siju

My office is at Mylapore and I am interested in going for an independent house with in 10 Km radius. The options I have are ECR till palavakkam, OMR till perungudi and velachey. Out of these ECR (sea side) seems to the best option and I am more inclined for it. I am ready to pay little above 1 core for land and interested in going for a villa with 2 floors so that I could rent out 1 floor for extra income. But with CRZ regulations of 80% FSI, this seems to be impractical. With 1 ground of land I could get only 960 sfeet of ground floor and may not be sufficient for a 3 bed room house. My budget does not allow me to go above 3000 sfeet of land in ECR as the quoted rates are around 90 lakhs per ground. Please advice me if I could think of any other area that is easily approachable from Mylapore.

Thanks
Siju

siju

Hi,
Any suggestions on independent house in ECR. People do mention about security concerns and further building regulations near the sea. Also what is the prospect of land value appreciation in these areas.

Siju

Economist

Due to CRZ and Aquafier recharge restriction ECR did not/Will not have goos capital growth.

If you want to invest in ECR,It is better to invest in sea side bugalows over 2C as the future buyers dont care about Bank loan, sub division, FSR and appartment etc.

If it not sea side Bungalow,I will not go to ECR.
OMR is better for capital growth for budget around 1C.

Also consider Velacheri,Perungudi,Thorai pakkam etc.

siju

Logic behind choosing ECR is that, velacherry and Palavakkam dont differ much in land cost. But generally we will have better neighborhood in ECR. Also as we go for independent house FSI does not matter. Also lower FSI guarantees that place will not get overcrowded.

Please advice me if any of my assumptions are wrong.

Thanks
Siju

siju

Members,
Please help me in evaluating options for independent house near mylapore, which will be my lifetime investment.
Thanks in advace
Siju