I am planning to buy plot in the suburban area of chennai, which can be "HOT" in another 2 to 3 Years.

Help me to identify the area and give your ideas.

If possible let me know the current market price per SqFt in those areas
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  • Please specify the budget and the area u prefer ... Everything depends on the moolah you have !!
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  • It has been told many times by knowledgeable senior members on this forum that it is impossible/dangerous to speculate on RE in the short term (less than 5 years). So you cannot expect any property which is not 'hot' already to become 'hot' in 2/3 years. Your investment horizon should be 10 to 15 years in order to make a good profit.

    Even I am looking for plots of value 15 to 20 lakhs in the suburbs that has potential to appreciate in the long term (10 to 15 years). Can somebody specify some good areas in the southern suburbs of Chennai please?
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  • Padappai and Guduvanchery are the areas with lot of good future prospects ! For 15-20 lakhs it would be prudent to invest in an area near Guduvanchery station, I feel !!
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  • Srinivas G,

    I am offered a DTCP approved land of 2400 SQFT, 1 km from Guduvanchery bus terminus, 200 metres from Thiruporur road, behind girls high school, for 22 Lakhs.I am hoping for good returns in a 10-15 years time frame. Please advise if this is a good price for this area and a prudent investment.

    One thing to note is that there is a hill right behind the plot. Would it be a disadvantage in terms of security, ground water, flooding from the hills, etc.?

    Please advice me.
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  • arianashok,
    The area u mentioned is not clear to me ! If it is 200 metres from Tiruporur road I think it should be at least 4.5 kms from GST road and Railway Station. Is it Kayarambedu village or Perumattunallur village. If it is either of these 22 lakhs is high !! Please specify !!
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  • Srinivas,

    Thank you for your response.

    That offer was taken back for some reason :(

    But I have got another one, around 500 metres from GST Road, a bit further from Guduvanchery Government Boys school. The area is 1500 Sq.Ft and quoted 18 lakhs (1200 per SF). I am feeling if 1200 per SF is a bit on the higher side for a remote place like Guduvanchery.

    Please advice if that location/area is a good one to buy and if the price is reasonable.
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  • Dear friend Ashok,

    The rate that has been quoted to you is certainly very high indeed.
    Try to look for something closer to the railway station even if it is on the other side of the track.In the long run
    that will give you better accessibility.
    regards
    unlikely
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  • arianashok,
    Ya, 18 lakhs for a 1500 sq.ft plot is very much on the high side ! The area in Guduvanchery which is now hot is that which is in the vicinity of proposed Shriram Shankari Apartments !! And the going reate there is not more than 700 per sq.ft.. Mind u this is rate being quoted after the Shriram Shankari Apts are coming up ! But if it comes up in 2-5 years time there will be a considerable improvement in the infrastructure and other facilities in Guduvanchery... Is ur offer plot very close to the road ? If so will it be affected by road widening... If it is 200-300 metres from road it will be better !
    Depending upon the soil condition ( some areas in Guduvachery have red soil which is very fertiile !) and the depth of water source and of course depending upon the houses which have sprung up in the area and above all the gut feeling u get when u see the plot the price can be determined ! Please make enquiries in the houses and shops around... take ur time !!
    I feel Guduvanchery has a bright future mainly because of the middle class which is building houses in the area !!!
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  • Srinivas,

    Thank you for your detailed reply.

    I will research further about the area and also will see if I can get the price down. I will update the status soon.
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  • Srinivas,

    You were very right, my enquiry from other sources said 1200 is too high a price for this area. So I have decided to leave that option.

    Do you have any idea about the Vallancheri area near Rane Steerings?
    I came across a plot 800 metres from GST Road of 3200 Sq.Ft being offered for 16 Lakhs - It is within my budget and thinking it will be a good 10-15 years investment option.

    Please reply the following doubts of mine as I have to make a decision.

    1. Is the tanneries an issue? Is there any known health issues?

    2. Is 16 Lakhs for 3200 SQ.FT a good buy in this area with 10-15 years investment in mind?

    3. Is there any legal issues in this area that I need to be careful about?

    Your advices in the past have been very helpful for me to make decisions. Thank you in advance for this one too.
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  • arianashok,
    Vallancheri under Guduvachery jurisdicton, is in the proximity of Ecstancia township but some parts are also coming under SEZ ! Areas near Rane Steerings and some shoe companies even if not to be acquired for industries will surely not come under preferred residential area due to the industrries and pollution.
    Check out carefully why the sq.ft rate is only Rs.500/- for a plot 800 metres near the GST road ! The only reason could be the industries very close by.... or is it a distress sale... for a distress sale there any no. of agents willing to pool money, buy such a property and make a killing later on ..... I strongly feel the water table is in the process of being affected or already affected. Are there any houses nearby ? Please make enquiries..
    Wish u good luck !!!
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  • Srinivas,

    Thanks again for the well thought response.

    When it comes to buying properties, as an NRI, I am feeling so helpless with the countless hazards one need to be wary of :( . While there are relatives to check the land details, it is not the same as me being there in person to extra carefully check things before making a purchase. I a thinking of doing the following things before making a decision:

    1. Talk with 4-5 houses in the vicinity to inquire if they are experiencing/fearing any pollution side effects.

    2. Need to find if this plot would come under SEZ - Is there any way for me to find it out?

    3. Wish I could find if the sale is a distress sale. I strongly beleive it's unlikely as I am dealing through a broker who does lot of constructions in that area. If the land is being sold for a significantly lesser profit due to a sale, I cannot think of a reason why he wouldn't buy it himself.

    What do you think is a reasonable approximate SF price for this area?
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  • Dear friend,

    Be very careful when buying near tanneries.the pollution is all pervasive-soil,air and water.The side effects and health issues are insidious.
    regards
    unlikely
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  • Dear Unlikely,

    Thank you for your concern - I totally agree and I am wary of the health hazards from Tanneries.
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  • Thank you for your advices guys.

    It turned out that the area is supposed to be a park in the layout and the owner has bought it without knowing it. On knowing it, he was trying to sell and pass the problem to somebody else. Luckily I was not to be the one. Thank god!

    I am now reconsidering my decision to buy plots - just too many risks and headaches. I am thinking of buying flats around 25 to 30 lakhs upto Tambaram. Please let me know if anybody comes across such an option.
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