 2009-07-08 14:25:53The area is really good and the price seems to be reasonable too. For appreciation you will have to wait for atleast 3 years. You can get more details at http://www.100nests.com/app/Mumbai/valuation-trends?cityName=Mumbai
dinesh asked, Hi, According to your experiance, pl suggest whether reducing the tenure is good or prepaying the loan at periodic interval by saving amount from lower EMI with high tenure is good
Tushar Bungley answers, This is usually a personal choice depending on the amount of funds you have and other factors.
xvxcvvvv asked, Can you please tell me the apartment rates (per square foot) in ahmedabad's various areas?
Tushar Bungley answers, Which specific areas are you looking at ?
xvxcvvvv asked, Can you please tell me the apartment rates (per square foot) in ahmedabad's various areas? It would be great if you could let me know rates in and around Maninagar, Kankaria etc. Thank you very much.
Tushar Bungley answers, Since you are looking at several areas in ahmedabad, you can check out this page from our research team http://www.100nests.com/app/Ahmedabad/valuation-trends?cityName=Ahmedabad
rajat asked, Hi..I want to buy an apartment in Delhi NCR but not able to decide as to which place should i finalize. My budget is 1CR and i'm considering Gurgon, South Delhi(2BHK) or Dwarka (3BHK in Society). Please advise me what where should i buy the property for own living. I'm working in gurgaon but like delhi.
Tushar Bungley answers, All these are good areas - it finally boils down to your choice of the project or apartment. You can view apartments in this area on www.deals.100floors.com Gurgaon prices have come down now, while south delhi and dwarka are still consistent.
qqq asked, do u suggest kolhapur as a good real estate destination?
Tushar Bungley answers, Definitely, being a tier II city good growth is expected here and appreciation in 3-5 year time will be pretty good.
navjot asked, hello Sir, can you please guide me about Nodia Sec-117, Unitech is coming with its Unihomes.. is it worth investing for the purpose of living.
Tushar Bungley answers, It is a good project, no doubt.
jeetu asked, Is it a right time to sell a flat in NaviMumbai KK 1BHK and buy a bigger one in Vashi/ Chembur
Tushar Bungley answers, Bigger one in Vashi / Chembur seems to be a better idea. You can get a good idea of pricing here http://www.100nests.com/app/Mumbai/valuation-trends?cityName=Mumbai
navjot asked, Dear Sir, thanks alot for for answer, i am also looking for Faridabad as a option..Sector-88, 89... lot of bilders are coming up Residental Projects... pls guide abot them.. My Budget is 40 lacs i want to have 3 BHK in Nodia or Faridabad
Tushar Bungley answers, There are several project options here - do check www.deals.100floors.com and you can get to know more details.
Tushar Bungley is currently working as a legal advisor at Suksh Technology Pvt Ltd, a parent Company of Pan-India portal (www.100floors.com) and handling property related online & offline legal services.
He is a certified Legal Research Assistant from High Court of Karnataka and a guest Legal expert for property related legal show on 'Real Estate TV'.
Real estate opportunities in India
Photographs: Ammar Awad/Reuters
Rahul asked, I am planning to buy a twin resale flat and will go for a loan. Buying a property directly from the builder is always simple but as its a resale flat can you suggest me the steps i should follow. Any interim agreement to be signed till i manage to get the remaining fund through home loan?
Tushar Bungley answers, We will need to know more details before guiding you on this. Do contact our legal team on www.legal.100floors.com and they will take this forward.
rajat asked, Do you think dwarka will appreciate more compared to Gurgaon in future ? Or there will be more growth and development in dwarka considering the only area to be developed in New Delhi ?
Tushar Bungley answers, Given the circumstances and other conditions, dwarka seems to be a better option.
jeetu asked, What prices can I expect in Koparkhairne and Vashi / Chembur
Tushar Bungley answers, Vashi will be around 4300 - 5500 Rs/ sqft More details here http://www.100nests.com/app/Mumbai/valuation-trends?cityName=Mumbai
Singh asked, Hi Tushar, As the title of this chat session suggests, could you tell us where the real estate prices are headed post budget. Since real estate sector did not get a boost as it was expecting, as prices likely to fall in the next 2-3 months. Please please answer...
Tushar Bungley answers, We really cannot predict this, most market analysts feel that prices will go up due to certain factors and we have already seen stabilization of prices. So can't really take a call, but somehow a further fall doesn't seem plausible. Do check http://www.100nests.com/app/Mumbai/valuation-trends?cityName=Mumbai
Rishi asked, Hi, I am planning to buy a property in Gurgaon, the dealers say that prices have gone up by 10-15% in last 2-3 weeks is it ture or they are trying to push buying and selling by creating such panic
Tushar Bungley answers, Don't think this is true, do negotiate before making the deal.
susanta asked, hello sir,i have taken housing lone from hdfc,in floting term,can i shift to other other national bank?
Tushar Bungley answers, Do check with your bank, as they have differing policies.
rakesh asked, dear tushar, is it the right time to buy a flat in bangalore or shell i wait for some more time.
Tushar Bungley answers, Prices right now are more or less stabilised in Bangalore, you can start shortlisting your projects of interest and negotiating with builders. Check www.deals.100floors.com for special discounts in bangalore.
Sams asked, I am looking for a 3 bedroom flat. I have a budget of 30 lakhs. which area can I look for in Hyderabad? Next is this the right time or should I wait ?
Tushar Bungley answers, Since you are looking at a broad range of localities in hyderabad, do take a look at http://www.100nests.com/app/Hyderabad/valuation-trends?cityName=Hyderabad which will give you a nice idea of different localities along with pricing.
log asked, Hi, will the home loan interest rates come down post-budget ?
Tushar Bungley answers, Not sure, but doesn't look like it.
Real estate opportunities in India
Photographs: Andrew Biraj/Reuters
wombat asked, Dear sir , I am planning to buy a 2BHK flat in Girinagar Bangalore , Its DSK Properties The over all cost comes to 33lakhs for 1190 SqFt is this the correcrt price or its over priced
Tushar Bungley answers, Price seems to be on the higher side. Check www.100nests.com and do an online valuation of your property.
mehta_deven@rediffmail.com asked, WHO IS THE GOOD BUILDER/S FOR THE PERSENT REAL ESTATE MARKET SITUATION. PL GIVE US A POSITIVE REPLY.
Tushar Bungley answers, You can check out www.100floors.com and get a list of good builders.
SUBBU asked, dEAR Tushar....as per the budget ..it seems no estra relief on homeloan and income tax. I am a resident of Trivandrum and looking for purchasing a flat (almost near completion) @ the rate of 1950/- per sq. feet from a reputed builder which has already got approved by SBI. I plan to take a loan of about 20 lacs...... Will there be any further decay in price range at TRIVANDRUM or I can go ahead. While compared with other projects near completion...this builder is probably giving the best deal and with more % of carpet area (about 78%). Whats your opinion on finalizing the deal ? Can I go ahead or the prices are likely to further fall down ? SUBBU
Tushar Bungley answers, The price that you have paid is very good. But just try to find out how many apartments are booked so that you an get anidea about the completion date. Otherwise this is definitely a good deal.
vik asked, Hi Tushar, I am looking for DLF Westend heights, Bangalore. However I learn there is some problem with the govt. authorities in getting some clearances. Is it true and also how is this investment as regards the rates. Also how about DLF project in Chennai.
Tushar Bungley answers, Yes, there is some problem with land clearance in the DLF project, do get a solid legal opinion before going ahead with this.
SUBBU asked, tHIS IS My second question Tushar. Is there any severe harm in getting the CAR PARKING (a temporary shed) within the building premises. Builder says...he is unable to provide car parking in the basement. I am from Trivandrum. SUBBU
Tushar Bungley answers, Not sure about this.
Umesh asked, Getting offer for 1.65cr per ground for 5300sqft in guindy industrial estate, chennai should i wait for 2-3 months for a better price?
Tushar Bungley answers, This is definitely a very good price given the market conditions.
sabin asked, I have heard of a company that cells plots in Mahad at a reasonable rate that to in installments for 5 yrs. Is it really genuine
Tushar Bungley answers, What is the company name. You can search for plots on www.100floors.com
Subrahamanyam asked, Is live chat over ? No question answered now ?
Tushar Bungley answers, We are facing some spam issues from users, please go ahead and ask your questions and I will take them.
Shetty1 asked, I am planning to buy a House In dahisar west Mumbai can you tell me what rate would be a good rate .I am planning for 1 BHK
Tushar Bungley answers, Prices in Dahisar range from 3500 - 5000 Rs/ sqft
Real estate opportunities in India
Photographs: Andrew Biraj/Reuters
IMTI asked, WHY ARE YOU FRIGHTENING COMMON MAN BY TELIING THAT PRICES ARE GOING TO RISE? IN MUMBAI BUILDERS HAVE NOT REDUCED THE PRICE BY MORE THAN 15-20%,HOW CAN U SAY THAT IT WOULD AGAIN RISE. ARE U PAID BY BUILDER LOBBY. I FEEL REDIFF SHOULD NOT CALL FOR FOR THESE CHATS.U R MISLEADING PEOPLE AND ACTING WITH SOME MOTIVE. AND ALSO I DON'T FIND UR WEBSITE 100FLOORS.COM VERY GOOD
Tushar Bungley answers, This depends from area to area. We are an independent research frim and have insights and quantitative data for everything stated here. Thanks much.
viru asked, Hi Tushar, Current property Rates at Kandivali(E) Mumbai is between 6500- 7000; what should be the right rate as per you
Tushar Bungley answers, You can look at around 6000 Rs/ sqft
westin asked, hi, I have a residential plot (Anekal - Jigani Road), Bangalore around 8kms from Electronic City. I purchased 2700sqft at the rate of 725sqft in yr 2007. pl advise the prevailing market rate and when do you think it should be good to sell.
Tushar Bungley answers, Prevailing rates are around 3000 - 3200 Rs/ sqft. You can wait and watch for some more time.
arvindat asked, which area is good in pune to purchase a 3bhk flat. My budget is around 35 lakhs.
Tushar Bungley answers, There are several options like MG road, Kothrud etc. A detailed list is here http://www.100nests.com/app/Pune/valuation-trends?cityName=Pune
Raju asked, Hi sir, I want to buy a plot in hyderabad, how can I find out direct OWNER of the plot instead of mediator..please tell to me.. thankyou..
Tushar Bungley answers, This depends on the situation, you can buy from direct sellers through marketplaces like www.100floors.com
tttttt asked, Sir, what is the price in R T Nagar bangalore?
Tushar Bungley answers, RT Nagar should be around 4000 - 5500 Rs/ sqft for apartments.
Subrahamanyam asked, Thanks Mr. Tushar. Given the market conditions and post-budget impact on Real-Estate. My questions are as below: (1) Can we expect any significant decrease in price range of apartments in TRIVANDRUM city ? (2) Taking a homeloan on SBI's 8% scheme (1st yr frozen with 8%) and thereafter floating rate.....: Is it OK ? (3) There is no relaxation in homeloan interest limit in budget for tax....so, will real-estate further fall down ? SUBRAHAMANYAM
Tushar Bungley answers, 1. Prices have stabilized in Trivandrum, don't expect a fall in prices, even if they do might be around 2-5% 2. This is the best scheme in the market, you can go for it. 3. Insights from our research team suggest that this is not possible for the next 6 months as demand is pretty strong in trivandrum
arvindat asked, My second question-- Planning to purchase plot in nagpur near mihan. 1 km from mihan grand entry flyover getting a deal of 1100rs/sq ft. is this costly.What is your take on plots around Mihan . Will they appreciate?
Tushar Bungley answers, The price is fine, you can possibly negotiate for around 1000 Rs/ sqft Our team doesn't have inputs on Nagpur as of now, do get back to us later. You can check out www.100nests.com and do a free online property vauation.
preetham asked, Hi Tushar, I recently bought a residential appartment in JP Nagar 7th Phase Venkatadri Layout size of my flat is 1221 sq feet and i have paid 35lks as the over all price. Please suggest is it the right value wht i have paid. This question is running in my mind from past few months.
Tushar Bungley answers, For an overall price including registation, car park etc - this is a good price, but again depends on factors such as location, amenities and other facilities in your flat. But the price is within range and you have not overpaid.
sachin asked, hi please suggest which is better to invest in open land or built house or any mf for good returns after five yrs
Tushar Bungley answers, Land might be a better option now, though it depends on the are and location.
Real estate opportunities in India
Photographs: Mike Cassese/Reuters
uday asked, I have bought a ready to move apartment in Indirapuram near Sec 62 noida price 3100 per sq ft. What do you feel about the price
Tushar Bungley answers, Price is fine and within range.
vijay asked, You are not answring my question. I want to sell my flat in Kharghar, Navi Mumbai. Pl tell me right time to sale the same. Also what is the future of Navi Mumbai Airport?
Tushar Bungley answers, You can start looking for buyers, best price would be around 3500 Rs/ sqft
Subrahamanyam asked, IN SHORT.............FOR A HOME-BUYER..WHICH ONE IS THE BETTER SLOGAN "AS OF NOW": (1) WAIT AND WATCH ! (2) IF THE HOME IS GOOD AND WITHIN YOUR RANGE, GO AHEAD ! (3) SEARCH FOR MORE PROPERTIES ? (4) BETTER BARGAIN .. (5) WAIT FOR NEXT BUDGET ?
Tushar Bungley answers, I would say a combination of 2 and 4 and also doing your own research through the internet.
westin asked, Hi, Thank you for the earlier reply. The plot i mentioned is in gated community (Prashanti Garden Villas at Anekal - Jigani Road - Bangalore), i approached them to sell it back they say market is same around Rs 725sq ft - pl advise
Tushar Bungley answers, You can approach other buyers or put it up for sale on online marketplaces.
navjot asked, will thr b any fall in thr price of real estate... lot of new projects are coming up in Delhi/NCR.Job market is still weak.. DDA is about to launch a mega project of 34000 Flats in Delhi.. NBCC is coming up with anothr 14000 Flats... Most of Flats in Commonweath games will b availiable for sale after 2010 Games.. what are views on it.. Kindly Guide
Tushar Bungley answers, Most of these are going to be budget homes, and definitely there will be good demand for these.
Subrahamanyam asked, So the take-home message should be : (1) Your past experience of about 3 to 4 months survey on prices of apartments is good enough to derive a conclusion. Extra-ordinary extrapolation for future - NOT ADVISABLE ! (2) Don't be carried away by Builders Words. (3) Bargain, Bargain........no limit. Even a drop adds to your savings. (4) Calculate your CARPET area thrice. You should not be surprised later. (5) HomeLoan at 8% by SBI is very good. Probably interest rates may not come down again. (6) Interest Rates probably may not not go high also in next one year atleast. (7) hats off to Tushar for interacting with all of us. SUBRAHAMANYAM
Tushar Bungley answers, Thanks much - glad that you found this useful.
uday asked, I am planning to take home loan for Rs 35 lacs with option of either 15 years or 20 years. Can I opt for 20 years and prepay amounts as & when available or opt for 15 year with higher payout every month. My loan is sanctioned by ICICI @ 9.5% would you advise opting for ICICI or Axis / HDFC. Seems ICICI has a bad reputation in the market. What do you advise.
Tushar Bungley answers, This is typically a personal choice and depends on conditions from your bank. As of now SBI seems to have the best deal with regard to home loans.
datla_rb asked, Mr. Tushar, I would like to know the RE market in Mumbai, will stay as it is now (in terms of Price) or move up or down?
Tushar Bungley answers, http://www.100nests.com/app/Mumbai/valuation-trends?cityName=Mumbai This might be able to help you to give you an overview of the mumbai RE market.
Tushar Bungley says, Thanks everyone for your questions. We have come to the end of the chat session today. Do visit www.100nests.com and www.100floors.com and let us know for any questions / suggestions. Thanks much.
Comment
article