We are a group of 4, one of our friends is in a big confusion.
Not a simple, a huge one including lakhs of rupees.
His present condition:
Just 20 Years old, supports his mother
His present house has been badly constructed, week foundation but his land is on road-side
They have to take a loan if they are going to buy (30 Lakhs, may be)
Hez still studying, final year engineering, but has been placed in a good company
He has no siblings
What he says:
A few years later his family wont even be able to think of buying a new flat because the rates will probably double in 4 years
Anyhow, it will take 3 years for the flat to complete, so by then probably he can manage the expense
If he doesent buy now, instead buys after say, 3 years, by the time he settles, all the good flats would have been sold out. (the area he is planning to buy is currently under lot of develoments, many)
What I think
Hez taking a huge risk. What if all doesent go as planned.