Current Sq Ft rates at chennai

Discussion in 'Housing' started by MeenLoch, Sep 1, 2007.

  1. MeenLoch

    MeenLoch Silver IL'ite

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    Hi,
    Does anyone know a reliable website which gives me the current sq ft rate for flats in various areas ?
    I know magicbrics.com is a site for availability of houses in chennai...Any other relaible site ?

    Also what do chennai iLites feel about the price rise of flats. Don't you think, it s getting costlier. I saw the news today, chennai is going to undergo a tranformation into a truly big metropolitan city. I feel the rates are making matters worse by making it unaffordable to so many. I havent seen any price corrections lately.

    Thanks to IT revolution. They pay without much bargaining and the property price increases by word of mouth. Not just property, but whole of 'living costs'
    Is there a light at the end of the tunnel ?
     
    Last edited: Sep 17, 2007
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  2. Shanvy

    Shanvy IL Hall of Fame

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    Hi Meenloch,

    Chennai has become costlier and is costlier. actually there is a slight slow in re. if you are particular about getting hold of a flat, and not worried about the cash constraint you can look into it.. and also have a bargain. it is now a buyer's market. just 4 months back it was a sellers market.

    Which areas of chennai u want to know about. be specific so that we can look into it for you. OMR (aka Rajeev Gandhi Road) is the much hyped and sort out destination right now for it/nri..but the rates are not reasonable as most of the projects are half empty.

    If you have not been to chennai.. chennai i mean south chennai north chennai then you will not be aware of the developments.

    There is no light as yet as i see..

    One suggestion : Dont go and ask as a NRI. Ask your local people to find out and bargain. secondly magicbricks and all will quote a rate..when you go into the next stage that is go and have contact you will know whether the guy is willing to reduce...
     
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  3. MeenLoch

    MeenLoch Silver IL'ite

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    Mmmm,
    Looking for a flat
    1. For investment
    2. My in laws might stay there. So We are looking in Kodambakkam, Ashok Nagar and areas around. Also velachery, adyar and thiruvanmayur are on the list.

    3. When -Next year
    4. New one preferred. 2 3 years old is next choice

    I am looking for a site which gives me current flat rates. You said it s buyers market now, means is there a correction ? Also I am looking for some reliable and sound advice on predictions for next year..
     
  4. Shanvy

    Shanvy IL Hall of Fame

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    Hi meenloch,

    1. good.
    2. if your inlaws might stay there. velachery is becoming very costlier as it is the next easier destination for tharamani, omr,it corridor after adyar and thiruvanmiur.
    If it is investment and for inlaws you could try the nanganallur which has lot of temples.
    3.next year-is your completion target/buying target.

    i dont know of a site which gives current flat rates.yes, there are lot of supply on omr..every week property plus shows a new project launch..you could check the hindu property plus. We thought we saw a correction, but again...not sure.. but yes there is a slow in the re.particularly flats..supply is more... but land in south chennai upto chengelpet is a demand.
     
  5. rajmiarun

    rajmiarun Gold IL'ite

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    Hi meenaloch,
    Yes, as Shanvy says the prices are rocketing. The prices in the places you have mentioned have gone so high. My personal advice dont go in for Velachery if you are planning to leave your inlaws there. They are water prone areas and you cannot go out of the house during heavy rains.

    But the nearby areas of Pallikaranai is ok and you can try out there.
     
  6. Shanvy

    Shanvy IL Hall of Fame

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    Hi rajmiarun

    I think we at IL can ourselves give meenloch the rates prevailing in our areas of residence....for her to think... i think pushpa stays at pallikaranai..she can give a better idea.. i always thought water was not so good at pallikaranai??

    Let me start...

    Nanganallur - 4000 -4500 depending on the builder. (You have GRN, BEST,Vasavi current projects going on).
    Ullagaram - 2500-3000 it is between adambakkam and madipakkam.
    Madipakkam - 3000-4000 depenending on builder, area. It is the flow over of nanganallur.
    Keelkattalai - 2800-3500 depending on area - this area is rising because of the 200ft road from thoraipakkam to pallavaram. There are new projects everyday.
    There is ramaniyam coming up with a project on the medavakkam main road,kilkattalai.
    Nanmangalam -2000-2500.. an upcoming suburb..adjacent to the same 200ftroad. water is good. ...not yet fully developed.
     
  7. sssaustin

    sssaustin Senior IL'ite

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    Hi Shanvy...
    Very useful info..keep posting ...

    Also do you have any idea of residential lands in the suburbs...like oorapakkam,kuduvanchery....for those who are looking to invest...?
     
  8. Shanvy

    Shanvy IL Hall of Fame

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    Sssaustin,

    Thanks.

    Hi residential land is in demand on the gst areas, upto chengelpet. one of my friends had brought a ground at urappakkam for 9 lacs last year now it is going at almost 15lacs. land is in demand. Guduvanchery is also buzzing due to the shriram mall that is coming up in place of the standard motors. due to mahindra world city the area around there is also buzzing you can get a ground in the vicinity of mwc from 10-15 depending on the distance, and other criteria.

    Medavakkam it is quoted at 30lacs. nanmangalam is also at 30lacs.(maybe +/-2lacs).
    Last got a mail from one of my friends for nanganallur a ground is quoted at 85lacs:confused: (my husbands uncle brought at 250rs/ground long long ago)

    Be specific.. so may be i can help you to find out the promoters doing in that area.

    I am updated on the areas as i had done the same scouting for buying a flat/land/plot... and finally ended up buying a duplex in nanmangalam.
     
  9. MeenLoch

    MeenLoch Silver IL'ite

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    Dear Shanvy,
    Informative replies. How about the areas I asked for ? I mean Adyar, Kodambakkam, Ashok Nagar etc.
    We had an offer for a 10 yr old flat at kodambakkam for 50 lks ( 1200 sq ft )... u think it s a good deal ??

    In this context, throw some light on buying old flats say 3 yrs old flats or 10 yr old flats etc ? The lifetime of building is around 50 yrs.

    Thanks again.

    Vidya
     
  10. Shanvy

    Shanvy IL Hall of Fame

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    Dear vidya,

    There are a few thumb rules to be followed while buying a second hand flat. will definitely try to give you a guideline. tomorrow. little busy today...
     

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