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Realestate Scenario in Chennai

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Realestate Scenario in Chennai

Last updated: February 3 2009
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  • #11

    #11

    Re : Realestate Scenario in Chennai

    Dear gone mad,

    Prices in selective areas such as Poes garden, Besant Nagar,Alwarpet,Adayar only will go up.

    But all other areas, prices will either be stagnant or go less for next one year.

    So if you are buying wait for 6 months to 1 year.

    If you are selling, do it immediately as prices will go down further

    Comment

    • #12

      #12

      Re : Realestate Scenario in Chennai

      Originally posted by wiseman View Post
      Dear gone_mad,

      Times are getting tough. Taking risks is out. Why not put off the plan for
      2 years or so and revisit? You may get the land for 50% less? And if your salary then covers the risk, and you can find a bank to fund it (will banks give loans today?) it may be a much better bet.

      It will also make you sleep soundly for next 2 years at least!

      cheers
      Sorry for the late reply. For some reason my post took time to appear in the forum and by that time I had already stopped checking the forum. Surprisingly I found my post with loads of answers now.

      I went mad after checking the realty prices in and around Chennai and now the ball seems to have turned to the buyer's court.

      After seeing all what is happening around in the world, I have decided to just save some money in FDs atleast for a couple of years (decided this before seeing your post wisey - anyways now it looks to be right) monitoring the land prices and to buy after that. By that I can save some loan interest amount.

      Madipakkam and Velachery were literally drown in the last month's rain. I can now say that the money they quoted is way too much for such areas and not worth the deal.

      Wiseman, your other posts are very insightful most of the times, cheers and keep 'em coming!

      Comment

      • #13

        #13

        Re : Realestate Scenario in Chennai

        gone mad,

        Pl do not act true to your nick name. Invest if you have money now. Do not listen to bearish people here

        Comment

        • #14

          #14

          Re : Realestate Scenario in Chennai

          Originally posted by whatheheck
          Your response invites trouble from Nuts. You know why? Its because you asked him some more questions that he may not want to hear.

          Anyway this is what Wiseman told you two months ago. I am going to tell you the same thing what Wiseman told you before.

          Your plan is excellent but you need to wait for some more quarters. Atleast wait till the end of 2nd quarter of FY2009 and then revisit your plan.

          Good luck.
          Thanks WTH

          Ya, I have decided to wait and watch some two months back even before I saw wisey's reply. I wrote a post about that and it never appeared.

          Anyways, I missed to deal with the FSI in my OP which I should have a look. Any thoughts from seniors on my plan and FSI?

          Comment

          • #15

            #15

            Re : Realestate Scenario in Chennai

            Originally posted by Nataraajg007 View Post
            gone mad,

            Pl do not act true to your nick name. Invest if you have money now. Do not listen to bearish people here
            Are you serious? AFAIK, I just saw the price decrease of atleast 2 to 5 lakhs per ground in Chennai. Isn't it common sense to just wait for some more time to watch the trend?

            I'm sorry I can't call you with your name because you lack originality and I am gonna call you as 'spoofy' lol.

            Comment

            • #16

              #16

              Re : Realestate Scenario in Chennai

              Achievable FSI Lookup

              Originally posted by gone_mad View Post
              Thanks WTH

              Ya, I have decided to wait and watch some two months back even before I saw wisey's reply. I wrote a post about that and it never appeared.

              Anyways, I missed to deal with the FSI in my OP which I should have a look. Any thoughts from seniors on my plan and FSI?
              gone_mad,

              If you own 2400 sqft of land you can build a space of 1.5 to 2.5 times the land area.that is easily 3600 sqft of built up.

              The following can be used as a rough guide

              Independent house

              Allowed FSI - 1.5
              Achievable FSI - 1.25(due to restriction on plot coverage,set back restrictions)
              UDS for 1000 sqft constructed - 800 Sft.

              Ground + one building

              Allowed FSI - 1.5
              Achievable FSI - 1.35 to 1.45(reduction due to restriction on plot coverage, set back space, No. of Kitchen and carpark restrictions)
              UDS for 1000 sqft constructed - 710 Sft.

              Ground + 3 storied building (or) stilt + 4 storied

              Allowed FSI - 1.5
              Achievable FSI - 1.6 (increase due to non F.S.I. area like headroom, lumber room areas )
              UDS for 1000 sqft constructed - 625 Sft.

              Ground + 4 floors and above

              Allowed FSI - 2.5
              Achievable FSI - 2.6 (increase due to non F.S.I. area like headroom, lumber room and associate room areas etc.)
              UDS for 1000 sqft constructed - 385 Sft.

              Hope it helps.

              Comment

              • #17

                #17

                Re : Realestate Scenario in Chennai

                Do wait and see

                As you have said, the are you are looking into is quite good as far as IT parks are located. Your salary is quite decent to invest in this kind of plan and also the bank would be lending this loan as you three are earning a decent salary.

                Just analyse the land prices and have everything done by a lawyer who is proficient in these matters. Because in the future you three must not have any legal issues.

                GOOD LUCK

                Comment

                • #18

                  #18

                  Re : Realestate Scenario in Chennai

                  Do not invest near IT parks or OMR areas in chennai. All these IT parks will be closed soon due to IT downfall

                  Comment

                  • #19

                    #19

                    Re : Realestate Scenario in Chennai

                    Dummy IT Park ?

                    Originally posted by Nataraajg007 View Post
                    Do not invest near IT parks or OMR areas in chennai. All these IT parks will be closed soon due to IT downfall
                    There were days when any 3-4 storey buildings were called as IT Park by Brokers and escalated the land price around the area.

                    All those dummy IT Parks will vanish due to the slowdown in rental of office spaces . But Real IT parks will survive with minor slowdown but its true that we may not see growth atleast for the next two years.

                    Cheers.

                    Comment

                    • #20

                      #20

                      Re : Realestate Scenario in Chennai

                      IT and Real Estate

                      If IT falls then India's economy will hit to the bone. Every one will get effected.
                      We need to be smart, dont believe this Broker or agent. They always will show you day dream.
                      Either land or AIR and FOOD. Choice is yours.

                      Comment

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