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Ongoing Price: Plots/Flats in Vengaivasal, Chennai
May 29 2013 , 11:41 AM   #1
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Ongoing Price: Plots/Flats in Vengaivasal, Chennai

Hi Friends
I have got an opportunity for a JV in vengaivasal. My friend owns a plot, I plan to invest in building the flats. we will get the construction done by a builder . For this, I will get a flat at my specifications, common area(20%) will not be charged for me & will get the flat at a lesser price than market rate.
Is this a good investment?
what is the current sq.ft rate for plot in vengaivasal?
what is the current sq.ft rate for flats there?
May 29 2013 , 02:40 PM   #2

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Ofcourse it is a good investment .You are getting a flat as per your requirement and you are not charged for the common area so that's a good deal indeed.Get in before your friend changes his mind.
May 31 2013 , 12:58 PM   #3
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Thanks GVK. i'll go ahead.
June 1 2013 , 12:22 AM   #4
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Ram

First Vengaivassal is a good place for inverstment and one of my friend got 2400 SQ FTL land for 35 lakhs , more than a year back . Again it depends on where teh land is ( close to bus stand , land in front of 40 ft road or 30 ft road ? school nearby ) and lot of other factors too

But before to decide whether its a good investemnt - you need to furnish more details

1) how much land area your friend owns
2) how many flats you are Planning to construct
3) Will you and yur jointly investing in the construction cost
4) Aprt from the flat you are going to get - will you be sharing the profit generated from sale of other flats 50 /50 ration ?
June 1 2013 , 03:28 AM   #5
k11
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Quote:
Originally Posted by Ramu12
Hi Friends
I have got an opportunity for a JV in vengaivasal. My friend owns a plot, I plan to invest in building the flats. we will get the construction done by a builder . For this, I will get a flat at my specifications, common area(20%) will not be charged for me & will get the flat at a lesser price than market rate.
Is this a good investment?
what is the current sq.ft rate for plot in vengaivasal?
what is the current sq.ft rate for flats there?
Hard to make money in flat building in suburbs.

Common area 20% is dependent of amenities like Gym, clubhouse, movie hall, generator room, watchman room, lift room, etc, it is not automatically charged. If there is no amenities 20% is not possible, it would be less than 10%.

I do not know the rate for plots, but I know that you cannot make money by buying land at retail prices. If your friend already has a plot bought at low price, then it is fine.

Navin Starwood Towers at Vengaivasal with all amenities goes for around 5000rs. That's the top of the range project in the area.

If you do a smaller projects on a similar location without amenities, you can expect 3200-3500rs price. If you have a three ground plot, build 10 2-bhks for 35L each.

You can net around 3.5C, the building might cost you around 1.75-2C.
1.5C will be your profit.

Else you can just sell the plot for 60L a ground and make even more money by not even building.
June 2 2013 , 06:50 PM   #6
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senthilsoft & k11
the land area is 4800sq.ft, bought long back. we haven't talked abt the nitty gritties, just 2 friends musing if this plan could work out. investment of money would be totally mine, land will be his. not yet decided on the no.of units. have to discuss with the builder.it will be a small project without amenities. he doesnot want to sell the plot but put it to some use.
June 3 2013 , 09:43 AM   #7
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Quote:
Originally Posted by Ramu12
senthilsoft & k11
the land area is 4800sq.ft, bought long back. we haven't talked abt the nitty gritties, just 2 friends musing if this plan could work out. investment of money would be totally mine, land will be his. not yet decided on the no.of units. have to discuss with the builder.it will be a small project without amenities. he doesnot want to sell the plot but put it to some use.

Hi,

In vengaivasal, it good to proceed with the JV, even we have done one there
June 4 2013 , 06:12 PM   #8
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@shk007
can you pls share details of your JV so i can see what i have to bear in mind while discussing with concerned people?
June 5 2013 , 11:13 AM   #9
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Quote:
Originally Posted by Ramu12
@shk007
can you pls share details of your JV so i can see what i have to bear in mind while discussing with concerned people?

Did u finalised the builder with whom u r going to execute the project and did u checked who they r?
June 6 2013 , 12:02 PM   #10
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before that i wish to have as much info as possible, so can you tell me what sort of JV you had?
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