Hi, 2BHK 1200 sqft new flat in velachery cost is 60L with all facilities including swimming pool. Is it worth investing on it? please advice. I need to decide on the investment.
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  • It depends on the builder, area etc. If it is from a reputed builder then it is worth.
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  • even it is reputed builder, is it worth investing 60L? still it will go up? or already saturated? If i want to sell 2 yrs later, will it be possible to get some returns?
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  • Price 4800/sft

    About couple of weeks back, there were 2 apts came up in Rajalakshmi Nagar, Velachery with typical 1+1 floors on 1 or 1.5 ground land. They were quoted at Rs.4800/sft by the builders.

    These are better areas (don't need a boat during rains?!) compared to the areas near the lake..

    Does it look right for Velachery area now ? Does anyone know the current ground price in Velachery areas like Rajalakshmi Nagar or Seethapathy Nagar from any recent deals in past 2/3 months?
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  • flat in velachery

    Originally Posted by dearvj
    Hi, 2BHK 1200 sqft new flat in velachery cost is 60L with all facilities including swimming pool. Is it worth investing on it? please advice. I need to decide on the investment.

    Dear dearvj,

    If your requirement is urgent, say getting married shortly and you and/or your bride are working nearby areas or the place is nearer to your relations or want to settledown in this area, then go for buying a flat now and after verifying the stage of construction and how many flats in the projects have been sold etc. If most flats are sold already say 2/3 already, you have not gone to a bad place. Do not feel shy in asking the names and phone numbers of the other buyers of the project from the Builder to verify with theother buyers on so many aspects. Even if many flats are sold out and only a few remain, please believe me, the prices will not go up and may remain same and you are not the loser. Better to go for Bank loan option as many document approval, legal complaince formalities will be verified by them as their money is involved. If it is not urgent, better wait for atleast 6 months to decide on the flat.

    ks2071746
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  • Originally Posted by dearvj
    Hi, 2BHK 1200 sqft new flat in velachery cost is 60L with all facilities including swimming pool. Is it worth investing on it? please advice. I need to decide on the investment.

    Actually you seem to be stunned by the Pool but remember, such complexes give u low UDS (undivided share of land!). So in ur case u r buying to ENJOY. If not this may be not so good as the other option mentioned by another person of 4800psft where u wont get swimming pool but will get a much better UDS. So go and check the value of land share.
    Remember, building depreciates, land appreciates. Also u buy a flat to live not for appreciation.
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  • Originally Posted by elite
    About couple of weeks back, there were 2 apts came up in Rajalakshmi Nagar, Velachery with typical 1+1 floors on 1 or 1.5 ground land. They were quoted at Rs.4800/sft by the builders.

    These are better areas (don't need a boat during rains?!) compared to the areas near the lake..

    Does it look right for Velachery area now ? Does anyone know the current ground price in Velachery areas like Rajalakshmi Nagar or Seethapathy Nagar from any recent deals in past 2/3 months?


    I have seen an individual villa in 1/2 ground 1750 built up at RS 4800/sq ft
    opp to sutherland and very near the flyover.decent locale and fully independent to alter at a later date. looks good to me. 2 are under const of six .check it out
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  • Originally Posted by abk
    I have seen an individual villa in 1/2 ground 1750 built up at RS 4800/sq ft
    opp to sutherland and very near the flyover.decent locale and fully independent to alter at a later date. looks good to me. 2 are under const of six .check it out

    Let us do the maths of this quote by abk. 4800x1750=84L is the price of this property. Now cost of construction with even profit of 200psft will be 1200psft which means 1750x1200=21L. Let me even treat it as 24L for convenience giving builder more profits. So price of 1/2ground land is 84-24=60L or price of a ground is 120L. Now if someone comes and offers land for 1.2C on this board, people think it is a crime and there are C baiters. Now at 84L for a halfground plot with a 1750sqft house means the same. Infact if I got 1/2ground at 60L and built 1750sqft at 1000Rs/sft then it wont cost me more than 78L, so the 6L is profit to the builder.
    In net dont price things on the built up value, try to evaluate land price and cost of construction and also COST OF HOLDING!
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  • Originally Posted by Natarajg007
    Let us do the maths of this quote by abk. 4800x1750=84L is the price of this property. Now cost of construction with even profit of 200psft will be 1200psft which means 1750x1200=21L. Let me even treat it as 24L for convenience giving builder more profits. So price of 1/2ground land is 84-24=60L or price of a ground is 120L. Now if someone comes and offers land for 1.2C on this board, people think it is a crime and there are C baiters. Now at 84L for a halfground plot with a 1750sqft house means the same. Infact if I got 1/2ground at 60L and built 1750sqft at 1000Rs/sft then it wont cost me more than 78L, so the 6L is profit to the builder.
    In net dont price things on the built up value, try to evaluate land price and cost of construction and also COST OF HOLDING!


    the land value is 1c per ground there and this is a better deal than a flat because you get a demarcated land (not UDS) and you after a couple of years(3 years accord to CMDA) can add up more rooms on the terrace finally rate per sq ft compared to aflat will be much less. and natraj the profit on % terms for the builder would not be less than 15% so 12.6 lacs.the cost of capital would not allow a margin less than that.
    when buying a house for self (not investment) always compare indp villa with a flat not with 1/2 ground land cost and cost of const.i personally feel an indp or duplex villa is a better deal than a flat
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  • The peak rate in Velachery was 75L per ground in good area with no potential for water logging. So people with land around potentially water logging MRTS area can feel happy to see your quote of 1c per ground. TIn mid 2008, the rate near MRTS for a house (1+1) was 3800 (now around 3000). Hence please talk reality.
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  • i am looking for a house in 3000 rs in velachery near vijaynagar.
    pls tell me the add. leave bhuvaneswarinagar and selva nagar (near MRTS)which are notorius for double documents,pls dont buy there.pls tell me the location in velachery at your rates.
    if you are talking about advt saying near MRTS than check them out,they migth be in madipakkam ram nagar ,lic nagar,kuberan nagar .or palikarnai.
    in VELACHERY YOU WILL NOT GET LESS THAN 4300/SQ FT.
    PLS VISIT THE SITE AND LET ME KNOW.I have been led around many times by ads saying velachery,when i go there either it is adambakkam,madipakkam or palikarnai.near MRTS is a misleading term.
    Originally Posted by elite
    The peak rate in Velachery was 75L per ground in good area with no potential for water logging. So people with land around potentially water logging MRTS area can feel happy to see your quote of 1c per ground. TIn mid 2008, the rate near MRTS for a house (1+1) was 3800 (now around 3000). Hence please talk reality.


    elite you said somebody was quoting 4800/sq ft and now you are saying 3000 .if u know it is 3000 rs now ,i dont understand your need to ask if 4800/- was reasonable.
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  • Dear abk,

    First, my sincere thanks to you for informing about double docs at areas near MRTS quoted by you. Do you know how to check for double docs other than checking EC for probably 25 years?

    4800 is for Rajalakshmi Nagar. 3800 was for near MRTS (Kuberan Nagar), they may now give it for around 3000 (I am not sure whether it is sold yet or not). Both are 1+1 houses.

    Since I decided not to go for Kuberan Nagar house, I looked at Rajalakshmi Nagar. I am trying to find out whether 4800 is reasonable price for Rajalakshmi Nagar 1+1 house.

    Also does any one know the common area percentage for 1+1 houses?

    Thanks in advance..
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  • i think 4500/ is ok.I was mentioning indpt villa of 1750 sq ft it is a 7th main ram nagar north behind nathella. if you have the budget i think they will give at even 4500/sq ft. it is a better buy .i didnt have the budget.it is not a submerging locality and the site is very near the main road.a good locale check it out

    the common area ranges from 14 - 18 % of the saleable area i.e 16 - 20 % of plinth area
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  • Originally Posted by elite
    Dear abk,

    First, my sincere thanks to you for informing about double docs at areas near MRTS quoted by you. Do you know how to check for double docs other than checking EC for probably 25 years?

    ..


    THE PROBLEM IS THEY HAVE REGD THE SAME LOCATION UNDER NAMES OF DIFFERENT LAYOUTS.
    one of our friend who is(was) director of land survey&records advised me to stay off lands in the vicinity of velachery MRTS to perungudi MRTS till 400(approx) metres along the tracks. said lots of fudging and missing records in that area, this was because the area was under marshes and buyers could not put fences or it was impossible to know where exactly is your land'
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  • Do not buy in velachery or madipakkam areas. You need boats for 3 months in a year
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  • madipakkam maybe but velachery is definitely a better place.read my post in other threads about flooding.it was precisely 3 days in velachery and that was bcoz the lake bund was broken and the area was flooded more.
    mumbai was severly flooded in the recent past now natraaj it does not rain for 3 months in chennai,get your facts straight. the velachery registrar office boasts of the top revenues for this year in chennai.
    and everyone knows about the problems and advantages of velachery.
    the advantages far outweigh the probs. velachery is hot.a better place in chennai
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