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Looking at Mumbai

Discussion in 'Where to Buy' started by Scott No Mates, 23rd Apr, 2016.

  1. Scott No Mates

    Scott No Mates Well-Known Member

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    @Mumbai @sanj - I Came across a great OTP lead from some property website today - I think it might have replaced Somersoft.

    I followed the link and thought that even though they're located in a place I've never visited, in a country that I have only visited the transit lounge, with some interesting design & construction practices - @bob shovel

    How does the price look? @Darlinghurst Boy
    Is the location close to call centres? How's the internet speeds? @DaveM
    Is it too close to the airport/how do I find out about flight paths? @Travelbug
    It's near the recently announced bullet train. How long will it take to get somewhere?
    How much rent do you think I could get if I can secure a 3 bedder and put 4 bunks in each room? @Nick Valsamis - do you look after this area too?
    @Jacque - Does anyone know of a crack buyers agent in the subcontinent who doesn't charge too much?
    Are there any good schools in the area?
    @Corey Batt Will my Oz bank loan me money?
    Do I need a lawyer or can I diy for this one? (I don't speak Indian) @Terry_w
    What sort of accountant will I need? @Paul@PFI
    Do I need to get a depreciation schedule or can @fullylucky & @Depreciator help me out?
    Is it safe to ride a bike or do I need to buy a motorcycle - @pinkboy
    Are the risks for OTP in India the same as here? @thatbum
    @datto - do you know where I might find a VL to get around in for a couple of days?
    @eng - any structural issues that I have to consider?

    What other DD do I need to complete?
     
  2. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Fx rate trends @fx hedge
    Edit: i know theres got to be strong fx experts here somewhere :)
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    I thought that I forgot someone - @Gockieare you gonna pop around to suss out the new digs?
     
  4. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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  5. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Sure. :)
    Hey, I've heard some interesting stories of India... apparently there was 3 families or so living in the front stairwell of the Amex building (heard that from my bosses visit when I worked for Amex in the mid 2000's).

    And another was a colleague who contracted some chronic illness when she visited India for work... she apparently was never the same since...
     
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Not only are you talking to yourself, you're doing it openly;)
     
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  7. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Hey Scott, is it near any hospitals?

    @See Change and @Bran, what would the medical tourism be like for Mumbai?

    ---- sorry for slight derail ----
    Funny thing, I was reading the Airbnb owners forum that in Thailand one owner was proudly saying saying their Airbnb property was close to 2 hospitals. People were wondering why she had that in the listing. Turns out its for the medical tourists... and there are many...

    --- anyway, carry on... ----
     
  8. Bran

    Bran Well-Known Member

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    I'm not sure India offers the same cheap resort get your boobs done deals of Thailiand. I have issues with medical tourism, mainly in the management of complications - which occur. For everyone who does procedures of any kind.

    Edit: Ok, I didn't read the thread, but now I get it ;) @Tekoz is an OTP expert. Maybe he can help.
     
    Last edited: 23rd Apr, 2016
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  9. Scott No Mates

    Scott No Mates Well-Known Member

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    Pretty close to Uni of Mumbai & the College of Farmer-suit-tickles (Bombay college of Pharmacy)
     
  10. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Just filling in some gaps.

    @Leo2413, any mindset tips you can pass onto @Scott No Mates for buying in Mumbai?
     
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  11. JDP1

    JDP1 Well-Known Member

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    I was there myself for a couple of weeks 2 months ago....will PM you my thoughts...
     
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  12. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Hey guys... quick word... look at the tag...

    #peacetake
     
  13. bob shovel

    bob shovel Well-Known Member

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    If in doubt... Buy!

    What's DD?
     
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  14. Nick Valsamis

    Nick Valsamis Well-Known Member

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    No but perhaps @D.T. can perform an international inspection for you?
     
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  15. datto

    datto Well-Known Member

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    A man is walking in the streets of Mumbai and he comes across a strange looking lamp. He rubs it and a genie comes out.

    Genie: "what is your wish?"

    Man: "I want a huge palatial villa in Mumbai as my house."

    Genie slaps the man. "Idiot if there was space in Mumbai do you think I would be living in a lamp?"
     
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  16. ashish1137

    ashish1137 Well-Known Member

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    Hi Scott (short height deep pockets) :D,

    You missed my name in the post. :cool:

    I dont know what has prompted you to buy in Mumbai. That to a 2 bedder property worth 500,000.

    What are you expecting in return? Bunkbeds wont help. Even if they would, a 2 room will have 4 beds. Each person wont pay more than 12000-15000 INR in return (240-300 AUD) per month. Comes to 960-1200 per month. Even if you get more i dont think you can get more than a 1500 aud per month.

    Not sure how much cg you can get on such a costly property though?

    Not saying you wont, just saying it can be the other way around. Its India, you dont have any written studies, analysis, statistics to compare.

    If I had money, I'd rather invest in Pune. A 2 bedder will cost you about 120k-140k and rental is about 440 aud per month. But rental demand is high and you can still expect some growth due to entire IT Hub there.

    Australia is full of opportunities, why diverting to India? Owners and renters or even builders, once get to know that a foreign buyer has bought properties, may forcefully occupy and never leave the property. God forbid, If that happens, the laws are such, that it may take ages for such cases to resolve.

    P.S. my 140k split has fetched me 370k in 8 years time but i had been investing in small properties in North of India. The prices have been stagnant there for past 5 years now. But it doesnt works in cycles there. Moreover, for someone who is residing outside the country i would not suggest to buy in India unless you have someone to look for the house there.

    Regards
     
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  17. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I think your response entirely answers why your name was missed! Anyway, please don't stress.

    And I must say... I believe the best time to have bought in India was a few years ago. I think it was around ~2011/2 I was talking to my now former boss who hails from India about property investment... wow. Like China. For India the strategy would be to buy land and just sit on it. Massive capital growth...
     
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  18. Ardi

    Ardi Well-Known Member

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    You missed @euro might be able to hook up some sweet NRAS for you+
     
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  19. See Change

    See Change Timing Lord Premium Member

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    What about timing ......:mad:

    Geeeeze , you guys have no idea o_O

    Cliff
     
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  20. ashish1137

    ashish1137 Well-Known Member

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    Ohhh,
    I totally agree. All growth i got is by purchasing land and in one case commercial property. In fact, in one case the land grew from 9k in 2006 to 90k in 2012. It is stagnant (slightly declined) since then.
     
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