Can\'t afford to live in Bombay

[anmuss]

Does anybody here feel like I do? I can't afford to live in Bombay anymore. Totally priced out of a home, if I do buy a place (decent 2BR is 1 crore plus, in a distant suburb at the back of beyond), I'd wipe most of my savings and start from scratch all over again.

[moreqa]

How about renting?

[cnu]

is 1 cr for a flat or house, if its flat its unreasonable and am shockecd.

Have you checked Mulund its supposed to be cheap, I dont know the latest but if you know I love to get the latest price for a 2bhk flat in mulund.

[b2b]

Mumbai is such a vast area abd so much divergence....rates are from 4000 to 10000 in the mid range psf for flats........

high end areas can be priced at 25000 to whatever psf......

houses dont even go there....


Unless you tell which area you are looking at it wont be possible to comment on meaningfully.....

a few suggestions

a) try suburbs around Mumbai e.g. Thane (Ghodbandar, East), New Mumbai (Kharghar etc)
b) if you are in IT shift to Pune
c) take a loan - you dont have to buy everything with all cash

[sftrade]

You are not alone in what you feel about housing affordability. My friends who are in business complain about it and they say NRI's can only afford to buy :). I said thats not true anymore. i think only the people who have raked in the moolah in the stock boom can afford mumbai, apart from the film stars.

If you are not from Bombay, buying an apt is next to impossible. When you goto distant suburbs you lose whatever "quality of life" is left. I think Pune provides a very good alternative to Mumbai with relatively affordable housing options. I know few NRI mumbaikars who have moved to Pune and not regretting it. I've also seen some ppl from Bangalore move to Pune and pretty much adjusted to the move.

[Desi]

Does anybody here feel like I do? I can't afford to live in Bombay anymore. Totally priced out of a home, if I do buy a place (decent 2BR is 1 crore plus, in a distant suburb at the back of beyond), I'd wipe most of my savings and start from scratch all over again.[/quote]

You may be looking on the Western Railway route on the Western side.
Try North and East suburbs and you will be able to find a decent 2BHK for about 60% of that price in new buildings with facilities for car parking etc.

[Desi]

Not true.[/quote]

Why?

I own a 2BHK on east side in Chembur and is worth about 50 lacs today.

I am sure that there are flats worth even multiple crores here - http://oberoiconstructions.com/proj_splendor.htm and at places in east side.

However to find a 2 BHK decent flat on east side should not be difficult with 60 lacs and that is what I mentioned. I know it is true.

In Ghatkopar, Chembur, Mulund, one can find decent 2BHK for about 60 lacs. Now if one is looking in Juhu, then it is not going to be cheap.

A useful link - http://classifieds.sulekha.com/mumbai/andheri-e/real-estate/apartments-flats/adlistings.aspx?requirement=1

http://mumbai.click.in/classifieds/7/40/houses-flats-sale.html

Property Rates

New Project Listings

Now if one is looking for swimming pools, tennis courts etc as facilities, then sure it is going to cost more.

[kumarm77@hotmail]

I am looking to buy 2 or 3 bhk for investment in these areas ie mulund andheri ,goregaon , powai etc by reputed builder who also has a leasing dept like hiranandani. If you have come across such projects can you please let me know. About 6 to 8 % return as lease rental should be managable.

Have you heard of Amrut shakti by nahar in Powai who has only 20% down payment and nothing to pay untill possesion. I am not sure wether they have a leasing dept.

many thanks in advance
M Kumar

Not true. I just investigated a bunch of properties coming up in Andheri east, goregaon east, Mulund, ghatkopar and also on JVLR (Juhu Vikhroli Link Road). Infrastructure is a word unrecognized by most in these parts of Mumbai (JVLR is probably only 40% complete) but apartment prices are ridiculously HIGH.

Typical ask price during booking is Rs10,000 per sq ft. is normal. Most aprtments have good facilities like club house, tennis court and swimmingpool etc. Typical good size apartments are less than 1000 sq ft (carpet area) + add registration, parking space, club house and security fee, association fee etc. - easily adds up to Rs 1.2 cr

Similar apartments in Bangalore outside of ORR, north Bangalore etc would be about 40-60 lacs.

I also investigated Panvel and New Panvel. These are affordable. But what's there in Panvel for a IT person? Living in Panvel and commuting to Bandra-Kurla or Andheri or Town is a nightmare.

Upside in Panvel is good from investment perspective. You could double your investment in 4-5 years or less.
-------[/quote]

[Going_nowhere]

I am looking to buy 2 or 3 bhk for investment in these areas ie mulund andheri ,goregaon , powai etc by reputed builder who also has a leasing dept like hiranandani. If you have come across such projects can you please let me know. About 6 to 8 % return as lease rental should be managable.

Have you heard of Amrut shakti by nahar in Powai who has only 20% down payment and nothing to pay untill possesion. I am not sure wether they have a leasing dept.

many thanks in advance
M Kumar[/quote]


Nahar builders are not trustworthy at all. I had inquired about their Amrit Shakti project a couple of years ago and they gave me a rate. When I went there to book the flat, they bumped up the rate significantly and said that its not possible to sell at previous rate. I went back home thinking if I can afford at the new rate. I then went back to the builder stating I'm still interested in booking at the new rate they mentioned, and they said the rates have increased further (within a couple of days since my last visit there). I gave them a piece of my mind and came back home.

[kumarm77@hotmail]

Nahar builders are not trustworthy at all. I had inquired about their Amrit Shakti project a couple of years ago and they gave me a rate. When I went there to book the flat, they bumped up the rate significantly and said that its not possible to sell at previous rate. I went back home thinking if I can afford at the new rate. I then went back to the builder stating I'm still interested in booking at the new rate they mentioned, and they said the rates have increased further (within a couple of days since my last visit there). I gave them a piece of my mind and came back home.[/quote]

I can quite understand your frustation to know the prices jacked up like that in a week or so. however, what made you approach nahar twice?? Is their build quality good ?? is it worth investing there because hiranandani is selling at double the price now say 15ooo/sq ft

Mkumar