coleville

Does anyone have any thoughts about the Mahindra project south of Chennai? I don't see much written about it other than the hype about the SEZ.

Checked with a lot of real estate agencies about the market and pricing of the homes there, but no one seems well-versed on this development.

Here's what I know (and tell me whether this is out of the ballpark)
1800sf, 3bdr flats: 45-75 lakhs depending on whether interior work has been done

2400 sf "row houses" or semi-detached houses: 1 crore (G+1 on 1.3 to 1.6 grounds)

3500sf to 5000sf villas: 1.2 crore to 1.8 crore (3bdr to 5 bdr on 2grounds)

Most of the homes I have seen advertised for sale don't seem to be moving at all unless the price drops to what is comparable to the surrounding area (which doesn't seem like an accurate comparison, given the infrastructure, security and green space in this development). It seems to be getting decent foot traffic, but buyers seem to expect a lot lower pricing than what is being marketed.

Housing there is billed as "budget" vs. the Estancia project nearby which is deemed "premium" (80lakh-plus) for relatively similar sized flats -- largest is 1875 sf and there is a premium for higher floors.

karthikdoss

I differ in your comment that its billed as 'Budget' - you need to check the township to know its value .

http://www.mysylvancounty.com/
Its just at the backyard of Infosys/Ascendas/Techmahindra/BMW/Capgemini.

coleville

Karthik,

What I meant was that buyers/renters are seeing Sylvan County as budget housing -- they are expecting prices far lower than what I would think they are worth given the infrastructure, greenery and amenities that are in place.

Anyone would have to agree that Sylvan County is leaps and bounds ahead of what is available in the immediate area (Chengalpet, Maraimalainagar, even Tambaram). There is great interest in Sylvan County (esp. due to its proximity to companies in MWC) and also because it is a gated community.

With that said, however, are people willing to pay a premium for that? It doesn't seem like it. Estancia is telling folks who buy flats there that they can rent their units for 25k semi-furnished. I think you will be hard-pressed to find similar leases on flats in MWC.

Just wondered if anyone could explain why people think they can get a Honda for the price of a Maruti -- just because that's what they can afford? Or is it really the owners in SC are overvaluing what they have?

I have heard quite a few from Infosys and other nearby companies who say that even at 18-20k, the flats are "too expensive". I find that hard to believe. When I lived in the city, I paid 40k for the same size flat, basic woodwork, ACs and lights. So even at 25-30k (after all, it is located more than an hour from the city), I would think Sylvan County would be a real bargain!

Am I crazy?

karthikdoss

Hi,You are right about the infra here.
FYI .
Rental for 1800 sq ft apartments:
Corporate : Minimum Rs 35000 - Can go higher based on furnishings.
Family : Minimum Rs 18000 - Currently no availability.

coleville

Corporate min of 35k for a flat? Are you sure? What does it come with?

Mahindra Lifespaces is telling companies they can rent semi-furnished SD units in Sylvan County for only 28k (with ACs, wardobe, kitchen, and anything else the owner would like to throw in).