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Shivani Mehta
Mohali ultra-luxury: The real cost for NRIs
Mohali's ultra-luxury segment raises serious questions for NRI investors. Comparing Viridian's Longevity Project and Mahindra Luminare, I'm genuinely skeptical about the latter's investment viability. I'm based in Dubai, relying on community insights for ground truth, and can't visit these sites. Spending ₹5.93 Cr to ₹14.95 Cr on Luminare for a 5-year appreciation seems like a massive leap of faith compared to Viridian’s ₹59.68 L to ₹93.38 L. The total cost of ownership, including stamp duty and maintenance, must be astronomical. Will the rental potential truly justify that capital outlay? I worry about managing such an asset remotely. Disagree? Tell me why.
#mohali#nri-investment#total-cost-of-ownership#rental-potential#property-appreciation
Comments
It's a tricky situation. Mohali definitely has potential, but the 'ultra-luxury' tag needs scrutiny. Viridian's project seems more aligned with a realistic investment strategy for a first-time buyer or NRI looking for stable growth. Luminare's figures are just too high for the current market conditions in Punjab, unless there's a very specific, undeniable value proposition that isn't immediately obvious. OP, your skepticism is well-founded.
The rental potential is key for such investments. For Luminare's price range, the rent would need to be exceptionally high to justify the capital outlay. Are there really enough tenants in Mohali willing to pay such premium rents? Gurugram mein bhi high-end rentals struggle sometimes, especially in areas like Baliawas. Mohali ka market different hai kya?
Haan, U9 sahi bol rahe ho. NRIs often get sold on the 'prestige' and 'luxury' factor, ignoring the ground realities of rental demand and appreciation. These high-value properties usually have a very niche market for resale too. It's not like a standard 2BHK that sells quickly.
U8, you hit the nail on the head. Rental yields across most Indian cities, even in prime Gurugram areas like Airport Road, are generally low for ultra-luxury properties. Expecting a significant rental income to offset a 5 Cr+ investment in Mohali is unrealistic, in my opinion. Most NRIs are looking for capital appreciation, but even that is speculative at those price points.
OP is right to be skeptical about remote management. My uncle bought a villa in Baharampur Naya years ago from abroad, and dealing with property managers, local issues, repairs, and even just finding reliable tenants was a nightmare. He ended up selling it at a loss after struggling for years. Unless you have family on the ground who can actively manage it, it's a huge headache.
Luminare ka price toh out of budget hai for most, including NRIs looking for genuine investment. But Viridian's Longevity Project looks much more sensible. ₹60 L to ₹93 L sounds like a decent entry point, and it's already possession-ready since Dec 2021. That means no construction delays, which is a huge plus point for remote investors. Iska RERA number kya hai, koi bata sakta hai?
U4, Viridian ka RERA number 72 of 2017 aur 65 of 2017 hai. Maine check kiya tha. Total 380 units hain. Proper registered project hai, so that's a relief. But still, Mohali mein 'ultra-luxury' ka market kitna strong hai, that's the real question.
Haan, Viridian ka price point theek hai, U4. RERA number check karna bahut zaroori hai. Bina uske toh aage badhna hi nahi chahiye.
Totally agree with the OP! Rs 5.93 Cr for a 5-year appreciation expectation in Mohali seems like a huge gamble, especially for an NRI who can't even visit. The 'ultra-luxury' tag often hides inflated prices and slow appreciation. Is this even a good time to invest in such high-value properties?
True, U1. My cousin invested in a 'luxury' project near Badshahpur a few years back, thinking it would double. Abhi tak ROI minimal hai. Mohali mein bhi same scenario na ho jaye. Rental yield bhi toh dekhna padega.
Bhai, exactly! Main bhi first-time buyer hoon aur yeh numbers dekh kar toh mera BP high ho gaya. Maintenance aur stamp duty mila ke toh astronomical ho jayega. Lagta hai builders NRIs ko easy target samajhte hain.