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Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

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Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

Last updated: July 13 2016
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  • Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

    Hi,

    I had recently visited Marg's site in Seekinankuppam which is nearly 70 kms from their office at OMR. The place looks good; clean air; open and unpolluted environment; close to the sea face however, the distance from the city is the main concern here. The Marg reps claim the need for going out as minimal after the whole township which will contain everyting from grocery stores to hospitals; is built. The price(10 lacs for a 1bhk) looks mouth-watering but at the same time I'm also doubtful about the appreciation of the land value solely attributing to it's distance from the city. They also said that the MRTS is eventually gonna expand to that neighborhood which clearly is a marketing gimmick.
    What would you guys suggest me to do? Go for it or pass?

    Thanx,

    ne0sphere
  • #2

    #2

    Re : Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

    purpose?

    what could be the purpose of buying a house 70 kms away from city? I believe you have no idea to live there.. Even OMR has no infrastructure, what could be there after 70 kms? You want that property to raise in value and get lot of profit?

    Comment

    • #3

      #3

      Re : Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

      Marg is building their own SEZ's inside their township. The situation is similar to Mahindra World City which is some 50 odd kms from the city but has insane land prices only due to its presence. One can never predict how much the distance barrier will shrink in 5-6 years from now. ECR is said to be broadened to a 4-lane highway in 3 years or so. Yes, I don't have any plans of moving over to Chennai for another 6 years to start with.

      Laters,

      ne0sphere

      Comment

      • #4

        #4

        Re : Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

        Actually not a bad idea...

        I've done some research on Marg Swarnabhoomi, and am considering buying a 2- or 3-bedroom house there. I've yet to visit their site, however, so am waiting to do that before I commit to purchase. I found this thread, and wanted to share my views.

        First, I believe that the distance is a major issue for people immediately looking to move there. However, for people like me who have at least 3-4 years left before moving, it's definitely worth considering.

        Second, as neosphere pointed out, Mahindra World City is the only reason NH-45 has boomed to what it is today. Similarly, several SEZs are planned in Swarnabhoomi. Undoubtedly, several IT/ITES companies will set up shop there once the basic infrastructure is in place. There's a huge catchment area for talent (Chennai, Kanchipuram district and Pondicherry engineering colleges, polytechnic institutes etc.). The demand will increase exponentially once the companies begin operations there and employment increases.

        Third, government planned infrastructure is set to extend upto their area. ECR widening is under proposal (
        http://www.hindu.com/2008/06/17/stor...1757770100.htm ), and a railway line linking Chennai to Cuddalore directly has been approved by Southern Railways ( http://timesofindia.indiatimes.com/Cities/Blueprint_for_E_Coast_rail_link_to_Cuddalore_ready/articleshow/3150506.cms ). Additionally, Marg has planned very sound basic infrastructure for their project (uninterrupted power supply, desalination plant, sewer and waste management, and road connectivity).

        Finally, the plan is to minimise the need to travel outside the community because it is meant to be self-sustaining. Apart from a school, a hospital and a mall, other reasons exist that will guarantee rapid price appreciation: a port in Cheyyur to be developed by Marg, for handling coal and power generation, and great lifestyle additions like a club, a mall, a golf course etc.

        All in all, I think this is an excellent opportunity for sound investment, and if you're willing to wait a few years, a great new choice of residence away from the hustle and bustle of a large Metro. I'm sure that the value will appreciate tremendously in a few years. What's more, I think this place won't be affected by price fall/correction, if any, on OMR because unlike the unchecked rapid rise of prices all along OMR, prices for this project will rise solely based on the response to the SEZs within the community. I believe that the response from the IT sector at least will be very enthusiastic, and thus buoy prices only upward.

        So my suggestion to any of you considering this project is, go for it. Any comments/corrections/suggestions are very welcome; sooner the better, coz I'm almost convinced... !


        - prasanna

        Comment

        • #5

          #5

          Re : Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

          Prasanna, thanks for the update. Did you manage to visit the site recently? How are the developments around that place? Will the promised infrastructure developments would happen in that place? What is the rate per sft for 2 BR flat?

          Comment

          • #6

            #6

            Re : Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

            May be good idea for holiday home

            Originally posted by neosphere View Post
            Hi,

            I had recently visited Marg's site in Seekinankuppam which is nearly 70 kms from their office at OMR. The place looks good; clean air; open and unpolluted environment; close to the sea face however, the distance from the city is the main concern here. The Marg reps claim the need for going out as minimal after the whole township which will contain everyting from grocery stores to hospitals; is built. The price(10 lacs for a 1bhk) looks mouth-watering but at the same time I'm also doubtful about the appreciation of the land value solely attributing to it's distance from the city. They also said that the MRTS is eventually gonna expand to that neighborhood which clearly is a marketing gimmick.
            What would you guys suggest me to do? Go for it or pass?

            Thanx,

            ne0sphere
            Hi Fellow citizen,

            It may be a good idea for a holiday home.
            If you want a home for living, This may be not the best time to buy.
            Just invest those funds in Liquid cash funds and get tax free 10% or more when the interest rates go up every 2 moths.

            Inflation is big issue now and the RE market is the brink of a big fall.

            Mid 2009 you will be able to buy a flat for same price much closer than 70 kms.

            Just spend some time and check out the Indian & global economic situation.

            Everything is pointing on a global economic crisis and drastic rise in interest rate, Credit issues.

            Don’t waste your hard earned money now - You can choose your investment timing now.

            Comment

            • #7

              #7

              Re : Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

              Swarnaboomi depends on potential SEZ and IT office space

              Here is toady artcile in hindu property plus about the over supply of IT Office space as SEZ.

              If I was an IT company I have way too may choice,locations and oversupply of office space.

              MOTHER OF ALL OVER SUPPLY.

              Please read HINDU property plus 09/08/08

              Nearly four million sq.ft of IT space is unused and many dedicated IT parks are vacant, writes Suresh Kuppuswamy.

              The Government of Tamil Nadu recently announced new ICT (Information and Communication Technology )policy 2008.

              Assuming that all the IT parks so far cleared by ELCOT would be completed in the next three years, 55 million s.ft of space will soon be available.

              Then the additional built up area required would be 28 million s.ft. This seems possible to build. However all is not well with IT dependent real estate.
              There is a yawning gap between what is projected and what the city can actually absorb.

              Recently, the government entered into an agreement with a private developer, DLF to develop the Tidel Park II at Taramani in 26.64 acres of land at an investment of Rs.1500 crores. About 4.5 million sft. of IT space is to be built in two phases and the first phase with 2.5 million sft. is expected to be ready by 2009.

              The third Tidel Park is to come up at Taramani in a land of 25.27 acres at an estimated cost of Rs. 3000 crores which is a joint venture of TIDCO and Tata Realty. In this project, the total space would be 3.5 million sq.ft and the first phase with 2.1 million is expected to be ready by 2009. ELCOT is planning to set up a second IT park at Sholinganallur, Perumbakkam (IT corridor) through a private partner on a 199 acre site with 10 million sft accommodating 250 mid-size and 50 large companies.
              If all these developments are realised there will be an additional 18 million sft. of built space in Chennai Metropolis alone. As per a recent report, CMDA plans to develop 1 lakh s.ft of commercial space for IT offices over the airspace at MRTS Stations at Taramani, Velachery and Perungundi.

              How much of built space can Chennai absorb?

              IT parks vacant


              In the last eight months, there have been many less enthusiastic reports regarding IT built spaces. A recent report reveals that nearly 4 million s.ft of IT space worth Rs. 1600 crores remain unused and many dedicated IT parks are vacant. It was also predicted that the vacancy level would soon reach 6 million sq.ft. Over supply and slow development of infrastructure are the reasons cited for this phenomenon. In addition, as the last quarter results of most IT majors have shown, the net profit margins are down confirming the predictions that IT-ITES sector will face a slow down on account of slump in US economy. Nasscom had forecast a drop in orders and profits as a short-term phenomenon whereas IT majors feel that only by early 2009 the upward trend may be discernable. IT companies now prefer to move to IT-SEZ to avail tax benefits. It is observed that of the total 59 SEZs cleared by the Central Government in Tamil Nadu, 37 relate to IT-SEZ and 12 are already operational. As of March 2009, the STPI incentive policy for IT parks and the associated tax benefits would cease to operate and IT_SEZ would then be the preferred option. Would a shift to IT-SEZs to avail tax benefits for the next 15 years create further vacancy? The developers who have invested in IT parks look at this scenario with gloom.
              To add to the situation, the government is proactively promoting IT related developments in tier II cities. An IT – SEZ is being established at Coimbatore in a 29.08 acres plot. In Madurai an IT park is being planned in a 29 acres plot and the government plans to construct 1 million s.ft. Similarly in Tiruchi, about 135 acres has been alienated to ELCOT for developing an IT tower measuring 1 million sq.ft. In Salem also about 164.26 acres has been allotted in SIPCOT Industrial Estate for establishing an IT park.
              The existing vacancy in IT buildings raises serious doubts about the projection as well as the continuation of incentives.

              Comment

              • #8

                #8

                Re : Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

                Please chech the fate of Navi Mumbai

                Navi Mumabai is a new city (Yes Whole new city) about 100 kms away from Mumbai.

                There are 100's of SEZ and townships created like the Swarnaboomi.

                My friends bought appartments in similar township like Swarnaboomi which depends on future IT SEZ.

                He now lost 30% in Value (In the past 3-4 months),Unrented for 10 months,now he finaly tenented it out and he pays 80% of his rental income for Maintenece fees.

                Please find out how many thousands they want in monthly maintence fees.

                Comment

                • #9

                  #9

                  Re : Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

                  Ricky, Is Swarnabhoomi dependent only on IT? I understand there are few auto ancillary units coming up in the SEZ. The MOUs have been signed already.

                  Comment

                  • #10

                    #10

                    Re : Marg Swarnabhoomi, Marg Groups, Seekinankuppam, Chennai

                    Multi Purpose SEZ

                    Swarnaboomi is planning for multi use SEZ Includeing IT & Auto components,However it will have to compete with a lareg oversupply of SEZ's through out the country.

                    Every state goverment (Allover India) is creating economic Zones.

                    This will have to compete with many SEZ's in Sriperamputhur,Chennai,Coiambutur,Madurai,Hosur,Na nguneri etc.

                    How has investments performed in Mahindra City & Navi Mumbai(Invest in the last 12 months)

                    Atleast Navi Mumbai has an new International Airport,Over sea Bridges,Current running Railway line to Mumbai.

                    There is forecast of glut & Oversupply in far south Chennai due to Hirandhani,L&T,DLF& India Bulls - All expected to Flood the appartment market of Far south Chennai in the next 2-3 years.

                    When every developer in the country wants to build SEZ and IT parks we end up with mother of all over supply and hangover for years.

                    There is a saying in share market "When taxi drivers give share buying tips - you sell out of the market" Meaning the market is over valued.

                    Same goes with property,when every one you know is a property broker and every builder is building SEZ you sell your RE portfolio.

                    Comment

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