Buying an apartment in Chennai- WAIT !
If you have decided to buy an apartment, for investment purpose or for own use. here are some tips which would save you some money. Like everyone i too made the mistake of going for a brand new construction when i decided to buy an apartment. I never considered good ready-to-occupy apartments.In short,instead of going for a new construction it is always better to see if we can get a apartment in one of the properties for which construction has already started and about to get finished.
You may ask WHY?. Any housing project takes at least 2 years to get completed irrespective of the size of project. Not only that you have wait period of 2 year, you have other things to keep in mind like
So my first choice would be construction completed or about to get completed project. Here are few options worth considering.
LOCATION : PERUNGUDI
Option1:Jains Anumita:
I was considering this house for 25 lakhs in 2005 aug and now its valued at 42. At that time the per sqft rate offer to me was 1875. now its should be more.This house has a 2 bedroom sqft of around 1000 + private terra of around 800sqft while Rate of per sqft applies for house, they charge half of it for private terrace so if running rate is 2800, you have pay 1200 for 800 sqft of private terra.
If you are wondering why builder did not plan to utilize that area and is selling for half of persqft, its because of FSI limits in CMDA because of which they can’t develop all the area available to build apartments. Status i am sure its completed and already i have seen some advt in magic bricks for house for rent for around Rs 9k to 10k
Option2: THORAIPAKKAM
Green Acres:
Bit slow in construction. Think would complete this in another 4-6 months.bigger area and more apartments. I avoided this because more the number of apartments,,more traffic,more maintenance charges ,more headaches. i feel this is bit interior in perungudi.
Next to Chennai One ETL SEZ(TCS facility).Ready rent income.
Option4: SIRUSERI
Have alook at it. All biggies, but costlier.
Just one thing please ignore Hiranandani Palace Gardens as its land is in litigation with tamilnadu goverment. so better to avoid it. Construction has just started so no rental income till 2009. expect appreciation for future. thats it for now..
Option 5: VELACHERY
KG Bellaire:
I heard there is one apartment in this building. check out if you get, its right next to ratna cafe on velachery by-pass road.if you get it, its worth Rs9-10k/month rent easily…
CEEBROS ORCHARD: Its construction is completed. very good apartments.Please write a mail and check if flats are available. email: mail@ceebros.com
Jains Saswat: Bit interior. But good investment. Will complete By 2009 only.
Option 6: VADAPALINI
Jains Eiffel Garden:
i know this was complete quite some time back (2-3 yrs back).only 1 or 2 flats not sold. Jains never cares to reduce price and so it might not got sold.
A complete list of all the builders in chennai is given below.Check out
http://www.chennaibizz.com/Chennai/Real_Estates_Builders.asp
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I have been wondering so long how to invest in Chennai and through so many links, finally found your blog. Awesome work. Very detailed and focused. I am really impressed and will keep checking more often.
Thanks Satheesh, Good to see your are benefited by this article.Keep your comments coming.
Very useful information. I’ll have a link of your blog from my blog site
Good article Uday…
Thanks Bhadri for adding me to your Blogroll. I did visit your blogs and it looks really cool.
Thanks Vamsi for the comments
Yes the real estate prices have come down by 25%.. This is the latest news i read from Hindu sometime in last week.. I stay at West Mambalam.. And recently we bought a flat in Rangarajapuram.. On the day we booked, per sq ft was Rs. 3850.. And recently last week we went and asked for one of our relative.. He said Rs. 6000.. We booked in the month of October.. I dont think the builders have reduced the prices, even though news have come up in papers and all..
I am thinking of buying an apartment (with features like swimming pool + children’s play area a must) closest to Lalaji Memorial Omega school on Pallavaram Rd, Kolapakkam.
How close would Jains Green Acres at Pallavaram be? Also I think they have something in Velachery. I will be buying a car, but I don’t want to go so far away from school that I have to drive my kids more than an hour.
Any help appreciated.
Thanks!
keep the info rolling!
KR.
Dear KR,
Jain acres is right at Pallavaram. I am not sure of the school you are talking about. Sorry about that.Good Luck.
I have 1 ground land in thiruvallur behind the Caterpillar Company. The land value now is around 2.5 Lakhs I think. I want to sell the land for a good price. I heard that the real estate prices will be goind down soon.
My friend who had a land next to mine sold his land for 3 Lakhs to some buyer he found in india property. Should I ask for more than 3 lakhs? Please advise.
Padmanaban,
Land always is good to keep. If you dont have any immediate need for money, i would say hold the land.
Hi uday,
Is there any place where I can check out the predicted land values? Please let me know.
paddu
I am planning for a flat in Serence acre. If you know, can you please tell me the price and current status of this appartment.
regards
Shan,
Serene acres is almost complete and it has come up very well. I own a 3 bed apt there and planning to take possession by next month end.
Dear uday,
Would you be having an idea of Oyster Bay developed by Maan Sarovar at Muttukadu in ECR. How would rate this project
HI all,
I have a 3 bedroom flat for sale (Serene Acres). Intrested people may mail me at subhash123@gmail.com
Does anyone know about Ramaniam builders and Navalur projects? Has OMR area reached saturation with the number of big projects from big builders? Demand Vs Supply? What rent could one expect, (if at all) in Navalur?
I am also looking for some details on Ramaniam’s Dwaraka in Anna Nagar, have sent couple of emails but haven’t got any response till now.
Dear Readers,
Can someone give an idea as to what price I can get for a 8 year old, 2 BHK flat in Jain Abhinavan, Murugunagar extn, Velacherry? Its 20 minutes walk from Vijayanagar busstand.
regards,
Dinesh K
Dear Dinesh,
I am interested, do you have the flat still with you, if you are intending to sell please let me know.
I have a ready to MOVE Brand NEW 1350 SFT 3 bed ,2 bath Apartmnet in Serene Acres. Wood work and marble flooring done. Serene is ideally located to SEZ 1 and near OMR in thoraipakkam. The flat is located in second floor. Fully VAASTHU complaint.
Asking price is 65 Lakhs or Best Offer . REPLY SOON. This one will not last long.
asap4sale,
Not sure if you are aware of one Mr.Ranganathan from Mumbai who had 4 flats in C1 block (if i am not wrong). he sold the flat of same sq ft for around 52 Lakhs in serene acres.
The ideal sq ft rate there is 3600- 3800 considering you have done wood work and marble flooring. i feel yours is high priced.
The problem with serene is the huge dump yard opposite it. I got to hear it is still a nuisance for flat occupiers there.
Any way i would advise if you want to exit from there ,come down and price it attractively.
I have a 1496 Sqft flat in OMR at Serene Acres. The rate I will sell is around 3850.
Its ready for occupancy.
good luck bala, priced decent and if you are bit flexible by Rs 75-125 per sq ft, i am sure you would find a buyer. If possible try to post some pictures in picasa and link it. A picture speaks more than words.
Bala,
Please contact me at the earliest at manick312@gmail.com or 94440 45206
Bala, Please give me your email address also
I want to buy a 2 bedroom flat in jain green acres. If anyone knows selling please direct to me.
Hi
iam thinking of selling my Brandnew apartment in 1140 sqft,2bhk,3 balconies incl kitchen at perungudi for sale.800mts behinf CTS/Nilgiris…Fully quality word work furnished in hall,kitchen,roms..ready to occupy..low maintance..expect about 45L- nego..9962412125..agents – pls excuse
Hi ,
I need to buy an individual home in velachery. can anyone direct me reg. this..?how much rate will be? buying flat or individual home -which one is better? i need some help ….
The cost of 1 ground ( 2400 SFT ) empty land is anywhere between 90 Lacs to 1 Crore in velachery now.
i am checking out a flat at virugambakkam-templeton by appaswamy. the rate quoted for immediate settlement is 5100/- . Is this alright . can someone let me know.
How is the price for old flats .by good builders in Velacherry-say 5 to 8 years old ..? Can anyone give some idea?
thanks,
dinesh
I think the formula to be applied is
if the flats have modern amenities like covered parking other amenities, then the formula which can be applied is
present rate – minus 5% up to 5yrs of handing over
present rate minus 10% up to 10 yrs
present rate- minus 15% -17.5%above 10 yrs
If the flats are with open car space ( but space should be available)and do not have other amenities like swimming pool, gym etc, straight away minus 15% from the present rate .Then apply
present rate – minus 10% up to 5yrs of handing over
present rate minus 15% up to 10 yrs
present rate- minus 17.5%-20% above 10 yrs
However all is subject to maintance of building.
Please comment on my calculation.
Your answer is really excellant!. Did you mean..
Present rate: say Rs 3000 /sqft.
for 8 year old flat with open parking : 3000x.85=2550/sft
then again apply 15% less ie 2550 x .85=Rs 2167
So for a 700 sqft flat, it comes to around 15 Lakhs.
Seems to be little less , i was estimating at 18-20 lakhs.
(Flat is 1 km from Vijay ngr busstand and is by Jain group.)
Any way Thnx for the detailed reply.
Dinesh, a quick question, present rate in valachery is only Rs 3000? I doubt it !!!
kumar,dinesh,
Present rate in velachery runs from 4400 to 6000…
so i would say, put a price based a per sqft rate of 4400 psf for your jains flat.
I think thats a decent price.. dont go by much of calculation.
can any one sugesst a better buy location for plot (1 ground ) @ 15-18 L.
around chennai.
Hi,
What are the realistic sq. feet ( flat prices) in and around Pallikaranai, OMR etc?
Do you think there will be any fall in prices? Other Metros seem to be registered a price fall but is it happening in chennai?
Planning to SELL or RENT our SERENE ACRES FLAT which is ready to Occupy. It is 1350 SFT with 3 bed 2 bath and finished woodwork and other furnishings.
This flat next to TCS- Chennai One SEZ IT park in Thoraipakkam . Email me if you are real serious of purchasing/rentuing . The Flat is priced to sell and priced for renting.( RENT for only Company lease or MNC/IT executives families).
Rathna,
What is your expected rate for sale
Flat and Plot prices are falling in Chennai and rest of the metros. Added is the stock marked fluctuations and drop below 9,800. I should have sold earlier both my plot and a flat. Now trying to sell but looks like the rate people are willing to buy is less. People are taking a wait and watch situation.
Hi Srini, where is your plot and flat? What is the price?
Wanted to know what is the price range for apartments in anna nagar west, around thirumangalam junction?
Also what is the rental rate in anna nagar west for a 3bdr flat with no bells and whistle, just typical apartment with security, open cark park facility?
Thanks
We finally decided to SELL or RENT our SERENE ACRES FLAT which is ready to Occupy. It is 1350 SFT with 3 bed 2 bath and finished woodwork and other furnishings.
we initially thought of renting in oct 2008, we stopped that Idea as our relocation plan was in progress and we are supposed to come to chennai in Mar 2009. So decided against it though we got very good offers.
This flat next to TCS- Chennai One SEZ IT park in Thoraipakkam . Email me if you are real serious of purchasing/renting . The Flat is priced to sell ( Rs 54 lakhs )and priced for renting- Rs 13000 only . .( Prefer Company lease or MNC/IT executives families But Bachelors/spinisters are OK too).
Serious enquiries, call 090520 55three three zero immly.
Property registrations in central Chennai falls 23% in the first half
Aparna Ramalingam, TNN 30 July 2009, 04:14am IST
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CHENNAI: While the real estate sector is showing some signs of bouncing back, thanks to the positive response evoked by a large number of budget
housing projects (homes upwards of Rs 10 lakh) launched in the suburbs, the sale of residential space in places like Teynampet, Nungambakkam, Mount Road and Mylapore in the heart of the city is still muted.
Going by registration department figures, there is an average 23 per cent dip in property transactions in prime locations between January and June this year, when compared to the corresponding period last year. In Nungambakkam and surrounding areas like a part of the Mount Road, Thousand Lights, Sterling Road, Greams Road and Wallace Garden, the number of registrations between January and June this year (877) was 11 per cent less than that of the corresponding period (983) last year.
Teynampet region witnessed the maximum fall of 35 per cent – from 1,728 registrations to 1,131 transactions. In Mylapore sub-registrar office, transactions fell by 20 per cent, from 2,835 to 2,268.
Nevertheless, industry observers and realtors are of the view that in about six months, the market in the central business districts (CBD) could revive . “While the OMR and other outlying areas have seen signs of revival, many people are still not excited about investing in properties in the CBD, especially in the commercial sector, as land prices are still prohibitive in such areas,” says VA Ramash, president, Sabari Foundations Pvt Ltd.
Potential home owners, especially the salaried class, are expecting further correction as they don’t want to take a huge home loan and fall into a debt trap at a time when economic revival is not complete. Similarly, sellers who possess properties in such areas are sitting tight and don’t want to sell prime properties in a hurry, unless there is absolute financial necessity, say industry observers.
Also, property registrations are expected to be muted this month as Chennaites normally refrain from big ticket purchases and investments during the month of `aadi.’ Under normal circumstances, the market shows signs of revival with the onset of aavani’ (starting on September 15th).
In any real estate slump, the suburbs first bear the brunt, followed by city areas and the CBDs. Similarly, during an upturn too, property revival first happens in mofussil areas and the CBDs are the last to improve.
“While the government’s announcement of a 1% subsidy for mid-segment housing is a welcome step, it would be nice if it could extend similar benefits for higher ticket home loans as well. I am hoping interest rates to fall a bit further so that home loans become more attractive,” says Kasturi Srinivasan, who has been scouting for an apartment for the past several months.
Guys, I am looking to buy an apt near mugappair area. Rate/Sq should be <= 3500Rs. Any suggestions? Any one booked an apt in this area recently? Your input is highly appreciated.
Iam thinking of buying an apartment ( The grove,adambakkam)any suggestions on the builder and sq feet rates.
Thanks
I have a mind to either sell or rent out my 3 BHK flat in Damodarapuram very near Besantnagar Bus terminus. Sale price Rs.80.00 lakhs; rental Rs.20,000 pm. It’s ready to occupy
Wanted a flat/ Apartment in Velachery proper, 2/3 BHK with basic amenities , i am a geniune buyer ( an Army officer ), should be reasonably priced / quoted ! Interested person , kindly call at 09906324474 !
Major Kubendran !
Note : Fellow bloggers , Naturally all your true help sought in all earnest !
Thank you’ll !
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