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Last week i visited chennai, i saw 2400sq ft land in Sholinganallur for 70lacs, not sure about pallikaranai.CommentQuote0Flag
- In Pallikaranai, it is around 40-50 lakhs near 200ft road, and 30-40 lakhs inner.CommentQuote0Flag
- In pallikaranai, in pandiyan Nagar which is very closeto that 200ft road...is very booming. the people those who are going to getplot in some few days is quite lucky. once that 200ft road (which runs from tambaram to medavakkam)is opened, Pandiyan Nagar is the best and highly beniffited area. so guys even though u have lot of nagars in pallikaranai, u ask for pandiyan nagar, which will turn very valuuable in future course of time. Now the rate is 30-40 lakhs per ground in pandiyan nagar(with patta). by next year, if that road also gets opened, that price will be dramatically increase near abt a crore.the lands which are available now in pallikkaranai, will come with Patta. thats why its 30-40 lakhs. U can go for it..and benefit urself. Even i got a land in pandiyan nagar just now and i am sure that i have a great future ahead.CommentQuote0Flag
- In sholinganallur, even there are plots for 80lakhs plus...CommentQuote0Flag
- How much?
How much you bought in pandiyan nagar?
Is that what you bought is DTP approved?
By the way the road you mentioned is between pallavaram to thorapakkam.
- land price in pudupakkam
Hello respected members
I am new to this forum. I want to know the current real estate trend in and around OMR. Especially , backside to siruseri area where L&T is coming up . That area is called pudupakkam. Can anyone tell what is the current price of plots there and how much time it will take for that area to develop nicely.
- Carborundum sold its land in Pallikaranai right on the Velachery road for 13 crore per acre as per Hindu Dec 1st. That translates to around 1cr per ground if the land is in a developed layout and 65L per ground if it is patta land.CommentQuote0Flag
- Thats BULLCRAP, Nats! Check your facts ...
Someone who has heard firstclass info please correct me.
But Carborundum HAS NOT SOLD PROPERTY OF 4.4 ACRES FOR 58 CRORES.
A journalist who cannot read a Balance Sheet goes off and quotes a figure offhand. I checked the Carborumdum Official submission to the exchange and to its shareholders.
And Nats cherrypicks this info because it suits him. On top of that he creates something called "buildable" area and bumps up the price from 72 lakhs per ground to 1.1 crore per ground. Well, the Satyam guys also tried this kind of trick on their shareholders and see where it took them, ROTFL for once!
It says clearly, the Land, Building and the complete factory has been sold for a profit of 50.1 crores. And that is the exact detail available so far.
We do not know the written down value of the Plant & Machinery, Building and other assets sold along in this deal. This could be in the crores (and probably is).
We do not know the price of land purchased - if this had been purchased say 20 years ago in what was then the boondocks, it must have gone for around 10 bucks a SFt (I have a cousin who has several acres in Sriperambudur bought in the early 90s at Rs.10 per SFt - only now he sees some value to put a fence around it). Even at 50 rupees per SFt, the land value would be 95 lakhs. So, the total value of the entire deal would be 51 crores. Carborundum has built a replacement factory at a cost of 30 crores. So, I believe that the actual price of this land is much less than the 58 crores being palmed off - probably by the buyer who wants to build and sell at a much higher price.
Any suckers in this crowd?
- Originally Posted by wisemanAny suckers in this crowd?
Yes there is one and the whole forum knows it ;)CommentQuote0Flag
- No one can drive sense into this idiots brains! Land appreciates, Plant machinery and building depreciate. When the buyer of Carborundum land builds a flat he will be throwing the old building away, and there is a resale value for old debris. Only the mad sucker Wiseman will buy that for Rs 2000 per sqft! LOL!CommentQuote0Flag
- So you admit you dont have first class info. Then why the heck are you writing here...or is it you want to say what the heck, I (Wiseman) will write here with ignorance! U really are the HEIGHT OF IGNORANCE.CommentQuote0Flag
- Since when do plant and machinery depreciate to negative amounts?
You idiot, Nats! Where exactly have you seen Plant & Machinery depreciate to a negative amount. By your calculation if the profit made on sale is 50 crores and approx price 20 years ago should at most be Rs 10 per SFt (thats the figure you gave on your 11k land in 1989, I'm assuming its for 1200 SFt), which gives total price of sale at Rs 50.3 crores.
So, to achieve the sale price of 58 crores, land fetched 50.3 crores and Carborundum should have given away another 7.7 crores to the buyer to take the machinery away? Grow up and watch how you open that mouth of yours lest the whole world laugh at you, ROTFL!!!
If you had some patience and read the post thoroughly, you would have realised that the P&M would be worth - written down - at least a few crores, thus reducing land price at which it was sold, by that much.
You should check with good CAs about that! But which CA would put up with you?
Besides, exactly what is the authentic source (published by Carborundum itself or re-published by a competent authority?) that you are quoting to validate the 58 crores? The Hindu reporter? Seriously?
At least I was honest in trotting out the exact amount published by Carborundum and making an educated guess about the written-down value of P&M based on the replacement value of an equivalent plant put up by Carborundum before selling this one.
I did that much research which most people would not have done even. You did nothing. Except blabber whatever nonsense came to your frothing mouth as soon as you saw my post.
Learn to read before frothing at the mouth like a madman :D
PS - By the way, I use exactly the same language you do. Only difference is, I use it on you after you have used it so that you get exactly the same treatment as you meted out.
Eye for an Eye? :DCommentQuote0Flag
- Buddy, think carefully. If the price was not 58C and was 53C, does it reduce the price of land by any big way. So if I said one ground is worth 1.1cr, it now becomes 1cr. My original post highlighted the fact that price of land is not falling chennai as IMAGINED by you. Since you agree to that, I have no qualms.
So stop writing your bear pogroms here.CommentQuote0Flag
- Hi Nataraj,
This forum would really appreciate if you can keep your posts toned down a bit like the above post. I understand that you are bullish and wiseman is a bear. This forum is for *healthy* participation from both sides.
Respect for each other should not be compromised at any cost. Please do not launch verbal abuse.CommentQuote0Flag
- Now that we are all polite, I will be too!
So stop writing your bear pogroms here.
Please understand carefully the things I say:
1. I said that RE is in medium term downward move (I did not say prices will fall altogether in one single day!)
2. I said that in the last 4-5 years prices have become completely unaffordable (I did not say land is not a good investment! In fact, I clearly said, this is the order of attractiveness - Stocks, Land/Property, Gold, then other instruments - over the long term and I have long-term analysis to prove it)
3. A decline of 12% to 17% (depending in which way you take the figures) is still a BIG decline! This is because, unlike any other investment vehicle, RE is bought with a 5:1 upto a 10:1 leverage. This means, if there is a 1% up move you get a 10% ROI. If there is a 10% downmove, you get wiped out since your equity and the decline are equal. Can you imagine? A 10% decline can wipe out new buyers. A 20% down move can wipe out most buyers who have bought in last 2-3 years.
This decline in Carborundum we are talking about is in that range. So, most buyers will be in technical default with this kind of decline. Lets not pussyfoot around on that count!!!
It is definitely a dangerous situation for them. They put in all their life savings. Price declines by 20% (we are nearly there). Buyer loses job. Goes into default for 3 months. Bank reposseses. With zero equity, buyer loses life savings. According to Corporation Bank in Bangalore, around 10% loan takers are in default in Bangalore. Also Deccan Herald in Bangalore reports market is telling them that in some cases earlier quotes for Rs 85 lakhs is now being quoted for Rs 50 - 55 Lakhs (for the record these are all uncorroborated reports in newspapers, just like the Hindu report). This is a 35% to 40% drop.
So, as per your own statement, since Chennai lags behind Bangalore, Chennai should be in for this treatment soon???
4. I will continue to be a bear and you will continue to be a bull. I do not need your permission to be a bear on this forum. I have not asked you not to be a bull! So, why are you asking me not to be a bear? Unless you have an ulterior motive to supress bearish talk in this forum !!!
5. Going by the Price to Salary (affordability index) either salaries have to catch up with price by going up 5 times from today's level, or prices have to come down by around 40% average and in some extreme cases all the way to 80% down.
I stand by this from the beginning unwaveringly. And I also have the timeframe of 2010 - 2012 for this drop to happen (I may be surprised by this happening earlier). So, this is a long-drawn story.
I still don't understand one thing. Normally a bullish person will exort others to buy telling them that he too is buying and what a profit he is making.
Isn't it strange that you, a seemingly very bullish person, is asking everyone to buy, but in the same breath is selling your property to them; so you are a seller in this market. This is the only time I have seen a bullish seller in the market!!! :D
Is there a rational explanation to this?
thanks for being such a sport and being nice to me for once!