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Chat Transcript

Ankur Dhawan

Chief Investment Officer , PropTiger.com

Investment opportunities in real estate in 2017

 

Questions Answered

Q

guest: We bought land in a gated community in Orangdam, near chennai. Paid 10 lakhs odd for a 600 sq ft land. What is the value now, and should we hold on to it if there is sizeable growth in future forseen for it?

Ankur Dhawan: Prices of land vary within Orgadam based on location within micromarket. It varies between 500 - 2000 per sq ft. As I can see you have paid around 1500 per sq ft for purchasing this land, I will need to know exact project before giving out pricing. Orgadam is a developing micro market with lot of industries already setup. In past few years though development has slowed down in overall market, we expect activity to pick up with growth in manufacturing and implementation of GST. I will recommend to hold onto this property for at least 2 more years.
Q

guest: hi sir, i am looking for a 3 bhk flat in prestige tranquility near budigere cross, bangalore for staying. please let me about this project and growth prospects in this area in 5 years. thanks

Ankur Dhawan: Location of Prestige Tranquility, gives it good access to Whitefield, Hoskote as well as KR Puram micro market. Project is one of the premium construction of Prestige Group. Current prices are in the range of 4000 - 4200 per sq ft. You can expect prices to move upto 6000 per sq ft in 5 years.
Q

guest: i want to invest in a residential property 2 bhk for investment purpose in mumbai (andheri east/airport area).can you suggest some good property for investment.

Ankur Dhawan: There are multiple projects on Andheiri East - Kurla Road which you can look at based on your budget. Some of the good properties which you can look at are Kanakia Sevens, Sheth Vasant Oasis and Runwal Elina.
Q

guest: is it a good idea to buy property in Godrej Golf links, Greater Noida ?

Ankur Dhawan: Godrej Golf Links is the first project by Godrej in Noida-Greater Noida market. Godrej is known for high quality construction as well as delivering on time. We have also observed most of the Godrej projects have also shown good price appreciation. Prices in this market have potential to increase with completion of Noida metro by middle of next year.
Q

vj_1980: Hi, I have invested in a flat by paying a nominal token amount. The developer is now planning to re-launch the project at a lesser price as there isn`t any significant demand in the market. Can I ask for price reduction too? I haven`t registered the flat as yet. Thanks.

Ankur Dhawan: As developer is relaunching the project at lower price, you have 2 options - either cancel current booking and buy again at a lower price or talk to developer directly for a lower price. Typically developers are flexible to accommodate such request.
Q

guest: Can a Power of Attorney be issued to someone else to register the document?

Ankur Dhawan: Yes, Power of Attorney can be given to someone to register the project on your behalf. It is typically used by NRIs who are not able to come back for registration formalities.
Q

guest: Buying a Parking space is compulsory with a 2BHK under RERA?

Ankur Dhawan: RERA does not mandate any such requirements. Though developers club at least one car parking space with each unit so that residents later do not face issues with car parking.
Q

guest: is it the right time to buy property? or it looks real estate rates might fall?

Ankur Dhawan: Real estate prices have not risen for last 3 years, hence on inflation adjusted terms prices have actually fallen. Now prices are much more in affordable region. We do not expect any further fall in prices, except to accommodate additional cost of GST. This in effect does not impact buyer as cost to purchase property remains same.
Q

guest: How can I qualify for exemptions on the Capital Gains Tax?

Ankur Dhawan: There are rules which help seller in optimising capital gains tax, one of them being buying a new property with the gains of sales of existing property. The new property should be ready within a certain time period to qualify for capital gains tax. Please connect with your chartered accountant to understand this in detail.
Q

guest: What is the list of documents that you should verify before booking a property?

Ankur Dhawan: If you are buying under construction property then it has become easier to find all documents on RERA website. You can go through documents such as master plan, land title check report, commencement certificate etc. to verify all the details of the property. In case of resale property, you should use a lawyer to get the title of property checked and get no encumbrance certificate before closing transaction.
Q

guest: is it advisable to buy property insurance?

Ankur Dhawan: Insurance is a personal choice. It is always good to cover your risks at smaller premium.
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