I hope you have seen the map i have attached in post no..#265 now you tell me which area looks good. there is nothing like distance for chennai. this week property plus, i heard flats at 20lacs near to mahindra city (MWC). by saying chengalpattu area, you mean area around mWC...since chengapattu as such draws more for sq.ft. yes, the plots are around mwc are at 650/600 (some resale plots). there is reason to look at this area as an investment opportunity which will develop slowly, though infosys annuoncement of 25000 new jobs annually contradicts my statement. will come back on other areas as i get some time dear..... do tell me which areas of chengelpet have you checked??
Hi Shanthi, I read this thread and got a good idea very usefull. I wanted to know if in investing in Sri Ramanujan Nagar (Near Tagore engg college) vandallur is a good bet. I saw this plot 18 months back and was about to book at 700 / Sqft But finally the builder asked little more while registartion and I dropped it. Now we called him again the price he quotes is 800/Sqft. Wanted to know three things 1. How is this area will this be a good investment and can I plan to stay here when we R2I might be after 2 years or it is just an investment perpestive. 2. Why is the rate not appreciated for the last 18 months. 3. As SriRam IT SEZ is close will this not appreciate more. Also wanted to know about Kamadenu Nagar , new perungalathur (near Tambaram). The rate is around 950 / Sqft is it worth investing. Please let me know your suggestions. Thank you.
Dear Lalitha and Shanvy, Thanks for your inputs. It is advtd as opp to Hindu Engg college. Not yet found something suitable Shans, budget is a major constraint And yes, area too. I still prefer North Chennai as my in-laws are here and DH's work too. Just that I saw the ad and got a bit interested with all amenities, etc. being promised. Like Lalitha says, whether the builders give all that is promised is a big question mark hence I wanted to inquire abt them. Again, DH says the maintenance chgs will be high in such apts, so better to for us to avoid it. Been seeing some "independent" houses in Kolathur area, but these too require some amt of restoration work. I still prefer a good flat any day! Keeping my fingers crossed to get one soon. best, hasita
Am I trying to be really smart? or I am just another wannabe around? I don't know! I saw that this forum has extremely intensive information about RE chennai, just popping in to get some adivce. Well ILadies, I am really new here, and I am in to get some suggestions/ideas about my 'dream home' plans. To brief about me and my earning power, I am 25, living in Chennai with my parents, working for an IT major and, earning around 50-55K rupees pm. I want/wishfully think to buy a property in Chennai, not as an R2I but for my own residential usage. After seeing, analyzing the property rates, cost of living, proximity to places, I have decided to stick to the southern part of Chennai, particularly Madipakkam (Northern part - Sadhasivam nagar, Ram nagar north etc). The reasons are - The locality is quite good, close proximity to Velachery MRTS and Vijayanagar bus depot, closer to OMR, rates are kind of affordable*. *Affordable - Here is my plan / definition - There are CMDA approved lands available for approximately 55L to 60L per ground whose guideline value stands upto 45L to 46L per ground. - I along with 3 friends of mine are planning to buy around 2700 sqft of land, register it sharing equally (SBI gives out 80% loan for the total land + construction) and the repayment would be approximately 22 to 25K pm for my salary - The plan is to build two 3BHKs in the first floor, and car parking + 2 2BHKs in the ground floor I am in the process of seeing lands now. I checked with a legal advisor of a builder about how this is workable and got some very high level inputs from him - the abstract is that this is doable legally. From the perspective of the banker, also this is doable, and I might get a loan for 80% of the total cost involved. I am yet to check with the architect/designer on this. I thought it would be nice to get some advice from experts, advaced RE investor people around - Kindly advice me on 1. Is this plan totally workable? Are there any major, legal or other vital points that I have missed out? 2. Is this the right period to do this? Since this is for my (same with the case of other friends involved) own usage, should I wait in to see the speculated downfall of the RE market? 3. Market rate for a flat in those areas is 3800 to 4000 Rs per sq. ft. If I work out this way, I will have to spend 16L (64L land price + registration / 4) + 15L for construction (lets keep 1100 sqft for 1300 rs per sq ft) - total 31L Rupees for a 1100 sqft flat with 700 sqft of land in my name. By this way, I will end up saving approximately 10L rupees with a larger land share. 4. Am I overlooking things anywhere? 5. What could be the potential problems in doing so - at this stage, or in the future? 5. Any suggestions / advice on how, what to do and what not do do is appreciated. *Cheers* Newbie
Hasita dear, You could still look at small players, with the inflation, high interest rates they would be willing to negotiate. the bigger players, the difference the carpet area and the area you buy is huge. and also you are right about the maintenance. most of these builders do have a corpus fund that they take from the buyer for the maintenance. even then the monthly maintenance rates are high anywhere from 2 to 5rs per sq.ft. will keep looking.
hi new bie, (do not want to use your gone_mad id) Welcome to il. thanks for feeling that we have extensive information. we don't offer advice, we only try to find out constructively if something works..and we only give suggestons....hope this is fine. i will not discuss, your earning power or your loan eligiblity (presuming you go for a loan) - Area - is good. the rate of 55L to 60L per ground looks really attractive.If you already have zeroed in on some viable property, the rate looks good, as I have been told ram nagar, the asking rate is above 70Lacs. GV-the rate for ram nagar would come at 45/47lacs per ground as the guideline value is between 1800-1900. and sadasivam nagar would be 18.5lacs to 24lacs based on the area as the GV range is 750/1000. - I think registering the land equally may work out with the bank rules, though there. there are lot of formalities. i think the undivided share of land gets distributed according to a percentage of the area of the flat. 1100 sq.ft may get around 600/700. and a 800 would get anywhere between 550/600 sq.ft. this is how most builders operate. since you are doing it on your own, the uds could be done under an understanding and with thorough legal consultation. the area of construction could be decided by calculating the fsi, which differs according to the road the land is on.1.5 times, 2.5 times. The RE market in the middle strata does not look like falling. I have been watching, only omr looks like there is a slump because of too much supply. the areas in madipakkam,keelkattalai and nanmangalam and medavakkam do not look southwards, with the velechery-gstlink through puzhuthivakkam, and thillaiganganagar subway,the landcost has increased. the proposed mrts link from velachery to mount station, and the expansion of the existing medavakkam main road into a 100ft road also adds to the charm. since you have been looking at properties, you would already be having an idea. No. you pay a premium when you buy from a builder. but this way you save. :thumbsup. but you are looking at 700sq.ft equally. according to your calculation (even assumed) is for 1 ground. equally divided you will get only 600sq.ft, even if it was 2700 as you mentioned initially it is 675 Overlooking, cmda approval charges, architect charges, drainage, eb charges which will not be inclusive of your construction charges. Escalation of prices, shortage of labour, increase in housing interest ratesare the only potential problems that could arise, other than any disagreement between friendshide I would suggest, you involve your parents, ask their opinion, what they feel about the other 3 whom you are going to involve. secondly, look at your comfort quotient with them, investment is a different story.but you are going to live in the same building (I say this with the experience of seeing people from the same office who have joint booked into same aparments).being very clear on the money front, and having every thing on paper is one thing i would advice not suggest, because i have seen great friends, relatives having difference of opinions because of this. This is just a thought process. I think you have already covered whatever you needed to discuss. the area, the loan.All the best.... Hope this has been helpful. if you have any more doubts do drop in.
Dear shanthi if u come across any townships in and aaround 5-15 kms from CTS or accenture pls let me know... we are already looking all the website... our parents are also keenly watching property plus... budget is around 50plus... thnx in advance...
vahee, By township you mean apartment complexes, or independent houses. the actual township concept has not succeeded much in chennai. there are many apartment complexes coming up.
dear shanthi... its kind of row houses.... during my last visit to chennai we saw so many houses but nothing was good... even though the house was good the approach road was just 20 sq ft or sometimes even lesser... actually this is for my bil... i'm very my comfortable with appartment... wht's ur opinion abt appartment and this row houses... for us we are looking for appt only...
dear shanthi... i have one more doubt... appartment complex is like (ceebros jains ) u have lots of blocks garden swimming pools etc... apart from that thr are some flat sys whr u have just 8-10 houses built in a ground... which do u prefer.. some say this complex houses will have lot of maintainance.. but lifestyle will be good... pls pour ur opinion...
