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Monday, September 24, 2012

Dream Home search -some tips and mantras!!!

Searching for your Dream Home is probably the toughest thing to do out there.It tests your ability to remain calm,composed, patient even in the most dire situations.Not literally though :P.
If you have been searching for a home lately , then you might relate to this post instantly.
For others , i suggest read this post and i hope this helps in your future endeavors.
                               Enough with all the hype and drama , lets get straight to the point.The Real Estate market has soared up in recent years to unimaginable figures.The prices of residential apartments has more or less doubled  in the last 5 years or so.There are a number of factors affecting such a surge including ever rising population,shortage of land , increase in demand and customers tendency to pay higher amounts with ,higher cost of production and finally some malpractices adopted by the developers and builders.
Irrespective of all this do we really care why the prices have gone up.As an end-consumer my only concern is whether i can buy a good flat in a decent locality with all the basic amenities?Will i ever be satisfied with what i buy at the current rates?Am i getting value for money?
                             One of the decent add by Maruti Suzuki - 'Kitna Deti Hai' - sums up the Indian notion.When we buy even the smallest of utility items , we always think did i get value for my money.So before investing for your dream home that is going to cost you anywhere between 30 lakhs - ?(can't comment due to current situation :) ) , it becomes imperative that you leave no stones unturned.Its important that you consider even the minutest of details and understand its implications.
                               I have seen people commenting on many forums  that the Real Estate Bubble is going to burst sooner or later.But do you want to lay back and wait for it to burst or want to buy when it has grown to its full size and still shows no signs of deflating.This is the biggest dilemma for each and every consumer out there.What if i wait now and after 2 more years the prices are beyond what i can even afford.Then i will have to be content by living in the outskirts or may be purchasing something i can afford but cant say to be my Dream Home.So why not just buy now even though the rates may be inflated but who cares , i can afford it.This is the single most driving factor for the Real estate prices.Builders raise  prices to exorbitant levels but there are people who are ready to buy even at those prices.So why not make hefty profits while the market is there.
                             I am not real estate expert;i am rather an amateur,but i do know there are millions of people out there just like me who face this dilemma:Will i ever be able to find my Dream Home.I can empathize with them and that is why i hope you find this blog helpful.So enough with all this theory , lets start by examining the factors you should always consider before you make a move.I will keep including my experiences for better understanding.
                            If you have made up your mind to buy a flat,i suggest all other activities must take back seat and this must be your top priority.First you should consider the locations that you are ready to buy a flat in.This should never be just one and you should be flexible enough for 2-3 locations.When i decided to buy a flat in Pune , i shortlisted Wagholi , Hinjewadi , Tathawade , Wakad as my preferences.You should be clear in your mind as to why to zero in on a location : proximity to schools , hospitals, work place , decent infrastructure, transport , no problem with water and electricity , average per-square-feet rate are some of them.Once you know the locations start on a voyage of around a month exploring almost each and every project in these locations,literally each project.Do not leave any project just because the name does not seem to be all gaudy.Collect the brochure,floor plan,layout plan,cost sheet,specification and amenity sheet if any for each project.

                           Once you have everything start comparing inter/intra-area wise each project highlighting the Pros and  Cons.Here are my findings:


1)Wagholi:


Oxy Valley -



Oxy Valley Wagholi



Pros:Good floor plan, spacious flat,loading factor-25%,excellent cross ventilation,no extra charges for floor rise/amenity facing flats, good dimensions for each room and a good psf(per-square-feet) rate offered, total package of 35 lakhs for a 970 area flat.


Cons: A bit further down - 3 km from Wagheshwar temple , all flats almost of same dimensions and no option for bigger flats , poor infrastructure and recreational facilities in the nearby area, sense of non-security,frequent power and water cuts in the area.


Although this was a good project i opted not to take this one due to the present condition of Wagholi.As i mentioned above the area is under developed.Although the area has about 30-50 new projects coming up ,all scheduled to be completed within 2-4 years , i had my apprehensions about living  in such an area.From an investment point of view this could have fetched me good returns but that was not the purpose:

another important factor you must consider before buying , whether its for investment purpose or self-use.

So i decided to move on from here.I have to mention that before moving on to another location i had visited all the new projects in this area: Sukhwani Scarlet, Palms , Suyog nisarg , Vascon Citron, Micasaa , Ivy estate , Solacia , Ganga Alfa to name a few good ones.


PS: You can google for each of the projects mentioned above and check for yourself and see if it does appeal to you.


2)Tathawade :


Elementa -




Elementa Wakad


Pros: Decent floor plan, luxurious flats , excellent layout plan, state of the art amenities, just off the main Mumbai-Bangalore highway so excellent location, decent infrastructure in and around the area, all in all a big luxurious project.


Cons: Loading factor : 30%, psf rate on the higher side , builders first project in Pune although a reputed builder in Mumbai , again the size of the flat in each category - 1 bhk ,2bhk - did not have options with all flats more or less of the same size,extra charges for floor rise and amenity facing flats, issue with parking facilities.



This is one of the ambitious projects in the Tathawade area.It had everything that you imagine to be  in a big project but as i mentioned there are a few cons as well.The biggest issue was that a flat of the same size in Elementa as that in  Oxy Valley was costing around 14 lakhs more.The total package of a 960 area flat was around 50 lakhs.This can put off a lot of people just like me.Imagine if i had not visited Wagholi i would never been able to make such a comparison.

So i decided to move on again.

PS : Just as i mentioned i visited many projects in Tathawade before moving on : Ganga Cypress, Ganga Aurum Park , The Nook , Palladio , Apex Athena , Sukhwani Sepia to name a few.



3)Wakad -


Atlanta -



Atlanta Wakad


The Pros and Cons of this project were more or less on the same lines as the ones in Elementa.Standout factors were : psf rate was a bit higher than Elemanta since this was in Wakad and guess the builder wanted to cash in on this,project though smaller than Elementa still had a good layout plan and floor plan,the balcony offered was huge more of a terrace balcony , extra specifications were offered such as modular kitchen , POP , designer  tiles.


But the same factor became a roadblock;the total package for a 2 bhk , 950 area flat was 49 lakhs  and asked myself whether it was worth it? Haven't got the answer yet!!!!!!


                                       So i moved on to the last location in my list.Just to mention i had devoted 3 weekends;6 days; 9hours  per day  exploring these locations.This was some effort and when i had embarked on the journey,i never thought that even after such an exhaustive search , i would still be not satisfied.Down but definitely not out i decided to devote one more weekend.The pattern remained more or less the same, in Hinjewadi there were a couple of big projects or rather townships , but the cost was a bit on the higher side.Megapolis Splendor and Life Republic , ambitious and luxurious but nevertheless expensive.You could get a variety in everything starting from size of flats to even cost of the flats.Mix and match of Budget homes with luxurious homes was the highlight of these projects.Still i was skeptical of how long will it take to complete such huge townships as getting all clearances is still a major roadblock for builders and developers.Also the budget homes din't really appeal to me and the luxurious one's were a bit too expensive.


                           Finally some light at the end of the tunnel : came across this decent project just behind Wipro Phase 2,Saarrthi Sovereign.



Saarrthi Sovereign Hinjewadi


Pros : Excellent floor plan , good overall layout, decent location just behind Wipro circle , spacious flats,no extra charges for floor rise/amenity facing flats, good dimensions for each room and a good psf(per-square-feet) rate offered.


Cons : location, some problems with water and power cuts,extremely congested during office hours.


When i analysed the Cons these were more or less of the area and in the project.Single driving factor was that this is the IT hub of Pune and being from IT , the location was never a problem.Congestion in peak office hours again was a problem but not for me since my office was just a mile away.So the only concern was water and power cuts and after some research of the area i was satisfied that this alone cannot be the factor to put me off.

                                        So the take-away for all you guys who are still reading is that there are many factors that may affect your choice of "Dream Home".Once you visit all the projects do a comparison among these based on factors like location,loading, area of the flat , psf rate charged , floor plan , dimensions of each room , layout plan,extra charges for floor rise and amenity facing,parking space available and finally the most important is to consider the reputation of the builder and browse through some of his completed projects.This is not an exhaustive list and my examples highlighted above  include a few more that affected my choice.

                                        I hope this blog actually helps many of you out there still searching for your "Dream Home".Do let me know of your comments and views since this is just my first blog and your valuable comments will definitely help me grow.


Happy hunting guys.





















42 comments:

  1. nice post! Will surely help a lot of people! Do write about the dream place when you find it

    Cheers!

    - Neeraj

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  2. Thanks Neer....
    Surely will keep u guys posted!!!

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  3. A variety of home options through several Flats in Bangalore, reputed as premier builders in Bangalore, each apartments is self sufficient and affordable.

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  4. I think the psf rate and as per the growth prospects,commutation etc makes tathawade a good area and i found The Nook project a good one there..What about you ?

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    1. I also suggest you to read my other post if you are looking at real esate as a investment option-
      http://ankushtulips.blogspot.in/2012/11/did-you-know-factors-that-affect-value.html

      Something i want to add is try and negotiate hard and look for a deal close to 3800 if you are going for The Nook.Current rates in areas such as Aundh and KP are around 5600 which are probably the most developed areas.That way paying 4200 in area like Tathawade may not be the most prudent one in case you are solely looking at it from investment point of view.

      Delete
  5. Thanks Ajeet for dropping by..
    Yes Tathawade has a good growth and The Nook project is a very good option.I only issue i found with that project is somehow the Kitchen appears to be very very small and doesnt justify its dimensions.
    Barring that you can go ahead with it if you have a decent budget.

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  13. Hi Deepu,

    Thanks for dropping by and sharing such insights.
    Indeed i have heard about the real estate development in Indore.
    I believe there is a planned cybercity in Indore that is also contributing to this.

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  15. Hey HcoRealEstate,

    Thanks for dropping by and appreciating my post.
    Cheers!!!

    ReplyDelete
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