What is the market price for a 15 year old 2BR flat in Anna Nagar, near Blue Star? The flat is in a pretty good shape. What is the per square foot rate I can expect on the UDS?
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  • what is the rate being quoted to you?
    if you want others to give you info, you must first do so.
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  • Sorry for missing on that. I am quoted 65 lacs for 900 sq ft built up area. Is it worth considering the current RE situation? I am interested in Anna Nagar, that is the reason for looking at this one. I am not looking at selling it for another 15 to 20 yrs
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  • 65 lacs for 900 sq ft for a 15 year flat is high. negotiate it lower by starting from 45 lacs. you wouldnt be too surprised if he comes down.
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  • Anna Nagar Flat

    Originally Posted by yeskrish
    65 lacs for 900 sq ft for a 15 year flat is high. negotiate it lower by starting from 45 lacs. you wouldnt be too surprised if he comes down.


    The running rate for a good second hand flat is about Rs. 5000 to 5500 per sq. ft. As there is no car parking and it is over 15 years old, the right price may be Rs. 5000 per sq. ft. New flats come in the range of Rs. 6500 to 7000 per sq. ft. with car parking extra.

    ks2071746
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  • Originally Posted by omatunto
    Sorry for missing on that. I am quoted 65 lacs for 900 sq ft built up area. Is it worth considering the current RE situation? I am interested in Anna Nagar, that is the reason for looking at this one. I am not looking at selling it for another 15 to 20 yrs

    First 15year old flat is worth almost nothing for the construction. It is worth only for the UDS. So calculate UDS and multiply it by around 10K to 12K. Again where in Anna Nagar is it. Dont tell me Thirumangalam and expect price in East.
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  • Originally Posted by ks2071746
    The running rate for a good second hand flat is about Rs. 5000 to 5500 per sq. ft. As there is no car parking and it is over 15 years old, the right price may be Rs. 5000 per sq. ft. New flats come in the range of Rs. 6500 to 7000 per sq. ft. with car parking extra.

    ks2071746


    I did check the new flat price in Annanagar with Firm and Golden Homes. The current rate is 8500 per sq ft and 10200 per sq ft respectively.
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  • Originally Posted by Natarajg007
    First 15year old flat is worth almost nothing for the construction. It is worth only for the UDS. So calculate UDS and multiply it by around 10K to 12K. Again where in Anna Nagar is it. Dont tell me Thirumangalam and expect price in East.


    The UDS is around 650 sq ft and the appartments is in the same road as Bains school, Annanagar. The final price I could bargain is 60L. So considering 8500 per sq ft on the UDS, it works to less than 55.25L.
    My only doubt is what would be the value of my investment when I sell it after 10 or 15 years? I am sure no individual will come forward to buy a 25 or 30 yrs old flat then. The only option is to sell it to any builder for a new flat and that too after getting consensus from all other flat owners. Is this a wise investment?
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  • Originally Posted by vijai5
    i also called them both quote the same rate of 8500 because they have purchased the land at a higher rate so they cant sell it for cheap,and more over its not booked yet and i personally went to the site and saw,just a empty land with their ad,thats it.


    So if I consider Rs 8500 psf as the minimum price I gotta pay for the UDS, it works out to 55.25L. Hence I might end up paying 5L more as the last bargain is 60L. Is it wise to go for this deal considering it will be difficult to find an individual buyer for the flat after 10 or 15 yrs? Maybe the UDS will be of value if all the flat owners agree to sell it to some commercial buyer.
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  • dont multiply grnd rate by UDS to come with valuation.'
    if this was 600 sq ft of vacant plot it is comparable.

    you will have to factor in flat plinth area x new flat rate x reduction factor.
    for 1 year i would say the reduction factor willbe 60%- my guess only.
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  • Thanks yeskrish. I guess I will have to ditch this deal and look out for other properties in Anna nagar.
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  • Originally Posted by omatunto
    I did check the new flat price in Annanagar with Firm and Golden Homes. The current rate is 8500 per sq ft and 10200 per sq ft respectively.


    Dear omatunto,
    Only last week end I had been to a GF flat in the 10th main road and the owner, my friend living in his own 3 bed flat bought at Rs. 1600/sq. ft. 8 years ago, told that the second hand flats in the locality is between Rs. 5000 to 6000 /sq. ft. I also know of a builder who has bought the land and wanted to start his project, thought of Rs. 7000/sq. ft. has now delayed his project as he feels the rates are down now an he may find it difficult to get buyers at Rs. 7000/sq. ft. If any other promoter is quoting like Rs. 8500 or 10000/sq. ft. I can only say they still live in another world not knowing the current RE trend..
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  • Now in August 2017, What is the best resale price per sqft for a 15year old flat on Shanti Colony 50feet wide 9th main road near Anna Adarsh college/school?

    Post buying, buyer ​​​​​​need do the painting, replacement of old Bathroom fittings, some electrical fittings replacement, safety metal grills for main entrance and for two balconies.

    I am Quoted an as is where is asking price of ₹8200/sqft for a 1050 sqft 2BHK with one reserved car parking, UDS 400sqft(38%) and woodwork in two bedrooms & kitchen.

    The location and neighborhood is good, clean (my rating 8/10), construction quality of the building is good (8/10),current condition reasonably maintained with 24x7 security with five CCTV surveillance, lift, borewater purification facility, Metrowater.

    Flat has Good daylight and cross Ventilation. Terrace is clean with thermal coating done. Flat has Vastu compliance. 90% of the all the walls in the flat are independent not sharing with other flat.

    Key advantages are the clean location, good construction quality, good condition, maintenance of the building and the common area is @15% results in enhanced carpet area.

    ​​​​​​​The flat has been under rental for nearly 7years by the same tenant, hence owner hasn't felt the need to get a new coat of paint inside the flat.

    Whole appartment block exterior has got repainted once in 2009 and holds good and next repainting is due by end of 2017.

    Top floor three flats are deviations from original plan but flat owners have already applied and paid the regularisation fees to CMDA and await correction notification, which is a normal practice with 6-20flat standalone building built by small builders in 2002.

    What is your opinion on the price. This flat purchase is for my living.

    New flats in the next street by Pushkar builder is sold@ ₹14K and above which has 25% common area being charged by builder.
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  • May appear reasonably priced. But, 38% (400 sq ft) UDS shows just not a deviation alone; must have some unauthorised apartments to make the UDS so low. Just check what is the FSI allowed for a new building on the same street, you will understand the head room to gain/lose when it comes to redevelopment.
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  • Originally Posted by maverick007
    May appear reasonably priced. But, 38% (400 sq ft) UDS shows just not a deviation alone; must have some unauthorised apartments to make the UDS so low.

    Just check what is the FSI allowed for a new building on the same street, you will understand the head room to gain/lose when it comes to redevelopment.


    Thanks Maverick.

    Yes three flats on top 4th floor is extra and CMDA regularisation being done.

    The 1995 built three floor appartment I currently live in Kodambakkam had its entire middle 2nd floor five flats got regularisation scheme later by CMDA. Hence my 655 sqft 2bhk flat has uds of 320sqft only, 16flats built on 6800sqft land.

    Until 2004 CMDA seems to have given approval for a total of "x " number of kitchens to be built for the builders of Old standalone Appartments and builders used to build extra kitchens and get them regularised by CMDA. Hence deviations from drawings are in every standalone Appartments.

    Entire Chennai flat owners paid for regularisation fees for their flat deviations in Chennai to CMDA await a court order for years.

    The current resale flat Location is good. 14flats built on a 2.5ground land, reserved parallel independently gated 8 feet wide, 17feet length car parking, construction quality is good with entire flat marble flooring.

    Actually I am searching a good resale flat in a good location with Vastu compliance with independent car parking for the past 4years, but invariably each one has the same CMDA deviations, regularisation done later.

    Actually The resale flat price trend after demonitization, and linking of PAN with Income Tax is trending downwards as in 2015 Shanti Colony for a 25year old flat prices were north of 9.5k/sqft, now not many are venturing to buy as investment hence hovering around 8k/sqft.
    ​​​​
    This is the resale flat which ticks most boxes like no garbage bins nearby, no TASMAC shop nearby, wide 40/50feet road, proximity to Metro rail, bus stop, hospitals, school & colleges, super market, park, eateries etc.

    As of today 70% first owners live in the Apartment, 3flats are rented and few owners have grown exponentially and bought independent villas in Annanagar including my Flat owner. Good sentiment too.
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  • For consumption and end use, it is hard to debate. My point on earlier post was - there is not juice left to milk further upon redevelopment. Part of your rightful UDS 15 years ago (if complied) was given away to the other 4 flats. Compliant 15 year old flats usually have 10-20% room left for increased sq footage and it is a potential carrot or margin of safety. Assuming a compliant redevelopment based FSI of 2 will end up with a flat of 1000 sq.ft (new) with 25% loading. That's the only future potential you need to factor which I was driving at. For a 15 year old apartment, paying market value of UDS portion is one benchmark(past) for valuation. You are paying @5Cr/ground. My sense is, it could quote at discount at 20 yr mark and further discount at 25 year mark. If land value keeps up at the past growth rate, discounts may not affect you much as long as you are happy to stay there for next 15 years. For whatever reason, you decide to sell, IRR can shock you.
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