Hello eve'body,

Would you mind sharing your opinion on how much an independent house, 1 year old, 2 floors (800sqft built area each floor = 1600 sqft total), with car parking space could cost in Medavakkam?

Thanks in advance.

regds,
SSN.
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  • I bought the property. It's 1440 SFT plot & built up is 1950 SFT. Price is all inclusive 62L. It's direct from the builder. The other 14 houses in that compound was sold at a higher price last year & this one was the last. I checked with the neighbours and they had bought it at a higher price.
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  • Originally Posted by natpudan
    I bought the property. It's 1440 SFT plot & built up is 1950 SFT. Price is all inclusive 62L. It's direct from the builder. The other 14 houses in that compound was sold at a higher price last year & this one was the last. I checked with the neighbours and they had bought it at a higher price.


    Yes all would have bought when the market is in upswing.

    Can they sell it now atleast at the same price?
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  • Definitely not. Anyways property is not a short term investment unless you are a professional flipper. This is for me to live and probably after 10 years if I need cash, dispose & move further down.
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  • Originally Posted by natpudan
    A duplex is up for sale in Friends Avenue, Medavakkam,

    Land 1440 SFT & Built Up 1850 SFT. The price they ask is 63L all incl.

    Is it a fair price? Is the area a good one?


    0.6 Ground land must be 20 Lacs + 1850 SQFT Construction cost can't exceed Rs 20 Lacs ... Even if the builder charges 20 % profit margin(10 Lacs), it should not exceed Rs 50 Lacs ... Its upto your financial position & risk-appetite to feed the builder.

    You are the quickest Home Buyer in the world !!!!! in 2 weeks ..Congrats. All cash ? or the banks started approving/giving homeloans in a week ? If bank loan , whats the margin the banks are insisting ?
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  • Originally Posted by natpudan
    I bought the property. It's 1440 SFT plot & built up is 1950 SFT. Price is all inclusive 62L. It's direct from the builder. The other 14 houses in that compound was sold at a higher price last year & this one was the last. I checked with the neighbours and they had bought it at a higher price.

    Natpudan, I appreciate your act. Now I notice from your other statement about your intentions. Unlike the bunch of bear talkers here who either have no money, or are paid to write and mostly write out of frustration of missing the bus, you have shown that you have sense. When I wrote bullish views these same bear folks first abused me by calling me a broker.
    Now Natpudan what do I gain by appreciating you; did I sell this land to you? This proves their foolish assumption is wrong and that I aint a broker but a genuine analyst of the Chennai RE market.
    Now as for the price what you said means 1950sqft will reduce the price to about 40L (62L - 1950x1100). So you paid 40L approx for the land of 1450sqft. That too in Medavakkam. Now the view that land costs 20L per ground is a myth. I bet you can get such land when they are unapproved poromboke land which Sethugm might purchase. However normal buyers want land that is USABLE.
    Natpudan your cost means land price is 40Lx2400/1450=66.6L.
    Two weeks back when I visited Chennai (I did not find time to write about the learnings of that visit..no time for weekend banter!), in Maxworth Nagar the land price is around the same. However I will prefer Maxworth Nagar for its bungalow life style then Medavakkam proper.
    In anycase you have obviously researched and bought it.
    Another gentleman on this board by the name Anandxxx is one like you searching for land at 50L for even .5ground and is not getting it in Chennai proper which will include fringes of Velachery road and maybe Medavakkam. So his research is also not a lie. Only the bears on this forum are crying and lying and then lying before crying.
    Please note that you are missing the bus if you dont try to enter now! Cheers.
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  • Yes we can buy now but the price will be same for next 2 years
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  • Thanks Natraj

    I felt that the investment I made is worth. I did some research before deciding and was convinced. People can argue that it might be about 5 lacs more. But there are several other things to consider - personal likes the most important, affordability, other options available, etc.

    I was short of time and can't keep looking, looking, looking around. This property is ready and this month end we will move in. In velachery I was considering a 1500 SFT apartment which was 4,200 / SFT with an UDS of 800 SFT. Compared to that my choice was this.

    Decision is what is more important. Either we decide to buy or not to buy. There is no point researching, researching.... and like you mentioned cry later saying you missed the bus.

    In 5 years time no one can imagine that the prices will go down - then he is too pessimistic. Worst case scenario it will hover around today's prices.

    Neither you nor me are brokers, but serious investors.
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  • Originally Posted by lovebird
    Yes we can buy now but the price will be same for next 2 years

    So you have accepted that price wont reduce from now on.

    Please note that the above comment is from one of the known bears on the board.
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  • Originally Posted by Natarajg007
    So you have accepted that price wont reduce from now on.

    Please note that the above comment is from one of the known bears on the board.


    Idiotic observation.

    If the price remains same means, reduction of price of about 6 to 7% every year due to inflation. So in next 2 years 14% reduction, my dear fool
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  • Originally Posted by lovebird
    Idiotic observation.

    If the price remains same means, reduction of price of about 6 to 7% every year due to inflation. So in next 2 years 14% reduction, my dear fool

    Same means reduction? That is what Lovebird understands! And he calls me a fool! Maybe in his language it means Intelligent! I will ignore the language of our feather brained fellow.

    PS. Lovebird do you know what is the meaning of feather brained?
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  • Originally Posted by Natarajg007
    Same means reduction? That is what Lovebird understands! And he calls me a fool! Maybe in his language it means Intelligent! I will ignore the language of our feather brained fellow.

    PS. Lovebird do you know what is the meaning of feather brained?


    Rs 1 lakh cash is worth Rs 94,000 next year considering inflation of 6%. So it is reduction. brush up your maths knowledge
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  • Originally Posted by lovebird
    Rs 1 lakh cash is worth Rs 94,000 next year considering inflation of 6%. So it is reduction. brush up your maths knowledge

    1 year rental value might also be 9 to 10% who knows! You cant brush up anything, since brain cant grow by buying it from the mutton shop. Birds can be only feather brained!
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  • Originally Posted by Natarajg007
    1 year rental value might also be 9 to 10% who knows! You cant brush up anything, since brain cant grow by buying it from the mutton shop. Birds can be only feather brained!


    Maakka,

    Investing in land, who will give rent?
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  • Originally Posted by lovebird
    Maakka,

    Investing in land, who will give rent?

    He invested in a house so it gives rent. If you invest in land it appreciates and I have given data for the same. Finally only makku payal is you.
    BTW Lovebird, since you are asking me to sell, can you do me a favour. What is the price of 1ground (2400sqft) of land in Saligrmam as per you.
    PS. Be careful you are lying in a trap! LOL!
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  • saligramam should be around 1.2-1.3c. However as availability is
    bleak and can fetch upto 1.6c based on locality
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