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Investment options: Plot in Suburbs, Chennai

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Investment options: Plot in Suburbs, Chennai

Last updated: October 1 2010
15 | Posts
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  • #11

    #11

    Re : Investment options: Plot in Suburbs, Chennai

    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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    • #12

      #12

      Re : Investment options: Plot in Suburbs, Chennai

      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 !!!

      Comment

      • #13

        #13

        Re : Investment options: Plot in Suburbs, Chennai

        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?
        Last edited by AK001; September 26 2010, 11:06 PM.

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        • #14

          #14

          Re : Investment options: Plot in Suburbs, Chennai

          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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          • #15

            #15

            Re : Investment options: Plot in Suburbs, Chennai

            Dear Unlikely,

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

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            • #16

              #16

              Re : Investment options: Plot in Suburbs, Chennai

              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.

              Comment

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