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Chennai : Please suggest best option for long-term house to live given my parameters

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Chennai : Please suggest best option for long-term house to live given my parameters

Last updated: April 19 2020
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  • Chennai : Please suggest best option for long-term house to live given my parameters

    Hello / Vanakkam.

    I would like to get suggestions on where to buy a flat or house given my conditions.

    Context:

    We are a middle aged single-income family. I have one brother. We are staying in our parents house in Medavakkam.

    We are planning to sell the house and buy separate residences for my brother's family and mine. Parents will stay with both of us alternatively or wherever they feel more comfortable.

    This will be our long-term residence, more than investment purpose it is for our use. It doesn't mean we don't care about long term value of it, but at the same time this is not a move we will be making for the sake of appreciation or income, it is where we will be staying probably for the rest of our lives.

    The house we will be selling is a one ground plot + 3BHK building in Medavakkam, about half km from bus stand. I will be getting half the value of this, and that needs to cover the new place (can't do additional investment).

    Options:

    1. First option. Instead of selling and buying somewhere, we can ask a promoter to convert this into flats, like build two units and he gives us two units and he sells the rest for his profit. Pros, we stay in the same area. Cons, it is a flat.

    2. Second option, for half the value of this house, we can probably buy an individual duplex house built on half a ground in a less-expensive area. We could probably get a building built on half a ground in Porur suburbs, or Madambakkam interior, these are two areas I like because of basics (ground water, no flooding etc). But cons is the commute. The interior areas are not well connected relatively speaking, as I work in Sholinganallur. Madambakkam side should be fine but Porur side has its own advantages being close to Ramachandra etc.

    3. We could do the above and go even further out, like moving to Avadi / Tirumullaivoyal side or Ambattur side. Commute will be hell but other aspects look better, probably we can even shoot for a 1800 sq ft plot and 1200 sqft builtup area individual building, which we will enjoy more in later years and it would be a good hand-down property for offspring, so the commute may be a sacrifice worth making.

    Factors

    So.. I guess I am asking for subjective opinion. I want to look at important aspects and this is more of a "what would you do" question, considering

    - I work in IT, Sholinganallur area currently (although I imagine it shouldn't be impossible finding a job around DLF in IT). I write Java code so I guess I can survive wherever there is an IT company.

    - Schools. I am not looking for international schools. We don't have a school need yet, but eventually we will. A decent humble affordable school is what we would prefer.

    - Hospitals. Since parents will be with us, hopefully for next 30 years or so, proximity to hospitals is important. This is a big downside with Selaiyur interior or something like that.

    I am really divided. In fact looking at flats I am even tempted to go into the city and buy a resale flat which would give us the opposite end of the spectrum. Granted it will be worth nothing by the end of our lives, but we would have lived a proper city life, close to all city facilities and even cutting out the need to own a car (which will save 1 lakh a year on its own if I calculate depreciation + maintenance + extras associated with a car).

    What would you suggest? Are there any other factors I should be looking at?

    Thanks!
    Last edited April 14 2020, 10:16 AM.
  • #2

    #2

    Re : Chennai : Please suggest best option for long-term house to live given my parameters

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    • #3

      #3

      Re : Chennai : Please suggest best option for long-term house to live given my parameters

      Hi,

      IMHO, Honestly, I would suggest you to sell at the earliest and wait for a market correction to happen in few months.

      Regarding areas, Madambakkam is good option considering u r in IT or u can opt for santoshpuram also, its agood area, but if u ok with avadi, I can suggest another area called ayanmabakkam. I have been following this for last 5 yrs, this is 1 km from mogappair west and has ample number of schools. All needed things are in reach, the price is a bit higher than avadi but u will get a life of a city.



      But again considering that u r into IT, u should be checking near medavakkam to Tambaram.

      Comment

      • #4

        #4

        Re : Chennai : Please suggest best option for long-term house to live given my parameters

        Originally posted by ragavp83 View Post
        Hi,

        IMHO, Honestly, I would suggest you to sell at the earliest and wait for a market correction to happen in few months.

        Regarding areas, Madambakkam is good option considering u r in IT or u can opt for santoshpuram also, its agood area, but if u ok with avadi, I can suggest another area called ayanmabakkam. I have been following this for last 5 yrs, this is 1 km from mogappair west and has ample number of schools. All needed things are in reach, the price is a bit higher than avadi but u will get a life of a city.



        But again considering that u r into IT, u should be checking near medavakkam to Tambaram.
        Thank you. Yes, I am eyeing Avadi also, it has everything that looks like it will be a comfortable place to live long-term. Only reason I hesitate a bit is at least for next 15 years I will be in IT, so that is a lot of commuting to IT areas.

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