Current Sq Ft rates at chennai

hi sugan,

Is it approved or not. Then again for construction at 500/600m check if you do get permission. there are problems. Some banks do not give loans for construction at the 500m...level. This is a long back heard info..do check out the rules applicable now.

Looks like a good area. Is it nearer to the mantri synergy. beach resorts..

Dear Shanthi,

Thanks for the reply ..yes that is CMDA appd , yes..I Think upto 500m will not get housing loan , may be more than 600m so , we will get (hoping so),I am not sure about the mantri synergy , i hope the plot which I saw is before that and near to vettuvankanni bus stop.

should I proceed further , is it ok to build house near to beach..will it have problem in future ? what are the issues ?


And how about CLRI Nagar ,neelankarai ? right side of the ECR road , but it is much down to the road ? worried about in rain season..will it hold more water during rainy time ??


pls advice me asap , so that We can proceed

Thanks in advance

Hi guys,

Amazed reading all the posts. Very informative, detailed thread this is. Kudos to every contributor.

I was a slient reader for a long time and thought to include myself in some of the interesting threads :)

I am an NRI residing in NJ.

Obviously with the recession and everything, we were thinking of investing in Chennai as its starting to boom now.

We were looking for places in OMR near (thiruporur junction), not flats but just plots. Can you please advice if this is wise?

Also we are looking at buying some independent houses in the heart of the city, like tnagar, west mambalam or kodambakkam. What are the current rates up there (I know its going to be unbelievable), but me thinks that buying now is better than later. Heart of the city will always be hot isnt :rolleyes::rolleyes::rolleyes::rolleyes:

Thanks again

Nand

Dear Suganthi,

Vettuvankeni is the location just after Neelangarai, is it not? Somebody was mentioning about 2 grounds available in Rajendra Nagar and they were quoting Rs 75 lakhs per ground… 60 ft X 80 ft….Possibly they may negotiate. They say it is more than 500 metres from the sea. Comparing to this, your offer at hand seems attractive.

But I think you should look at Regulations applicable to that area before taking a costly plunge.
One is the Coastal Regulation Zone Notification, which was issued on February 19, 1991. They have amended it subsequently, many times.
The second is the Chennai Metropolitan Area Groundwater Regulation Act, which has been around from November 21, 2002.
The whole stretch of bays, estuaries, creeks, rivers and backwaters which are influenced by tidal action (in the landward side) up to 500 meters from the High Tide Line along the South Chennai Coast, comes under Coastal Regulation Zone. This also includes the land between the Low Tide Line and the High Tide Line.
Of the four classifications two will be important from your purchase point of view:

CRZ - 2: This comprises of lands which are between the Low Tide Line and the High Tide Line and which are substantially built up.

CRZ - 3: This comprises of lands which do not fall into either CRZ1 or CRZ2, and includes areas within municipal or panchayat limits which are not substantially built up.
In the CRZ2, no construction is permitted on the seaward side of a road, or on the seaward side of existing constructions. Reconstruction of existing buildings is permitted subject to certain norms. The buildings must be built in such a way as to blend in with the surroundings.

In the CRZ3, no construction shall be made within 200 m. of the High Tide Line, subject of course to the developer's right to maintain the same as open parks or playfields or other recreation area. Development between 200 and 500 m. is permitted for hotel purposes subject to clearance from the Central Ministry. There are also other restrictions on construction.

On March 13, 2007 Tamil Nadu Government relaxed construction norms for areas along the ECR, from Thiruvanmiyur to Uthandi .
Only residential buildings having not more than ground and first floor will be permitted in this notified area.
But the order has listed about 11 conditions to accompany this change
The Government Order also wants the Chennai Metropolitan Development Authority (CMDA) to evolve special development control rules to regulate this growth.

Some of the conditions contemplated are large plot sizes,
• An FSI of under one.
• The ground cover or the size of the building footprint will be less than 50 per cent of the plot area and wider road width.
• However, the coastal regulation norms will remain unchanged.
• Constructions till now were permitted only in the layouts approved. But with this government order, construction will be permitted even in other areas. (But I strongly suggest not to buy in any unapproved lay outs. Remember even a lay out with Panchayat approval is not safe enough.)
There is one confusion with this order. The First Master Plan had classified this area for mixed use, commercial, light industrial and residential.
This order seeks to reclassify the area only for primary residential use.
It seems in the Second Master Plan they are looking to re classify the area of your interest, but with more development controls.
Any amendment to the existing Master Plan (Master Plan One) has to follow the procedure already outlined in the law. This government order has seemingly not followed it. So why was the Order released in the first place? Nobody knows!
Probably they will clear the confusion in the Second Master Plan. This is with the Government now and is expected to to be released within the next three months.
The environmental restrictions applicable in these CRZ areas are:
(1) The overall height of construction up to the highest ridge of the roof cannot exceed 9 meters and the construction cannot be more than 2 floors (ground floor plus one upper floor);
(2) Ground water cannot be tapped within 200 m of the High Tide Line; and within the 200 metres-500 meters zone, it can be tapped only with the concurrence of the State Government;
(3) Extraction of sand, leveling or digging of sandy stretches, except for structural foundation of building swimming pool is not permitted within 500 meters of the High Tide Line.
Being close to the Aquifier Zone, there are also restrictions on sinking of wells or utilization of open water sources.
So what should you do?
• First find out whether the property is beyond the CRZ.
• If it falls within CRZ then point out the restrictions to your seller and negotiate hard.
•
• If it is within CRZ, then please check out what are the rules currently applicable. Check with both CMDA and DTCP.
• It would be a great idea to share your findings with all of us in this forum.
• Check out with leading housing loan organizations whether they fund housing loans for properties in this area.

All the best my friend.

Beena

suganthi,

Beena has already given a list of the look outs in details.

And do check the parity in the rates. Today morning property plus I saw an ad for approved plots in vettuvakkanni for 55 lacs per plot..two adjacent plots.
so, you are the best judge.

Many construction projects are still pending for approvals. so check out the master plan as beena says. you can download a copy of the master plan from the cmda website.

Let us look out at the common terms used when discussing about flats/plots

FSI-Floor Space Index is called FSI. It is the ratio between the extent of land to the plinth area.

Plinth Area - Building outer wall to outer wall measurement is called Plinth area.

Common Area -Common area is nothing but area including staircase, staircase head room and over head tanks.

Total area of the flat is nothing but plinth area plus common area.

So coming to the FSI that is being discussed.

• For a 30 ft road, the FSI is ranging from 1.24 to 1.3
• For a 33 ft road, the FSI can go up to 1.5
• At present, the max allowable FSI is 1.5

And
UDS(UDL) is the undivided share of an individual which is calculated by

Total Extent of Land
-------------------- x total area of Individual flat.
Total built up area


The access road width to the site is an important factor when it comes to deciding the front setback and the maximum height of the building Assuming a 30' 0"-wide road, you would need to leave 5' 0" on all sides, the front, the sides and the rear.


So assuming a 2400 has 30 wide road, you would need to leave 5ft on all sides. and the maximum that can be built on the ground level will be around 1400/1550 depending.

Originally Posted by Nandshyam

Hi guys,

Amazed reading all the posts. Very informative, detailed thread this is. Kudos to every contributor.

I was a slient reader for a long time and thought to include myself in some of the interesting threads :)

I am an NRI residing in NJ.

Obviously with the recession and everything, we were thinking of investing in Chennai as its starting to boom now.

We were looking for places in OMR near (thiruporur junction), not flats but just plots. Can you please advice if this is wise?

Also we are looking at buying some independent houses in the heart of the city, like tnagar, west mambalam or kodambakkam. What are the current rates up there (I know its going to be unbelievable), but me thinks that buying now is better than later. Heart of the city will always be hot isnt :rolleyes::rolleyes::rolleyes::rolleyes:

Thanks again

Nand

Nand,

Welcome to il. I think you are right when u say recession and other factors, are making you look at properties.(The news of today morning, Asian investors are looking US properties that look cheaper because of the fedcuts,recession..)

But the boom in chennai had reached the heights in 2006-07 and has now become a little slow...rather you are spoilt for choice.

Recently somebody had booked a flat in virugambakkam at 4500. and even some areas around vadapalani at 4000.

One of our acquaintance picked a flat 2 months back opposite mandaveli bus stand at a whopping 1.8Crores for a 1700 sq.ft. So old houses with landvalue should be ** left to your own assumption.
The government guidelines value of tnagar is unbelievable and the market value will be double to 2.5 times that value. For a rough idea of the scenario, do check out the guideline value at ::REGINET::

And also look at the area covered in chennai now at cmda website. the new greater chennai has grown, so heart of the city depends on each person's perspective as it grows.


Thiruporur is hot because of the vandalur - kelambakkam road. But be careful when you invest. there is too much government interest in that areas.So invest, only when you have a person in chennai, who can keep a periodic check.there are few mnc's on that route along with sushil hari residential school.

Originally Posted by shanvy

Nand,
Welcome to il.

Thanks for the invite Shanthi :)

I think you are right when u say recession and other factors, are making you look at properties.(The news of today morning, Asian investors are looking US properties that look cheaper because of the fedcuts,recession..)

True.. but we both have no interest in settling here . With this recession and Fedcuts, if one invest here now... u can reap only in the longer term and it doesnt suit our plans.

But the boom in chennai had reached the heights in 2006-07 and has now become a little slow...rather you are spoilt for choice.

Oh really.. :( :( thats sad..

Recently somebody had booked a flat in virugambakkam at 4500. and even some areas around vadapalani at 4000.

One of our acquaintance picked a flat 2 months back opposite mandaveli bus stand at a whopping 1.8Crores for a 1700 sq.ft. So old houses with landvalue should be ** left to your own assumption.

Thats outrageous right ..but thats what confusing me too. I had thought that after a point it would saturate, it wouldnt hike up this high..

The government guidelines value of tnagar is unbelievable and the market value will be double to 2.5 times that value. For a rough idea of the scenario, do check out the guideline value at ::REGINET::

And also look at the area covered in chennai now at cmda website. the new greater chennai has grown, so heart of the city depends on each person's perspective as it grows.

Thanks much for the information

Thiruporur is hot because of the vandalur - kelambakkam road. But be careful when you invest. there is too much government interest in that areas.

Can you explain me a bit further if you can, Shanthi? What do you mean too much Govt interest. The builders and other construction company Ads say its approved. What more should I have in y checklist before I leap :(

So invest, only when you have a person in chennai, who can keep a periodic check.there are few mnc's on that route along with sushil hari residential school.

yeah, please check the attachment I received from one of the companies.. There seems to be huge development going on.

Also friends, if you get any info on an independent house in these areas, can you please inform me :) Thanks a bunch!!

Shy

True.. but we both have no interest in settling here . With this recession and Fedcuts, if one invest here now... u can reap only in the longer term and it doesnt suit our plans.

hi. I was just sharing the info. When I talked about asian investors I meant the big shots looking at investment potential.. this was news in the hindu property plus today. check it out. If you are R2I, then you are on the right track.

Oh really.. :( :( thats sad..

No. you still have lot of choices. what i meant is rates went northwards, and 2006/early 2007 was good with the old guidelines, and now the guidelines have been revised.

People say RE in chennai has slowed down, and it will go southwards..but r ight now I actually don't see much dipping southwards. projects in the 20lacs- 50lacs ( middle class segment) is fast moving. Maybe you get a waiver on the pre emi, or a woodwork and furnitures thrown , in no builder is willing to reduce the rate, and if at all it is only 50/100 rs.sq.ft.

With the interest rates high, but with a tentative reduction expected in the bps,should put the market back on track.

Am I confusing...maybe too much details.

Thats outrageous right ..but thats what confusing me too. I had thought that after a point it would saturate, it wouldnt hike up this high..

I definitely felt it was outrageous amount for a flat. But heard somebody a prominent one bought a flat for 11crores in the heart of the city.
and If you already have a primary residence, and are looking at investment angle it would be plots rather than flat

Thanks much for the information

Hope the map is impressive. The enormity of the greater new chennai is
visible.

Can you explain me a bit further if you can, Shanthi? What do you mean too much Govt interest. The builders and other construction company Ads say its approved. What more should I have in y checklist before I leap :(

The last I heard from a relative who has started construction on his plot in rathinamangalam (it is near thiruporur) is that a political party was putting too much pressure on people having land in that area to sell to them.
There was talk of a satellite city before, which was dropped, because ofthe interest of certain parties..
This is what i meant by Govt interest. There are lot of projects coming up

So always check for approval, EC ,21 years chitta adangal and other documents.

yeah, please check the attachment I received from one of the companies.. There seems to be huge development going on.

That is a old one. now you have lot of projects going on in the square formed by medavakkam-sholingar road,medavakkam road (not represented in the picture), omr and pallavaram-thoraipakkam road.has a lot of independent houses coming up, and you can pick up plo ts t here also..but not from big builders.

there is purvankara's windmeire coming in that square. and the lauch price was 2790 and it has not increased it to 3050. There rates have changed a little bit.

As i said you have too many choices..do your research and pick up.