News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay  » Getahead » The right price to buy a house in your area

The right price to buy a house in your area

February 04, 2009 13:33 IST
Get Rediff News in your Inbox:

Do you want to know what are the prevailing rates per sqaure foot in your locality? Do you want to know if that is the right price for you to buy a house at that rate? Or by how much can the developer reduce prices if you bargain?

Do you know which are the best real estate investment destinations on the outskirts of big cities like Mumbai, Chennai, Bengaluru, Delhi, Gurgaon, Pune, Ahmedabad, jaipur etc?

Real estate expert Tushar Bungley hosted a chat with GA readers on February 3 to answer these and various other money and real estate invetsment related queries. 

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

subhash asked, i want to purchase a 3 BHK flat in Bhandup (w),Mumbai what is the rate per sq ft. in that area?

Tushar Bungley answers,  at 2009-02-03 13:57:45The average price for apartments in Bhandup is around 2600 - 3000 Rs/sqft

mamu asked, Dear Tushar, when will real estate prices come down across Mumbai? Though they have started coming down in pockets with excess supply? How good are the affordable homes offers being touited by all and sundry developers?

Tushar Bungley answers, You can explore MHADA flats which are available between 15 - 20lakhs across Mumbai.

Raj asked, What would be an ideal price for a 6 year old flat in JP nagar 1st phase Bangalore?

Tushar Bungley answers, The price for this would be around 2300 - 3000 Rs/sqft depending on builder, amenities etc.

swati asked, will rate in westerb suburb of mumbai rate come down to year 2000 level

Tushar Bungley answers, Though there might be some reduction in the prices, given that prices have grown in 2-3x from 2000, our research shows that it might not come back to prices in 2000.

sachin asked, what about goa next 2-3 years?

Tushar Bungley answers, Prices do see some amount of correction in Goa, but it will more or less remain steady with an average of about 2000 - 25000 Rs/sqft

anilku asked, what are the kerala conditions especially trivandrum and cochin

Tushar Bungley answers, Cochin average prices are around 2500 - 300 Rs/sqft for apartments and seems to be a good investment opportunity given a 10 yr time frame.

lost asked, Should Property buyers wait for some more time for the prices to settle down?

Tushar Bungley answers, Which city you are from, you can wait for sometime in metros, however outskits may not see much deep. For Tier-II cities we do not expect much drop

nath asked, Hi Tushar.Is it advisable to buy apartment in gurgaon sector82,the project is called MAPSKO CASA BELLA,Expected completion time is end of 2011

Tushar Bungley answers, Gurgaon being closer to NH 24 is a good investment and the project referred by you is good.

vijay asked, Are the prices in Pune (wakad, sush road) going to drop.

Tushar Bungley answers,  Vijay, per our predication pune will see a further drop given few FII and new invstments happening to builders. There will be more pressure on them to even their positions on current projects. This would happen for existing of half completed projects. Stay away as far as possible from new projects

spidy asked, hi, i invested in a DLF project(Express greens, Manesar) at 2350 per sqfeet, 5 months back, given that property prices are falling, should i backout from my investment.

Tushar Bungley answers, Taking into consideration the current prices, this seems to be a reasonable price and you can continue with the same.

basekar asked, Hi, Sir,Wish to buy one small one room + kitchen preferably Kolaba Swamy Society, Nr.Frinds colony, Katol Road, Nagpur.... approx prevailing rate and name of brokers with contact number may pl be intimated, thanks.

Tushar Bungley answers, Please check for brokers in the area.

harshad asked, hi sir, whta is ectually 1 bhk flat rate in nalasopara (thane),mumbai 5 year old building ?

Tushar Bungley answers, The price prevailing in this area is about 2300 - 2970 Rs/ sqft

pappu asked, tell me the rate of mira road mumbai

Tushar Bungley answers, Mira Road is around 1500 - 2000 Rs/ sqft

swati asked, today DLF has annouced further 20% reduction in prices. what impact it will have prices in Goregaon (E) area of mumbai

Tushar Bungley answers, Swati - Other builders will follow the downtrend. DLF as a big group can afford bigger dips but smaller players may not have apetitie for higher reduction. But you can expect some drop of 5 to 10%

nath asked, Hi Tushar,What will be the per sq ft cost of a 2 bedroom apartment in JP Nagar 5th phase,Bangalore,The project is esteem park

Tushar Bungley answers, Well the price would vary between 2600 - 3000 Rs/ sqft depending on amenities and other facilities.

chander asked, Hello Sir, For my own use, I have booked a flat @ Rs.2500 per Sqft. in BLR Suburb which is 12 kms from the centre. Is the price OK please

Tushar Bungley answers, Seems to be a good price. Which area are you referring to ?

hm asked, is 7000 a good rate for chembur,mumbai? The developers here are not ready budge on this prices.

Tushar Bungley answers, 7000 seems to be a bit on the higher side, but this again would depend on amenities and facilities. Average is around 6000 Rs/sqft

dgsbdg asked, Dear Tushar, is it advisable to purchase flat in Sonigara Vihar Kalewadi,Pune?

Tushar Bungley answers, If the rate is around 3000 it should be fine. However the price may not go up and may see some dip but in 3 to 5 yrs horizon you would have a good deal

RKKHANNA asked, If in PUNE one wishes to buy a ready new property in Baner with FULL DOWN PAYMENT what should be the minimum rate you feel will be acceptable to the builders present they are quoting Rs 2750 per sq ft..R K KHANNA

Tushar Bungley answers, 2500 Rs/sqft seems to be the best deal in Baner given the current conditions.

idea asked, If I get 1 acre land in Rs. 10 lacs in Pondicherry - should I buy it?

Tushar Bungley answers, Seems to be a good buy.

Ashish asked, hi, i am ashish from bangalore. do you feel the prices of villas and flats have come to a realistic level here or are they heading further down in time to come.

Tushar Bungley answers, More correction is expected in Bangalore, would suggest waiting till end of Q2, 2009.

gautam asked, hi i am gautam from baroda. i have bought one duplex last year. i have take home loan from HDFC at interest rate of 10.25% now its rate is 11%. should i transfer loan to SBI at the rate of 9%. please advise me

Tushar Bungley answers, Yes, go ahead with it inspite of other charges and SBI is expected to further lower rates.

r123 asked, is april, may or june the right time to buy a property? and what area do you recommend in bangalore?

Tushar Bungley answers, Depends on what you want to buy. Bangalore North seems to be a good choice.


Tushar Bungley answers, There are several options available. Do check out and do a property search in the area and yuo can explore options.

paul asked, are the prices for an apartment in Bangalore HSR layout, Koromangala, Bannerghatta road expected to fall?

Tushar Bungley answers, They are expected to stabilize by Q2 2009, though we have to wait and watch.

mahipal asked, Hello tushar, I had booked with nandi housing project, NANDI WOODS, @ 2100 per sq feet. Is it a good deal.

Tushar Bungley answers, Seems to be a fair deal, Though they were claiming 2600-2700 prices the rates closed were around 2100/2150

adbhatt1 asked, I want ot buy 3BHK flat in Kandivali Mumbai . I can wait for 1 year also if price likely to fall , but do not want to miss chance this time as prices in Kandivali came down from 7000 to 6000 already is it likely to come down further to Rs. 4200 p.sq.ft.-Rs. 4800 p.sq.ft.

Tushar Bungley answers, Prices are expected to stabilize here coming down by 15-25% though might not happen in posh localities.

shailesh asked, dear sir, whats the prospects in city like jaipur?

Tushar Bungley answers, Jaipur beign a Tier III city is expected to have a lot of growth and hence seems to be an attractive investment option.

we asked, What price can I give to buy a flat at Trivandrum? They are asking 2850

Tushar Bungley answers, You can negotiate for around 2500 Rs/ sqft

Rashmi asked, I'm looking to get some good discounts / promotional offers from builders ? Is there any place where I can get this consolidated information ?

Tushar Bungley answers, We have been making an active effort to consolidate these deals and discounts by partnering with builders across India. You can view some of these deals under the property gallery section on

kjhkhl asked, hi tushar, what is rate at mhatre nagar dombivali?

Tushar Bungley answers, Around 1900 - 2250 Rs/sqft

bhuvan asked, dear 2sar, as the Nationalised banks have reduced there ROI why pvt bank have not yet reduced ROI is there any scope for the same by next quater

Tushar Bungley answers, All banks have been directed to keep up the economy with reduced rates. We may see a drop of 0.5 to 2% according to predictions in next 3 to 4 months

real asked, i want to purchase 2 BHK flat in Tilak-Nagar Chembur Mumbai what is the rate per sq ft. in that area?

Tushar Bungley answers, The price in this area is around 5300 - 6000 Rs/sqft

Anish asked, Dear Tushar,What is the realestate status in chennai? Should we wait till May 09 or we should start investing now. My intention is to buy a independent house in chennai?Please advise.

Tushar Bungley answers, It depends on the area where you want to purchase.

Karthik asked, Thushar, I think you missed my query,I am posting again plz. I am planning to buy one independent house in Calicut at around 30 lakhs.Is it good time to buy a property in Calicut (kerala) right now or should i wait for some more time?
Also my take home salary is 60K/month and minimum how much loan I can get approx.? I am working in IT in Bangalore

Tushar Bungley answers, You can get a loan of around 30 lakhs for 20 years depending on certain factors. Calicur is a good market now and is a good place to invest in.

PersonWithWorry asked, Hi Tushar, what is rate at Thane West? Is it good time to invest as rates are going at around 3300 at Rustomjee etc...???

Tushar Bungley answers, Rate in Thane west is around 5000 - 6000 Rs/ sqft

vivek Jain asked, PLZZZZZZZZ Answer I live in noida and spending 10,000 rs on rent. My wife and I both are earning good and want to own our house but not more than 15 lac. Aprtment Area would not be a problem but surrounding anf facilities should be good. Can you please tell me some options where i can buy this dream home for some time.

Tushar Bungley answers,  In Noida it's hard to find a home with a budget of 15 lac. you can try Omaxe Palm Greens Greater Noida as an option

aaaa asked, sir, is there any fall in land prices in sectors of gurgaon, Should I wait for 6 months or purchase now

Tushar Bungley answers, Prices have already fallen, better to buy now.

fdgds asked, Hi Tushar, I am planning to buy a 2BHK flat at mulund(W). I am getting it at 60L. Is this a good buy. Should i go for it now or wait for a month more

Tushar Bungley answers, Prices in Mulund are about 5770 - 6300 Rs/ sqft


Tushar Bungley answers, Mysore is definitely a good option being a Tier II city and further growth expected there. Vijaynagar is a good option.

Sandy asked, Hi Tushar, What are the rates prevailing in Kharadi, Pune?

Tushar Bungley answers, prices are about 2800 - 3350 Rs/sqft


Tushar Bungley answers, Jaipur is Tier-III but grrowing very well. Prices may not fall much below from current levels here. Give Property investment has shown a constand growth in the value over the years and it continues to raise in the crises what india has seen so far, you may pick something with Omax. But keep in mind long term horizon for your investments

NEEL asked, , rs.4000/sq ft for residence bang opposite railway station at Dombivili(e). Is it a good price???? , rs.4000/sq ft for residence bang opposite railway station at Dombivili(e). Is it a good price???? , rs.4000/sq ft for residence bang opposite railway station at Dombivili(e). Is it a good price???? , rs.4000/sq ft for residence bang opposite railway station at Dombivili(e). Is it a good price???? , rs.4000/sq ft for residence bang opposite railway station at Dombivili(e). Is it a good price????

Tushar Bungley answers, Yes this is a good price.

AABBCC asked, Hi Tushar, I heard that there would be a 30% cut in property prices in Bangalore due to the rentals getting slashed. How far is this true and by when ia this expected, As many of the sellers still stick to the high price and seem not bothered by the new rate given by the Goverenment. Thanks...

Tushar Bungley answers, 30% falls in rentals are already being seen in pockets around Bangalore esp Old airport road, Marathahalli etc

vivek Jain asked, ********Thanks Tushar.... Would it be Possible in Vaishali and Vasundgara Ghaziabad

Tushar Bungley answers, Current rates in this area is around 3000 - 3300 s/sqft. Hard to find flats in your budget.

navin asked, What rate prevailing at Kalyaninagar / Koregaon Park ( PUNE)

Tushar Bungley answers, Rates at Kalyaninagar / Koregaon Park are around 2850 - 3200 Rs/ sqft

prasanna asked, i am planning to buy a 3bhk for 63 lakhs in ramapuram chennai? is it the right price .The total carpet area is 1373 sq ft. The builder is not ready to negotiate pls advice as i am paying rental of 10k every month

Tushar Bungley answers, This seems to be on the higher side.

scorpio asked, hi tushar , what is the correct rate to buy house at bhandup west

Tushar Bungley answers, It's around 5200 - 6000 Rs/sqft

scorpio asked, hi tushar, iam looking for 1 or 1 1/2 bhk at bhandup..the current price is i wait for another 6 months. what is the correct rate to buy house at bhandup west

Tushar Bungley answers, Price here is around 2800 - 3000 Rs/sqft

teju asked, PLEASE REPLY: TRYING TO GET ANSWER FROM PAST 15 MINS: what would be the price of land per acre near nelamangala, bangalore (Location: bidlur-12km frm Nelamangla and 1.5kms from NH-4 roadside with cocnut plantation). I want to see the reasonable price per acre.

Tushar Bungley answers, It's about more than 1crore per acre.

newuser asked, plots in mysore are selling like hot cakes.. is it a gud option to buy there? or shud we wait n invest in bangalore?? PLZZZZZZZZZ answer, which will fetch us gud returns??

Tushar Bungley answers, Mysore will definitely fetch good returns on a long term time frame.

yashodhan asked, TUSHAR PLEASE RESPOND , what rate should I look at in WAKAD PUNE for a ready possession flat

Tushar Bungley answers, Price is 3000 - 3300 Rs/sqft

uuu asked, i bought a flat 5 kms after electronic city in KHB surya city , i paid 1700 per sqft is it a good deal?

Tushar Bungley answers, Current prices have seen some fall, the rates may be around 1400-1500 as of now. You may have to wait for sometime to even out


Tushar Bungley answers, Pen is seeing good rapid development with SEZ, multiplexes etc also Maharashtra is looking mumbai surronding areas more strategically. If you have 7 to 10 yrs of horizon for your investment it can fetch you good returns

dodododo asked, Is it right to invest in Dwarkdhish Project coming up at Dharuhera near Manesar? they are offering 3 bedroom at 28 lakhs (1500 sq ft) all inclusive.

Tushar Bungley answers, Seems to be a good price.

PRIYAPRIYA asked, what is current flat rate in chennai main and suburbs like perungudi?

Tushar Bungley answers, Rates in Perungudi are about 2500 - 2800 Rs/sqft


Tushar Bungley answers, Pune prices are around 2500 - 330 Rs/sqft. Better to purchase now in Pune as prices are down.

vijaypal asked, Dear Sir,URGENT. Had booked an aptmt at pune in Jan2007 and got the same registered on my name in Aug2007 by paying stam duty of 1.5lacs and registeration of 30k. Unfortunately had to cancel the ,how can i get back the stamp duty.....

Tushar Bungley answers, You cannot claim the stamp duty which is already paid unless the property is sold.

Losy asked, Asking again Sir, what is the ideal price of new flat in Ranip (3 kms from SG Road) in Ahmedabad

Tushar Bungley answers, It's around 3000 Rs/sqft

Shahnavaz asked, We cannot compare 2 builders bcoz the quality of each builder is different on each parameter. Just comparing the rates is not a correct way to arrive at decision. For mobile plans TRAI had come up with regulations on displaying mobile plans in fixed format. This makes easy to compare two plans. Is there similar initiative in Real Estate?

Tushar Bungley answers, There is no government initiative, but private players like enable you to do this by looking at several deals and comparing property prices acorss builders.

apurva asked, Pls answer : developer offering mercedes benz and BMW are reliable or not?

Tushar Bungley answers, Depends on deal and the developer involved. Look at the real deal.

kishore_del asked, Dear Sir, I want ot purchase a flat in FIRST CITY in MIHAN Nagpur, from a long term will it good choice ( 10 yrs) and the rate is 3200 sft , is it worth

Tushar Bungley answers, MIHAN area would definitely appreciate in long term as this is the only strategy for Indian aviation so far to have hub and spoke model.

bachee asked, Hi Tushar, I have invested in a 30x50 sqft land (RK township) near BioCon, behind Narayana Hrudayalaya in Bangalore. I have purchased at 1200/- per sqft. Will it fetch good returns..?

Tushar Bungley answers, It's a very good buy, you should be getting good returns in 3 - 5 years.

Shubh asked, TUSHAR PLEASE REPLY... I am looking to rent out my newly bought 3 BHK flat (1445 sft)in WAKAD, PUNE. What rent should I expect for unfurnished flat?

Tushar Bungley answers, The rental price in Wakad for your apartment can be around 13,000 to 15,000 Rs.

RaviC asked, sir what are the prevailing prices in Bangalore North (R T Nagar) Kindly let me know. Is it the right time or should I wait?

Tushar Bungley answers, Price is about 3100 - 3550 Rs/ sqft. It is a good time to buy now.

Brim asked, Is it the right time to buy a flats in Chennai as no rates got corrected in the past few months? Will it go down from the rate whcih is going on...

Tushar Bungley answers, Chennai apartment prices are expected to go down with difference in supply and demand. Do wait and watch.

Babu asked, Hi Tushar, Who is the best builder to buy a 2BHK flat in offordable rate in Bangalore?

Tushar Bungley answers, Check out several builders who have put up affordable housing projects liek DLF, Chartered, Sriram, Mahaveer on under the featured property section.

raavi asked, what should be the price of 1400 sq ft flat in khadakpada, kalyan

Tushar Bungley answers, Prices in Kalyan are around 3000 - 3500 Rs/ sqft

arsad asked, WHAT is per SQFT Rate in Kharghar, Navi Mumbai or it is advisable to wait???

Tushar Bungley answers, 2800 - 3000 Rs/ sqft is the price here.

pramodkum asked, please reply iam planning to buy a 3bhk flat near ramamurthy nagar (blore)site measuring 30X40... wat is the cureent rate ....

Tushar Bungley answers, Rammurthy nagar price is around 2500 Rs/ sqft

Medhap asked, i am planing to buy 2bhk in south goa. what is the price there ?

Tushar Bungley answers, Price is around 2500 - 2900 Rs/ sqft

pb1 asked, WHat would be the rates in Borivali (E) for residential flats?

Tushar Bungley answers, Price in Borivali East is around 5500 - 6000 Rs/ sqft

chander asked, Dear Sir, I have booked a Flat at Rs.2500 per Jalahalli West promoted by Vaishnavi group, which is in the North part of Bangalore. A metro rail sation is also coming up close by. Is this price OK please?

Tushar Bungley answers, Price seems to be a bit higher, but should give good returns.

kela asked, tushar can you please let me know the prevailing rates for Santacruz (W) to Andheri (W) In Mumbai

Tushar Bungley answers, Santacruz West is averaging at about 10,000 to 12,000 Rs/ sqft

Newcomer asked, Would like to buy a flat in Adyar (Gandhi Nagar), Chennai. What is the price can be paid per Sq.Ft. considering curent market. Pl. advise

Tushar Bungley answers, Price in Adyar is around 4000- 4500 Rs/ sqft depending on amenities and facilties

Shahnavaz asked, The builder lobby everywhere is so strong that they are not allowing government to setup regulator. Practises like 1) super built up areas without amenities 2) Taking black money 3) not disclosing quality of construction on paper are all against interest of buyer. People be aware of these and many other things. Tushar, is there any site which lists number of ways in which builders cheat home buyers?

Tushar Bungley answers, Good question Shahnavaz, we are trying to make a small effort towards this. Do check out where you can read articles on some of these relevant topics and on user awareness creation.

Sagar asked, Hi Tushar, what are pricess in Borivali West, Mumbai

Tushar Bungley answers, 5000 - 5400 Rs/ sqft

kailash asked, You asked, Dear Sir I have posted the following query some 20 mins back.Please respond--> 1) What is the square feet rate in Murugeshpallya, 1/5 km from HAL airport road

Tushar Bungley answers, Price here is around 2000 - 2550 Rs/ sqft for apartments.

singh asked, whats the rental on the palm beach road for sea facing flat 5 bedroom on the 20th floor,will the rates go up and when?

Tushar Bungley answers, Rental prices in this area will take some time to move up, in fact rental prices now in Palm beach have decreased by about 10%

kela asked, but the builders in Santacruz (w) are asking for Rs. 17,000 - 20,000 why is this dichotomy

Tushar Bungley answers, This would depend on amenities and other facilities, but the price seems to be higher


Tushar Bungley answers, T Nagar is around 5000 - 5500 Rs/ sqft

nagaraj asked, Dear sir, how safe is it in investing in Rajunukunte, Yelahanka? What is the approximates price running there?

Tushar Bungley answers, Prices here are around 2500 - 2800 Rs/ sqft

ranjit_99nine asked, Hello Sir, My budget is low. I want to buy a small flat around 300 sqft flat at Andheri. Is it the right time to buy? Is there will be any price drop in western suburb from Andheri to Dhaisar.

Tushar Bungley answers, The prices are currently low and if you can negotiate a good deal, it's a good time to buy.

kela asked, but the builders in Santacruz (w) are asking for Rs. 17,000 - 20,000 why is this dichotomy

Tushar Bungley answers, New projects rates have fallen. The extsiting projects completed more than 80% or ready possesion may charge higher and it all depends on how much luxury, visinity you have. In mumbai space near stations, airport comes at a premium, west being the sea side across the whole belt the rates in some pockets may not follow usual patterns

raj2009 asked, can u tell me the price at HSR lay out,Bangalore

Tushar Bungley answers, Prices are around 2100 - 2600 Rs/ sqft

HOMEINNOIDA asked, HI TUSHAR ...PLEASEEEEEEEEEEEE RESPOND MY QUERY ---> What's the best negociated rate (per square meter) to buy a ARMY flat in NOIDA SECTOR 21, 25, 28 & 29? THANKS and REGARDS....

Tushar Bungley answers, Prices are around 4000 - 6000 Rs/ sqft

hitesh asked, what is the rate of stamp duty in Chennai?

Tushar Bungley answers, For registration of property in Chennai it is around 8% of total value.

Kirtan asked, PLEASE RESPOND "What are the prospects of Vatika Infotech City in Jaipur ?

Tushar Bungley answers, This is a good project.

nm1 asked, As per yr chat, It seems the base price everywhere in metros is Rs 2500-3000 per sqft . which is 1000-1250 during 2005&2006.Do you think the current price will come down to @2000persqft in few months time?.

Tushar Bungley answers, This is the latest price taking into account the drop in prices, can probably expect a maximum of another 10% drop though not uniformly in all localities.

Tushar Bungley says, Thanks everyone for joining us in this chat session today on Real estate opportunities in India. We tried to answer as many questions as possible in the available time. Do be in tuned in for our next session. Thanks Contact us at

Tushar Bungley is currently working as a legal advisor at Suksh Technology Pvt Ltd, a parent Company of Pan-India portal ( 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'.

Get Rediff News in your Inbox: