Chennai Patinam by Ceedeeyes Infrastructure in Nellikuppam, Chennai
I came to know about this integrated township project off IT Corridor- Chennai Pattinam by CeeDeeYes. From their website, it looks good. Looks like it has all facilities like DAV school, Hospital, Swimming pool, Temple, Bank, ATM, Shopping mall, shuttle services to city, Creche, Professional Maintenance, Complete landscapped garden, Amphitheater, Club etc.
And their price 2300/sq ft makes it mouth watering.
But is all as good as it looks like? Any idea about how good this location is and the reputation of CeeDeeYes?
I saw some more threads on Chennai Pattinam project, but due to spelling mistakes those did not come up in my search before creating this thread.
Yesterday one of my friends visited this place and told me this "this is about 6-7 km from OMR but this road links GST road. I can see people visiting this place who are working along both OMR and GST. People are visiting this place and when I spoke to them most of them believe that this place will get a boost when the New Chennai (on the lines of Navi Mumbai and NCR), which is gaining momemtum now.
Any idea abt New Chennai?
Property prices in Chennai in the last two years have shot up by almost 200 percent but currently, the situation seems gloomy. In fact, some realty players have sold only a couple of houses in the last six months. According to experts, there has been a 90 percent drop in demand for residential projects since the start of the year. Office rentals are also seeing a correction. The Central Business District in Chennai has seen a 15 percent drop. Most real estate developers in Chennai say they are struggling to sell flats, with one real estate player admitting he has sold just one flat in the last six months. Analysts say that this is the time for developers to sit back and take a realistic look at prices.
I read in a real estate report that Indian Real estate might face a slide next month (Nov 2008) which might continue for an year. But if it does, with no respite on cost of construction material, how will the industry survive? I also read, this slide may not impact projects scheduled for 2 yrs or later.
There has been a lot of activity in the financial market now.
I have seen atleast 2 articles in newspapers( Hindustan times and Times of India) with regard to this and its impact on Indian Real estate.I am not sure about Chennai real estate.Brokers and real estate agents are still in their own fairy world and are completely oblivious to all the things happening around them.
I can tell for sure that one of my friends got offered 2BHK and 3BHK flats in Hirnandani project in chennai for 3050 rs p sq ft.I am told that the current rate is 3500 rs p sq ft.
I will leave it to u to make your own assumptions.
Saw this interesting piece of info in another blog. Thanks to those whoever has posted this info.
"In the documentation, has the builder clearly mentioned about the amenities proposed and area allocated for those?"
I received the builder's agreement only last week. In paragraph25. ti it mentioned that, ' It is expressively agreed between the party of the second and third part that the facilities such as Shopping mall, Entertainment center, School, Recreation center, Guest house and club house alongwith the undivided share of land registered in the name of the party of the Second part are the properties exclusively owned by the party of the secons part and that the use of these facilities are on payment of membership or user fees fixed by the party of the second part. However the membership and usage is restricted to the residents of the Township only and no outsiders are allowed to become members.
Para 26. Every apartment owner is eligible for a free covered car park and that for the additional cp if they need, should pay INR 150,000 for covered and INR 100,000 for open reserved cp. No cars will be allowed to park inside the campus without reserved cp.
para28.The exclusive bus service tobe operated by M/s CeeDeeYes Transport (P) Ltd. are the properties of the transport co. and that the use of the service is only on payment of user fees fixed by the transport company.