Current Sq Ft rates at chennai

Samayal,

Individual ground in nanganallur is around 60-1C according to area. adambakkam 40-70according to area.chromepet heard some areas going at 40 -70 (all in lacs/ground)

Last a friend friend's sold her house in nanganallur with 2 grounds and 2000sq.ft for 2.5Cs.

samayal,

Nemilichery and radha nagar (interior) go at 30/40 lacs.


hope this is useful

Raagam,

Purvankara's windmiere comes in between sunnambu kolathur and kovilambakkam.

that is near the medavakkam high road and also the 200ft pallavaram/thoraipakkam road.

The only concern for me is the pallavaram/thoraipakkam high road is way high compared to the land on both sides... i have seen waterlogging....

but i assume that it is almost 1/2 km inside...now that area is buzzing too much with the tproad... but if you have some body in india, you can check out semi independent houses, independent houses also in the area. If you shop a little in the sam earea you could get a independent house with 1/2 ground for the around 40/50lacs. in the same area.

hope it helps...if you want to exactly know the location there is a m arking in wikimapia for purvankara....windmiere...the location is just 10minutes into omr, 10 minutes into madipakkam, 10 minutes into medavakkam by a two wheeler without any traffic. and velachery a 20 minute drive.

I would also suggest check out raminiyam's govardhan that is going to come up on the medavakkam main road in between madipakkam and keelkattalai...ramaniyam is also a good builder...


purva looks good because of all hte other amenities....

this is my observations only......

hi Shanvy,
You seem to know a lot about housing in Chennai, probably you spend much time and efforts in research! I had some qs, and hope you can help and take time to answer some of my queries.

I am looking to purchase a one (or two) bedroom flat - not very big, just for 2 (sometimes 3) ppl currently.

My budget is also not very huge (seeing Chennai's growth rate!) at ~12-20 lakhs.


Hubby was not interested earlier when i used to push him since over a year, and now suddenly he is. But we have lost out on time with the result being too high sq.ft. rates everywhere here.

Can you give some pointers where I can look for. I prefer Anna Nagar, Mogappair, Egmore, Kellys, Kilpauk, Purasawalkam areas, but I am ready to look into Ayanavaram, and other far away areas as well.

Have you heard of Firm Foundations/Housing? How are their constructions?
Any other good / reasonable builders who have well-laid out and solid constructions? I read you mentioned about Ramaniyam builders.

I appreciate any valuable info and additional pointers you can share.
Many thanks,
hasita

hasita,

Thank you. it just started as a small search for my second investment, then tried to help friends and now slowly have become interested....

I will check out and tell you... north chennai has not gone too high, it is still in affordable range. madhavaram milk colony a 2 bedrrom by a very decent builder costs.20/21. if u are interested i will give details..but i felt is too far...but the building is good...somebody i know purchased..there with swimming poool, tennis court and all..

Thanks for the prompt reply, shanvy.

Yes, do check out and let me know, also about madhavaram milk colony. Will ask hubby about it, as I am not too familiar with far away places yet in chennai.

Yesterday, DH went with someone to check out a place in perambur, ~18 lacs, but it seems it got sold out previous day for 17.5!
Places seem to be getting sold like hot cakes, says DH.. and he's only got interested seriously since a week!

Btw, i do not mind investing in a new construction as well, since I will have to jump around for a lumpsum amount. With place undergoing construction, I can shell out slowly. What precautions to follow when looking at an u/construction place?

best,
hasita

hasita,

A second hand flat has disadvantages:

1. the registration and stamp duty will be more.
2. a flat after 15 year the resale value will not be equal to the prevailing market..that is if the MV is 2500 a second flat fetches 1900-2100 if it is the frist 10 years and lesser later...
3. I think banks had stopped giving loans for second hand flats last year. do check it out before committing.

Hasita,

Firm constructions also concentrate on anna nagar and outer areas..but i dont think they do single bedroom... not sure...

have seen few of the constructions from outside in anna nagar they look good but not sure about builder...
ramaniyam is an upper end builder...

Hi,


The multinational banks are worried about subprime mortgages. There is all round tightening of lending norms. The IT &ITES Industry is worried about this fallout on Outsourcing. Both Mrs. Hilary and Mr. Obama are talking about tightening out- sourcing. Dollar value devaluation is making the IT & ITES industry jittery. Since the real estate industry depends to a large extent, today on the fortunes of the IT&ITES Industries this also is seeing a much needed correction. Chennai is no exception.
One important factor of the real estate boom at present in Chennai is that large land parcels have changed hands to buyers with deep pockets, like developers from beyond Chennai, mostly Bangalore and Mumbai. Also some of the sustained gains from the stock markets have got into properties as well- again mostly from investors from outside Chennai.
Most of the money from big time developers is IPO Money which they deploy with impunity. All these people are willing to wait.
The net result?
Prices of land do not come down. Raw material costs on the other hand have gone up substantially. Look at the prices of cement, steel, wood etc.
Also we seem to hang on to localities. The Government is not going to give permission to developers to build high storey buildings in the city, any time soon. Look at the dilly dallying happening with the Second Master Plan.
So simple demand supply equations operate and real estate prices zoom.
So what can we do?
One logical thing which will happen is that sheer situational demand will start making people look at suburbs.. Those suburbs with developable infrastructure will start developing faster and you will find gradual migration happening to these localities, farther and farther away from the so called city centre.
I think the Government is also conscious of this fact..
Look at these trends:
a. The Government is actively promoting the CAPS Region.
b. Active discussions are taking place regarding New Chennai.
c. Tremendous promotion and lobbying is going on with the Mount Poonamallee-Sriperumbudur belt promotion.
d. Metro Rail system is already under implementation and more importantly it is getting connected to the existing rail structure.
e.Kadalur- Pondicherry- Chennai rail link is also under consideration.
The centre of gravity for development is gradually shifting towards the south and the south west, in Chennai. For example, once upon a time Chennai Central and Fort areas ruled the roost. Then Purasawalkkam took over. Thereafter it is the turn of T.Nagar. Now the financial centres have moved onto R.A.Puram and thereabouts.Adayar and Velachery are gaining ground. Soon OMR, Porur and areas beyond Tambaram will become important. Of the three, Porur area, since it is the closest to Chennai city centre will grow the fastest. Also it is on the way to Sriperumbudur.
I think friends we should start looking at suburbs for investment. Identify those places where the infrastructure has a nucleus already. Look at those places which the Government shows more interest.
The schools and hospitals are also now looking for FDI Investments to expand. If Real Estate Developers give the land parcels these institutions are willing to expand. Watch out such news items and the locations talked about.
There is no point bemoaning the reality of high prices. It is better that we intelligently look to explore newer avenues of growth.

I am glad to make the Hundredth post in this thread. Shanvy great work. The IL housing consultant. i have already conferred this title on you .
Beena you are right. The money that goes into development is from foreigner's pockets, which sets no limits to development happening.

Bangalore has witnessed a price correction lately. I feel chennai will follow the suit.

Presidential elections in US should be watched out for.
The recession that US is witnessing is because of sub prime mortgages. I am wondering if that kind of thing may happen in India too. US has foreclosure stories everywhere.

My ex-colleagues say that Engg graduates continue to be recruited in masses for IT and ITES industry. There is wage inflation and hence salary correction though.
The average age people buy house has come down from 40 to 25. Other than IT, look at MBA grads. They make lot of money too.

As I said in the first post of this thread I wish there is some light in the end of tunnel.