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What is the current rate per SQFT in OMR?

Discussion in 'Housing' started by GPriya, Nov 13, 2007.

  1. GPriya

    GPriya Bronze IL'ite

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    Hi Ilites,

    I plan to visit Chennai next week for a 6 week vacation. I am seriously looking to buy a brand new apartment in OMR area (Thoraipakkam and such areas) ..during my visit.

    Can any Chennaivasi give an idea about the current market trend and what can I expect? The builders are quoting approximately Rs.4000 to 4500 per SQFT for a new construction plus extras like parking etc., I am sure there will be some room for negotiation.. but I want to be knowledgeable before I start negotiating with the builders. I am already in the process of gathering as much info as possible via the net and I would really appreciate your input on this.

    Also, please let me know if OMR 6 lanes highway has progressed enough for the free flow of traffic and how far the public transport system is functioning in that area.

    Your feed back within the next week would be very helpful.

    Thanx and regards,
    Geeth Priya.
     
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  2. kv_shyamala

    kv_shyamala New IL'ite

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    Hi GPirya,

    The 6 lane road is already laid from Madhya kailash till thoraipakkam and the work is in progress after thoraipakkam. I heard that the rate per sqft in Perungudi (before Thoraipakkam) is 3500/- excluding carparking, EB, water, registration. But all these extra will be put together 4- 5 lacs. You actually have to see the amenities that the builder/promoter is providing in the 3500/-.
    In Medavakkam, currently it is 3200/- per sqft. (Medavakkam is in the velachery-tambaram road- parallel to OMR).
    Nowadays, the amenities like swimming pool, gym, club house, children play area are provided by the builder.
    A word of caution:
    Also have an idea of the brand used for the electric fitting (switches), toilet fittings, etc.
    More than all these, the builder should have good reputation. The reason being, nowadays, getting the CMDA approval is hard rather taking time, as the government is planning the city in this area. Be double sure that the land is approved for building.
     
  3. Shanvy

    Shanvy IL Hall of Fame

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    Hi gpriya,

    As shyamala says, cmda approval is difficult nowadays reason is the fsi dispute..floor space index....the no of floors...there is a rumour only upto 12th is allowed...and then the news was 100m....from ground...not sure...since all the builders...(I think you have zeroed on mantri, hiranandani, olympia, jains, purva..if i am not mistaken.)

    Last heard all of them carry the same ad...and the same rate..very few are reducing...but mantri has not reduced..infact they are willing to take the brun of the the emi (the interest portion) until completion....this is what they have advt...

    purva and hiranandani are in the region that you have mentioned...

    The infrastructure..upto thoraipakkam..that is to a certain extent is fine...

    Perungudi, the areas besides the 200ft road that goes from thoraipakkam into pallavaram...where cognizant, sgs, tcs have offices is also coming up...but i have my own doubts because the road looks too high compared to the land on either side...

    Dont go by what the builders indicate as distance...please have a personal visit and then decide ....because each one's preferences are different

    For an proper idea of the area use wikimapia for guidance...the areas are marked rough and good for reference....

    hope it helps...
     
  4. GPriya

    GPriya Bronze IL'ite

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    Hi Shanti and Shyamala,

    Thanx for the quick feedback. I have no plan of going after highrise builders whatever their reputation may be. I am trying to consider Arihant Escapade in Thorappakkam who is building only 4 floors in each block. Well, water is always a concern in Chennai given the level of service provided by State Govt..in solving the water issue. So, going beyond 4 floors is always risky..
    As my husband and I, plan to occupy this apt in about 3 or 4 years when we come back to India to settle down, I am wondering if it is a good idea to invest now and keep it as NEW until our return without renting it out. Also, the 3 or 4 years time would be reasonable to expect some more infrastructure developmental activities in that region for us to feel comfortable living there on our return/retirement.
    Has anybody got a clue as to the Arihant Escapade (i know Arihant is a reputed builder) apartments and how far is it accessible from Madhya Kailash? Also, checking few other small time builders with not many units in the building..not particular about huge communities. Pollution free, spacious, decent atmosphere is what I want than facilities like swimming pool, club house,gym etc., Any suggestions..about other builders...
    During my last visit about 8 months ago, I went and saw Perungudi and some of the new construction activities there, NOT impressed bcos of the narrow muddy lane/road condition with overflowing drainage as there is no underground drainage system implemented in that area. Though I am very skeptical in buying a property in Chennai, my love for Chennai makes me to seriously consider this time, and also given the real estate market, I doubt if I would be able to afford a crore to buy an apt 3 or 4 years down the road after OMR started functioning fully. So, please clarify on that ladies.

    As always, your advise/suggestion/help is much appreciated.

    Thanx and Regards,
    Geeth Priya.
     
  5. Shanvy

    Shanvy IL Hall of Fame

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    hey gpriya,

    Heard Arihant - heirloom is being quoted at 2800/sq.ft...i think it has been slashed so much..ask your person to check out...other details will come back later...a little busy....
     
  6. leelal

    leelal Bronze IL'ite

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    Hi GPriya,

    God to knw you are als interested in Arihant Escapade. I have been keeping a watch on it long.

    Last weekend, I visited the site, but not the building after their launch. They are currently quoting 3900 Rs per SQ.ff Their launch price (one year, 2 mnths befre) was 3000 sq.t and it went upto Rs.4500 per sq.ft during May 07.

    The 6 lane highway is good upto that point, but there is a local crowd always on both sides of the road. In all these areas, during rainy season, the accessibility frm 6 lane main road t 150-200 mtrs inside is really bad. No roads at all and area is waterlogged. During both my visit, my car got stranded in mud. Since yu are looking ffor occupying it only after 4 yrs, its a good buy. By then roads would develop. There are 2 and 3 bed room flats in 280 nos. Still 40% not sold out. Arihant is also known for good construction and this cnstruction is 4 floors with open space and garden view frm all blocks.

    Do let me know your feedback after visiting the flat also.

    Regards,
     
  7. Bhavani2008

    Bhavani2008 New IL'ite

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    Hi Leelal,

    Do you have any latest information about Arihant Escapade Project. I have booked an apartment in Arihant Escapade an year ago and would like to know about the project status and the access road condition???? Last I heard was the apartment will be ready with liveable condition from July.

    Did anyone book apartment in Arihant Escapade???

    Thanks in advance,
    Bhavani
     
    Last edited: Mar 27, 2008
  8. Nandshyam

    Nandshyam IL Hall of Fame

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    Bhavani,

    Please follow this thread.. There are loads of info you can get help from :) Gurus will reply to you there as well too...
     
  9. sky98

    sky98 New IL'ite

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    Hi Gpriya
    Shanti is right in saying, please visit this place personally before booking it. I was seriously considering booking Arihant Escapade(from Melbourne), but decided against it after getting feedback, when I asked one of my friends to visit the site personally. He said that it was off OMR, and you have to drive quite a bit. And immediately over looking the property are slums. Now roads might be put there by 3-4 years, but I am not so sure about the removal of slums. He also felt that the layout was quite cramped.
    You can consider Purva Windamere, if you are not pressed for time. Their floor plans seem much more spacious and for a lesser price too.
    As for the facilities who have listed, even smaller builders are providing a basic, gym, clubhouse, play area etc. I know people who have bought apartment in Serence acres and are quite happy wth it. This is very close to Madya Kailash, but is by a small builder (i think plaza foundations, not sure). Also check out Elegant Constructions.
    All the best
    Cheers
    Sky98

     
  10. GPriya

    GPriya Bronze IL'ite

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    Hi Sky and other ladies,

    I have already bought an apartment in the city by Ceebros and it is under construction, expected to complete by November this year. If you can visit the other thread about the real estate prices, I have given a detailed description of how my search went during my 2007 Nov-Dec India trip and what finally prompted me to decide to stay in the city itself..

    I guess most of you ladies who are looking to buy new apartment would agree with me that it will take a long time for the Tamilnadu Govt to act on the issues of underground drainage system, garbage clearance system and smooth flow of traffic etc., which makes life difficult if one stays far away from the city where the infrastructure is severely lacking. Well, I guess I talked enough about it and I am looking forward to move into my new apartment in December this year. Also, my husband and I plan to R2I for good by next december at which time, I would love to meet all our Chennai Ilites and be close to every one of them by attending their regular meetings. Yes.. Can't wait to get to know Chennai Ilites,

    Love & regards,
    GPriya.
     

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