My uncle was doing a great job in the gulf until he was struck with paralysis of the right hand, and had to wind up everything and comeback to India. He had some savings when he got back here and wanted to invest a part of it in property.
I was going through the newspaper and an every day advertisement of Rashmi builders in it, as well as the station, just made me realise that I could suggest him to invest his money there and get a house. So, we went to their office in Mira Road. The office was neat and everything was presentable. This was about almost four years ago, now. The person explained the following to us:
A 1-BHK of 400 square feet area would cost us a 13.5 lakhs on paper and 15 lakhs in total(including the stamp duty and other charges).
The tower would be under construction and we would get the possession after three years.
The flat and floor will be decided on lottery basis after the building is constructed completely.
We had to pay a booking token of 3 lakhs and pay an EMI of 10, 000 per month for 3 years, and the rest of the amount once the possession is provided.
We had to fill in a form and an MOU(Memorandum Of Understanding) would be provided to us on booking, which would later be changed with Power of Attorney after possession.
This sound quite interesting and we decided to book a house. The good thing is that the cost of the house today is about 20 lakhs.