contra

Recently saw an ad for plots at ponmar

layout name: Casa Grande Palm Meadows
location: ponmar
plot sizes: from 1400 sq.ft to 3000 sq.ft
cost: Rs.810/sq.ft.

In the map ponmar is very far away even furthur away than tambaram. I remember seeing the same ad 9 months ago in the newspapers ( the ad has a nice female model though ) i have forgotton the quoted price than.

Any suggestions or reviews on the same????

How is the location ponmar????

nabishek

Isn't this the Ponmar,next velachery! project?

It was being sold at discounted rate of 785/sqft at CREDAI fair.The USP is that this location is behind siruseri IT park, and accessible from Kelambakkam-Vandalur Highway.

Medavakkam, sithlapakkam etc needs to first become velachery before this place sees any appreciation.

Pricewise, It is high, but promoters like blb,chennai metro society etc have priced it around this range only.Resale plots are available starting from 350/sqft.

contra

Thanks for the inofrmation .

yes it is the same one Ponmar,next velachery! project!

Natarajg007

Near siruseri IT park they are talking of 6000sqft apartment costing JUST 4 CRORES! So why is 800psft costly Nabhishek! Ofcourse I dont think Siruseri is in Madras!!

nabishek

I feel its high, for the only reason that putting a little effort to search around, one can buy clean DTCP approved resale plots for half the quoted cost.

Last week property plus carried an advt quoting 550/sqft for a new layout just adjacent to the above mentioned ponmar project.Without providing any extra amenities or location advantage theres no reason to demand additional 300/sqft premium.

Natarajg007

I think I am not arguing on what you said. I am trying to bring out the other side of the story. 4crores that too for a silly apartment, not an independant villa, for just 6000sqft building and that too in Siruseri. So if someone can buy that then one can buy land for 800psft without even thinking. Remember, you can always find a weak hand in a bull market and so you can find a fool who will sell for a song, but in current situation, if one can sell flats like the Oceania then one can sell land with his hands tied for any price.
BTW Nabhishek, based on your comments on Annanagar price and many other comments it does not look like prices have reduced from 2008 one bit. They seem to have shot up. In other words your 2.5 to 3c quote in Annanagar is not anything low and given your bearish tendency I bet one can sell land there for 4c. That means my original discussion with you and others on land price in Saligramam is valid. Infact I suspect I am underquoting a price of 2C for a ground there. I must take it to 3C! Agreed?

nabishek

Prices have surely come down, though not significantly.

Flats in anna nagar that were earlier being quoted at 10000/sqft is being quoted at 7500-8500/sqft now.Putting the range for land value as 2.5C-3C.

I suggested the peak value because, people holding large extent of land 2-4 grounds still demand peak price and such lands are hard to find.

As an individual buyer I would feel fortunate If I can buy a worthy approved property with clear title within the city.I wont mind paying a premium.

From my experience, there are very less people who are serious in selling their land within the city.Even if they are selling, they prefer joint ventures and selling to builders than to individuals.The reason being, they get to hold some flats in exchange and get lot of cash in return.

Natarajg007

Actually your view is not right nor wrong. Yes flat prices came down, but that is because the greedy builders were milking without any investments. Now they are having to behave. However as you said if price in Anna Nagar is 2.5 to 3C then price has actually not gone down but rather gone up a bit. In other words Anna Nagar land price was no higher in 2008. In summary land value has not depreciated one bit, rather has appreciated a bit. Builders who were conning gullible idiotic guys (read IT guys) who never thought before they acted have now been on the back foot.
As I always said, Land appreciates, Building depreciates. So as I said RE (which is Land) has not fallen one bit, rather has started another upmove after the consolidation in the past few months.

contra

yes last saturday the hindu property plus had an ad by jones housing who were selling plots at ponmar for Rs 550/sq.ft.

Their location was next to casa grande palm meadows which was advertised as Rs.810/sq.ft just previous saturday in times of india.

Jones housing also advertised plots at sitlapakkam which is even more well connected than ponmar at Rs.850/sq.ft.

Natarajg007

So what is the logic of Rs 6crores for Oceana flats?