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Old January 4 2008, 06:46 PM   #1
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Question Flat price in Chennai - Velachery

Hi, 2BHK 1200 sqft new flat in velachery cost is 60L with all facilities including swimming pool. Is it worth investing on it? please advice. I need to decide on the investment.
 
Old January 5 2008, 12:32 AM   #2
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It depends on the builder, area etc. If it is from a reputed builder then it is worth.
 
Old January 5 2008, 11:22 AM   #3
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even it is reputed builder, is it worth investing 60L? still it will go up? or already saturated? If i want to sell 2 yrs later, will it be possible to get some returns?
 
Old December 28 2008, 10:51 PM   #4
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Default Price 4800/sft

About couple of weeks back, there were 2 apts came up in Rajalakshmi Nagar, Velachery with typical 1+1 floors on 1 or 1.5 ground land. They were quoted at Rs.4800/sft by the builders.

These are better areas (don't need a boat during rains?!) compared to the areas near the lake..

Does it look right for Velachery area now ? Does anyone know the current ground price in Velachery areas like Rajalakshmi Nagar or Seethapathy Nagar from any recent deals in past 2/3 months?
 
Old December 29 2008, 02:51 PM   #5
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Default flat in velachery

Quote:
Originally Posted by dearvj View Post
Hi, 2BHK 1200 sqft new flat in velachery cost is 60L with all facilities including swimming pool. Is it worth investing on it? please advice. I need to decide on the investment.
Dear dearvj,

If your requirement is urgent, say getting married shortly and you and/or your bride are working nearby areas or the place is nearer to your relations or want to settledown in this area, then go for buying a flat now and after verifying the stage of construction and how many flats in the projects have been sold etc. If most flats are sold already say 2/3 already, you have not gone to a bad place. Do not feel shy in asking the names and phone numbers of the other buyers of the project from the Builder to verify with theother buyers on so many aspects. Even if many flats are sold out and only a few remain, please believe me, the prices will not go up and may remain same and you are not the loser. Better to go for Bank loan option as many document approval, legal complaince formalities will be verified by them as their money is involved. If it is not urgent, better wait for atleast 6 months to decide on the flat.

ks2071746
 
Old December 31 2008, 08:45 PM   #6
Natarajg007
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Quote:
Originally Posted by dearvj View Post
Hi, 2BHK 1200 sqft new flat in velachery cost is 60L with all facilities including swimming pool. Is it worth investing on it? please advice. I need to decide on the investment.
Actually you seem to be stunned by the Pool but remember, such complexes give u low UDS (undivided share of land!). So in ur case u r buying to ENJOY. If not this may be not so good as the other option mentioned by another person of 4800psft where u wont get swimming pool but will get a much better UDS. So go and check the value of land share.
Remember, building depreciates, land appreciates. Also u buy a flat to live not for appreciation.
 
Old January 5 2009, 01:30 PM   #7
abk is offline abk
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Quote:
Originally Posted by elite View Post
About couple of weeks back, there were 2 apts came up in Rajalakshmi Nagar, Velachery with typical 1+1 floors on 1 or 1.5 ground land. They were quoted at Rs.4800/sft by the builders.

These are better areas (don't need a boat during rains?!) compared to the areas near the lake..

Does it look right for Velachery area now ? Does anyone know the current ground price in Velachery areas like Rajalakshmi Nagar or Seethapathy Nagar from any recent deals in past 2/3 months?
I have seen an individual villa in 1/2 ground 1750 built up at RS 4800/sq ft
opp to sutherland and very near the flyover.decent locale and fully independent to alter at a later date. looks good to me. 2 are under const of six .check it out
 
Old January 6 2009, 01:44 PM   #8
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Quote:
Originally Posted by abk View Post
I have seen an individual villa in 1/2 ground 1750 built up at RS 4800/sq ft
opp to sutherland and very near the flyover.decent locale and fully independent to alter at a later date. looks good to me. 2 are under const of six .check it out
Let us do the maths of this quote by abk. 4800x1750=84L is the price of this property. Now cost of construction with even profit of 200psft will be 1200psft which means 1750x1200=21L. Let me even treat it as 24L for convenience giving builder more profits. So price of 1/2ground land is 84-24=60L or price of a ground is 120L. Now if someone comes and offers land for 1.2C on this board, people think it is a crime and there are C baiters. Now at 84L for a halfground plot with a 1750sqft house means the same. Infact if I got 1/2ground at 60L and built 1750sqft at 1000Rs/sft then it wont cost me more than 78L, so the 6L is profit to the builder.
In net dont price things on the built up value, try to evaluate land price and cost of construction and also COST OF HOLDING!
 
Old January 6 2009, 06:49 PM   #9
abk is offline abk
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Quote:
Originally Posted by Natarajg007 View Post
Let us do the maths of this quote by abk. 4800x1750=84L is the price of this property. Now cost of construction with even profit of 200psft will be 1200psft which means 1750x1200=21L. Let me even treat it as 24L for convenience giving builder more profits. So price of 1/2ground land is 84-24=60L or price of a ground is 120L. Now if someone comes and offers land for 1.2C on this board, people think it is a crime and there are C baiters. Now at 84L for a halfground plot with a 1750sqft house means the same. Infact if I got 1/2ground at 60L and built 1750sqft at 1000Rs/sft then it wont cost me more than 78L, so the 6L is profit to the builder.
In net dont price things on the built up value, try to evaluate land price and cost of construction and also COST OF HOLDING!
the land value is 1c per ground there and this is a better deal than a flat because you get a demarcated land (not UDS) and you after a couple of years(3 years accord to CMDA) can add up more rooms on the terrace finally rate per sq ft compared to aflat will be much less. and natraj the profit on % terms for the builder would not be less than 15% so 12.6 lacs.the cost of capital would not allow a margin less than that.
when buying a house for self (not investment) always compare indp villa with a flat not with 1/2 ground land cost and cost of const.i personally feel an indp or duplex villa is a better deal than a flat
 
Old January 7 2009, 11:16 PM   #10
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The peak rate in Velachery was 75L per ground in good area with no potential for water logging. So people with land around potentially water logging MRTS area can feel happy to see your quote of 1c per ground. TIn mid 2008, the rate near MRTS for a house (1+1) was 3800 (now around 3000). Hence please talk reality.
 
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