Bump - Promoted to Partner only this year. I'm split between DLF Camellias (Gurgaon) and ATS KnightsBridge (Noida). I’m told that ATS construction quality is miles ahead. That DLF homes look attractive only when new.
As a building, ATS over DLF. But Gurgaon is going to be the next big financial hub after Mumbai and Bangalore. Property prices will skyrocket soon (they already are).
Between these 2, it's a no brainer. Who would want to step foot in noida or anywhere in UP. Shudder at that thought. Gurgaon golf course road on the other hand is the epitome of posh with prolific neighbours around.
I don't know which firm's partners (who were promoted to partner last year) can afford Camellias or even Knightsbridge. I would really want to know which firm is paying newly minted partners this much!
Did you, by any chance, mean an equity partner (and not just a salaries partner who's probably 8-10 yrs in to the profession)?
Uhh you do understand that people can have other sources of income? Family wealth, inheritance, investments, savings from working in another country, etc.?
I have mixed feelings about ATS KnightsBridge (Noida). Has anyone from CAM (Max Towers, Noida)/ Khaitan (Max Towers, Noida)/ AZB (Noida) given this project a study or made a booking there?
I have tried exchanging notes with a few people at the office. Getting suggestions like don’t suit my taste, places like - Lajpat, Jangpura, Chittaranjan Park, NFC, Sukhdev Vihar, Sarita Vihar… you get the drift!
I am looking for legit advice. No trolling or slummy advice, please! Thank you 🙏🏻
This is the first time I am hearing the word 'slummy'; I did not know an adjective like that existed. I am genuinely curious: what exactly qualifies as 'slummy advice'? Advice from peasants?
I know you're probably a troll but do yourself a favour and please try to think outside the golden cage you've trapped yourself in. The real world can be a beautiful place, if you let it in. All that glitters is not gold.
It makes me sad to see such trolling comments everywhere. I have friends from different educational background but the worst people I have seen is in legal fraternity. Not at all helpful. I had asked a very basic question and all the answers here are just to troll one another. Grow up guys. If you can't contribute something, PLEASE DON'T COMMENT.
I think you are an A1 who is dreaming. 99% of partners cannot afford these places. DLF kings and queens court is almost 20 crore. A bungalow in Panchsheel or friends colony will easily cost 30-35 crore and Maharani Bagh would be 50-60. I’m sorry my friend you won’t make this kind of money unless you start a firm and it becomes the next azb.
If someone has made partner in a tier one firm, then it is quite possible to get a place worth 20 crores via bank loan, and pay it off over the next 30 years or so. At least mathematically.
I would genuine like to know the basis for your statement that: Quote:
If someone has made partner in a tier one firm, then it is quite possible to get a place worth 20 crores via bank loan,
My understanding is that generally one can get a loan of 60 times the person's net monthly income. Using this metric, if am calculating assuming 2 crores cash available and a loan of 18 crores (I'm assuming no family wealth and have generously assumed savings of 2 crores), for a 20 crore place.
For a 18 crore loan, using the 60x basic guideline for a home loan that I mentioned above, the net monthly income would have to be 30 Lakhs. This equals 3.6 crores per year. I doubt the OP at 3 is making 3.6 crores a year as a fresh partner at SAM (given he/she mentioned Okhla phase 3). Even if the OP is planning to take a loan along with his/ her spouse, I doubt both of them will collectively make 3.6 Cr. in a year at SAM (yes, I have just assumed that both of them earn the same amount and are partners at the same level).
As far as I know, newly minted partners at SAM make about 75-90 Lakhs per year. Far off from 1.8 Cr. (assuming spouse is also earning the same) or 3.6 Cr. (assuming only one earning spouse who is the OP at 3).
As I said, I'm genuinely interested in knowing the rationale behind the comment suggesting that a partner like OP 3 would be able to get a loan for a 20 Cr. property. So please help me if I'm missing something obvious and avoid trolling please. Thanks.
The 60 times thing isn't a rule. The actual practice has got more to do with EMI calculation per month vis-a-vis monthly salary. The loan amount cannot be more than 16 crores for a 20 crore property. For a 30 year loan period, assuming current interest rate stays the same or decreases, the EMI payable for such a loan may not be completely impossible for a partner to pay. Especially since the latter will only see a growth of income over the years. I know of several private banks that will approve such loans now. I assumed annual income to be around 90 lakhs at present.
Please don’t confuse Panchsheel Park for Panchsheel Enclave! An apartment at Panchsheel Park with four bedrooms will set you back by at least 9 to 12 Cr.
PS - My spouse and I don’t work at SAM. With SAM length level partner-comp, we wouldn’t even consider anything better than CR Park, Alaknanda or Kalkaji. Maybe an address like Panchsheel Park on RENT (if I came from privilege as well). Was about to disclose where we work. But these comments, they are so rabid!!
Bro, for your own sake I hope that you're not laundering money like some lawyers who've been in the news for allegedly that (Gautam Khaitan) and that you are just a random troll.
You could be a partner at SAM, and come from plenty of privilege to afford living at Panchsheel Park (without roots in Delhi), ride a BMC (cycle) worth a few lakhs, drive a Volvo and live the Ananya Pandey life for all practical purposes. If you all spent more time on Instagram, you would know better! ;)
Building ke chakkar me zindagi barbad mat kar. Don't go for a 30 year loan (and basically surrender yourself to a lifetime of misery) for some fancy building you'll hardly ever spend any meaningful time at. Also with smart contracts about to gain mainstream adoption, I wonder how relevant law firms will be in the not so distant future! 30 years is a huge gamble on law firms with technology evolving so fast!
Did you, by any chance, mean an equity partner (and not just a salaries partner who's probably 8-10 yrs in to the profession)?
Quote: Sort of setting the context? Or just partner show off?
I’m looking to buy a 4BHK (with ample parking space for three cars) and have narrowed my list down to these six addresses -
1. Maharani Bagh,
2. Friends Colony,
3. Panchsheel Park,
4. DLF Kings Court,
5. DLF Queens Court, and
6. Sector 15A (Noida).
I have mixed feelings about ATS KnightsBridge (Noida). Has anyone from CAM (Max Towers, Noida)/ Khaitan (Max Towers, Noida)/ AZB (Noida) given this project a study or made a booking there?
I have tried exchanging notes with a few people at the office. Getting suggestions like don’t suit my taste, places like - Lajpat, Jangpura, Chittaranjan Park, NFC, Sukhdev Vihar, Sarita Vihar… you get the drift!
I am looking for legit advice. No trolling or slummy advice, please! Thank you 🙏🏻
I know you're probably a troll but do yourself a favour and please try to think outside the golden cage you've trapped yourself in. The real world can be a beautiful place, if you let it in. All that glitters is not gold.
Quote: My understanding is that generally one can get a loan of 60 times the person's net monthly income. Using this metric, if am calculating assuming 2 crores cash available and a loan of 18 crores (I'm assuming no family wealth and have generously assumed savings of 2 crores), for a 20 crore place.
For a 18 crore loan, using the 60x basic guideline for a home loan that I mentioned above, the net monthly income would have to be 30 Lakhs. This equals 3.6 crores per year. I doubt the OP at 3 is making 3.6 crores a year as a fresh partner at SAM (given he/she mentioned Okhla phase 3). Even if the OP is planning to take a loan along with his/ her spouse, I doubt both of them will collectively make 3.6 Cr. in a year at SAM (yes, I have just assumed that both of them earn the same amount and are partners at the same level).
As far as I know, newly minted partners at SAM make about 75-90 Lakhs per year. Far off from 1.8 Cr. (assuming spouse is also earning the same) or 3.6 Cr. (assuming only one earning spouse who is the OP at 3).
As I said, I'm genuinely interested in knowing the rationale behind the comment suggesting that a partner like OP 3 would be able to get a loan for a 20 Cr. property. So please help me if I'm missing something obvious and avoid trolling please. Thanks.
- OP from 3.3.1.A
PS - My spouse and I don’t work at SAM. With SAM length level partner-comp, we wouldn’t even consider anything better than CR Park, Alaknanda or Kalkaji. Maybe an address like Panchsheel Park on RENT (if I came from privilege as well). Was about to disclose where we work. But these comments, they are so rabid!!
What’s happened to you all !!?
No we dont get the drift. What is your taste, exactly ??
and then .... I woke up!