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- Originally Posted by vgiriLooking to buy 1 ground land near Neelankarai, though Kapaleeswarar Nagar is my preference I am ok if it is in sea side (approved), before toll and slightly close to kuppam is ok. What is the latest price?
Please tell me the advantages and disadvantages of buying SLIGHTLY close to kuppam.
Close to Kuppam, you can get one ground of plot for anywhere between 35 to 40 L. If its on the other side of the road and beyond palavakkam fish market, then depends upon the community you may get if for 45 to 85 L per ground.
For Eg: In Kajura Gardens in Neelangarai, one ground of plot sells around 85L. Its the posh area in Neelangarai.
Now my advice for you is, do not invest in Real estate now. Wait for another six months and you will get an excellent deal. DO NOT RUSH.CommentQuote0Flag
- Much against what Strong our banned buddy on this board might love to have, in Kajura gardens a price of 85L is a steal. I would think if someone gave me land here for 1.5Cr per ground it wont be bad. In areas like Kandaswamy nagar with right approval it could easily go beyond 2.4cr.
And why will u want seaside near a kuppam? Maybe your budget...then fine. As for approval on seaside...it is a myth. The local panchayat will even give you approval for land inside the sea if u pay them well!CommentQuote0Flag
- chennai REOriginally Posted by Natarajg007Much against what Strong our banned buddy on this board might love to have, in Kajura gardens a price of 85L is a steal. I would think if someone gave me land here for 1.5Cr per ground it wont be bad. In areas like Kandaswamy nagar with right approval it could easily go beyond 2.4cr.
And why will u want seaside near a kuppam? Maybe your budget...then fine. As for approval on seaside...it is a myth. The local panchayat will even give you approval for land inside the sea if u pay them well!
Still people talk about one ground in crores of rupees in areas away from the city? Then how can we expect the flat prices to come down drastically? I don't think the reduction will be the likes 30 or 40% what the press and news papers project, though the buyers would like such reductions. May be some marginal reductions only in the range of 5% to 10% at the maximum. By expecting large reductions in the nxt 6 months or 12 months, I think, one may end up with less comfortable or convenient areas and still with no appreciable reduction in prices. Of course, the prices may not increase in this period, but one will lose good flats and may end up with delays resulting in large pre EMIs. More views are welcome.
- Kandaswamy nagar is around 2km from Tiruvanmiyur bus stand. Now flats are being built in far away locations with builders getting terribly high premiums. As I discussed before (in relation to Carborundum example) flat builders whose net cost per sqft will be Rs 2300 charge from Rs 4000 to Rs 4500. So when things are bad they charge Rs 3600. Fools like Wiseman start stating that it is a 10% reduction in price. In reality the builder who was making a profit margin of 1700 cuts it to 1300. So it is not like any fall in price. Just that DLFs and the other realestate shares will fall that is all. Those buying land will hardly have much of reduction unless they too are buying from the PLOT manufacturer. In other words, resale plots are hardly going to tumble and the older the plot the lesser the tumble. Flats will fall.
Incidentally any fool buying a DLF flat assuming it will go up is mad. Such things happen during property boom times and then start saturating. So if somebody thinks that buying INdia bulls flat in Medavakkam for 2700 today will yield him 5400 in next 3 years when the flat will be ready may be in for a shock. However if u built a land in Medavakkam you might yet get atleast a 30 to 50% appreciation in next 3 years.CommentQuote0Flag
- Today one of the promoter confirmed that the price in Kazura garden is nearly Rs.75L - 80L. It is confirmed many brokers says the sameCommentQuote0Flag