Chennai Real estate Info!!!!

Hi Ilites,

I am back after almost 4 weeks. I had been to India (Chennai) for vacation and for house search. If you can see my other posts about requesting info of the current rate per SQFT in various areas of Chennai.

Now, since my hubby and I spent almost all our time doing the search for an apartment in Chennai, I have first hand info about what I saw...thought would be helpful for those who are looking to buy a flat in Chennai.

First of all, as everyone mentioned in all the websites, Chennai real estate prices have not come down....They are not increasing probably in certain areas, but the prices are stable....Though there are plenty of new construction everywhere within and far from the city, the prices remain the same. Previously, if you express seriousness in buying a flat from the builder, you could negotiate a bit depending on how serious you are. But now, the builders are not keen on disposing the properties fast. They don't mind waiting and taking their chances.

Secondly, the much talked about OMR (Old Mahabalipuram Road) is a piece of shit..and the so called 6 lane highway is being laid, but the surrounding residential areas where the big time builders like Arihunt, Doshi, Palmera Gardens etc., build is in a narrow lane with hardly any approach road to reach them. Another major issue is that there is no underground drainage in those areas as its not in the city corporation limit, and given the way our dear political system functions, I don't have any hopes about such areas. The drainage system may improve, but it may take another 10 years or so.
Also, the so called 6 lane highway of OMR is fully occupied by the IT company buses and almost a 1000 buses ever morning and evening to pick and drop their people which means, even if you live their, u still have to struggle to move around freely. The traffic is horrible with too much of vehicle population.
Anyway, to make the story short, irrespective of all the deficiencies, the builders ask for Rs.4200 per sqft minimum for a decent flat. I strongly feel its not worth it.

Now, after having seen lot of new construction around OMR (Perungudi, Karapakkam, Thorapakkam, kelambakkam, Navalur, Padur etc.,) we have decided to check out the new ones in the city. we went looking for big builders like Appasamy, Chaitanya, Ceebros etc, and landed on Ceebros bcos of its reputation. The price is Rs.5200 per sqft, with all neat facilities closer to Vadapalani on Arcot Road. Appasamy builders construct just next to Vadapalani busstand on Arcot road, for Rs.4900 per sqft. Chaitanya builds in Kodambakkam/Ashok nagar area of Dr. Ambedkar Road for Rs.4900 persqft. Ceebros charges more for their reputation, and they have more open space and its far behind from the main Arcot road so that u can avoid noise factor.

Another interesting factor I noticed is that, these builders have only very limited number of 2 bedrooms and almost everyone of them is sold as soon the project is launched, now they have only 3 bedroom units available. As the cost of the whole 3 bedroom units with all the extras like registration, approval, parking etc., comes to Rs.73 lacs+... I guess the affordability is there and the demand is slighly reduced, but the price still holds. The same Ceebros , in Aug as soon as the project was launched , sold for a price of Rs.4900 per sqft and in Nov, they sold for Rs.5200 per sqft. Unbelievable but true.

I guess that explains where the real estate market stands currently in Chennai.

I am planning to dispose my 2 bedroom apartment in June and if anyone in intersted send PM ..

Take care,
Geeth Priya.

Hi Geetha Priya,

You are message helped us a lot. We were looking in OMR and finally dropped that plan, and seroiusly looking for KG's Green Meadows. It will be verey very helpful, if you find some time and just guide, what should we do while booking the flat. We have zero knowledge in this regard. What document should be verified. etc.

Thanks in Advance,
Vidhya

Hi Hiteshmom,

Glad that I am of some use to someone

Well, regarding documents to verify at the time of purchase of a flat, you are better off with a new flat as the builder does most of the background work and if you go with reputed builders, its pretty much hazzlefree. But if you plan to buy a used (resale) flat, though the choices are plenty and in your area(location) of interest, you have a lot of checking to do. Aagain, if you avail a bank or lic loan, the financial institution will check every bit og document and finally sanction your loan. If you planning on a resale flat, its always better to hire a lawyer to go thro' all the available documents for your own peace of mind. Let me know what exactly you are looking for and accordingly, I can share my knowledge with you, if it helps. I have experienced buying both new and resale flat and learned a lot in both transaction along with lot of tension while dealing with resale flat purchase.
As they say, getting a good house is comparabale to getting a good husband(spouse). One should be really very lucky in both cases irrespective of the knowledge,checking and timing.

Good luck in your search,
Geeth Priya.

Thanks for your valuable suggestion geetha priya. By the way I am vidhya, living in US.

True as you said, getting good house is really lucky. Bit afraid to go for a new (or)small builder. But with all reputed builder maintanence cost is high. say for their swiming pool, gym , play area etc. I really don't know whether we'll be using it or not.

Since no one there in chennai to help or guide us, really I am feeling the suggestion from you friends are helping us a lot.

Hi Geeth Priya,
Is your 2 bed room apartment still on sale?we are from chennai but living in US.....can you reply me soon and your info was very usefull to us.Thanks a lot for that.

Regards,
Padma Ashok

Hi Padma Ashok,

My apt in Chennai was sold already. Sorry...

I can suggest one thing though, I am not sure what is your budget? Depending on the budget, your area of interest and amenities you would be looking for, you can try new construction and there are a lot of them in and around Vadapalani, Saligramam, Virugambakkam, Valasaravakkam, KK Nagar etc.,. Lot of smaller buildings with 10 units or so..are coming up everywhere with much lesser price. But you have to physically stay in Chennai and roam around a lot to check out various projects, cost,availability etc., to make a decision.

Its definitely not an easy job buying a property in Chennai nowadays. You will be more relaxed buying a new one than the resale flats, as you have a ton of checking (documents) todo with regard to the resale flats.

Let me know if you need anymore info that would be helpful in your search.

Good Luck on your search,
Geeth Priya.

Hi Geetha Priya,

We are currently in US. we are into house hunting and we(parents) heard about sripriya construction which is good in Virugambakkam area. They are charging around 55L for 2 bedroom apt in Sayee nagar, virugambakkam. Need your feedback on this price. My parents enquired about this construction and was told that he is good and reliable. We are also planning to buy a residential plot in Gokulapuram, Maraimalai nagar and the plot is 1800 sqft for around 12L. is the price reasonable? thanks for your time.

Lakshmi

Hi,

I am not aware of the reputation of SripRiya construction. But the Sayee nagar area i think I have seen recently. There are few more smaller buildings are coming up in that are. As usual all small lanes and by lanes..nothing great. Regarding price, I am not sure how much as you didn't mention the squarefootage of the 2 bedroom flat for 55 lacs.

My opinion about buying land (plot), is not very encouraging, bcos of encroachment. Unless it is a layour developed by any major relator, it won't be fenced/protected and you have to have someone locally to go and check the land often to make sure no one is claiming/occupying etc.,
The bottom line is in Virugambakkam i guess if its a small time builder, with not great amenities, you can expect to pay around Rs.4200 + per sqft.

Hope my opinion helps.
Geeth Priya.

Originally Posted by av0608

Hi Geetha Priya,

We are currently in US. we are into house hunting and we(parents) heard about sripriya construction which is good in Virugambakkam area. They are charging around 55L for 2 bedroom apt in Sayee nagar, virugambakkam. Need your feedback on this price. My parents enquired about this construction and was told that he is good and reliable. We are also planning to buy a residential plot in Gokulapuram, Maraimalai nagar and the plot is 1800 sqft for around 12L. is the price reasonable? thanks for your time.

Lakshmi

Hi Geeth Priya,

Thanks a lot for your reply :) hopefully we can book our apartment soon in chennai.if i need any informations on this,i will surely discuss with you.

Regards,
Padma Ashok

CAUTION: SRIPRIYA CONSTRUCTIONS

Hi,

One of my office colleagues booked apartment through Sripriya constructions. She was very happy during construction phase and recommended the same to many - including me(Luckily - I did not book).

When the final handover stage came, it came to light that they have not constructed bsaed on approved plan. My colleagues apartment - which was a 3BHK - duplex one, had approval only for 1 room - kind of - not sure what the exact details are though.

My colleague ran from pillar to post and since she had contacts with influential people - after shedding lot more money - she got approval and could take possession on the flat. So, check well - before deciding.