Hi Friends,

I had been to the FAIRPRO '09 Fair.My Impression after seeing, is that prices are stagnating for all ongoing projects and builders are trying hard to hold them up.

Prices are 10-20% lower for new projects in the pipeline and for ready to occupy flats.

The discount offered at the stall was very less and were in the range 150-500 Rs/sqft max.

For the benefit of fellow members I am posting the project/price details of some of the properties.



Akshaya Foundations

Adora - OMR - 3750/sqft
Aikya - Adyar - 12500/sqft

Alliance Group - Orchid Springs - 3199/sqft

Arihant Foundations

Heirloom - Thalumbur - 2499/sqft
Escapade - Thoraipakkam - 4150/sqft
Villa Viviana - Maramalai nagar - starting from 1 Crore

Asvini Foundations

Amarisa-phase1 - Ramapuram - 4500/sqft
Amarisa-phase2 - Ramapuram - 4250/sqft
Akshita - Madipakkam - 3800/sqft

Casa Grande

Riveira - Palikkarnai - 3450/sqft - before discount 3600/sqft
Silver Oak - Perungudi - 4300/sqft - before discount 4500/sqft
Madhuban - Madipakkam - 3300 /sqft - before discount 3500/sqft
Mylapore - R.K.salai - 12500/sqft
Plots
Ponmar -785/sqft - before discount 825/sqft
Maraimalainagar - 790/sqft - before discount 825/sqft

CeeDeeyes - Chenni Pattinam

Basic Rate - 1600/sqft All Inclusive - 2075/sqft

Chaitanya shanthiniketan

Sunnyvale - Ayanavaram - 4850/sqft
Serena - Rajkilpakkam - 2550/sqft
Gardenia - OMR - 1900/sqft
Green Park - Chitlapakkam - 3300/sqft

DLF

Gardencity - 3200/sqft - was told slash in prices expected in coming weeks.

Doshi Housing

Etopia I and II - Perungudi - 3895/sqft
Nakshatra - Tambaram - 2995/sqft - Completion May 2010
Tranquil - Velachery - 5500/sqft - Completion February 2010
Trinity park - Santhoshpuram,Vengaivasal - 3195/sqft - Completion April 2009
Serene Couny-Villas - Santhoshpuram,Vengaivasal - 2200,2600/sqft
LlanStephan - Chetpet - 9000/sqft - Completion May 2009
Sri Mahalakshmi - Ayanavaram - 4495/sqft - Ready to Occupy

ETA

Rosedale - OMR - 3100/sqft
Le Chalet - Villas - Sriperambudhur - 26 Lakhs - 37 Lakhs

Hiranandani Upscale - 4200/sqft

Hiranandani Palace Gardens - 3475/sqft

Indus Housing

anantya - Navalur,OMR - 2299/sqft + 400(other charges)
riviera villa - Navalur,OMR - 90 Lakhs onwards
habittera - urapakkam,GST - 2399/sqft + 400(other charges)
amber - Saidapet - 4750/sqft

Jain Housing

Ankush Prakas - Kilpauk - 7500/sqft - Ready to occupy
Amrit Kailash - Strahns Road - 4500/sqft - Ready to occupy
La Gardenia - Nungabakkam - 7500/sqft - Ready to occupy
Ansruta - Valluvarkottam, nungabakkam - 10000/sqft - Ready to occupy
Antariska - Kodambakkam - 4500/sqft - Ready to occupy
Eiffel Garden - Vadapalani - 4250/sqft - Ready to occupy
Saagarika - M.R.C Nagar, sea facing - 10000/12500 - Ready to occupy
Green acres - Pallavaram - 3900/sqft - Ready to occupy
Abhishek - Selaiyur - 3500/sqft - Ready to occupy.

Jamals

Orchid - Palikkarnai - 3500/sqft
Palazzo - keelkattalai - 3700/sqft
Grandeur - Velappanchavadi(near saveetha dental college) - 3200/sqft

KGEYES

3 Projects on L.B.Road, Thiruvanmiyur - 6650/sqft
Delmare - Beach road,Thiruvanmiyur - 7000/sqft
Carolina - Velachery,Taramani - 4500/sqft
Swathi - Sastri Nagar,Adyar - 8500/sqft
Kalakshetra - 8000/sqft

Landmark Constructions

Tiara - Perungudi - 4000/sqft - Completion on August 2009
Aston Ville - Vadapalani - 5500 sqft - Completion on July 2009
Tudors Place - K.K.Nagar - 6500/sqft
The Address - Adyar - 11500/sqft
The Grange - Palavakkam - 7500/sqft
Cenralia - Chrompet - 2950/sqft - prelaunch
Gem Towers - AnnaNagar - To be launched.
Mahalakshmi Heights - Ashok Nagar - To be launched

L&T Estancia
Construction in Progress
1st-3rd Floor - 3950/sqft
4th -12 floor - floor rise charge of 20/sqft for each floor
13th - 17th - 4450/qft

L&T Eden Park - 3600/sqft

Mantri Synergy - OMR
2800/sqft - with 20/floor rise
Special offer - First Floor - all inclusive
1140 sqft - 33,67,000
870 sqft - 28,50,000

Navin Housing

Dayton Heights - Nelson Manickam road - 6500/sqft + 30/sqft floor rise from 2nd floor
Subha Mangala - Ramapuram - 4200/sqft
Brookfield - Nanmangalam - 3500/sqft
Merrylands - Medavakkam - 3500/sqft

Olympia Opaline - 3441/sqft - spl budget flats available

PACE Builders

Anna nagar west - 4195/sqft - before discount 4495/sqft
Selaiyur - 3195/sqft - before discount 3495/sqft
Valasarvakkam - 2795/sqft - before discount 3295/sqft

PS Srijan

The Grand - Velachery - 5250 sqft - before discount 5500/sqft - Floor Rise applicable from 4th floor

Rajparis

Harmony - Medavakkam - 3100/sqft

Rajarathnam Constructions

RC Prince Gardenia - Perambur redhill road,Kolathur - 3600/sqft

Rajkham

Independant houses - Ayyapathangal - 2600/sqft

Real Value

Sai Skanda - Velachery - 4200/sqft
Sai Surya - Palikaranai - 3800/sqft
OMR opp SIPCOT - 13.20 Lakhs onwards

Shriram Properties

Trishakti - SIPCOT - 2750/sqft
Shankari - 1990/sqft

Sidharth foundations

Tulip - k.k.nagar west - 4800/sqft - completion march 2009
Natura - medavakkam - 3100 /sqft - completion july 2009
Visvaleela - Annanagar - 8500 /sqft - to be launched
Dakshin - Urapakkam - price TBD - to be launched
upcoming projects in porur, thoraipakkam, rajkeelpakkam, mogappair.

SIS

Safaa - Urappakam - 3150/sqft

SSPDL

Crescent - Kelambakkam - Vandalur Road - 2500/sqft
Upcoming 2 villa project one in OMR and one in Sriperambathur.

Sumanth & Co

Thiruvanmiyur - 6000/sqft
Besant Nagar - 11500/sqft

TVH

Lumbini square - Pursaiwalkam - 5500/sqft + 30/sqft floor rise from 5th floor
Ouranya Bay(Premium) - OMR,Padur - 3100,3200 + 25/sqft floor rise from 5th floor
Ouranya Bay(Budget) - 2bhk - 20 Lakhs
3bhk - 30 Lakhs
Ekanta - Coimbatore - 3100/sqft
Revata - Mogappair east - 4500/sqft
Kamya - K.K,Nagar - 7000/sqft
Metro Golden Nest - Sriperambathur - 1bhk - 15 Lakhs
2bhk - 22 Lakhs
3bhk - 28 Lakhs

VGN Group

Minerva - Mogappair,Nolumbur - 2975/sqft
3 in 1, 4 in 1 - 3800/sqft
Mahalakshmi Nagar,Thiruverkadu - 3500/sqft
Plots
Mugalivakkam - 52 Lakhs/grnd
Selaiyur - 50 Lakhs/grnd
SPKoil - 34 Lakhs/grnd
Katankulathur - 22-27 Lakhs/grnd

Yuga Homes

Shem Park - chemmenachery - 3300/sqft
Upcoming in Koyambedu, R.A.Puram(8000/sqft)



There are lots of properties and also lots of potential buyers.There is sure a sense of uncertainity among the builders and also the buyers on when to make the next move.It was evident that correction in RE prices have started to happen.

Requesting members to respond with their thoughts on the current trend.
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  • Originally Posted by SRaj001

    I have a related question - this is for my own understanding -
    Suppose i have a house in bangalore - rented, 1 in OMR / flat - rented
    and i live in a rental in anna nagar -
    i beleive i can still write down all interest costs MINUS rental income for the 2 properties mentioned above against my Indian salaried income ?
    true / false ?
    If the answer is true will that weigh in a good decision making process ?




    True. But unless one of the house is self-occupied you cannot get the exemption for prinicpal amount of the loan..That negates the entire benefit of taking home loan for tax saving purposes. Many workaround by "claiming" it as self occupied and not showing the rental income.
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  • Those who came out of US and settled in upscale sent kids to ECR Billabong still and have access to HUS Intl school . It is all game and comforts at the end of the day. Many who could not get seats in Reputed schools got admission in same schools in EP, DLF,BHS

    I know how hard it is to put kids in SBOA Goaplapuram and take them out in such small street .

    Parent comforts followed by Kids comforts is the most priority nowadays irrespective of Loaction where one finally choose to live in wherever they originated or migrated or moved in at the "cost of money for comforts "

    My explained example may not suit one nor from others too for me but people settle invariably in preferred location by admitting their kids which we can be neither questionon nor pull out

    It's all comforts and deep pockets which drive all the way down or up
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  • Most international schools in chennai affiliate to IGCSE / CIE from Univ of Cambridge, Some with IB as well, how effective very questionable,
    Schools in Middle East have been doing this for a while with little success.
    When i see kids who arrive for under grad in US colleges, they struggle big time,

    There is very little SAT / ACT and AP/IB penetration by these International schools leave alone adoption to
    Standford Univ achievement test, CM tests, Johns Hopkins CTY or Iowa Univ skills test etc ..
    All of these can be subscribed online and proctored home or in school in front of a teacher, no big deal.
    My nieces took the Stanford CAT exam run by Pearson assessments recently they did ok not great.
    the point im trying to drive is the so-called International schools with international curriculum has only a lot of lofty shallow promises, the kids coming out of that system are in no way shape or form comparable to talent coming out of Thomas Jefferson , Montgomery Blair, NC School of Science and Tech, Dallas Magnet High or Jefferson County IB etc, its not a point to compare but i think the RTI folks some times try to get the international standard in chennai for what reasons i dont some times understand, they can as well prep their kids for IIT JEE or put them through CIE/ ACT / SAT prep to get the test part cleared and sign up for AP / IB to get college credits.
    Its much easier that way.
    Again this is only a POV , not the only POV :)
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  • Originally Posted by nabishek
    True. But unless one of the house is self-occupied you cannot get the exemption for prinicpal amount of the loan..That negates the entire benefit of taking home loan for tax saving purposes. Many workaround by "claiming" it as self occupied and not showing the rental income.


    nabhishek, but principal is part of 80C and capped to 1 lac which has many other items as well like PF, PPF etc. Interest is the bigger component anyways in the amort chart.
    Looping back to SRaj's question.. does this play a part in renting in desired locations and letting out own properties in not so desired locations.
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  • Originally Posted by infoseek
    nabhishek, but principal is part of 80C and capped to 1 lac which has many other items as well like PF, PPF etc. Interest is the bigger component anyways in the amort chart.
    Looping back to SRaj's question.. does this play a part in renting in desired locations and letting out own properties in not so desired locations.


    You are right. But considering the fact that no one intentds to pay the loan for entire 20 years and will be prepaying the loan wherever possible,one can start showing greater amount of the EMI towards principal+interest that works out higher than just interest alone. In second house, With additional costs of showing rental income, wealth tax and high interest rates and low rents, high maintainence etc..doesnt make it very lucrative in my opinion. Buying on a spouse name or joint loan would be better if buying is a must. Most use second house to only show "loss from property". Generally Banks give loans at a lower interest rate if its only self occupied first home. This is to encourage new buyers. Once you have multiple loans to service, you no longer are eligible to such rebates, you may be denied Pre-EMI, asked for additional down payment etc and it affects ones credit worthiness too.

    It surely is beneficial to stay on rent while letting out the house only IF you are saving more on tax benefit than the rent expense and earning more than EMI+rent which is a huge cost. Additional savings are not always the case with single home, with a second home too its only maybe.

    Heres a good article on this subject

    A second house can reduce your tax burden - Economic Times
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  • Renting is always better and best at times for many . But who is the Investor for such properties?

    Invetsors who buys property and let's out are smart or Tenant who occupies at low rent is smart.

    Both are smart as long as Math is working out in economical way . But owners always win with Capital Appreciation for the deployed Capital

    One can own 2 properties in

    A .residing area ( with low interest outgo towards home loan ) where he is working with highest rent

    B. another property in home town or other location ( with high interest outgo) with low rent

    and claim IT rebate by using B by living in A .

    As simple as that .

    One has to choose the amount of loan, desired location and Rental pattern while in employment to reap such benefits .

    RE gives nice return in 10-15 years cycle in our economical condition steadily
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  • Is the rate 3900 per sq feet worth in thirumudivakkam area in navin's hill view project/amarprakash project near ORR.How about the locality and quality of drinking water in this area?Will there be any appreciation in this area?
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  • Originally Posted by priya80
    Is the rate 3900 per sq feet worth in thirumudivakkam area in navin's hill view project/amarprakash project near ORR.How about the locality and quality of drinking water in this area?Will there be any appreciation in this area?


    Priya.. each project usually has a separate thread in this forum and you can post your queries in that thread to get the the quickest response. Navin Hill view was discussed in https://www.indianrealestateforum.com/forum/city-forums/chennai-real-estate/49366-navin-s-hill-view-navin-constructions-pallavaram-chennai?t=51044 however it is not active for a while now. You can still post your queries there and get your responses

    Sent from my GT-I9505 using Tapatalk
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  • The general price trend is up in the city. Specifically the areas like alwarpet, RA Puram, Numgampakkam, Mylapore, T Nagar the new projects are priced 20k/sq.ft and above irrespective of brand. The price of resale apartments are catching up with in relation to new projects. I do not see any speculation and it seems to be end user driven market when comes to apartment. On the other hand large speculation going on plot investments in extended suburbs like Chengulput, guduvanchery, Maruvathur and beyond.

    The price trend of new projects are in line with cost of material and land. The new trend is emerging among youngsters who buy apartments before they get married. Also previously left out NRIs are major contributors for high end properties in the city.

    Over all 2013 seems to be year of survival for big realty firms. As people expects change of govt in 2014 and move towards more of capitalistic govt. 2014 also bring new set of challenges to Emerging markets as Fed started unwinding its massive QE, but still owe to keep long term rate low. However India may see revived economic upswing if govt changes.

    I expect in 2014 nifty would return far better than RE. Gold has been in absolute turmoil in 2013 and represent good opportunity to grab some for better return in 2014.
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  • Overview of the real estate sector in 2013: It’s that time of the year when I look back at the months gone by and analyze events which may have leveraged the prospects of the Indian economy and the progress seems manifold in almost all sectors. Real Estate and Infrastructure too, is an area that has witnessed unprecedented growth in the last two decades. However, with growth comes the slack, and with the economies facing a slump in the past few years, no sector has been left unscathed. Monetary tightening resulting from RBI’s measures to control inflation was the major macro influence on the real estate business in India, through most part of the year. High interest rates, spiraling vacancy levels and lower margins arising from inflationary pressures too, led to a slowdown of construction activity leading to a drop in new launches, and also delayed project delivery by several months. Developers with exposure to residential projects are particularly worried, with slowing sales leading to a situation of oversupply in many parts of the country.

    City Wise Classification: My interactions with developers, clients and in-house experts have shaped my understanding of the top six residential markets of the country namely Mumbai, NCR, Bengaluru, Chennai, Hyderabad and Pune. Mumbai and Chennai, which are land locked from one side by the sea, have the highest weighted average price of ` 5,900/sq. ft. and ` 4,700/sq. ft. respectively. Their unique topography has ensured restricted supply of land resulting in high prices for residential properties. While the weighted average price in Mumbai city is much higher at ` 15,000/sq. ft., it goes down to ` 5,900/sq. ft. for the entire Mumbai Metropolitan Region which also includes areas such as Thane, Navi Mumbai, Mira-Bhayandar and Vasai-Virar. Cities such as Bengaluru, Pune and Hyderabad have a relatively lower weighted average price of ` 3,800/sq. ft., ` 4,500/sq. ft. and ` 3,450/sq. ft. respectively.
    Emergence of the peripheral markets in these cities on the back of large scale development of the IT/ITes sector, has managed to keep prices to more reasonable levels. Bengaluru remains the most affordable residential market with more than 77% of its total under construction units falling below the ticket size of ` 50 lakh. This is followed by Chennai at 75%. The deliberate strategy on part of developers in these cities has been to focus on the peripheral areas and offer the right sized apartment which has ensured that the new supply does not breach the affordability level of the target segment. In contrast, Hyderabad has only 51% of its total under construction units below the Rs.50 lakh price bracket despite the city having the lowest weighted average price among the top six metros. Since majority of the new projects are skewed towards larger sized apartments, the ticket size breaches the 50 lakh mark despite the lower per sq. ft. price. Mumbai remains the most unaffordable market with 29% of the city’s total under construction units surpassing the ` 1 crore mark as compared to 11% and 5% for the NCR and Bengaluru markets respectively. Current scenario & Future At 5% GDP growth in FY13, the Indian economy grew at the slowest pace during the last decade. Besides, policy inconsistency and apathy towards the sentiments of the international and domestic business community have aggravated the agony. Hopefully, the policy makers realize that relaxing FDI norms alone will not attract foreign investment. Conducive business environment promoting transparency and policy consistency is a greater prerequisite.

    n a bid to achieve the same, the Securities and Exchange Board of India (SEBI) also revived the process of introducing real estate investment trusts (REITS) in the country. However, these regulations couldn’t take shape due to a number of factors, including the global economic slowdown, which also impacted real estate markets. In a welcome move, SEBI once again brought out Draft REITs Regulations, 2013, which were made public on October 10, this year for inviting stakeholders’ views. The underlying reason for all these moves is that the Indian real estate story continues to be tremendously attractive. While, there is a sort of saturation in the Tier 1 cities, the good news is that Tier II cities have started growing with the IT and industrial sectors investing in such places. Thus, Indian real estate is poised for a boom, taking the rest of the economy with it. The notion that Indian real estate is expensive is based more on the cost of undeveloped land, which is becoming a scarce commodity, than finished residential or office space, which is still available at reasonable prices in most places. The momentum remains positive, if we can get the investment story right, lower the fiscal deficit and have more progressive monetary policies being drafted by the RBI, there’s nothing which can refrain us from coming back on the growth track by the second half of 2014.


    Checkout: How India's realty sector performed in 2013 - Moneycontrol.com
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  • Happy new year guys.
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  • I came across few projects at astounding rates in the last two months. 35K for high end projects like Akshaya and VGN in Nungambakkam, Villa project in College Rd, Nungambakkam I think 12 units only, small apt project in PG.
    High end is not 20K any more. 20K is the starting price of projects in central chennai.

    High end luxury projects would mostly be pursued by end users not return chasers or speculators.
    Also I do not think these are bought by young first time buyers or normal NRIs. There is a section of population who buy these. It is normal to see those people buying a 75L-1Cr SUV/car, I see many Bentleys nowadays, they are like 2Crs or more. So buying a 15Cr house is not a big deal for some of these folks.

    Coming to suburban areas, the slowdown might not affect the realty companies a lot.
    Builders mostly nowadays do not keep landbanks. They do JVs mostly, they make money as land owner absorbs interest impact and the builders get the money from buyer for building the project.
    So builders will survive, though will see much smaller revenue.

    Like all other cities, builders will keep building in suburbs, pushing massive inventory to market.
    Prices will be kept in check through competition and inventory. It is a good thing for end users as long as there are flats available for 4-5K budget. Slowdown is a blessing for first time buyers.

    Most plot buyers in suburbs buy with cash, not with leveraged or borrowed money. They will hold on to them, most do not know how to use the capital anyway if they sell. So the slowdown or stagnation will not impact them either.

    After the crazy run we had in the last four years or so (tripling in most areas), it is not bad to see stagnation for few years.
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  • Originally Posted by k11
    I came across few projects at astounding rates in the last two months. 35K for high end projects like Akshaya and VGN in Nungambakkam, Villa project in College Rd, Nungambakkam I think 12 units only, small apt project in PG.
    High end is not 20K any more. 20K is the starting price of projects in central chennai.

    High end luxury projects would mostly be pursued by end users not return chasers or speculators.
    Also I do not think these are bought by young first time buyers or normal NRIs. There is a section of population who buy these. It is normal to see those people buying a 75L-1Cr SUV/car, I see many Bentleys nowadays, they are like 2Crs or more. So buying a 15Cr house is not a big deal for some of these folks.

    Coming to suburban areas, the slowdown might not affect the realty companies a lot.
    Builders mostly nowadays do not keep landbanks. They do JVs mostly, they make money as land owner absorbs interest impact and the builders get the money from buyer for building the project.
    So builders will survive, though will see much smaller revenue.

    Like all other cities, builders will keep building in suburbs, pushing massive inventory to market.
    Prices will be kept in check through competition and inventory. It is a good thing for end users as long as there are flats available for 4-5K budget. Slowdown is a blessing for first time buyers.

    Most plot buyers in suburbs buy with cash, not with leveraged or borrowed money. They will hold on to them, most do not know how to use the capital anyway if they sell. So the slowdown or stagnation will not impact them either.

    After the crazy run we had in the last four years or so (tripling in most areas), it is not bad to see stagnation for few years.



    I need advice on how best to avail of the quoted rates. Ours is an apartment complex (G+4, plot size 3 grounds) of 15 flats of various sizes and a few garages, bang on the convergence of Adyar, Santhome, Mandaveli, off Greenways Road, on a 30' road. It is over 25 years old and some of the residents want to sell if they get real good rates and some want to rebuild considering the worth of a new apartment here.

    1. How much can we expect to get per apartment (GV of land here is Rs.16000) if we sell?

    2. What is the FSI here including premium FSI?

    2. Who is the best builder to approach to give us the best deal either way?

    Any input will be greatly appreciated.

    Happy New Year!
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  • Originally Posted by ferret
    I need advice on how best to avail of the quoted rates. Ours is an apartment complex (G+4, plot size 3 grounds) of 15 flats of various sizes and a few garages, bang on the convergence of Adyar, Santhome, Mandaveli, off Greenways Road, on a 30' road. It is over 25 years old and some of the residents want to sell if they get real good rates and some want to rebuild considering the worth of a new apartment here.

    1. How much can we expect to get per apartment (GV of land here is Rs.16000) if we sell?

    2. What is the FSI here including premium FSI?

    2. Who is the best builder to approach to give us the best deal either way?

    Any input will be greatly appreciated.

    Happy New Year!



    Two options:

    1. The Assn can sell the land and everyone gets their share according to UDS. If majority wants to sell then do this.

    2. Get a building contractor to build new building. Existing owners can either pay for construction cost for their unit or sell off their UDS to neighbours or to the builder who can inturn sell it to third party. Common amenities are included in the construction cost.

    FSI is 1.5 max.
    Premium FSI is not used in most projects, especially on smaller ones. So this can be crossed off.

    In option 2, people who are looking to sell will not get flat rate they will get land rate (UDS) only. If sellers want to take a gamble, they can pay for construction out of their pocket and sell it themselves later.

    For construction you can approach multiple contractors and take quotes/compare.

    If you guys sell the whole land parcel, just put ads on newspapers. Brokers will take notice too. Buyer pays commission, you do not have to.
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  • Thanks K11 for your prompt response. Any idea what the latest market value of land in this area is?
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