Return to India
Just signed a villa in the Whitefield area of Bangalore for 6.5 crores. I will take a flexible loan to pay it off soon. The villa will be ready by 2028, and I plan to move in by 2030. I made this decision after spending a few months in India on parental leave. I realized that owning a home and having a regular job will provide a better quality of life than the mechanical lifestyle and artificial relationships here in the US. Everyone here seems to be unhappy for various reasons. A monthly income of 2-3 lakhs would be enough for us to live comfortably, and my current net worth is 600K, with a projection to reach 1.3M by 2030. If I stay in VA, I will have many headaches like 30 year mortgage, daycare expenses, visa issues etc TC: 270K
Total environment?
Total env in whitefield js currently 10+ cr
5.5Cr loan ...😶😶😶😶..
Not the best decision wrt the house op. Overpriced at this point and you pay interest on a house that is yet to be constructed. Whitefield has crazy water problems. Whitefield main road has great connectivity but can’t say the same about your villa unless it is in prestige white meadows. If its prestoge park grove you are in for more trouble unless govt improves infrastructure around the area. Every project of any builder stands on its own. Don’t fall for their previous accomplishments. I booked one in 2017 from Assetz. I was supposed to get it 2020. They delayed it citing covid. I finally got it in 2022 but was disappointed with the quality. Decided to sell it in 2023 for a decent profit. For a villa of that size you should also keep in mind the maintenance fees. By 2030 for those villas you should expect 20K overall in maintenance (minimum). Sorry if this is a negative post. I understand the excitement but as an experienced buyer I would never buy anything that is yet to be delivered especially at that price range and such a high density project. There are pros and cons for any property but this one only has cons. 6.5 CR for a villa is way overpriced. You can get a really nice plot for 3 - 3.5 CR in old bangalore and construct a nice house for 1 CR with the materials you choose. That is still a savings of 1.5 -2 CR.
Dam thats some maintenance! Would you recommend some good towers towards Bellandoor area? Adarsh? Sobha Insignia both are getting FU expensive.
If you are looking to stay in whitefield, the only location I recommend is the whitefield main road. Has 2 metro stations within 1 km. Close to all malls, schools etc. The location around prestige white meadows
Whats the super built up and carpet footage? I am guessing 3000sqft super and ~4000 carpet (split in 2 floors) ?
Yes
And you call this a villa? 🤣🤣
6.5 cr for an under construction property? Wow
Why Whitefield of all places?
Sigh. I can't relate to this. A 3cr apartment (4bhk duplex) or even a villa at 4 is my absolute limit. And I have close to 10Cr saved. Although, to be fair, I am deeply disillusioned by Amazon and dream of my own startup. Which might be subconsciously making me slightly more frugal and cost sensitive. Also, I ve been working in India and took an awful long time to save this up.
Dang. Thats a cool NW. liquid? all with Tc or real estate gains, stock etc? Any approximate for yoe? You can choose to answer any/all Qs 😬
Out of 10 cr, 7 cr is amazon rsus 😑 2 cr is other investments and savings (25% in us funds, 50% in crypto, 25% in Indian funds) 3 cr is my apartment (bought for 2cr) Have a home loan running -1.7cr left Total yoe = 16Y Need to figure how to quit this job and do more meaningful stuff with my time.
One of my cousins, with his $ earning got a villa when he returned. Now he complains about the maintenance being too high and also he has to maintain the standard that others are having in terms of car and other things which he is finding very hard to maintain.
This! People have no idea how classist folks in these rich communities are. You drive a 10-15L car and you are an outcast irrespective of how much you have in your bank account and how much debt they are floating on. Gets very toxic after a while. I have experienced this first hand. Maintenance will only go higher. Keep in mind there are rogues who don’t pay maintenance and the society doesn’t have any rights to take action. Indian housing society laws are fragile. In the US eventually the HOA can confiscate your property (ofc court proceedings over 1-2 years and other legal procedures. But still better than no rights). I said 20K maintenance by 2030. But thats a very conservative number. I know someone paying 18K today. So I would not be surprised if op pays 30K by 2030.
Wot? @Adobe Someone with NW in $ wouldn’t think twice about maintenance.. a 16k₹ maintenance is just 200$ which they very well can (and do) spend over a bottle of wine. Forget about a Michelin star dinner.
By 2030, there won’t be any water left in Whitefield
There is already no water left. All their supply comes from tankers who are themselves a big mafia. Prices are about 5-10k per month for water already.
I wonder what happened to Modijis promise of connecting rivers. Anyway, they’ll bring water from Sharavati in next few years. No other way.
Did you pay 6.5 cr cash?
paid 1cr and then loan
Wow. So, do you have to pay interest for 5 years before the house is ready?