mac98rect

My friend is planning to buy a land ( 1 Grd) in navalur OMR near polaris .
The land is some 250 mtrs from main road. It is surrounded by houses. The plot is adjacent to polaris. The quote from broker is 38 L for 2400 sqft. Please advice whther this rate is reasonable. In fact the brokers himself is telling during this lean and down period of real estate market We are the only person approched him in last two months for want of land . He also said the same area it had gone till 60 L during boom.
Advice whether the rate is OK and can he buy during this recession or still the rates will come down? PLEASE ADVICE

Srinidhi

It means It has gone down 40% already.Personally I feel 15 - 20 lakh would be the ideal price

itmbalaji

Ensure you also verify the credentials of the seller and other documents such as the patta and the mother documents.

Also how wide is the access road on which this land is situated. If its less than 24 feet, then its a private road and the local authorities (like panchayat etc) will not be responsible for laying them.

zngrfix

good deal if it is an approved land....

mac98rect

Thanks friends. The land offered is panchyat approved and not DTCP. I heard all the lands in navalur is panchyat approved only except for very very few which are recently developed. as Shri itmbalaji has said We are not aware of the road size.Probably I will check this week let it know.
Please keep giving your valuable suggestions GURUS.

sss_m19

28-30 would only be appropriate..as recently i finished a deal in gandhi nagar society mahanagar at rate of 30lakhs for 2400sqft..as this is still more far from shollinganallur..i feel 28lakhs would be ideal..check for the guideline value & decide..never believe the brokers words..

mac98rect

Thanks friends. The land offered is panchyat approved and not DTCP. I heard all the lands in navalur is panchyat approved only except for very very few which are recently developed. as Shri itmbalaji has said We are not aware of the road size.Probably I will check this week let it know.
Please keep giving your valuable suggestions GURUS.

itmbalaji

If the land is not DTCP (Directorate of Town and Country Planning) approved, then its as good as not approved at all. Remember, DTCP approval cannot be obtained for a single plot. Its only for an entire layout. They are the ones who go about earmarking entires chunck of areas as Residential, Agricultural or Industrial. You need to know if your plot falls under anything other than residential

Or if you have inside access to anyone at the DTCP offices, you can refer
the survey number and see if its earmarked for residential. If it is so, then perhaps there is lesser risk.

Panchayat approval, to me personally, is not something that I would buy.

wasiter

Have to say good deal... there is no way you can get for 15L.

My friend do have a ground there bought in 2001 for 6 - 8L.