Go for your Dream Home now!

I met Pratap yesterday, my ex-colleague. He is keen to buy a two bed room flat. He is searching for the right one since the last two years but has deferred it on being advised that the prices may get corrected in future. He came to know that I have helped few of our common friends in buying flats in Navi Mumbai and all of them are happy about it. He wanted my help and I provided the following tips:

Price correction:

It is a fact that real estate prices are correcting. Residex data published by National Housing Bank (Wholly owned subsidiary of Reserve Bank of India) every quarter provides index of real estate prices in different cities and different localities. The Quarterly Index is as follows:

 

Mumbai

Zones

Localities

2007 Index

Jun

2011

Sept 2011

Dec 2011

 Mar 2012

Jun 2012

Sep 2012

Dec 2012

Mar 2013

Jun 2013

Navi Mumbai

Vashi, Kharghar

100

153

143

171

174

159

159

173

190

165

Kalyan

Near Railway Station

100

155

112

118

104

119

128

141

155

123

Other Municipalities

Badlapur

100

159

110

82

93

91

124

137

134

119

Virar Vasai

Virar

100

126

120

86

99

102

114

142

161

157

                                                                                                                                                  Data source: NHB Residex

 

Current Prices (July 2013)

The property rates as sourced from Times property (Magic bricks) for above localities are as follows;

Localities

Price Range

(Rs./Sq-ft)

Kharghar

6250 - 7700

Kamothe

5250 to 6000

Panvel

3800 to 5100

Kalyan

4,846 to 5,000

Badlapur

3000 to 3550

Ambernath

3,223 to 4,393

Vasai

4400 to 5500

Nala Sopara

3890 to 4435

Virar

4285 to 4662

Reasons for price corrections  

  • New RBI rule banning 20:80 / 25:75 purchase schemes.
  •  High home loan interest is high
  • Sluggish demand and less buyer in market

Since prices are in correction mode, it’s best time to strike a deal.

Checklist for home-buyers

  • Location of project and proximity to station, market, schools, hospitals.
  • Reputation and track record of the Builder
  • Various project clearances
  • Transparency in charges
  • Affordability
  • Loan readiness by banks
  • Construction Quality
  •  Parking facilities

I shared these findings with Pratap and advised him to go for a deal in coming 6 months to 1 year, to get benefit out of current scenario. I have also provided list of Projects in Navi Mumbai by reputed builders. Finally he is very happy with these authentic information and genuine advice provided by us. His dream of a flat will fulfilled soon!

 

Last modified on Wednesday, 10 February 2016 06:51

Prakash Praharaj

Shri Prakash Praharaj has a passion for excellence. He has been awarded two gold medals for securing top positions both in Graduation and Post Graduation in Commerce. He is an MBA with specialization in Finance and marketing. He has been awarded Diploma in Treasury, Investment and Risk Management besides CAIIB from the Indian Institute of Bankers. He is a Certified Financial Planner from the Financial Planning standards Board, India (FPSB), affiliated to FPSB, Denver, USA and Certified Personal Financial Adviser from NISM. He is also a SEBI registered Investment Adviser vide Reg. no. INA 000000045 dated 2nd August 2013.His book "Your Every day guide to Personal Finance and Insurance" has been published by CNBC TV 18 in August 2015.

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