Current Sq Ft rates at chennai

Originally Posted by hasita

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

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)
-

There are CMDA approved lands available for approximately 55L to 60L per ground whose guideline value stands upto 45L to 46L per ground.

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 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

-

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.

3. Market rate for a flat in those areas is 3800 to 4000 Rs per sqt.
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. .

No. you pay a premium when you buy from a builder. but this way you save. . 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

4. Am I overlooking things anywhere?

Overlooking, cmda approval charges, architect charges, drainage, eb charges which will not be inclusive of your construction charges.

5. What could be the potential problems in doing so - at this stage, or in the future?

Escalation of prices, shortage of labour, increase in housing interest ratesare the only potential problems that could arise, other than any disagreement between friends()

5. Any suggestions / advice on how, what to do and what not do do is appreciated.

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.

Originally Posted by Shanvy

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...

Originally Posted by Shanvy

hi new bie, (do not want to use your gone_mad id)

I dont mind you calling me as newbie!

-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 have almost zeroed in on to a property, but negotiations are going on yet. Asking rate in Ram nagar is NOT above 70L for sure. you can check 99acres, sulekha on this. Ram nagar south - it is approximately 45L and Ram nagar north - it is 55L.
Ram nagar South is cheaper because you'll feel the stingent smell of burning garbage dump from pallikaranai all the time... I personally feel it is a big NO-NO because it might cause health problems in the long run.

since you are doing it on your own, the uds could be done under an understanding and with thorough legal consultation.

Sure, will do so.

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.

What is the FSI in that area or in Chennai south as a whole?
Are there any major changes in the second CMDA master plan that was relased last month end, which would favor me like allowing me to build ground, first and second floor on a 20 or 24 ft road (simply more FSI)?

I would suggest, you involve your parents, ask their opinion

I completely agree this.

Thanks for all your inputs, and I'm sure they are definitely helpful.

I have few other questions as well -
> what are the new additions in CMDA second master plan?
> what is the FSI currently?
> Do you/anybody here have idea about the Ram nagar area infrastructure?
> Does pallikaranai garbage burning smell come into the northern Ram nagar too? (I didn't quiet feel it when I was there... but still just wanted to confirm with any of the localites)
> I saw a post sometime back that one of the ILs bought a plot in neelangarai and built four flats in it. I would be glad if someone with similar experience share their experience, CMDA approval charges, architect charges, potential pitfalls, things to look upon, etc., before I start working on this.

Cheers

Hi,

Yes. Chennai Second Master Plan is approved now and there is speculation that this might impact the over all Chennai RE.

1) More FSI - .25 to 1 FSI increase. big bonus for land owners

2) No height restrictions on 100ft or more wide roads. Jackpot for RE big developers.

http://www.hindu.com/thehindu/holnus...0809021923.htm

Originally Posted by shvap_786

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...

Most row houses have a 16 ft or 20 ft approach inside the community. a 20 ft can easily allow access of cars. this is very common in row house. it is not exactly row houses, they are duplex inside a compound. like about 8/12 houses in a compound with independent car parking and things.

Both have their own advantages and charm.Flats VS Independent House

Originally Posted by shvap_786

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...

yes, apartment that have these other amenities, take around upto 5rs right now for sq.ft as maintenance. it again depends on what is your preference.

Coming to the appreciation, a independent house appreciates more because of the land value. even in a row house, the land is yours, which is not the same for apartment though you have your share of undivided share of land (UDS).

There are both die hard fans of independent and apartments. it is you who has to choose.

I have almost zeroed in on to a property, but negotiations are going on yet. Asking rate in Ram nagar is NOT above 70L for sure. you can check 99acres, sulekha on this. Ram nagar south - it is approximately 45L and Ram nagar north - it is 55L.
Ram nagar South is cheaper because you'll feel the stingent smell of burning garbage dump from pallikaranai all the time... I personally feel it is a big NO-NO because it might cause health problems in the long run.

Hi newbie, I am sure about a property that was closed at 70lacs last month in ram nagar north nearer to velachery. you are right about ram nagar south being lower because of the dump. I would also say a big no-no because of the dump.

What is the FSI in that area or in Chennai south as a whole?
Are there any major changes in the second CMDA master plan that was relased last month end, which would favor me like allowing me to build ground, first and second floor on a 20 or 24 ft road (simply more FSI)?

before the cmda second plan, the fsi was

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.
the max allowable FSI was s 1.5

I have few other questions as well -
> what are the new additions in CMDA second master plan?
the fsi has been relaxed very well, now most builder on the omr will be laughing their way to the bank. the areas near to the beach which had certain restrictions, are being relaxed a bit.

> what is the FSI currently?
According to the new master plan, you get more fsi ranging from .25 to 1 increase..
No height restrictions on 100ft or more wide roads, so this will make the builders who are already building here, to add a storey upwards, and again catch for all the waiting period

> Do you/anybody here have idea about the Ram nagar area infrastructure?
Ram nagar as far as i have visited looks a nice area, with good schools, in velachery, Kamakoti is accessible very easily.

> Does pallikaranai garbage burning smell come into the northern Ram nagar too? (I didn't quiet feel it when I was there... but still just wanted to confirm with any of the localites)
When passing you do not feel the stink. but when it rains, the story is different, i have not seen it after my return back. but the year 2006 I presume was too bad...

> I saw a post sometime back that one of the ILs bought a plot in neelangarai and built four flats in it. I would be glad if someone with similar experience share their experience, CMDA approval charges, architect charges, potential pitfalls, things to look upon, etc., before I start working on this.

yes sugan2008, has done it.


Cheers [/quote]