Shanvy & Others, We booked an apartment near Medavakkam (adjacent to Jeyachandran Nagar), sometime in March 2011. We have just given the basic advance and have not received the complete set of Documents from Builder (Sumangalee Builders), so far. We booked it for Rs. 3350/sq.ft + parking. It is a small construction with 18 flats in 3 Blocks in 3.25 ground land. Now I am greatly confused if that is a good deal to proceed with. Having general public view with the new govt., and everyone is hoping to a big drag down in real estate prices. Should I wait for some more time by cancelling this booking (provided the builder gives atleast 80% of the given advance) or demand for lesser amount or more amenities. Please suggest me on this. Thanks Poorni
The prices are on a high because of materials and cost of labour .The cost may come down by 5% percent with the impact of the new government . The prices in medavakkam was 2100 per sqft 5 years back .With infrastructure like roads and other amenities coming up the prices would any way go up than for what you have finalized now .Go ahead with your decision of buying the flat.
