Last year in September I had gone to India to meet and greet my family and friends, also to attend a family wedding. It was also an opportunity for us to introduce my daughter and celebrate her first birthday there.
I have been to India many times, almost every year but this time it was different financially. My long-term plans have always been to go back to India and live there for rest of my life.
Part of the plan was to buy a home and be mortgage free before I go back. If I want to maintain same lifestyle and standard of living, if not same at least to a comfortable extent then cost of living in India is not that cheap.
Even though I always wanted to buy a home in India, but never had I planned to buy one at this time of my life. Especially when I have two houses on mortgage that I need to repay, I don’t believe I am over exposed but I am stretched financially.
My intention of buying a property overseas has led to maintaining keen interest on the property market in Hyderabad, even more after the state got partitioned.
I always knew the price was moving up with booming economy and jobs, hoping this bubble will burst. Even after partition of the state, prices didn’t budge, this made me think on my belief of prices going down.
Current price for a villa located in decent area is starting anywhere from 2cr, which is 400,000 Australian dollars.
Buying a house at this price was well beyond my budget and I never liked the concept of living in an apartment. As most of my childhood had been spent in apartments and I really hate to live in them again, more over they were not cheap either, it will cost you 1cr rupees to get in a decent area which is 200k Australian dollar.
I was kind of surprised to find myself in this situation, if I want to get anything within means, I have to travel far from city. The other problem in buying a property in India is that you have choose premium builders, buying from any other third-party builders or brokers will cost you much cheaper but you are gambling with the whole delivery and validity of the project.
After spending few weeks scavenging the area, I found to be out priced almost in and around the area I was looking.
I have to say I was lucky enough to find a place near my relatives which was priced at 1.2 cr.
This is brand new place and the price was well below the market price. The main reason it was below the market price was that the builder who has built the community did not yet finished the internal roads and few other facilities.
Also it has obtained a negative reputation, more than it deserved. I had the advantage of inside information from someone I know closely, purchased and living in the community for the past 4 years.
I bought the place for 240 k Australian dollars. Apart from this cost I also have to shed some more amount of money to build woodwork’s and appliances. In India houses come in shells, where it is owner onus to build wardrobes and other interior designs….