V
Vanita Jain
posted on 10 MayNRI trying to buy property remotely — this is hard
Been looking for 8 months now from Dubai, trying to invest in Bangalore. Remote buying is a huge concern since I can't visit. Considering a 2BHK on Sarjapur Road, maybe Prestige, around 1.5 Cr. Is it crazy to buy sight unseen? What about actual rental yields and managing a property remotely, especially a plot versus a flat?
#nri-investment#remote-buying#rental-yield#plot-vs-flat#sarjapur-road
Comments
So, after all this discussion, what did you finally decide to do? Did you find a way to manage the remote buying process or are you still searching? Interested to know what route you took.
Which Prestige project on Sarjapur Road are you looking at? Prestige Meridian Park or something else? 1.5 Cr for a 2BHK seems high, what's the carpet area they are quoting? The per sqft rates vary a lot even within Prestige's own projects.
Prestige does command a premium for its brand and perceived quality, but sometimes that premium doesn't always translate to significantly better appreciation or rental yield compared to other reputable builders. You're paying for peace of mind, not necessarily a better investment multiplier. Weigh that brand value against the extra cost.
If it's Prestige Meridian Park, then 1.5 Cr for a 2BHK might be for a larger unit, but still on the higher side. Their per sqft rates are usually above 10-11k. For that budget, you might get a slightly bigger 2BHK or even a compact 3BHK in other good projects in nearby areas like Aishwarya Crystal Layout, which are also developing fast. Do check those out before finalizing Prestige just for the brand.
Buying sight unseen is a huge risk, especially with some builders. I had a terrible experience with a local builder near Akshayanagar. They promised possession in 2021, and it's still not done. Construction quality is also questionable from what my relatives tell me. Prestige generally has a better track record, but even then, due diligence is a must. If you can't visit, send someone you trust implicitly to do multiple site visits, check RERA documents thoroughly, and talk to existing residents if possible. Don't rely solely on builder's virtual tours.
Builder delays are the new normal, lol. They should rename the possession date to 'tentative completion month of the year after the promised year'.
It's not just about the builder's name, but their RERA registration and past project delivery timelines. Always check the RERA portal for project status and any complaints. That gives a clearer picture.
Oh no, that sounds stressful! Which builder was this? I'm also facing delays with my project in Adigara Kallahalli, it's so frustrating. Builders just keep giving new dates.
It's definitely a challenge to buy from Dubai, especially for your first home. My cousin faced similar issues when he was trying to buy in Bangalore from Singapore. He ended up getting a trusted local contact, a family friend, to do all the groundwork and video calls. Have you considered that? It makes a huge difference.
Bhai, I totally get where you're coming from. Remote buying is a nightmare, especially for a first-timer. The anxiety of not being able to physically inspect the property, check the surroundings, or even meet the builder's rep in person is real. Sarjapur Road has so many options, but the prices for Prestige are always on the higher side, even for a 2BHK. Good luck, you're not alone in this struggle!
True, rental yields are not the primary driver for appreciation in Bangalore right now, it's more about capital appreciation. Current market conditions are a bit tricky, prices have seen a slight correction in some areas, but builders like Prestige hold strong. Still, 1.5 Cr for a 2BHK on Sarjapur is steep unless it's a super premium project. Even in areas like Agrahara Layout, prices are stabilizing.
Rental yields on Sarjapur Road are decent, but not extraordinary like 5-6%. Expect around 2.5-3.5% of your property value annually, maybe a bit more if you get a good tenant. Managing remotely is tough; I bought a flat in Aavalahalli two years back while I was in the US. Had to hire a property management agency, and they charge a bomb (1 month rent + 10-12% monthly). It's possible, but be prepared for the overheads and finding a trustworthy agency is key. Plots are even harder to manage remotely, especially if you plan to build later.
Haan yaar, exactly! Sarjapur Road is booming but also super expensive now. 1.5 Cr for a 2BHK feels like a stretch. What about the rental yields you mentioned? Are they even worth it for such a high investment?