should i buy a 2.5 cr flat?

[seekerofthetruth331]

@hallie4 as a rule, do not ever invest in under construction property, a lot of things can go wrong and your money might end up getting stuck

 

[hallie4]

@seekerofthetruth331 even if its a very reputed builder?

 

[seekerofthetruth331]

@hallie4 I wouldn't trust a builder even if they were my relatives

 

[sylversterstallone2]

@seekerofthetruth331 I would agree to these replies, me and my wife make close to what you make and I would never invest in an under construction apartment. I'd rather pay the premium, if any once it's up for delivery. Ready to move in has its benefits of you knowing exactly how the flat is made and if it's built using quality material or not. Further, what looks good on paper might look fugly to you irl.

 

[seekerofthetruth331]

@sylversterstallone2 not just that, builders sometimes charge extra even after you have paid full amount under various charges just before giving possession.

 

[sylversterstallone2]

@seekerofthetruth331 Exactly and you have spent so much that you reluctantly oblige. I would sincerely suggest to wait and book only once finished. I don't usually see much of a premium post completion.

 

[mobai]

@seekerofthetruth331 Very true, I was stuck in a messy situation some years back after booking an apartment in an under-construction building. Building was 80% done, good builder prime location in Mumbai but then some gov. agency did not clear paperwork and project was on hold. We waited for 2+ years and barley saw any progress on the building.

I am an NRI and was unable to travel so often, but luckily somehow my parents were able to get our downpayment money back (almost 1 cr.) from the builder. Was not easy but they managed to get it.

After that we only invest/purchase ready to move in apartments. Better if the building has already received OC from BMC.

 

[seekerofthetruth331]

@mobai I would go one step ahead and say that only buy a property after 2 years of receiving OC, I know a prime building in Mumbai, flats cost >7cr and they have massive leakage problems

 

[golfnut1913]

@hallie4 is it DLF?

 

[hallie4]

@golfnut1913 birla

 

[golfnut1913]

@hallie4 birla is new in Delhi. What reputation are they banking on ? Is this the 63 sector wala construction?

 

[hallie4]

@golfnut1913 yes, 63
they in ncr you are right, this is their first
but given birla has a brand name to maintain...

 

[melvee]

@hallie4 Isn't that place around 4cr?

 

[resjudicata]

@hallie4 No matter how big a brand is, never buy a property which is under construction. So many cases are pending in courts where Builder didn't complete his project and filed for insolvency.

You better invest in your hometown. Buy a land and build a proper home on it but if you still want to invest in an apartment then go for a nice gated society where people are satisfied w their SWA and the amenities they are providing.

Tldr: always go for finished project where people are already residing.

 

[lukechester]

@hallie4 So called reputed builders are more of a risk, IMO, because they have the money power to engage in an extended legal battle, or to grease palms.

 

[wordsvsimage]

@hallie4 Yupp. I did same mistake, bought a property from a well known builder : name starts with O, ends with E with an X in between,
The society amenities are f’ed up. Value deprecated over last 3 years cuz of locality problems ( sever etc). Electricity is shit

 

[ashleylovesjesus]

@hallie4 We got stuck with a Jaypee flat for the last 12 years, so trust me, it’s not worth the headache. Even if a ready to move in property is priced at a premium compared to soon to be constructed, your mental health is far more important than money. You can afford it

 

[%C3%87ocukoloji]

@seekerofthetruth331 Buy a ready-to-move flat. That’s what we did 3 years back (in a different city). You just never know.

 

[aidan]

@hallie4 I believe this decision might not be in your best interest at this time, and here's why:

Currently, the market is facing high-interest rates. I would recommend waiting for the Quantitative Easing period when the rates are likely to decrease. This could save a significant amount of money in the long run if you decide to purchase a home.

Considering your current rent of 50k which totals to 6L per year, investing 1Cr in an SBI Fixed Deposit could potentially generate the same amount annually.

To help you decide between renting and buying, you might want to use this tool: https://fi.money/calculators/rent-vs-buy-calculator.

With time and a little patience, you might find yourself residing in a spacious bungalow a bit outside of Delhi. This could be an attractive option, especially once you start a family.

It seems that the primary factors pushing you towards buying a house are rising rents and unreliable landlords.

Bear in mind, once you purchase a flat, it doesn't necessarily appreciate in value indefinitely. Typically, the appreciation halts after about 6-7 years.

Buying a home ties you down to a certain extent, and it may instill a sense of fear about losing your job and defaulting on the mortgage.

Here's an example from my personal experience. About five years ago, I decided against buying an 80L flat and instead invested in commercial property at the same price. Today, this property is valued at 1.2Cr and generates a monthly rent of 50k. Meanwhile, I live comfortably in a 4 BHK house with a monthly rent of 32k.

Ultimately, your happiness and financial independence should be the priority. If you manage your finances well and work diligently for a few more years, you could reach a stage where you no longer need to work to sustain your lifestyle. That's true happiness and security. Making a 2.5Cr decision due to unfavorable landlords might not necessarily lead you down this path of financial freedom and contentment. It's essential to weigh all factors and not let temporary issues dictate significant financial decisions.

 

[golfnut1913]

@hallie4 I personally wouldnt buy anything in Delhi NCR at all. Financially I think its okay but just consider your emergency funds especially if you have elder parents who need some medical attention.