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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    Shanthi,
    Loads of information here.I ll be sharing it with husband. :thankyou2:
    And get back to you.

    Love,
    Vidya
     
  2. Shanvy

    Shanvy IL Hall of Fame

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    Hi sssaustin,

    In my own experience have found that a promoter or broker who is comfortable and reliable to me may not be the same to the other person. anyhow i will pm you few with whom some of our acquaintances and friends of friends have done some business.

    In guduvanchery, if you are more interested in the thiruporur-kelambakkam area, i would suggest you to do it cautiously..as lot of the big shots in the govermnet have pockets there..and you do not know what next....

    URappakkam, the areas next to gst has all been exhausted.. you may get somewhere in the interior..but if you are willing to pay good..you may get very near to gst.

    P.S. Please do your own research/and also ask your person in india to enquire before doing any business. i dont want to look harsh, but i do not want to be held responsible for a pointer in the direction and once again iterate i do not have any contact with any of these promoters personally.
     
  3. Shanvy

    Shanvy IL Hall of Fame

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    Hi Vidya,

    You are welcome. and buying property is a big decision. think well before you decide.
     
  4. Varloo

    Varloo Gold IL'ite

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    Hai friends,
    a nice discussion and an eye opener about real estate in Chennai too. I live in Ambattur for the past 20 years, just off the Chennai Tiruvallur High Road. The land price in our area had gone up like anything, only the sky seems to be the limit. From 12 lacs/ground to 40 lacs and above. The IT fever is catching up in this industrial area and already there are lots of IT companies. HCL is having around 5 to 6 units here.
    Actually, the house near ours came up for sale last year. The owner said 37 lacs for 2 grounds and an old house and my hubby felt it was too much and discouraged his friend from buying it. But the house was sold for that rate. That person demoslished the house and sold it for 57 lacs in a matter of 6 months time. Just imagine!
    Another trend among the brokers is to increase the price. The owner does not quote the price nowadays- I heard from a friend who does real estate. The buyer quotes the price and as each one quotes, the owner raises the rate accordingly and gets a good bargain.
    Just 3 months back, another neoighbour sold his 2 ground land with a 2 storied house for 83 lacks. Now, the promoter is building apartments there- just opposite to my house.
    I also heard that companies like HCL ask for guest houses in this area so that their executives who visit from other places can save time in travelling in this heavy traffic. They are ready to take such places on lease.
    I guess that most of the people would like to stay in the areas mentioned by you all. But Chennai altogether is crowded and busy these days.
     
  5. MeenLoch

    MeenLoch Silver IL'ite

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    Varloo,
    Urs is one story. I hear similar stories from people all over chennai..
    Guess what ! $20 mn dollars FDI is pouring in next year into indian business. And with such forecasts, the property values will still raise.
    What happened in bangalore ? It has been an upward trend for a decade now. No turning back. As I already said, think about government employees and non ITians. They can just forget buying a house. But on the other side, the opportunities are abundant now, i mean young people make lot of money in other sectors too, like MBA grads , Finance people etc.
    Chennai - Detroit of India is on it s way to become a world class city. Recently I saw government is making huge plans for development to attract investors and make lot of money in turn.
    Anyways ladies, keep posting here on trends. It shall be greatly useful for indians like me staying abroad and other s as well.
    Also tell, if there is any correction in prices. That again shall benefit everyone here.
     
  6. Shanvy

    Shanvy IL Hall of Fame

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    hai varloo,
    Yeah discussing real estate is nice. When i was contemplating to put my children in sboa, was thinking of buying a flat in anna nagar and then a flat in nolumbur was costing above 35lacs.. and there was this ad in the net about a flat that was just 4 building from my sil. asked them to enquire..they told me that was left unsold because it was unapproved for the past 4 years and they informed we will ask the builderand get approval if possible. when they asked the builder , he told that it was sold for whopping 57 as it is..RE in chennai is very much hyped.

    Then thought that anna nagar is out of our reach.. and tried villivakkam..a builder gave all details. bil had gone and checked everything..the promoter was increasing the price by 100rs/sq.ft everyother day..:bangcomp:.

    My FIL had 2 ground and house in padi he sold for meagre amount of 4lacs long back. now the same are goes for a whopping 25+/ground.

    IT is not that people want to stay in this part... see you stay in north chennai...you have a diff opinion about south chennai (my sil has that...) but to believe the development in the areas mentioned here..you should have observed these areas just 2 years back...

    My neighbour in the flat was willing to sell his flat for 8 lacs in 2003..then he waited for 2004..said he will sell for 11lacs...then he did not get any buyer..but now he can easily get a whopping 28 lacs..that is what he is asking....

    AS soon as the rrinfotech park and prince park are fully commissioned ambattur and other surrounding is going to get a more raise in rates/cost of living..also...

    But as you said chennai is crowded...greater chennai is equivalently crowded.. that is chennai upto chengelpet is greater chennai....


     
  7. Shanvy

    Shanvy IL Hall of Fame

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    Vidya,

    There are these stories everywhere.
    The rupee appreciation. There is a slack in the pays. the pays are not increasing as per the cost of living. the interest rates on housing loan is high.
    Chennai - As you said is not Detroit of india.. but looks like bangalore is lending the name of silicon vallley also to chennai:tongue But unless the infracstructure is developeed again chennai also will face the same setback as bangalore...
    heard that lots of flats are left for want of buyers in bangalore. even in chennai it is a buyers market.. there is a correction which is visible only if you have been following...
    A modern kitchen and woodwork is thrown for free into the purchase....
    On the omr stretch and GST road the number of projects...choose from them, and bargain...you can make them reduce more than 200/400rs/sq.ft..that is my assumption.
    Rbi has brought in stringent controls on these banks and builders.
    That is the reason most IT companies are also concentrating on Tier II and Tier II cities like tiruchy,coimbatore,madurai. (RE boom has not left these cities untouched.)
    I dont know how many of the people have been vaitheeswaran koil/thanjavur recently.. the rice bowl of tamilnadu is being sold as plots.. (before the land in which cultivation is not possible was promoted and sold as plots) but now all agricultural lands are sold that way. chidambaram,sirgazhi,vaitheeswaran koil,mayavaram.cuddalore (In most of these places it is the outskirts) ... the funniest part..is there is a person sitting there and guiding..
    Who had got into the wagon before 2005 are really lucky.. for those who have not entered we have to wait...look for the trend...and invest cautiously.. what with threat of acquisitions all the time...double documents...forgeries...
     
  8. luckydove

    luckydove New IL'ite

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    Hi Meen,

    As you re looking for property in Chennai, befre making any decidion, go through these websites as it will help you to have an idea about the property rates in different locality and you may fetch a good deal also..

    Real Estate, Residential & Commercial properties in India at MagicBricks.com
    indiapropery.com
    Real Estate India,Property in India,No.1 Real Estate Site - 99acres.com
    Kijiji Chennai: Free classifieds for Jobs, Resume, Cars, Housing, Apartments, Furniture, Personals, Services, Events, Appliances and more.

    you can get the details of upcoming projects by various builders by clicking here. Real Estate : Builders

    Hope it will be beneficial for you.wish you all the best..
     
  9. MeenLoch

    MeenLoch Silver IL'ite

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    Wow ,
    Thats a great deal if information on resources luckydove. Thank you so much.
    Shanthi, what u said is true. One needs to track it. Thanks for correcting the perspective. My buy would not be before next december. That s a long time, but knowing things in advance would help. You seem to be quite informed in this area. How s that ? Anyways u are doing a great favour to everyone in this thread.

    :thankyou2:
     
  10. Shanvy

    Shanvy IL Hall of Fame

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    You are welcome. It took me one year of going through areas/properties/budgets and finally deciding on a property. so by the time i bought my property i am almost got acquainted with lot of details regarding the same.. and I am just sharing the information.
     

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