Mumbai Flats!!

Hi all

I live in the US and I was actually thinking of investing on a falt in Mumbai. Since my brother lives in Goregaon(west) ,I was searching for something close to that location.

The reasonalbe good flats go as high as to 85 lacs-1 crore. I never imagined it would be this high.

Can any of you tell me whether are these people just playing with the NRI people/IT people or does these flats really value this much.

If this is the case, what is the point of investing. Even if I am planning to sell it off , I'll never get more then this ,right?

Can anyone give me some ideas and suggestions as to should I be really looking for something in Mumbai. Which will be the best place for investing ,or maybe buy it and give it on rent etc.

I even think of buy something in Pune , if I cannot afford it in Mumbai. Since I 've a sister also in Pune. I am actually confused and would like to know which would be the best option.

Thanks
Vidya

hi Vidya,
It is true that land and apartment rates have touched the sky in Mumbai, esp. last couple of years has been too much!

But 85 lacs to 1 cr in Goregaon seems on the higher side. What is the ~area/size of the flats?

Bandra and city side are this high and even more!
If you like I can ask my bro-in-law to check for Goregaon w - whether it is really so high? You have any specific location?
best
hasita

Hi vidya!

its true that property prices are really very high these days in mumbai,We have recently shifted to mumbai from bangalore and were thinking of buying a flat in mumbai(mulund).

When we started enquiring, we got to know that avg flat (850 Sqft) super buildup area would cost us nearly 45-50 lakhs in mulund. No doubt it would cost you more in goregoan and malad area. i guess these prices have been hiked up by the real estate agents in mumbai. and beleve me you cannot get good flat in mumbai without these agents. their network is so strong that you never know where there is a flat avble.

i would recommend ,you try investing in location like pune,even bangalore will be good option. you good get a good flat (1400 sqft ) for not more than 50-55 lakhs, and you get also get a good resale value /rent for the same.

if you still feel like investing in mumbai , my advice is to wait for 6mths- 1 yrs period. Surely this property bubble is to burts and then you can think of investing.


regards
vaidehi

Thanks for the responses , hasita and vaidehi.

Hasita
The location they said was on M.G.Road ,1200 square feet ,3 bedroom ,mahindra builders. Is your Brother inlaw a realtor. If so I would like to get some good deals at Goregaon or Malad west somewhere close to where my brother stays(bangurnagar).

Vaidehi
My husband would love to have a flat in bombay , but I don't mind buying in Pune.Actually we had thought of getting one in each city as an investment. But looking at the prices now, we can afford only one!
But as you said ,maybe we'll wait for a few months and watch the martket.
And what do you think about buying a plot in pune. Will that be a good investment? What are the pros and cons for that.

Thanks a lot ladies..
Vidya

hi Vidya,
My bil is not a realtor, he's an architect, working for a builder. But I will ask him whether he can help in any way, at least for info.

Like Vaidehi says, Pune is also a good place to live in - excellent climate! You can try Kothrud and other areas for buying a flat, either for staying or for investment purposes too. But do check out current situation. I do not about rates in Pune.

Will check out and revert if I get some info from my B-i-l.
best,
hasita

hi vidya,
rates of flats i goregaon side seems to ba higher side .
dadar rates are going so high now a days and not in goregaon.

Hi,

85 lacs seems really high for Goregaon. my parents live in Kandivili and there 2 bdrm flats are available for 45 - 50 lacs. We ourselves live in US and are looking to buy a flat in Mumbai. We are considering Navi Mumbai (new bombay) as the rates are reasonable there (2 bdrm for abt 30 lacs). It is also more peaceful there - less crowd and less traffic.
Hope this helps..

Mythraeyi