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 January 27.
For those of you who missed the chat, here's the unedited transcript:
jeeva asked, Is it a good time to buy some property in industrial area.
Tushar Bungley answers, at 2009-01-27 13:53:31Based on the city and area we can recommend, so you can give these details for us to be in good position to answer.
Balaji asked, Hi, do you think this is the right time to invest in Real Estate?
Tushar Bungley answers, Tier II cities seem to be an attractive option if someone is looking from an investment perspective. The prices in tier I and II cities have come down and are expected to stabilize in the next three months, so this can be a good option for a long term investment of about 3-5 years. So avoid metros for sometime.
balaji1 asked, Would it be a good time to buy flats in crompet, chennai. Can you please tell us what will be the average price per sft in crompet, chennai.
Tushar Bungley answers, Overall the market is moving slow. 2800-3500 is the price bracket in crompet based on amenities which you choose.
israr asked, where do you see the real estate sector in chennai, will it gain its momentem back as before in near future.
Tushar Bungley answers, In suburbs and peripheral locations will see better traction over CBS areas. For investments better to choose non metro cities Tier -II and III like Coimbatore.
basha asked, Is it worth to buy lands in outer area of chennai?
Tushar Bungley answers, Outer areas of chennai such as ECR, Pondicherry highway are expected to rise given a good time frame, so it is definitely a good investment.
india asked, what is your name
Tushar Bungley answers, Tushar Bungley, am an realty expert and legal head at www.100floors.com, a new Pan-India realty portal.
nitin asked, Is it betetr to buy proprty in Drawrka / Gurgaon / Faridabaad ?
Tushar Bungley answers, Dwaraka is not advsible, as registrations are not happening per our information. Others can be a good option among the three here.
vanessa asked, i want to buy a flat in andheri (East) marol, is it right time or wait
Tushar Bungley answers, In Metros it is a time to wait and watch. If you have a good developer deal like reduced prices, buy backs, lower loan rates etc, you may find a good option. But these options may also become more lucrative in near future.
dna asked, Will the real estate market correct further in 2009 ? Or do you expect it to revive with the imminent fall in inflation / interest rates ? Thanks
Tushar Bungley answers, Fall in Interest rates are definitely expected to give an impetus to the real estate buying. Correction is definitely expected and the markets should stabilize by Q2 2009.
sailesh asked, We have a property built up aro 26000 sft on 4th floor in Begumpet main road Hyderabad. What rate of rent can we expect now or you want us to wait for few more months to lease it out. The space is ready for occupation and with lift.
Tushar Bungley answers, The rates may vary 40 to 120 Rs/ sq feet subject to conditions like road access, state of the facility, furnished or unfurnished. Given there is a slow down in market you can expect 10-30 rs drop in the rentals compared to last year same time.
ANITA asked, WANT TO SELL MY MIG FLAT IN VASANT KUNJ. DELHI ANYONE WOULD LIKE TO BUY ?
Tushar Bungley answers, Please put it up as a listing on www.100floors.com
Don asked, Hi Tushar, Although I have been hearing that realty sector is seeing correction, when I see the property prices in Pune the developers and builders are not ready to lower the prices. What do you think should be done in such cases?
Tushar Bungley answers, Some tier-II and tier-III markets are yet to see some corrections. Even there are some premium areas where you cannot expect a correction. So in general though the market would move certainly down the CBD areas may not move down substantially as the supply there would be far lesser than the demand.
apoorv asked, Please let me know is this a gud time to buy a home, as i want to buy a home at marathalli ring road in Bangalore city and its 1370 sq.Ft and priced @ around 30 lakhs. pls help me out. whether do i need to wait or go ahead???
Tushar Bungley answers, Marthahalli has corrected to 2000-3000 rs recently, lower being inside properties and later for better properties in this area. Given the future scope for this area and the current price you have quoted here falling under the bracket which we have from our research, it does seem to be a good investment option.
narrow asked, can u classify Teir I and Teir II cities?
Tushar Bungley answers, Tier- I are all metros including Bangalore and Hyderabd. Rest all known primary cities like Agra, Mohali, Chadigarh, Pune etc fall under Tier-II
karthikeyan asked, hello sir, even though realestate prices are going down, in chennai the property prices are holding and not going down. do u see any correction in chennai prices
Tushar Bungley answers, From our research we have found that property prices in Chennai are a bit inflated and are expected to stabilize to more reasonable levels. In fact big builders in Chennai have already started reducing prices or offering discounted deals.
langtu asked, hai, Tushar... What are the options available for investing in real estate in Bangalore with 10 lakhs. I want a decent house with 2 rooms
Tushar Bungley answers, Look into Bangalore north side in areas like Devanahalli, Doda bellapur.
puneeta asked, Hi, I have booked a flat in Gurgoan and Faridabad.Can u please tell me when I can expect the good returns from these properties?
Tushar Bungley answers, In gurgaon and faridabad, look at a time frame of atleast 3 - 5 years for a reasonable ROI for your property.
karthikeyan asked, Sir sorry for disturbing u again, apartment prices have come down in chennai. i need to know abt land prices.
Tushar Bungley answers, They too have seen a dip certainly making it a buyer friendly market though you can wait for a month of two for better corrections in some area.
KSRAO asked, When would be the right time to buy property in Bangalore
Tushar Bungley answers, Q2, 2009 would be a good option given the corrections have not stabilized as per our week over week stats.
Nishant asked, Hi Tushar, what are the medium term (3-5 years) prospects for a premium property like ParkStreet in the Wakad area of Pune? What kind of returns can be expected? I booked a 2BHKD flat at a rate of 3200/- per sq ft.
Tushar Bungley answers, Areas around Aundh and aundh annex have seen better upsides in last 3/4 years. Similar will not be seen given the prices have shot up already. Our conservative estimate on the price expected in 3 - 5 years horizon shows a price of 4000-4500rs/sq feet
apoorv asked, what future are you expecting in Bangalore city for real estate? are you expecting any down fall further or is it peak time?
Tushar Bungley answers, Bangalore as a real estate market has in the past years has been very attractive due to the presence of several IT companies and hence the subsequent demand for office and residential spaces. But currently due to the economic slowdown the gap between demand and supply has widened as sales have come down in the last six months, especially from September. However as a real estate market Bangalore has been attracting an array of medium to large builders with new projects from several builders in Electronics city, HSR Layout, JP Nagar, Koramangala, BTM layout and other localities. With further time prices will stabilize by Q2 2009
venkat asked, I am waiting since 30 mins, it seems it is not answerable, pls advice something, I will walk out of chat box, have to start wroking, I repeat my question"Land rates in Mysore have sky rocketed, is it advisible to invest in Mysore? "
Tushar Bungley answers, Mysore is right now overpriced, would advise waiting another 3 months and adopt and wait and watch strategy with respect to Mysore.
Bhushan asked, Is it right time to buy house in pune? or should i waiat for some more months? pls guide me.
Tushar Bungley answers, Wait untill Q2, 2009 to see some stabilized prices. However there are some good deals offered by builders like Mantri like buy back options or reduced interests currently which can come handy if you are looking to invest in near term.
Wanderer asked, Hi Tushar, There are several places in Hyderabad where builders have built in flats without any planning. They have built high rise apartments at very less space and many times there is hardly any gap between two buildings. Also, historically, Hyderabad has been a water scarce city, especially in summers, which is enough reason to believe that flats built in such numbers will only add to the problems. Worse still, such flats are priced well over 40 lacs (for 2-3 bhk). Is it worthwhile to invest your money/ buy for living in such flats?
Tushar Bungley answers, This vastly depends on the area and locality and the type of builder, would be difficult to generalize something like this over the entire city. Many properties are overbuilt so while buying or investing ensure you are buying a portion which is legally scrutinized by experts or by proper sanction plans.
real asked, Please suggest me some areas in Pune for investment?
Tushar Bungley answers, You can look for areas like Hinjewadi, Pirangoot, Bawdhan for investments.
Ams asked, how do feel the rates in mumbai would direct also one of the suburbs mUlund is it worth paying 5000 sq feet or should wait
Tushar Bungley answers, Mulund falls on the border of Mumbai enjoying all benefits of Mumbai which a next stop Thane would not have like electricity, water etc. Comparating thane prices are already hoovering over 5000 Mulund being in Mumbai at 5000 seems to be a good rate. Mulund west is preferred more than east.
KSRAO asked, Some experts have advised to be careful in investing in under completion projects as they may not see completion due to credit crunch. Also, developers like Ittina seem to have pledged properties and sold them to clients. How to deal with such situations?
Tushar Bungley answers, Projects under construction have seen some fund issues from investors. You are right to pint to be careful here, best option now is to invest ins ready to move in properties. As mentioned earlier, as this needs to be handled very carefully on a case to case basis. Please contact our legal team on www.legal.100floors.com to get more help.
raje asked, Is it a good time to buy a property in chakan,and when we expect to get good returns in that property.
Tushar Bungley answers, Chakan given an airport destination tomorrow is definitely a good option for investments. But the infrastructure may not move so soon so you will have to be patient on this area to return your investments.
riti asked, am looking for 2 BHK flat or individual house near kunrathur or mathananthapuram(near porur)in chennai.can u pls tell what will be the avg price of sq.ft
Tushar Bungley answers, Average pricing in this area is expected around 2200 to 3000 Rs/ sqft.
TusharBungley asked, What are the prospects of Amanora Park Town in Pune??Pls advice
Tushar Bungley answers, South bangalore as a real estate market has in the past years been very attractive due to the presence of several IT companies and hence the subsequent demand for office and residential spaces. But currently due to the economic slowdown the gap between demand and supply has widened as sales have come down in the last six months, especially from September. However as a real estate market South Bangalore has been attracting an array of medium to large builders with new projects from several builders in Electronics city, HSR Layout, JP Nagar and BTM layout.
real asked, Is Wakad in pune good area for investment?
Tushar Bungley answers, Yes, prices around 2500 for land is a good option.
RNA asked, Am interested in buying on Baner Road / Aundh areas in Pune. Is this the right time ?
Tushar Bungley answers, Do wait for couple of months for the market to correct or stabilize.
riti asked, hi,the owner is quoting 740 sq.ft flat 2Bhk for 20lacs in madananthapuram(near porur).is it right price or can it be reduced for 18 lacs
Tushar Bungley answers, Yes, as the current rate in this area is 2000 Rs. Given 18 Lakhs you are selling it higher price.
Shenaz asked, I have invested in a plot in Vijaynagar 4th stage 2nd phase in Mysore for a 5 year term atleast. Do you think as Bangalore saturates and as Mysore connectivity and infrstructure improves, it will be good for appreciation ?
Tushar Bungley answers, Should definitely give a minimum of 30 - 50% returns.
ASHNA1231 asked, NAGPUR?NO INFO ON PRICES?
Tushar Bungley answers, Which area?
Manu asked, Hello Tushar, Give the rate list for Flat of 1387 sqft at Kundhali at Marthali. Builder quoting at 53L for 2.5 flat with Private garden, which comes under 1397 itself. What will be the best price for this property
Tushar Bungley answers, Seems to be reasonable if you have all other charges included, given the luxury apts. here are priced around 3200-3500 rs/sq feet
arunonline asked, I am invested in Brigade Enterprises, they have projects that have high hopes, how do you evaluate their projects?
Tushar Bungley answers, Are you talking about Brigade-Group, they are a reputed and a Class-I builders.
rakeshm asked, mahavir nagar kandivali (W)..wht are the avg prices?
Tushar Bungley answers, Around 4700-5000 rs sq feet
Analyst asked, Does that mean in Mumbai suburbs like Mulund etc prices are unlikely to fall any further??
Tushar Bungley answers, Yes they may not fall here, but you can expect new projects to offer you good deals given builders are crunched on funds.
Karan asked, Hi Tushar, Whats your perspective on apartments in Noida. Was investment in 2008 a wise decision?
Tushar Bungley answers, Early 2008 would definitely be a good later half would have to wait for a longer time.
AK Nair asked, How much fall we can assume after a period of 6 months? or when will be a raise in the property in Mumbai's suburban area? Respected sir, what is the reasonable rate of resale 2bhk existing in Vasai, Thane dist?
Tushar Bungley answers, Rate here is 1200-1500 rs/sq feet
mayu asked, Hi Tushar, Is it good time to buy home at Khargar, Navi mumbai. my budget is 20-30 lakhs
Tushar Bungley answers, Khargar is seeing corrections in the market. You would have seem the govt flats too have seen corrections post allotment last year. but given your budgets you may find an option in this area alone or in Thane, main Mumbai suburbs may not be an easy find.
nokia asked, hi , is it right time for construction
Tushar Bungley answers, Given labor is available at lower price and contractors loosing their contracts with bigger builders, this would be a right time to look for construction in Tier-I and Tier-II cities
firstname.lastname@example.org asked, Tushar - I never get answered some how in these chat forums. Hope to get the first one from you. How do you find a purchase of flat with Skyline group in Banashankari _III stage near NICE corridor. I have booked it for 2500/- Do you think its good and it will appreciate?
Tushar Bungley answers, 2500 Rs is pretty reasonable and you can expect anywhere between 15-40% over 3 to 5 years.
WIN asked, hI,I WANT TO BUY A HOUSE IN BANGALORE (25 TO 30 LAKHS)
Tushar Bungley answers, Chekout for 100floors.com deals and properties for the same
email@example.com asked, HI Tushar, i want to buy a flat around 13-15 lakh range. but the pblm is i don't have initial money to pay banks. but i can easliy paid the emi's . so what would u suggest me at this stage. please help me.
Tushar Bungley answers, Look for smaller builders, they may give an option under low budget flats. Also if you are working in a good known company you can raise personal loan for initial payments.
ASHNA1231 asked, WEST NAGPUR.WILL PRICES DROP?
Tushar Bungley answers, Definitely, areas around Amrawati raod have already seeing a drop of 10-15% in last quarter
subra asked, Tushar bhai.Do u KNOW ANYTHING ABOUT SURAT.CAN U REPLY.REMINDER 5
Tushar Bungley answers, Average Price in Surat are bit higher side almost 3000-7000 rs. If you are specific on any area I can answer it in detail
Jignesh asked, Tushar Why you are bullish on real estate price in current scenario where entire world is bearish on real estate?
Tushar Bungley answers, In comparison with Stock market, Physical companies in various sectors realty till date especially in India has not seen corrections or drop like others. So investments under realty would not have dipped compared to other investments.
Middleclassman asked, dear sir. Can u tell me 2BHK rates in Tilak Nagar, Chembur, Mumbai, which broker is saying Rs. 6,250/- per sq. ft. There are so many building construction put on halt due to some MHADA & BMC dispute. Is there possibility of reduction in rates there?
Tushar Bungley answers, Average here 5500-6500.
wed asked, Dear Tushar, I plan to buy a flat in Borivali, Mumbai after 6 - 8 months. From your research, what is the price range per sq feet expected around June 09?
Tushar Bungley answers, Avaerage Prices in Borivali are around 5000 - 5500 Rs./sqft
firstname.lastname@example.org asked, Is this a right time to buy a flat at New mumbai?? or should i wait another 4-5 months?? pls advise..
Tushar Bungley answers, New Mumbai is under correction do wait until Q2, 2009
amitsingh11 asked, I never get answers..... There is a touching delhi area of ghaziabad, DLF (Bhopura), the rates of flats are very down there, your tips....
Tushar Bungley answers, Go for reputed builders and developers around Delhi. There are some zones which are under dispute so you have to be careful around this area.
neel asked, avg. prices dombivili east??? avg. prices dombivili east??? avg. prices dombivili east??? avg. prices dombivili east??? avg. prices dombivili east???
Tushar Bungley answers, Average prices in Dombivilli are around 1900 - 2100 Rs./ sqft
KALAA asked, IT IS GOOD OPTION TO DO INVETMENT IN NEW PANVEL AND NAVI MUMBAI AREA ?
Tushar Bungley answers, Around Mumbai-Pune expressway is recommended interiors may take sometime to groom up and offer returns
meandmyself2005 asked, Hi Tushar, I am a salaried person and looking for investment in property, I am eligible for a home loan of 10-12 lakh and can spend another 2-3 lakhs (totalling 12-15 lakh), My question is:- Since my investment amount is low where should I invest in, Which city which place? Secondly what would be the right time to buy, Should I wait for property rates to fall further?
Tushar Bungley answers, Please specify city, locality name here.
KETU asked, Sir, When & how stamp duty charges will come down.
Tushar Bungley answers, Depending on state budgets it may come down or go up. This is defined at the state level
RAM RAM asked, 2nd Reminder : What is expected rate for residential flat in wakad / pimple saudagar area, Pune in coming 2 - 3 months, for new scheme of a reputed buider with all ammenities?
Tushar Bungley answers, 2800-3200 is the price bracket here.
Santa asked, Do you expect a price drop in B'lore real estate ? if yes, how much % ?
Tushar Bungley answers, We expect further 10-20% drop in peripheral area. CBD may not see a much further drop.
pvp asked, i plan to buy a 4bhk house in santacruz west in mumbai and rates quoted in new building is ranging from 13000 to 17000 and one of the builders i negotiated with has given a final offer of 11100 but i feel if i wait for a few more months i will get it below 10000. what is your opinion should i wait or buy the flat at 11000
Tushar Bungley answers, Current rates are 10000-12000 here
kannamozhi asked, Dear Tushar - Can you let me know the right strategy for purchasing flat in Mumbai (santacruz - andheri west), when would be the right time, what should be the right price, etc.
Tushar Bungley answers, Prices here are around 10000-12000 Sq feet. Recommended to go for ready possession flats than under construction. You can wait for 3/4 months as we expect the price not to move upwards from here soon.
CHANDELA asked, Hi Tushar,---(PLEASE REPLY)---- rates in Kamothe Navi Mumbai ranges from 2300 to 2700 per sqft. How much fall can we expect and by which month.
Tushar Bungley answers, It would not move much in new Mumbai as the demand here is still above average and has not seen a slump. Prices may stabilize on this bracket for sometime here.
tom asked, Hi Tushar, I want to buy a 2 BHK flat around 1000 Sq ft in the vasant vihar area of Thane west. What should be a reasonable price for builders such as Siddhachal (Kalpataru builders) ?
Tushar Bungley answers, Thane west should be around 3500 - 4000 Rs/ sqft
WassupDude asked, Can u suggest a good property in Bangalore costing around 20 - 25 Crores?
Tushar Bungley answers, if your are looking for an agricultural land, devanahalli is the right option.
t_Bungley asked, Between Domlur and BAnashankari in bangalore which place would give me good returns in say 10 -15 yrs with a budget of say 20 Lakhs on home loan?
Tushar Bungley answers, banashankari would be the best option in the long run
khan asked, i have 27 crores worth land.how to go ahead in construction for business
Tushar Bungley answers, enter into a joint development for development of a commercial property. Foreign investors could be a best option, with the FDI round the corner.
Vas asked, hello Tushar How is 100floors different as compared to some of the other realty portals?
Tushar Bungley answers, 100floors.com looks at the online real estate space in a whole holistic perspective with both offline and online services. 100floors.com is a real estate marketplace which creates an ecosystem for individuals, real estate agents and builders to search and find properties across India. 100floors is the first and only online real estate portal in India which powers your real estate search through maps and provides an intuitive experience by making it extremely easy to find buyers and sellers of property.
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'.