u/Sandeep_sandyp

I am thinking of biting the bullet on a 3BHK flat near to 24th Main Rd, JP Nagar 6th phase. Below is the concise context of my situation and need views from you all to make a final decision.

• have been renting this 3BHK (1350sft super-built up) flat for the past 4 years
• it is a mini apartment with just 16 flats & decent car parking for everyone
• the building is more than 15 yrs old, but the structural integrity has been very good
• the rent was increased only twice during this period
• this year, when the renewal became due, my owner gave us 2 options
  • pay ~35K rent including maintenance, henceforth (or)
  • purchase the flat at ~8,000 per-sft
• the UDS is coming to ~320 sft
• Pros:
  • locality & familiar people & peaceful surroundings
  • no utility problems. have both bore-well & kaveri connection
  • close to kids schools
  • accessibility to all the needs of a family & city
  • 1 active metro line (purple) + 1 WIP (pink) + 1 planned (orange)- all accessible (or to become) in 0.85-2 Km
• cons:
  • age of the building
  • needs extensive interior renovation, including doors, paints, flooring etc
  • not yet sure if it is A/B khata property
  • Not-so-convenient office commute, for both me & my wife. this will change once pink line becomes fully operational though

I need help with the following:

1. Does it make sense to purchase a 15+ year old flat even if I fee that the structural integrity is solid? I intend to use it for another ~15 yrs as my kids have just grown to school age and they attend (or going to) a school in dollars colony.
2. What should be the realistic purchase rate of the flat (per-sft), in this locality?
3. What is the going land value (per-sft) in this locality?
4. Rent vs Buy?