Rising Land Price Vs Depreciating Resale Value

[scorpio_007]

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I am looking for a place in and around south chennai. I am not looking at new flats but spacious 3BHK resale flats.
 
Inorder to expedite my house hunting process I have no choice but to contact the local agents. In the last 2 weeks I believe I have done enough to gauge the real estate market and hence thought of posting this for further review and suggestions..
[LIST]
[*]For 2 BHK apartments the market is still going strong. In this range prices for resale flats are up, for anything around 13XX sqft it is even upto 95 lakhs. Thus this is seller's market.
[*]Price/sqft for new flats is between 8 to 11K whereas for resale it is from 5 to 8K
[*]For 3BHK resale flats with list price beyond 1C: the flats are not that many and if there are, they are kept vacant even for 6 to 8 months awaiting a good deal. Thus this is buyer's market.
[*]Also the rental market has a similar behaviour. Flats beyond  50K per month are plenty but not taken up for a long time.[/LIST]My million $$ question is...
 
Assuming the fact that flats depreciate in the long run, is it advisable to buy flats beyond 5 or 10 years old??. 
My worry is if these old flats depreciate much faster than the corressponding appreciation in their land costs, we might end up loosing a lot. 
 
Please share your opinions, and thoughts on the above..
 
I saw a flat for 1.2C, which is kept vacant for a very long time. Looks like they might come down to 1C but I feel it should be around 90Lakhs or even less than that. The agents have advised not to go for that price as there are other 2BHK units (lesser by 250 - 300 sqft than 3Bhk) going for the same price..
 
Thank you"
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Hi

I am looking for a place in and around south chennai. I am not looking at new flats but spacious 3BHK resale flats.

Inorder to expedite my house hunting process I have no choice but to contact the local agents. In the last 2 weeks I believe I have done enough to gauge the real estate market and hence thought of posting this for further review and suggestions..

• For 2 BHK apartments the market is still going strong. In this range prices for resale flats are up, for anything around 13XX sqft it is even upto 95 lakhs. Thus this is seller's market.
• Price/sqft for new flats is between 8 to 11K whereas for resale it is from 5 to 8K
• For 3BHK resale flats with list price beyond 1C: the flats are not that many and if there are, they are kept vacant even for 6 to 8 months awaiting a good deal. Thus this is buyer's market.
• Also the rental market has a similar behaviour. Flats beyond 50K per month are plenty but not taken up for a long time.

My million $$ question is...

Assuming the fact that flats depreciate in the long run, is it advisable to buy flats beyond 5 or 10 years old??.
My worry is if these old flats depreciate much faster than the corressponding appreciation in their land costs, we might end up loosing a lot.

Please share your opinions, and thoughts on the above..

I saw a flat for 1.2C, which is kept vacant for a very long time. Looks like they might come down to 1C but I feel it should be around 90Lakhs or even less than that. The agents have advised not to go for that price as there are other 2BHK units (lesser by 250 - 300 sqft than 3Bhk) going for the same price..

Thank you

[sriram]

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Hi

1) Most of the resale flats may be through brokers, who just like that inflate the rates. Say if the expectation is 80 Lacs , they say 115 lacs and will judge yr preparedness.

2) If you show withdrawal, they will try to keep you in hold and this negotiation will go till a comfort level is reached.

3) Unless it is for self occupation (urgently needed), suggest to wait for corrections in pricing ."
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Rising Land price Vs Depreciating resale valu

Hi

1) Most of the resale flats may be through brokers, who just like that inflate the rates. Say if the expectation is 80 Lacs , they say 115 lacs and will judge yr preparedness.

2) If you show withdrawal, they will try to keep you in hold and this negotiation will go till a comfort level is reached.

3) Unless it is for self occupation (urgently needed), suggest to wait for corrections in pricing .

[sridharbabu111]

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who told you that resale value depreciates for flat/plot etc?
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hey scorpio 007,
who told you that resale value depreciates for flat/plot etc?
sridharbabu

[svr1977]

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We know prices are going down, dont try to act smart :mad:"
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broker Chattra,

We know prices are going down, dont try to act smart

[wiseman]

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  string(1923) "Its no longer about whether you are a broker or not :)

[B][FONT=Arial]Folks

Lets get away from these arguments about who is a broker, etc. People who do not see the light (or see it but do not want to acknowledge it - at their own peril) may be brokers, OR maybe people who still have their minds programmed to the boom-boom era of 2002-07. Maybe they simply do not know that what goes soaring up without solid reason and basis WILL come [/FONT][/B][B][FONT=Arial]crashing [/FONT][/B][B][FONT=Arial]down even faster.

Scorpio_007, refer to my response to Varun in the post - 
[/FONT]
"Interest Rates & loan amounts."

[FONT=Arial]as to why prices HAVE to crash and why it can be catastrophic to be buying at these levels (for ordinary mortals like us).

The answer is quite simple and takes as little as a few seconds. There is a switch in each of our minds that has been set to BOOM-BOOM mantra. So, we take humongous and foolish risks taking on huge loans when the mother of all busts is just starting to happen globally. While in inflationary times big loans (called high leverage) actually helps you make big money, this very same beast turns on you and kills you when deflation happens. This happened to even such big companies like Citibank, Bank of America, etc. We are nothing!

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Renting is not a shame. Learn to rent and save money  bigtime. Become stress-free. And wait for the crash to finish BEFORE buying your property. You might be able to get the same 1 crore property for 35 - 40 lakhs in a couple of years. IMAGINE !!!:eek:

cheers

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Its no longer about whether you are a broker or not

Folks

Lets get away from these arguments about who is a broker, etc. People who do not see the light (or see it but do not want to acknowledge it - at their own peril) may be brokers, OR maybe people who still have their minds programmed to the boom-boom era of 2002-07. Maybe they simply do not know that what goes soaring up without solid reason and basis WILL come crashing down even faster.

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"Interest Rates & loan amounts."

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The answer is quite simple and takes as little as a few seconds. There is a switch in each of our minds that has been set to BOOM-BOOM mantra. So, we take humongous and foolish risks taking on huge loans when the mother of all busts is just starting to happen globally. While in inflationary times big loans (called high leverage) actually helps you make big money, this very same beast turns on you and kills you when deflation happens. This happened to even such big companies like Citibank, Bank of America, etc. We are nothing!

Simply switch it off and INSTEAD switch it to CRASH-CRASH mantra. This will ensure that you get very sensitive to borrowing, become very tight in spending and make sure that you will time your home purchases when prices are at their absolute rock bottom.

Simply throw this switch and see how much your life changes (for the better and becomes stress free).

Renting is not a shame. Learn to rent and save money bigtime. Become stress-free. And wait for the crash to finish BEFORE buying your property. You might be able to get the same 1 crore property for 35 - 40 lakhs in a couple of years. IMAGINE !!!

cheers

[ks2071746]

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One can go for a resale flat constructed in less than 10 years, for own use due to personal and family convenience and not for appreciation or investment purpose. Not worth for fast appreciation. The registration charges are for the flat built up area at the fair value notified by the authorities and will be a heavy amount unlike a new flat which will be on the UDS area only.

[Natarajg007]

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  string(3458) "[QUOTE=scorpio_007;5710]Hi
 
I am looking for a place in and around south chennai. I am not looking at new flats but spacious 3BHK resale flats.
 
Inorder to expedite my house hunting process I have no choice but to contact the local agents. In the last 2 weeks I believe I have done enough to gauge the real estate market and hence thought of posting this for further review and suggestions..
[LIST]
[*]For 2 BHK apartments the market is still going strong. In this range prices for resale flats are up, for anything around 13XX sqft it is even upto 95 lakhs. Thus this is seller's market.
[*]Price/sqft for new flats is between 8 to 11K whereas for resale it is from 5 to 8K
[*]For 3BHK resale flats with list price beyond 1C: the flats are not that many and if there are, they are kept vacant even for 6 to 8 months awaiting a good deal. Thus this is buyer's market.
[*]Also the rental market has a similar behaviour. Flats beyond  50K per month are plenty but not taken up for a long time.[/LIST]My million $$ question is...
 
Assuming the fact that flats depreciate in the long run, is it advisable to buy flats beyond 5 or 10 years old??. 
My worry is if these old flats depreciate much faster than the corressponding appreciation in their land costs, we might end up loosing a lot. 
 
Please share your opinions, and thoughts on the above..
 
I saw a flat for 1.2C, which is kept vacant for a very long time. Looks like they might come down to 1C but I feel it should be around 90Lakhs or even less than that. The agents have advised not to go for that price as there are other 2BHK units (lesser by 250 - 300 sqft than 3Bhk) going for the same price..
 
Thank you[/QUOTE]
You asked a pertinent question and not many from engineers to financial guys, from talkers here to layman seem to realise the truth. [B]Land appreciates, Building depreciates. 
[/B]So to take your own example of 1300sqft at 95Lakhs. Let me make it 1300sqft at 91 lakhs for better multiplication. So we are talking of Rs 7000 psft. If it is an old flat then it means that cost of construction will not be valued at today's rate, say 1200psft conservatively. So for an old flat say 5 years old, one should depreciate this 1200 for the number of years. Or you might just as a ball park take the value of construction in those days, so for 5year old it will be about 700psft. The rest of the value of the flat i.e. 7000-700=6300psft is the price YOU ARE PAYING FOR THE UNDIVIDED SHARE OF THE LAND. Now if price in your locality for land is say 5000psft and you are allowed to build 1.5 times that in your area then effective price for a construction will be 5000x1.5=7500psft. If that is confusing look at this.
Take that 6300psft we got above, multiply that by 1.5 i.e.9450psft. If price of land in that area is slightly more than that then your are yet justified, otherwise you are a fool to buy the flat. Now why did I say slightly more. Reason is simple. You only get a notional undivided share, so you cant do much with it. If I sold you plain land then you can operate on it, so the price of plain land has to be more than the Undivided share which is notional.
Now the Chennai Con Builder Broker reality is. They make land price go down, and increase flat prices. So use brokers to find prospects but kick them out in the final deal. Remember there are humpteen sites to get a price and there are genuine buyers and sellers. Why approach a silly broker?"
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Hi

I am looking for a place in and around south chennai. I am not looking at new flats but spacious 3BHK resale flats.

Inorder to expedite my house hunting process I have no choice but to contact the local agents. In the last 2 weeks I believe I have done enough to gauge the real estate market and hence thought of posting this for further review and suggestions..

• For 2 BHK apartments the market is still going strong. In this range prices for resale flats are up, for anything around 13XX sqft it is even upto 95 lakhs. Thus this is seller's market.
• Price/sqft for new flats is between 8 to 11K whereas for resale it is from 5 to 8K
• For 3BHK resale flats with list price beyond 1C: the flats are not that many and if there are, they are kept vacant even for 6 to 8 months awaiting a good deal. Thus this is buyer's market.
• Also the rental market has a similar behaviour. Flats beyond 50K per month are plenty but not taken up for a long time.

My million $$ question is...

Assuming the fact that flats depreciate in the long run, is it advisable to buy flats beyond 5 or 10 years old??.
My worry is if these old flats depreciate much faster than the corressponding appreciation in their land costs, we might end up loosing a lot.

Please share your opinions, and thoughts on the above..

I saw a flat for 1.2C, which is kept vacant for a very long time. Looks like they might come down to 1C but I feel it should be around 90Lakhs or even less than that. The agents have advised not to go for that price as there are other 2BHK units (lesser by 250 - 300 sqft than 3Bhk) going for the same price..

Thank you

You asked a pertinent question and not many from engineers to financial guys, from talkers here to layman seem to realise the truth. Land appreciates, Building depreciates.
So to take your own example of 1300sqft at 95Lakhs. Let me make it 1300sqft at 91 lakhs for better multiplication. So we are talking of Rs 7000 psft. If it is an old flat then it means that cost of construction will not be valued at today's rate, say 1200psft conservatively. So for an old flat say 5 years old, one should depreciate this 1200 for the number of years. Or you might just as a ball park take the value of construction in those days, so for 5year old it will be about 700psft. The rest of the value of the flat i.e. 7000-700=6300psft is the price YOU ARE PAYING FOR THE UNDIVIDED SHARE OF THE LAND. Now if price in your locality for land is say 5000psft and you are allowed to build 1.5 times that in your area then effective price for a construction will be 5000x1.5=7500psft. If that is confusing look at this.
Take that 6300psft we got above, multiply that by 1.5 i.e.9450psft. If price of land in that area is slightly more than that then your are yet justified, otherwise you are a fool to buy the flat. Now why did I say slightly more. Reason is simple. You only get a notional undivided share, so you cant do much with it. If I sold you plain land then you can operate on it, so the price of plain land has to be more than the Undivided share which is notional.
Now the Chennai Con Builder Broker reality is. They make land price go down, and increase flat prices. So use brokers to find prospects but kick them out in the final deal. Remember there are humpteen sites to get a price and there are genuine buyers and sellers. Why approach a silly broker?

[balcony]

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  string(375) "Resale Property - Valuation & Process

Hi, 

I am planning to put up a resale property - an apartment of about 800 sq.ft. with two wheeler parking only, ground floor in Ullagaram area. Please guide on how to value the property and how to proceed with resale - i.e., through brokers, websites, etc., Any information would be very much appreciated.

Thanks,
Balcony."
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Resale Property - Valuation & Process

Hi,

I am planning to put up a resale property - an apartment of about 800 sq.ft. with two wheeler parking only, ground floor in Ullagaram area. Please guide on how to value the property and how to proceed with resale - i.e., through brokers, websites, etc., Any information would be very much appreciated.

Thanks,
Balcony.