mannivakkam---rate info needed

Hi friends,

This query is actually for my friend...

Here is the scenerio...

She recently decided to invest some money in plots in Chennai suburbs...She has now spotted one in Mannivakkam(which she says is about 8kms from tambaram and is along kancheepuram road)..where it is 20lacks per ground..

She doesnt (even I dont) have any idea abt the market rate there..

So what are the pros and cons abt this area?is it really worth investing there?Any hope of appreciation in the long run?


So we both have another query abt registration...as she lives abroad right now ,she doesnt have any idea of visiting Chennai in the near future...

In such a case ..suppose she registers the land in her mom's name and later to her name when she visitis...does she need to pay for the registration twice?

if so is it worth to make a trip during the registration process?

What are the factors she needs to take into account regarding documentation ..to prevent her from being a victiom of various frauds ?(Any govt websites to look for the authencity)

Your earliest response would be very much appreciated.

Originally Posted by shravanthika

Hi friends,

This query is actually for my friend...

Here is the scenerio...

She recently decided to invest some money in plots in Chennai suburbs...She has now spotted one in Mannivakkam(which she says is about 8kms from tambaram and is along kancheepuram road)..where it is 20lacks per ground..

She doesnt (even I dont) have any idea abt the market rate there..

So what are the pros and cons abt this area?is it really worth investing there?Any hope of appreciation in the long run?


So we both have another query abt registration...as she lives abroad right now ,she doesnt have any idea of visiting Chennai in the near future...

In such a case ..suppose she registers the land in her mom's name and later to her name when she visitis...does she need to pay for the registration twice?

if so is it worth to make a trip during the registration process?

What are the factors she needs to take into account regarding documentation ..to prevent her from being a victiom of various frauds ?(Any govt websites to look for the authencity)

Your earliest response would be very much appreciated.

shravanthika,

My personal perspective.....

1. i feel 20 lacs is too high. last years they were at 6-8lacs.
2. i doubt it is only 8 kms.from tambaram. it is somewhere near padappai and walajabad.if i am not wrong....use wikimapia to check it out.
3. Government acquisition for industries, private rail roads and airports is all in full swing. so always ensure you dont fall into that risk.
4. Even land near mahindra city...is not still quoted at 20lacs..in my opinion.
5. Check for the approval, dtcp. but heard that even upto sriperumbudur now cmda approval is given..not sure...
6. even if you have to tranfer from your mother you have to register with stamp duty. but the percentage i am not sure what it is now...8% ???.
7.OR else she can do it on your behalf itself if you give her a POA (Power of attorney to purchase land....again have to be clear about the purpose of poa...so no double registration...again it is how you want to do it.)
8. It looks all very nice on the builders/promoters thread..the distance is always or most of the time misleading.
10. Before buying the plot, you have to get the parent documents and all as far as almost 20 years. previously i think it was 15years. now they go to as far as 25years because of too many frauds.
11.You can get an EC before your purchase...and ensure the seller's name is established if he is not the power agent.
12.IF you buy the property you have to get an ec again to ensure your name is reflected there.
13.Regarding appreciation the peek appreciation is over...now along with all areas whatever appreciation is going to happen is the thing. but again with other developments it may go for a run again.....

Hope i have been helpful......

Hi shravanthika,

My father also planning to invest on lands. A month before there were seeing some land near tambaram. That was also near to the amount which you have mentioned. But I am not sure about size of the plot. Rate is based on the area of the ground.
Anyway, whenever you are resgistering or changing the registeration, you have to pay.
Also, people may cheat them if the person buying is far away. One thing, she can come here, visit the land and enqiure them and can decide to buy. Or anyboby relaible to her can do the process. This is my suggestion..

take care
bye
Gayathri

hi shravanthika,

In my previous post i have made two mistakes....

confusing manimangalam and mannivakkam. manimangalam comes in that area which i have mentioned. mannivakkam...is nearer to thiruporur and guduvanchery...if i am not mistaken.....

do keep check as lot of powerful people have large pockets of land.

That was a gr8 info...
Many thanks Shanvy...

hi shravanthika,

one more point i have not mentioned, is legal opinion. it is always better to go in for a legal opinion.