The Tenant Who Lost ₹1 Crore By Buying An Apartment
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- Опубліковано 21 жов 2022
- Imagine losing your life saving on your dream home...
The Tenant in this episode lost ₹1 crore by buying an apartment in a stalled project.
But now he stays on rent next to the lungs of the city of Mumbai - Aarey Forests. He even says there is no pollution and perhaps the temperature also remains lower than in the rest of the area.
Watch the full episode as we talk to a finance specialist who has faced some major financial setbacks!
#rent #realestate #mumbai
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ALSO WATCH | How To Rent In India’s Top Cities?
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As a middle class person, most of us can feel and sympathize with the plight of this gentleman. It's really sad to have to face this. I am very sorry and I pray that the issue for all families involved with this project are soon resolved.
People give their life’s savings to buy a house in India. It is emotionally a big attachment. It is developers duty to handover what was promised on time.
Repent and turn to Lord Jesus Christ
@@livinghope1561 Hari Oam yes repent and remember Krishna also hail jesus christ 🙌 🙏
Being both flat-owner, tenant for 18yr, can say that renting is quiet lite on pocket, gives flexibility to manage finance. Bit of worry comes when shifting apartment. I usually do agreement for 2-3yr and stayed in the last accommodation for 7yr.
Owners in cities block majority of investments in apartments yielding 2% rent while we got listed Co's giving >5% dividend-yield directly in your bank, which is hassle-free.
Rent increases year after year.
@@abhijitkhopkar1500 True though the yield remains same. With ageing maintenance goes-up while rent, value becomes less compared to newer apartment.
@@madandu Markets are always forward looking be it realty or stocks. For a good listed company with growth potential, even EPS (not even dividend) is lower than bank interest. It works on speculation that over the time earnings will increase exponentially. The same works with property. Rent is usually 3% of current market value in India, but if you buy the property today, in long run it will fetch you rich dividends.
@@abhijitkhopkar1500 I hold real-estate and equities.
My property rent post-maintenance is hardly 2% with no price-appreciation in last 7yr while my equities like Power-grid, Ntpc together rose >60% gave dividend >6%.
Apartment prices were irrational in the past due to tax-evasion, corruption which is curtailed after Govt's GST, direct-benefit-transfer scheme. The short spike last year was due to low loan-rates, pent-up demand, tax-breaks.
I hold residential-property for end-use only.
@@madandu Not every company share grows, similarly not every property appreciates. But we can't draw a blanket statement.
At least in Tier 1 cities, any good builder will take all money through bank transfer. Thus, black money has already ceased to be a factor in real estate of cities like Bangalore and Hyderabad.
Every asset needs to have an end user. This is why I have stayed away from crypto, while I trust equity and real estate.
The safest bet is ready possession with the OC. Even if it's several lakhs more expensive, you get a flat you can move into immediately.
Going to an under construction project today is very risky, even big brands have defaulted. Do not buy real estate without due diligence. Do not sign a one sided agreement.
It's better to buy a Plot in a Govt. Urban Authority area (No private builder plot/area).Then construct on your own.
If u don't have time to construct, buy a pre built house in a Government Urban Authority area (like Haryana Urban development Authority, Noida development Authority etc etc) and then renovate it.
That way u won't have to worry about builder/developer default,land permissions,court cases by sellers to builders or developers,environmental and other Govt approvals,fees not paid by developer/builder to Govt,Builder associations,RWA's,Builder maintenance fees (municipal fees paid in Govt areas is very low in comparison).
All in all your investment is safe and you will end up with a cozy secure ,non interference place of your own.
Never forget this song in your life "Joote Do Paise Lo"
@@tradingwizard562 That wont work in places like mumbai,pune ,banglore
Even if you save few lakhs, I don't understand why people still get attracted to under construction property. There is always a very high chance around 50-70‰ that the project will definitely get delayed or halted. So please friends never ever go for under construction property just to save few lakhs. The white collar people should definitely stay away from such properties, the black money guys will always prefer such under construction flats.
Never forget this song in your life "Joote Do Paise Lo"
@Shrikant Panda it is so true. When we purchased our flat, we were very definite to buy a ready to move in flat unless it is a government project. Of course everything in the flat didn't fulfill our needs but everything turned out to be safe.
Stalled projects are a very real life destroyer.
Glad to see these two take things cheerfully, hope things work out.
👍
I don’t get it why people buy under construction properties when they can easily go for ready to move may be greed
@@PankajKumar-6369 price under ones are 20 30 % cheaper depending on time
Vishal bhai this is one of the best episode I've ever watched till now on tenants series...
It blows my mind that in a metro, a finance professional could not make a legally safe purchase of a flat. What is the point of all that money, education and exposure in a so called metro city.
You are right
Kalpataru is a well known builder and they have delivered good projects in the past, so it is a surprise even for me that out of all of the builders, Kalpataru's project got stalled. It has got nothing to do with education, profession etc. It is a sellers/builders market, and retail buyers comparatively have very less power.
@@Mahalakshmi-Khan won't you check approvals before taking a decision???? If he is a reputed builder, will you trust him so blind ?
Emotion succeeds over money , education and financial sense especially in India. See that lady even after so much losses the only feeling they need is a own house. They are in such a beautiful property they should enjoy it till they are there why feel like it's not yours you are paying for it as rent . People in their mind should start thinking Nothing is permanent then most of the personal problems will be solved.
@@Arunav027 correct nothing is permanent and living in present moment and enjoying what one has. But most of 99 % people live in past or future either they regret or worry and miss living
I am loving this series. Too good. If you can also ask about the maintenance cost paid each month then we can be better informed. Thanks again 🙏
Amazing video Vishal, an insight into the workings of real estate (due diligence of project is so crucial). Thanks for bringing out this video. Grateful for the tenant for admitting his error & making us an informed viewer.
Repent and turn to Lord Jesus Christ
The tragic life of ifs and buts !
When they must have booked flat in Kalpataru in 2017, they might have dreamed of a perfect life. And here they are in 2022, still dreaming of 4BHK/BMW if they had not invested in first place.
We are not happy even if things go as per plan and not happy when things dont go as per plan.
90k for this :), mumbai really sucks
The property and the views are just awesome
I Really feel sad for the guy having to spend so much money on rents despite paying for a house in full. Kalpataru even though a well known builder have done a lot of shady things in past. Recession will not be kind to Mumbai builders if one comes in 2023. hope he will get possession by then.
Never forget this song in your life "Joote Do Paise Lo"
Love this series, Keep going
The rent considering the location and view is really good (For Mumbai obviously). You got a good deal. Very sad to hear about the stalled project. Wish you and your family very well.
This is your best episode till date vishal !!
I am So shocked after hearing that kalpataru did this to people ......from 5 years his paying emi and rent
Most positive location of The Tenant series..!!!
All your videos are awesome( very good and different insights !!
Almost got confused his wife to be his daughter!
Money does wonders
this couple is v good ..may they find a home of their dreams
Why indian living in metros think small number of trees in apartment feel they are having a farmhouse in middle of forest
Vishal, you are getting connected very well with emotions of the people !!
Only a home owner will say "my flat is two degrees cooler than the other flats" 😁😁
Both are good humans. Godspeed 😌
Ravi, are you any relation of a Talreja who worked in Crompton Greaves, an engineer. Adrian da Cunha
What are monthly maintenance charges ?
U l get your house soon sir ❤ wil pray for it !
One of the best episode.
Very humble couple.
Thanks
Like always waiting for these Sunday Real-Estate videos.!
Happy Diwali Everyone.!
In pre booking builders give discount because they will use that money to start project that is very risky if enough funds are not collected from pre booking project might get stalled.
Never forget this song in your life "Joote Do Paise Lo"
feel very sorry for the couple on having to wait for their dream home, but good that he is at least able to afford such a beautiful place in the meantime.
Just wondering aloud, do they allow tenants or purchasers from other communities to live here if there is a temple?
This apartment is really beautiful. I wonder why the owners rent it and not staying here. Feel sad for the tenant's situation and pray that they get their own home possession soon!
Maybe they are NRIs
Message to the host, Vishal.
Please wear a smaller belt. The extra shouldn't cross the first buckle more than an inch.
Every episode is learning! Thanks
Never forget this song in your life "Joote Do Paise Lo"
Thank you moneycontrol for these episodes
What about the price appreciation in the locality where that project was stalled ? #JustCurious
Yes, but appreciation is only if you sell
This project is probably Aarey Forests and the stalled project is Kalpatru Radiance at Goregoan ( due to Patra Chawl Issues for OC)
Halo halo sir, 3bhk in malad in lodhda is 4cr right now how would you have got 4cr and where.
Our apartment purchased in 2007...is still not complete. We have been on rent ever since
where is your brain natasha 👧
Never forget this song in your life "Joote Do Paise Lo"
Is it really 900 square ft only , or 900 sq ft carpet area or super area
The video cuts in this episode are much better
If I remember correctly, sensex wasn't 10-12000 in 2017. It was more than double then.
Hope they get their apartment soon 🙏
Isn’t the builder, however reputed they are, liable to pay the interest to the amount they received from the date they missed out to handover the keys to the ongoing present? 😢
Nice family and couple, i pray 🙏 you get your flat delivery early
Radiance or Park City? Both stalled projects of Kalpataru. Radiance has some serious red tape issues. No idea why Parkcity is stalled!
Provably Radiance due to Patra Chawl at Goregoan
It is Radiance.
His wife looks great for her age ❤️❤️
Money matter
Educated people in metros have wrongly accepted that ₹2 crores is normal price for flat because the location has so called value.
Real estate prices are literally 5X inflated in India because black money owners use it to safely park their tax evaded OR illegal money and along with that emotional buyers keep purchasing it.
A small glimpse of emotional buying can be seen from that lady's conversation and this is very common in entire middle class society.
The entire system of real estate including land owner, builders, corrupt municipal corporation, local politicians, local goons are taking advantage of this since last 5 decades and asking 15-20 years of salary in advance for an apartment where you personally do not own a single inch of land and living with a lot of adjustments. On above there is no guarantee whatsoever for completion and quality.
No matter how big fat package you get from your corporate job, ideally a customer should pay price only based on real value they get.
In foreign countries except few locations people pay 3 to 5 years of salary for housing. Also there's always a difference between apartment and standalone house with apartment being cheapest option which people chose for temporary purpose.
Glad that people in India also realizing this slowly and there has been no much increase in property rates since 2014. Still there are bunch of people who are willing to sacrifice their hard earned money for such ridiculously tiny boxes.
Yes Mumbai is an island with crunch of space but as high storey buildings are allowed it is possible to bring these prices down starting from land owners till builders, if customers themselves are not willing to pay.
There has been increase in 2014
Especially in Mumbai. it is absolutely insane prices. and not a single new project is worth the price. the Quality of construction has gone down dramatically. not a single red brick is used in any of the projects. They use "uncured" concrete blocks or fly ash blocks which is so fragile that even a kid can break it with his hands. these raw materials offer no protection at all against weather conditions. brand new buildings have severe seepage and leakage issues even on lower floors. you cannot hang anything on the walls and the acoustics are just horrible. you can hear everything what your neighbors are saying or doing all around you !! ive seen a project in Goregaon west near station the kitchen counter top is made of pressed wood !!!! the floor tiles are of the cheapest quality and the walls are so weak that you cannot even hang your towel on a nail forget hanging your TV !! The kitchen is so small that only one person can just about stand in it. it will be a miracle to not bang your head to the cabinets while in the kitchen while cooking !! Mumbai real estate prices need to be regulated and brought down atleast 30-40 % for it to be even justified. but unfortunately it is the builders lobby and the govt all working hand in glove and a lot of black money involved which is the reason for such inflated prices in Mumbai.
@@buddhapiyao1315 absolutely true. They are not even procuring good quality sand obtained from proper sea or river as it is getting costly. This is one of the biggest reasons for cracks and seepage.
Government just want this product ticket size as high as possible because they are levying GST and stamp duty in percentage. Bigger the ticket size more the revenue for them for doing nothing.
Builders are taking 95 to 100℅ money from customers on the name of slab wise payment. Later they are flying away without giving CC and OC because municipal corporations purposely do not issue it giving some or other reasons.
Situation is horrible but people are becoming blind to get their typical middle class dream come true.
Keep background music volume low, it will disturb listener
if he is wfh, he could have taken on rent in pune or navi mumbai, would have gotten a much bigger apartment with proper office space. this was very small :(
jo banda 23 saal se mumbai main reh raha hai vo paise bachanake ke liye mumbai nai chodega
@@rohithonmane lol true. mumbai meri jaan
It depends on kids college location also
Totally totally agree with you
Isley struggle hai
Want amenities or want to own amenities
what's the point of the show when you don't reveal the location and builder details?
Buy ready. Simple
Never forget this song in your life "Joote Do Paise Lo"
I've have relatives who stay in Splendor, it seems to be one of Mumbai's best residential projects. The facilities and maintenance are some of the best I've seen in India
I don't understand how they say apartment had no sound,i can hear some disgusting background music in the whole video.
Ye moh,hame jeevit,swasthya aur apne priya jano ke sath hone ke anand se vanchit kar dete hain !
Hope they have got there apartment by now
Watch the videos of krisharaj Rao to protect yourself from unscrupulous builders. Never buy / pay for under construction projects. No God can save you after that.
Never forget this song in your life "Joote Do Paise Lo"
Dense area ,heavy trafik ,law order problems.
Make some vidoes on GOA properties also
All the best for you both and the family.
Nice family and nice apartment
Please also Ask MAINTENANCE COST!! In all ur videos separately
In Mumbai the maintenance cost is bourne by the builder and not the tennant.
in Mumbai you dont pay maintenance if you are on rent. The maintenance is borne by the owner.
God makes your wish true. Every home buyer in mumbai from south to down end buys a home from his hard earned money. Apna ghar toh apna hota hai is true feelings
Really a good series by @Moneycontrol
No water in mumbai ,new mumbai stop towers.
Please don’t use music in bg while conversations. It makes the video difficult to hear.
music is irritating
parinitee chopra ????
I wish this family gets thier house soon .🙏
Real estate is a bubble in india.. ready to burst not now 20 to 25 years from now
Videocon ki factory Ke piche mat aana aage aana aage hahahahha
Man what a pathetic life on 10th floor.
God bless all the people hanging in flats
I HAVE 6 PROPERTIES IN DELHI NEVER HAVE I EVER INVESTED ON SOMETHING WHICH IS UNDER CONSTRUCTION.
The couple doesn't look like husband wife
❤❤
Same happens with lodha park
Is this person Basant maheswari relative? Lot of similarities
never ever buy flat before 50 in metro city . retire in your small hometown by buying big ass land and construct it yourselves with the same amount of money .
Or...buy it if you want (who knows when one will die) and do it up like you wish to...and later after retirement, sell it and settle down anywhere you want to in an even better house.
Bmw wtf !
Never forget this song in your life "Joote Do Paise Lo"
Where the fuck is the place though I just didn't get the name
Oberoi Splendor
Always big or small. Individual house / villa is best ever. These apartments always sucks.
Not necessarily. Individual houses don't have good view as it's a g+2/3 building 🏢 at the most and no amenities and no community
@@chahem yes correct plus no security
Ask this gantelman may be you can afford this rent your son won't be able to start saging and buy better home ....future rent would be non affordable
90K for jogeswari yo must b kidding!!
meditation should be done sitting in the floor not in a luxurious way!
your camera man & editor needs ton of improvement in making vedios.
really pathetic, despite paying so much, no guarantee of getting property on time :(
Never forget this song in your life "Joote Do Paise Lo"
How much they earn per month when they are paying 90000 rs per month.
Two people works and one person salary goes to rent
But 90000 ₹ per month is very expensive
Money is mainly for ameneties. Even in Hyderabad there is similar rent for high profile builder apartments
Around 4 lakh at least
wife acting so entitled man! super cringe episode
90k per year de sakthe hain, not per month. Looot
Renting is always better than buying a house
Yr baaki sb thik hai par tenants ko acting k liye mat kahan karo... actors ki bejjati hain isme😂
Bruh
Anchor is terrible