Thinking about Investing in Plots at Gangaikondan

I never got a chance to invest in Plots even though once i came very close and withdrew from it. Till day i repent that decision.The plot i was supposed to buy in avadi,chennai was 2.5 lakhs including registration in 2005 and now it is 12 lakhs. With the price of a decent plot in Chennai and its suburbs hitting sky,i thought why not think about any good tier 2 cities.

Coimbatore was in my mind for a long time. Once i went for campus interviews there and i was simply amazed by its wheather. We were in Amrita and the mountain drop view was terrific. I heard there are quite a few plots there but again price and potential was the consideration. It is because of price that i am showing more interests in Gangaikondan plots in thirunelveli.

Thirunelveli has being in news recently because of its SEZ in naguneri and gangaikondan. My affinity is more towards Gangaikondan, dont ask me why, i dont have a answer. The prices look really attractive. You get a plot at the rate of Rs 62 per sq ft including registration. There are others in Naguneri which is only Rs 30 per sq ft.

It works out less than a lakh for a decent plot. I am considering www.Naba.in. They have around 4 projects and they say the entire plots are fenced. There are some worries for me, holding from investing there. I am not from Thirunelveli and there is no one else to take care of the property.

There is a risk of encumberance. Only advantage is its in a tier 2 city and there is a huge SEZ promoted by TN govt and lot of IT Companies are showing interest in it. Its a nice place for BPO to grow. BPO’s are already scrippled with high cost and attrition and they are unable to maintain the cost advantage of India.


BPO companies like Sutherland have invested both in madurai and thirunelveli. I feel even if they start the foundation stone , the price would increase upto Rs 200 per sq ft.
. I was looking in madurai, my place of study, but Prices are almost jacked up 200% in good areas.

Does any of you know more about this place.?.. Any other projects worth considering. ?

16 Comments

  1. Hi Uday,
    There is a difference between Gangaikondan and Nanguneri. Nanguneri is an arid region and originally Mr Murasoli Maran was interested in developing that area as an SEZ. After his demise, it fell flat that is nothing much heard about that. Now they are talking of starting an industrial park!
    Gangaikondan village is much closer to the Tirunelveli city (15 kms, I guess). I fully appreciate the fact that enroachments are a problem.
    Also check for plots with Hygrevar Properties and Jenisan land promoters.
    check this link:
    http://venkateswaran75.blogspot.com/2008/03/gangaikondan-it-park-at-tirunelveli.html

  2. Senthil

    Hi Uday,
    I am planning to invest in Gangaikondan; I visited few projects there. I am in discussion with guys from Naba.in. As Venkateswaran says it is a arid region but my gut feeling looking at all other projects in Gangaikondan is that Green Valley from http://www.naba.in will workout better for me. They say it is fully fenced and near to Gangaikondan Railway station and cost seems to be reasonable when compared to others.

  3. Mridhusri

    I tried to get some information about this site so I asked my friend who is familar with the area.
    His comments…..
    ————————————————————–
    From the map it looks like it is not near to Gangaikondan (where the IT
    park is set to come up). Instead it is somewhere near tuticorin road
    (NH7) da. It will be atleast 10 kms far from gangaikondan. Tvl is not
    like chennai, its a small city, so 10 kms is a large distance. I guess
    the property sellers are misrepresenting the location in the map, just to
    make it sell.
    —————————————————————————

  4. Ram

    I know one fact that Umashankar’s (who is pushing for gangaikondan project) brother has acquired all the lands and now they are trying to push this project as much as possible. THe land he has acquired is 200% higher than the rates going outside. I was wondering with the way world economy is going currently, how many companies will risk moving from tier 1 to tier 2 cities. I am not planning to get into this one, atleast in this economy.

    I am born and brought up in tirunelveli, i know this area very well. Infrastructure wise it is pretty bad, it needs lot of investments to make it running…i will rather hold my positions than betting on this one.

  5. Abubakkar

    Guys, Dont confuse. Investing in the Tier-2 city will be a good appreciation. No doubt about that.

    There is plots are available with my friend. he is doing a responsable price in near gangaikondan & Nanguneri.

    Features:
    Plots are available 2/3kms from ELCOT SEZ (Gangaikondan) – 60% were sold out.

    Plots are available 5 kms from Nanguneri SEZ – 90% were sold and price are increasing next month – 28/sq.ft.

    we purchased 100 plots in near nanguneri SEZ 6months back – just 20/sq.ft

    or contact me: 9940349271

  6. Anand

    One thing I wanted to clarify: I bought 2 plots from naba.in in nanguneri and gangaikondan. The one in gangaikondan is around 4 km from the NH and the Elcot site and not like 10km as Mridhusri’s friend has pointed it. I bought the plot and hten only visited the site and I was more than happy with it. It was better than what I expected and wished that I had bought more than 2 plots. But couldnt buy more now, as i wont find time to go there again. So guys, these are good areas for better returns. Thats what i can tell.

  7. gvkumari

    So finally did you buy the land at gangai kondan or not?! :) I am planning to buy one there with NABA, I am curious as a neighbour perhaps :)
    What happened? If you didnt buy, can you please say, why? I havent decided fully yet.

    Thanks

  8. No, i didn’t. Reason being i am bit skeptical about overseeing the property once i buy it and also not sure if it would appreciate much and also my hands are bit tied with other things :)

  9. Abubakkar

    Again my thoughts…

    We have purchased near ELCOT IT Park,Tirunelveli with reasonable price. Moreover it is just 2/3kms from ELCOT SEZ (Gangaikondan).

    contact: hameed-97101 81211 or callme 9940349271

  10. Ravi Swaminathan

    I felt compelled to provide by the excellent service provided by naba.in team, I bought 4 plots in the green valley project.

    I am located in S’pore and could not get time to plan a visit to
    India hunting for property I took a gamble of trusting the naba.in folks and the sale deed was delivered to my residence promptly.

    I was given regular updates about the proceedings and am really pleasantly surprised by the promptness of nab.in folks.

    I would definitely recommend this to my friends.

    Thanks

    Ravi

  11. venkat

    Ravi- how much did you pay per sq ft?

  12. Paramaguru

    Hi,

    I have a 5 acrs land in Gangaikondan, Its located on Golden Four Track (NH 7), opp. Gangaikondan Petrol Bunk. If any one interested, pls contact me: paramaguru_o@satyam.com / paramaguru19@yahoo.com / oparamag@ford.com

  13. JJ

    Hi, Anybody recently buy the plot near Nangunery OR gangaikondan IT park?If so can you share the details with price.

  14. Rahul

    Hi, i am looking to buy a property in this area , and have had a conversation with naba.in, it will be great to know about other options available now and advice about this site. 

    thanks 

  15. Chandra

    Hi,

    Things are progressing and it will have a sudden push of development by the state government. The lands surrounding the ELCOT campus will grow and we are already seeing many independent houses built.
    You can also contact a trusted developer Mayan – 9942977802, they are very transparent and trust worthy.

  16. JJ

    Hi, I am planning to buy a plot in gangaikondan. Can you share the current market price / Sqft (Based on the distance) and the reliable sources to buy.

    Thanks in advance.

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