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Old July 20 2012, 07:05 AM   #11
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Srinidhi,
Why is this not a good time for RE in chennai?

 
Old July 20 2012, 03:07 PM   #12
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Originally Posted by meetsridhar View Post
Just curious to know, how many years you to take to accumulate this amount ?...

I'm also NRI for past 6 years and can't see more than 15 lacs in my bank account so far...
Hi,
I am located in a European Country for the past 2 years where the minium wages are high. Me and my wife work at Onsite, so we could save some money in short term. Also we were cautious about spending money here, as we didn't intend to be here for a long term, also we know the value of the money as we came from a normal middle class family in remote place in tamilnadu.

Thanks,
Chennailover
 
Old July 20 2012, 03:16 PM   #13
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Originally Posted by Srinidhi View Post
If you don't already own a house in Chennai , You can buy a decent independent house in Kottivakkam or Velcahery for 1.5C .It is a good bet in the long run. If you already own a house to live , then this is not the right time to enter into chennai RE .Keep the cash in FD for next 2 to 3 years until all the dust settles down .RE won't go anywhere in next 3 years .You can also convert 10% of your cash in to Phisical Gold .
Thanks for you Suggestion.
I don't have a house in Chennai. I am planning to be in Chennai mainly for the Child birth and to take care of the Child for first 2 years. I might look for another onsite (May be Singapore which resembles Chennai in many ways) through my company (May be my wife will become a Home maker that time). I am not ina hurry to buy a house now, as my assumption is that there won't be a big spike in the RE prices for another 2 years. My assumption could be wrong. So I thought of taking advice from folks here.

Thanks,
Chennailover
 
Old July 20 2012, 03:24 PM   #14
 
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Though cost of living and taxes on your income are quite high in European countries....your savings are incredible in a span of two years . Just curious to know which country you guys are in.
 
Old July 20 2012, 03:25 PM   #15
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Originally Posted by k11 View Post
Agree with @Srinidhi's comments.

a small old 2-bhk in Velachery/Anna Nagar for 50-60L and also buy a small plot in extended suburb.
Hi,
Thanks for your suggestion. I like the last option as I don't want to put all my savings in RE. All I need is a roof above my head in a decent locality. I am not a fan of owning a Posh Apartment, big car etc.

I will wait for suggestions from others.

Thanks,
Chennailover
 
Old July 20 2012, 03:31 PM   #16
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Though cost of living and taxes on your income are quite high in European countries....your savings are incredible in a span of two years . Just curious to know which country you guys are in.
Swiss
 
Old July 20 2012, 04:56 PM   #17
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Originally Posted by Chennailover View Post
Hi,
I am located in a European Country for the past 2 years where the minium wages are high. Me and my wife work at Onsite, so we could save some money in short term. Also we were cautious about spending money here, as we didn't intend to be here for a long term, also we know the value of the money as we came from a normal middle class family in remote place in tamilnadu.

Thanks,
Chennailover
Nice to hear someone who knows value for money, but unfortunately the Chennai RE doesn't give us the same feeling.. well most of the apartments category!

I too would voice K11's thots, that may be you can invest arnd 70 L for a decent 2 bhk near city and invest some of the remaining in plots within gated communities and keep it for 10 yrs or so! That's was few of my friends have done!
 
Old July 20 2012, 07:04 PM   #18
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Dear Friends,
Me and my wife are working for an Indian IT company and we are returning back to India next month as my wife is Pregnant. We are planning to be in Chennai for another 3 to 4 years for Child Birth and Parenting. We have about Rs. 1.1 crore (Mostly in Short Term FD). Please suggest us if it is better to invest in Chennai RE now or wait for some more time. Also let me know any better suggestions for alternate investment. We are a bit conservative in Financial matters and we want to have a minimum risk.

Thanks,
Chennai Lover
i heard that people desire to have their delivered USA, inorder to obtain USA passport;
 
Old July 20 2012, 07:09 PM   #19
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If it is for just 2 years , then you can rent an apartment in city center .

or you can go for RTM apartments anywhere in the outskirts .

Quote:
Originally Posted by Chennailover View Post
Thanks for you Suggestion.
I don't have a house in Chennai. I am planning to be in Chennai mainly for the Child birth and to take care of the Child for first 2 years. I might look for another onsite (May be Singapore which resembles Chennai in many ways) through my company (May be my wife will become a Home maker that time). I am not ina hurry to buy a house now, as my assumption is that there won't be a big spike in the RE prices for another 2 years. My assumption could be wrong. So I thought of taking advice from folks here.

Thanks,
Chennailover
 
Old July 20 2012, 07:13 PM   #20
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There are plenty of info avl on this forum . You can search for wiseman's posts and you get an idea .

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Originally Posted by meenav17 View Post
Srinidhi,
Why is this not a good time for RE in chennai?
 
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