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
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
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.
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
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: firstname.lastname@example.org
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
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