V
Vivek Bhatia
Mohali ready projects are safer bets for investment
My landlord just hiked rent again by 10%. I'm honestly fed up of renting, thinking about taking the plunge in Mohali. Looking at Lykehomes Avenue, it's ongoing, price seems okay around ₹70-80L for a 2BHK. But then there's Arun GGR Floor 30, it's ready but way pricier, like ₹2.5 Cr+. Is it worth paying so much more for ready possession, or is the under-construction gamble okay for Lykehomes? What about appreciation in 5 years for these types of places? Not sure which one makes more sense for a first-time buyer.
#mohali#first-time-buyer#under-construction#ready-to-move#investment-potential
Comments
Honestly, the 2.5 Cr+ is definitely out of budget for most first-time buyers. If you can stretch, maybe look for something in between? There are other projects in Mohali that are nearing completion, say within 1-2 years, for maybe 1.2-1.5 Cr. That could be a good compromise between price and waiting period. Don't fall for the 'future appreciation' too much when the wait is 10 years.
I was also looking at Mohali a few months back. That 2.5 Cr+ for Arun GGR Floor 30 seems steep, but compare it to Bangalore or Mumbai, it's still relatively affordable for a ready-to-move home. The peace of mind of not having to worry about construction delays is priceless. My colleague invested in an under-construction project and is still regretting it due to constant delays and quality issues. The current market conditions are also a bit uncertain, so ready possession is generally less risky.
See, the problem with Mohali right now is that there's a lot of inventory. Ready projects like Arun GGR Floor 30 might seem expensive, but you get what you see. With ongoing, especially with such a long possession date, you're betting on the future. What if the market changes drastically? Also, the 'Mohali ready projects are safer bets' title might be true for appreciation too, because demand is there for immediate occupancy.
Lykehomes Avenue ka possession date 2033-10-01 hai. That's almost 10 years away! Are you sure you want to wait that long? My friend booked a flat in Baharampur Naya and it got delayed by 5 years, imagine the stress. For a first-time buyer, waiting so long can be very draining, financially and mentally.
Actually, the RERA number for Lykehomes Avenue is RERA-GRG-PROJ-1466-2023. I just looked it up. The price range is also ₹59 L – ₹1.3 Cr, so 70-80L is within that. But the possession date is indeed 2033. That's a critical piece of info. For me, ready-to-move always wins over such a long wait, even if it's pricier.
Haan, 2033 is really far. I thought it would be 2-3 years, max. With such a long wait, the builder might even ask for more money later due to 'material cost hikes'. It happened to my uncle in a project near Airport Road Gurugram side.
10 saal? Oh my god, U4, that's a huge red flag! I didn't even notice that in the initial post. That's a deal-breaker for me. What if interest rates go up even more in that time? My EMI calculations will be all over the place.
My landlord just hiked rent again by 10%. I'm honestly fed up of renting, thinking about taking the plunge in Mohali. Looking at Lykehomes Avenue, it's ongoing, price seems okay around ₹70-80L for a 2BHK. But then there's Arun GGR Floor 30, it's ready but way pricier, like ₹2.5 Cr+. Is it worth paying so much more for ready possession, or is the under-construction gamble okay for Lykehomes? What about appreciation in 5 years for these types of places? Not sure which one makes more sense for a first-time buyer.
The rent hike struggle is real, yaar! I totally get it. Regarding Lykehomes, have you checked their RERA details? Ongoing projects can be risky, especially with possession dates. I heard some stories about delays in projects near Aerocity. Just be careful.
Bhai, 2.5 Cr for a 2BHK in Mohali is just too much, especially for a first-time buyer like us. Ready possession is good, no doubt, but that price difference is massive. Lykehomes ka 70-80L sounds much more realistic for a start. Rent hike sunke toh mera bhi dimaag kharab ho gaya hai.