Will Financial City cause residential flat prices to go up in and around OMR? - Page 2 - Indian Real Estate Forum

vish_1982 · 17-10-09

Thanks all for your comments...

Economist · 23-02-10

Financial city first phase global tender is going to issued next month (march 2010).

Visit Tidco web site.

A 25 acer multimedia & entertainment park is also planned in the same area by TIDCO to promote animation, graphic studios and post production work.

Economist · 23-02-10

http://www.tidco.com/pr110210_tidco.pdf

Citybreed · 26-02-10

Already there are hundreds of IT Companies located along OMR. TCS is setting up its globally biggest development centre in Siruseri IT Park. The Siruseri IT park itself is said to be the biggest or at any rate one of the biggest IT parks in Asia. Therefore, lakhs of employees are already emoloyed in these development cetnres. Many companies are scaling up their operations and several fold the manpower will increase. Keeping these in view at present at least about 50 large scale residential projects are under construction in OMR. OMR is the only road to have a six lane express road. Some of the biggest malls and entertainment zones are under construction. These are enough reasons for property prices going northwards over a period of time. Added to this is the Financial City in Sholinganallur. So, even independent of Financial city the property prices will definitlely go up several times in OMR in course of time.

Quote:

Originally Posted by Economist

]http://www.tidco.com/pr110210_tidco.pdf[/url]

roop78 · 02-03-10

OMR is the best place to invest in Chennai. IT exports will continue to increase from Chennai, and OMR will benefit most. Tamil Nadu government should encourage more IT investment in Chennai and compete with other cities in creating more jobs in Chennai.

02-03-10

In Perumpakkam sowmiya nagar, you can get flats for this rate which is very near to OMR and proposed financial city. The place near to global hospital also.

regards
Sundar

Quote:

Originally Posted by vish_1982

I have been thinking about buying a flat in Chennai...my budget being a maximum of 35 Lakhs...I have so many questions in mind and thought someone could help me out...

1. I was hoping some flat near OMR might be a good option as other places like Nolambur, Ambattur, Maraimalai Nagar etc might not grow as much as I expect OMR to grow. Not sure if this is right. Need some guidance here.

2. Places near Siruseri is about 3500/sq ft + 1-1.5 lakh for car park + registration charges. Is it worth investing so much money in a place so far away? My office is in the city and even if I buy a house there probably I still need to continue in a rented accomodation and rent my new house in OMR. The only reason in such a case to think about a house is that it is an investment. Saying all this, I don't have a lot of money in hand. I am planning to pay like the minimum amount required to get a loan and get loan for the rest. Which means I am not getting a house just because I have money but because I am afraid some 2-3 years down the line I might not be able to get a flat in some place like OMR also.

3. The question I have asked in the title, I read about TN planning for a financial city near Perumbakkam. Will this cause the real estate prices in and around OMR to shoot up in the next yr or so? How will or should this impact my decision of looking for a house at this point.

4. I also read in the newspaper that Chidambaram is planning to cancel tax relief from housing loans starting 2011. There would be tax based on the income and the government won't bother anymore if you are repaying loan for a house or not. So if this is going to happen, then the little tax relief that one would expect to get will also be caned. Considering this, is it still ok to go for a house?

Any help will be greatly appreciated. Thanks.

K.R.Rangarajan · 03-03-10

Quote:

Originally Posted by svsundar81

In Perumpakkam sowmiya nagar, you can get flats for this rate which is very near to OMR and proposed financial city. The place near to global hospital also.

regards
Sundar

How Chidambaram will cancel the tax benifits on home loans as he is the home minister and not the Finance minister.By the way it will not be easy to withdraw tax rebates on housing loan instalment payments and interest on such loans.

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17-10-09	#11
vish_1982 New Member Join Date: Oct 2009 Posts: 3 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 0	Thanks all for your comments...

23-02-10	#12
Economist Member Join Date: Dec 2008 Posts: 284 Thanks: 0 Thanked 1 Time in 1 Post Rep Power: 1	Financial city first phase global tender is going to issued next month (march 2010). Visit Tidco web site. A 25 acer multimedia & entertainment park is also planned in the same area by TIDCO to promote animation, graphic studios and post production work.

02-03-10	#15
roop78 BANNED Join Date: Sep 2009 Location: Chennai, Tamil Nadu Posts: 55 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 0	OMR is the best place to invest in Chennai. IT exports will continue to increase from Chennai, and OMR will benefit most. Tamil Nadu government should encourage more IT investment in Chennai and compete with other cities in creating more jobs in Chennai.