Dear All, We have a independent house in adambakkam 15 min from St. Thomas mount station. Total area is about 2800 st ft. The two bedroom house covers about 1400sq.ft. Since my parents are entering old age I feel an apartment would be more secure. So we have two options 1. Selling the house and buying an apartment What is the current sq.ft rate in adambakkam for an independent house? I am getting different estimates- some builders are saying total worth is less than 1.4 crore whereas I am seeing online ads for similar houses around 1.8 crores+ in magic bricks, sulekha etc. Based on selling the house, we would want to use that money to buy an 3BHK - modern apartment in either nanganallur, k.k nagar/ashok nagar. What would be the rough price estimate of that? 2. Remodelling house into 4-6 storey apartment with a builder Some builders have expressed interest in remodelling our house into apartments and giving us an apartment and some cash. Does this work out well? anyone with experience in this area-your suggestions are welcome. 3. Third option is to remodel our house into two storey building and leave the first floor for rent. Can all the wise experienced people in this forum give your suggestions?
The purpose is to have a safe place for ageing parents. If they are happy with that area & neighbors then it is better not to shift them to a new locality where they might feel left out. In that case you can go for a JV - joint venture with a good builder in that area and either convert to a apartment block or have a 2 storied with parking. If is a commercial locality then 1st floor can be let for a bank or an office. Either ways it will be a good option. If you can fund for the construction then no need to go for a JV. The rental returns will also be good. The rates in that area I am not sure - shall check & let you know later.
@Google glass- thanks for your quick and insightful reply. Mom has lots of friends in nanganallur area and likes the locality. Dad doesn't mind anywhere but is usually quite reserved type.. If you/ others can let me know the rates and reputable builders in that area it will extremely helpful. Thanks once again
even from investment point of view, a plot or independent house is better than a flat. so if finances permit, go for remodelling with 1 floor for your parents & another for rent. this way the plot stays within the family and you'll get good rental income too.
Thanks for your suggestions sukal. Talking to different people and based on his own gut my dad is leaning towards selling the house. He wants to use that money to purchase a 3BHK flat in Nanganallur/K.K. Nagar two areas with which my parents are familiar and like. Can you guys tell me what is a reasonable price for our house in adambakkam? Also does anyone know of any good new flats in K.K. Nagar between 80-100 lakhs? In Nanganallur what areas are good and which flats would you recommend? Thanks a lot for all your help. Also please dont PM me. I cant open PM as I have not reached 10 messages yet.