Hi vidya We bought a flat on sep2006 at ashok nagar..The price was 2400/sqft at that time..Now its 4500/sqft..The prices have gone sooooo high and it has reache dthe saturation level..I wud advise u to wait for another 4 or months b4 investing in any property..i think the price wud come down a bit.. In the case of second hand flats u shud first calculate the depreciation value ,check current ratefor second hand flats and verify whether buying is worth.. For current sqft rate u can check the property plus of hindu..Its reliable.. Cheers Ramya
Hi Shanvy, Thanks for the detailed reply. We were looking into Oorapakkam and Kuduvanchery for residential land for a kind of investment. The problem we had was ...(we approached brokers in chennai...may be say sub brokers for we had no experience with this real estate investments in chennai) none of them seemed to have proper documents especially patta.. Recently a promoter offered us a price of 750/sq for a plot in kuduvancherry...abt 1km from the railway station...we felt that to be too much... Could you kindly give me contact details of some promotors who are genuine...if posting is not allowed can you kindly PM me? That would me of much greater help... PS.I understand that you are a busy woman from your posts and so I can wait till you reply for me..Thanx in advance
What you said is right.I heard from a relative of mine, that they do not even register for even half the price. In case u are going for loan, this becomes a trouble. This is regarding the land investment in tambaram to chengalpet area.I was working in Mahindra City. Last year there were offers for 4 lacs per ground. A news I read was, lot of FDI money is pouring in, for the builders, which helps them initiate big projects. Why is FDI money pouring in ? Because the Return On Investment for those people is high. Why ? Because there is so much demand and people are ready to pay whatever builders demand. Shanvy I forgot to tell u, next year is when we want to start the process. Want to have the homework done before that. Atleast whatever I can do from here, in US.
Hi vidya and ssaustin, Both of you are confused about the promoters registering at half the price. Let me brief the process as much as i know. experts can give their comments if i am wrong. The guideline value of a place is fixed by the government. it also rates an area as good residential area, most backward residential..or agricultural area. these values are the ones at which the registration of your plot is done. so if the guideline value for guduvanchery is 300 then the registration is done in that value. (Again there is a corrollory:bangcomp: if for your own purpose you feel you want to register at the whole sum say like the promoter offered at 750..so 750 becomes the government rate..but again nobody does that.) so the market value of the plot offered is 750 while the governmnet rate could be even 200rs/100rs. ) Most of the time we dont want to pay more registration fees. The government has come up with the new guideline values for 2007. you can check that at tnregit.net so according to this tnagar usman road is at almost 10000-12000 so imagine the market price Regarding patta and all, the buyer has to find all the documents (the back documents for almost 15-20years), plus get an encumberance certificate from the registrar office where in the present owner should be mentioned.. after buying the plot your ec should reflect your name...patta you can apply as long as it is approved land. I hope i have clarified this part.
Vidya, Regarding a second hand flat.. There was this article in the hindu long time back..giving your guidelines on what are the documents you have to look into.. The Hindu : Second-hand flat go through this and then the other factors... 1. The construction. how good it is get an opinion from an civil engineer. (I personally feel getting an opinion for a new flat is also good) 2. after 5/10 years there is always going to be wear and tear for which you have to invest..Check that and also calculate how much it would take. 3. The most important is when you buy a second hand flat.. the stamp duty is for both the undivided share of land (UDS) and also the construction. where as in new flat you pay only for your uds. (say 2400 sq.ft there are 4 flats then you could have a uds of 500-600) 4. Whether it is new/old the location is very important. dont go by what the seller says..you have to find out through somebody in who is in india . for ex..nolumbur..chinna nolumbur was being sold as mogappair... you will not believe the actual distance and location until you see... 5.Always find out the guideline value, then prevailing market value....and then the yardstick could be for a 10 year old... there is a 800-1000rs.less...the prevailing rate. but due to this much hype i know my neighbour who was asking 2500 when the market rate was 3000. Recently somebody i am acquainted with bought an 25year old flat 910sq.ft in adayar for 25lacs.. To be frank with you I feel 50lacs is a huge amount and you can scout well and find out if you have better options... my 2 cents. any doubt do ask.
Hi all, I live near Selaiyur in an area called Madambakkam. Here the prices of land -1 ground its 25 lacs as of today. Prices have been sky rocketing since last year in these areas. We purchased a flat for 15 lacs last year 1200 sq ft at the cost of 1350 per sq ft. Now the same flat is 1900/sq ft. The area is very calm ,good water. There are 5 apartments(3 nearing completition) coming up on the same rd as mine. Just FYI
aishu22, What about markets, schools, hospitals and what is the most developed area near.. that information along with this will be more useful..
Hi Shanvy, There very good schools near by like sankara vidyalaya, zion, GD boaz , etc. You have 3 to 4 engineering coleges like sairam, bahrat etc also near by. There are humpty number of vegetables shops n provision stores near by.Its a completely residential area. As far as hospital i know we have a nursing home +hospital called Janani in the camp rd - general medicine as well as gyno is in there. Quite big one. I think Rajmiarun shud brief you abt the other hopspitals since shes in the same area as mine for a long time.
Good investment aishu. Yes now have a clear picture of the area you are mentioning. good one. I bought my duplex in jan this year for 24 and now it is going at 35lacs. yes it is skyrocketing... but looks more like south chennai is buzzing.. but it may still come down to a reasonable stability.
sorry for nosing in ... can anyone give me contact details of genuine and reliable promotors in chennai?(As posted earlier I'm looking into oorapakkam,guduvanchery area)
