RE: Buying/Renting in Delhi

Hi

I was reckoning around RS10,000-20,000 a month for a fully furnished 2 bedroom flat. What areas would you recommend? Needs to be fairly near Kalkaji. Do you think Rs10-20K is realistic? Any Ideas would be much appreciated!

Also any NRI's had any experience of buying property in India? Anybody tried www.axiomestates.com . Don't know if l'm quite prepared to risk buying property but might be worth looking into?

Cheers

Jaz

for a 2 BR it is realistic but i am not sure if it will be furnished. will get you the details soon

I have purchased property in India. In which state do you want to buy?

To be honest l wasn't really thinking of buying in India until l checked out www.axiomestates.com , l have heard from people that it would be a good investment to buy in Delhi now. I have just put my flat up for sale in North Manchester, UK for GBP 99,950. If anyones interested check out http://search.estate-software.co.uk/(t3vriz45tanirjbyubctke55)/details2.aspx?propertyid=46422 7401&chainID=0001
!! Anyway l have just literally put it on the market today and l will hopefully have GBP 30,000 to spend on a flat in DElhi. Maybe Gurgeon? Not sure. All the flats look good on axiom but l'm not sure, certainly will look into it though. I mean in the UK you have to pay Stamp Duty, legal fees etc when purachsing property and if you buy a flat, theres like monthly maintanance charges, l'm assuming its all the same in India? Need to find out more info. + axiom haven't yet informed me of their fees. Any advice re this would be much appreciated

Cheers

Jaz

Yes, it's the same in India. You have registration fees, commission of property dealer (usually between 1-2% of property value) and then possibly maintainence charges after you've purchased the flat/independent house.

Property prices in Delhi and Gurgaon have gone up 200%-300% over the past two years. Although people are still buying, real estate is not a lucrative investment as it was. To give you an idea how crazy the prices have been -- we bought the house we currently live in, for around 23Lakh (2300000) last April....right before the sudden surge in prices. By Nov-Dec it was worth 36Lakh and today the price is around 50Lakh.

GBP 30000 or INR 2415000 would perhaps be little tight for a two bedroom flat in Delhi or Gurgaon today. Although you'll still find plenty of options (and hidden gems among them) but you can rule out the best locations. I'd suggest you move quickly if you're keen on buying a flat.

I should have GBP 30,000 to put down as a deposit, so l could spend more if l get home approved loan in India. At the moment l'm just making enquiries but its v tempting because some of the flats look pretty amazing, anything similar in the UK would set u back at least GBP 250,000! I'm going to see what Axiom have to say. I can't make any moves yet as haven't sold my flat here yet, theres also the possibility of moving my UK mortgage to an Indian property which means l could potentially spend GBP 100,000 but l'd rather not.
Thanks for the info and that article made for an interesting read

Cheers

Jaz

Ok that makes sense.
I hope you won't decide anything until your're here. There are a lot of factors like location etc that are extremely important. Plus, I'd go with a local property dealer. Not sure if Axiom is based in Delhi. These nationwide companies have collaborations with local agents which inflates the price. Anyhow, their prices already look astronomical.

Did you visit the main page of that site I linked? http://www.gurgaonscoop.com/ You'll get more realistic prices and advice here.

Cheers l'll look into that.

I am interested in the 'Great Meadows Castle' project which is located on a 60mt, wide sector road in sector Pi, Greater Noida. Which means nothing to me because l don't know the area at all. Its GBP 45,000 for a 3 bed apartment. The construction company are Eldeco, have you heard of them? www.eldecogroup.com
Axiom are based in London, they purchase the property for you, what they charge for this l don't know yet.
I have emailed both Axiom and Elderco. I am also emailing a friends cousin who is based in Delhi to see what she thinks.
Do you know the area? A sound Investment? Any thoughts would be much appreciated as l am totally clueless, think l'm out my depth!

Cheers

Jaz

Hi

I don't know the exact project as eldeco has many but this seems to be one which my friend is building (eldeco are developers). from what i hear him saying that they are making lot of effort to make it really shine. But greater nodia is still far away from delhi. though if international airport comes up there, commonwealth games and metro can change things.

Need to be fairly close to South Delhi, l'm not going to risk driving, l struggle in Manchester! So l'll check out the Public Transport options from there to Noida. In terms of miles how far is it from Noida to Delhi? I thought it was like an outer suburb?

Cheers

Jaz

NOIDA is quite far from South Delhi. It is a part of Uttar Pradesh. The water quality in NOIDA is very very poor.

Yes Noida's pretty far but which sector did you say?

Noida is very close to South Delhi. This is the main reason for boom in Noida prices. But it also depends on Sector of Noida as it is big enoough to be town in itself.


Public transport connectivity between Noida and Delhi is poor.

"Greater" Noida is pretty far off from South Delhi.


Actually due to complicated dynamics, rent for some flats in South Delhi could be pretty low compared to their purchase prices. Try to get a flat on rent near yor work place and then explore delhi over a period of time.

You could get very good flats in posh places for US$ 400-1000 per month

10-14 k perfectly ok for 2B flats in GK2, CR Park, Alaknanda. Not furnished but with wardrobes. Other furniture you can cheap and easy depending on budget, from kalkaji/Amar Colony.

The flat was in Greater Noida, Sector Pi. I have decided against it. The guy said he could secure me a flat on the 12th floor but l had to pretty much pay the full asking price within so many weeks which isn't possible as l've only put my flat in Manchester on the market. I have decided to rent somewhere near the Central Hindi Institute in Kalkaji. The max l can really go to is about RS 15,000 a month, for that l'm expecting a fairly decent 2 bedroom flat which is fully furnished. not going to seriously look into it until FEbruary/March. At the moment l'm through the whole appliaction stage and then its a full physical examination and then after all my documents will coming through and then l'll have to start seriously looking. The course starts 1st August, so l'll be there sometime in July.