Latest sq feet Pricing in OMR required

Hi Friends,

My husband and I have been on the lookout for purchasing a property on the OMR. We've been watching the trend from when DLF Garden City quoted at 3400/sq ft in October last year. Now we've narrowed down to Olympia Opaline who is quoting 3000/sq ft and is open for negotiations. I believe they are willing to go down till 2800 or further on a case to case basis . The final completion is around march 2011 with a penalty clause for rs.10 per sqft per month of delay .

Does anyone in the group know whats the best price in OMR now? Is this the right time to enter into an investment? Should we hold on for some more months before we make a decision?

Ladies please advise.

Hi Anusha, I am also looking in Opaline. Could you help me with the contact of the person who gave you the good price? Thanks in advance.

Regarding your query, follow the link and hope it answers you well.Chennai February 2009 House Prices |

Expecting your reply

Rmvs,

Please do not go by the property pair prices. so we have a marked price by these developers at the fair, but do you think it really gives the exact idea of what is happening.

There are one to one cases that have great negotiation going on.

Anusha,

Actually i had written a reply yesterday, but somehow missed to post it..

you have checked two projects on omr..?? DLF and opaline.

How far is the penalty clause going to help??

Suppose you are going in for a housing loan, your pre emi, monthly rates will it be covered...it don't think so...(10*1000=10000 assumption at 1000sq.ft...depending on the interest rate and loan amount..it could be anywhere between 15/20k at the minimum...)


The way things are going on..i really don't know if 2011 is going to happen.

I know flats that were to be handed over 2008 september/october still not yet handed over..

regarding the distance, amenities and other such things, you would have already had a thorough discussion.

all the best...

Dear Shanti,

What do you mean by one to one cases? Can you suggest how we can negotiate to the max from the builder? I am new to the market and need some help.

Rmvs,

Let me take two cases, which i have seen personally,

Palazzo by jamal quoted at 3750, which has been negotiated by somebody at 3500, and i somehow like that property from the location point, it is near to the 200ft thoraipakkam -pallavaram road, and also very near to the buzzing madipakkam.

Naveen's brookefield, nanmangalam, somebody in the forum negotiated at 3200. and the whole property is just concrete. though it is in a strategic location. if you are not averse to a little bit distance, you can negotiate 2800 for independent duplex in the area.

Coming to opaline, the price quoted at the fair, and what anusha has got are really off the tangent isn't it.

This is what i mean. and never wave the nri flag in front of these builders. always go in casually find out details. from the circus that is happening, i am sure the builders still think nri's are good scapegoats.

If you check out properties i can guarantee, there would be a definite difference in the prices of the property, in the same timeline...

Hope this helps...

This surely helps Shanti, looks like a lot of homework

rmvs,

Yes, lot of homework.

Property,schools, and certain other things, you should go by your preference and gut instinct,because what works for one does not for another.

This is what i would do. Assuming you are already in chennai (??)then, i will note locations where i would want to reside (note reside not for rental/investment) and then look at the properties in that areas both small/medium/great names..(sometimes i find the small builders really more adjustable to all the requirements), and then go looking at the places.

recently i saw one builder, andavar homes, who has a good plan. i liked the plan of his flats. the area is under developing, though there is potential and the water source is too good. google for the same. though it might not sit well with people looking at omr...

all the best for your investment. if it is a investment, then i would suggest, think twice before putting all investments into real estate, with economy on the downturn, you definitely need to hold on to investments with easy liquidity.

I forgot to mention this....
Most of the big players are on the radar for the managing of funds like DLF.

I still do not know what should be the rate for a apartment in omr.

OMR- being a most touted word, for the past few years. It was almost a fashion statement in parties.

DLF, has come down due to the pressure from around 150 customers ganging up against them. (this was discussed in the last week property plus)

Originally Posted by rmvs19

Hi Anusha, I am also looking in Opaline. Could you help me with the contact of the person who gave you the good price? Thanks in advance.

Regarding your query, follow the link and hope it answers you well.Chennai February 2009 House Prices |

Expecting your reply

Rmvs19,

We have been talking to the sales person at the opaline site and had a talk with the Marketing director himself. Since we work at Olympia Tech PArk, it was easy for us to reach him. But we feel that the pricing still isnt right. It can go a good 20% down.

Hope this helps.