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- HI K11, I also read this article. I can easily say that the rates mentioned for some areas in this article is atleast 500-800 rupees extra per square feet.
For instance, my friend recently brought a flat near Kellette School in Triplicane at 8000 rupees per square feet. New projects are starting at around 9000-9500 per square feet.
Whereas, in Chromepet, we still have flats around 4200-4500 rupees per square feet. Therefore, I cannot understand how they can say that the Realty prices in Chrompet exceed rupees 5000 per square feet.
Remember, do not trust the articles in Newspapers, they always try to sensationalize. Also, keep in mind that the people responsible for publishing this article are from the Realty sector. Ever heard of a businessman telling the real value of his product?CommentQuote0Flag
- Yes, I agree prices are not really accurate. But it is just gives you the trend.
It is hard to find out the exact price as it depends on street, location, amenities, UDS, etc.
Again, the data is not for buyers and sellers. It is made primarily for investors of mortagage pools.
Example, If I am an investment officer in an Japanese bank and I want to invest in buying Home loan securities at 9% which are of 2007 vintage. In this case to evaluate my decision I need to know the prices and trend. Maybe 2005 home loans at 7.5% return is better.
Triplicane - One of the old neighbourhoods of the city. I started my schooling at The Hindu school. Rental yeilds are very good there, we have a unit there that gets 5%. But I do not think IT folks would buy there, too congested. Big demand for units with carpark. You can rent out the carpark itself for 4K to 6K. Back in 05, my complex had 2.5K for carpark. Now I got offers for 6K. Anyway, prices there were around 4K in 06-07, 5.5-6K in 08-09 in the non-congested parts of the area. 9-9.5K is possible now.
Most of the units in this area do not have approvals, no proper ventilation, no setback area or have illegal units without proper car park. Clean buildings are a rarity here.
Not sure about Chrompet though. 5K for new units seems little high. Mantri is around 4.5K if you include additonal charges and carpark.
But again it is only 10% difference, it is not a big deal.
Olympia Pallavarm is 5.5K starting without carpark and extra charges.CommentQuote0Flag