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Property Price Trends in Chennai

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  • Re : Property Price Trends in Chennai

    Recently I met a very good childhood friend of mine who lived here in the US for 15+ years and moved back to chennai, leads a large group in a IT services giant.
    He has RE investments in BLR, Chennai and regional TN all over.
    now question came to rent/buy, his priority was kids schooling tried BVM PSBB and SBOA and settled in SBOA
    Now buy or rent near SBOA main campus ? - after crunching numbers settled for a nice property less than 20K rent which has 1400+ sqft covered car park security etc.
    SBOA charges 25K a year school fees, in chennai standards its cheap
    so if you think about options / quality of life spending 3crores in upscale apart in OMR and sending to 1.5 to 2.5L a year / kid school vs living in a Nice decent dig in Anna nagar west and sending kids to SBOA, i felt my friend's choice came out much much ahead.
    Now its not a question of affordability, this guy can buy anywhere in chennai...
    Its a question of choice, and there are plenty for renters in the current market

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    • Re : Property Price Trends in Chennai

      Originally posted by SRaj001 View Post
      Recently I met a very good childhood friend of mine who lived here in the US for 15+ years and moved back to chennai, leads a large group in a IT services giant.
      He has RE investments in BLR, Chennai and regional TN all over.
      now question came to rent/buy, his priority was kids schooling tried BVM PSBB and SBOA and settled in SBOA
      Now buy or rent near SBOA main campus ? - after crunching numbers settled for a nice property less than 20K rent which has 1400+ sqft covered car park security etc.
      SBOA charges 25K a year school fees, in chennai standards its cheap
      so if you think about options / quality of life spending 3crores in upscale apart in OMR and sending to 1.5 to 2.5L a year / kid school vs living in a Nice decent dig in Anna nagar west and sending kids to SBOA, i felt my friend's choice came out much much ahead.
      Now its not a question of affordability, this guy can buy anywhere in chennai...
      Its a question of choice, and there are plenty for renters in the current market
      Very Very useful.Thanks.

      Comment


      • Re : Property Price Trends in Chennai

        Originally posted by SRaj001
        so if you think about options / quality of life spending 3crores in upscale apart in OMR and sending to 1.5 to 2.5L a year / kid school vs living in a Nice decent dig in Anna nagar west and sending kids to SBOA, i felt my friend's choice came out much much ahead.
        It comes down to making choices based on what works for oneself fully understanding his preferences. If one's work location is in Navalur/SIPCOT and has certain preferences which can't be met elsewhere or otherwise, they may prefer living in V-K Road or OMR.

        Originally posted by SRaj001
        Now its not a question of affordability, this guy can buy anywhere in chennai...
        Its a question of choice, and there are plenty for renters in the current market
        It is a question of individual's choice rather than a universal choice given the constraint and preferences. Also, affordability is one aspect that affects the choice and for many, it is the predominant factor.
        Last edited December 24 2013, 09:21 AM.

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        • Re : Property Price Trends in Chennai

          Originally posted by SRaj001 View Post
          Recently I met a very good childhood friend of mine who lived here in the US for 15+ years and moved back to chennai, leads a large group in a IT services giant.
          He has RE investments in BLR, Chennai and regional TN all over.
          now question came to rent/buy, his priority was kids schooling tried BVM PSBB and SBOA and settled in SBOA
          Now buy or rent near SBOA main campus ? - after crunching numbers settled for a nice property less than 20K rent which has 1400+ sqft covered car park security etc.
          SBOA charges 25K a year school fees, in chennai standards its cheap
          so if you think about options / quality of life spending 3crores in upscale apart in OMR and sending to 1.5 to 2.5L a year / kid school vs living in a Nice decent dig in Anna nagar west and sending kids to SBOA, i felt my friend's choice came out much much ahead.
          Now its not a question of affordability, this guy can buy anywhere in chennai...
          Its a question of choice, and there are plenty for renters in the current market
          SR,
          How old is ur friends kid? putting him/her at SBOA straight after returning from US - you reckon is a good choice?? SBOA is a good choice for home grown kids and not for NRI kids born and brought up else where? when you have lot of good international schools around and if affordability is not a factor, he could have considered it for a easy transition for his kids . gated community will be the popular choice for indians in the future. Chennai is still struggling to get in terms of living in big gated communtiies because of the infrastructure woes and high maintenance cost that goes with it. If your work pace is near by, good school with in the community and afforability is not a factor, why not? and it is good to have plenty of options to pick and choose.

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          • Re : Property Price Trends in Chennai

            Originally posted by sundarjp View Post
            SR,
            How old is ur friends kid? putting him/her at SBOA straight after returning from US - you reckon is a good choice?? SBOA is a good choice for home grown kids and not for NRI kids born and brought up else where? when you have lot of good international schools around and if affordability is not a factor, he could have considered it for a easy transition for his kids . gated community will be the popular choice for indians in the future. Chennai is still struggling to get in terms of living in big gated communtiies because of the infrastructure woes and high maintenance cost that goes with it. If your work pace is near by, good school with in the community and afforability is not a factor, why not? and it is good to have plenty of options to pick and choose.
            actually 2 kids 4th and 2nd grades and he is an Anna Univ Alum and is not a huge fan of the International schools in chennai.

            Actually International schools and different curriculums are a huge complication in chennai and in india, once you go through it you will know it
            My 2 nieces are US citizens they are confused as heck, do i want to pursue IIT / IISC route, Do i pursue SAT/ACT and go to undergrad in US or follow European/Aus route for undergrad or finally resort to local colleges in Karnataka or TN ? they are totally confused.

            I agree GC will be the choice of the future but i just quoted his choice as an example, i do have a few more classmates who moved back living in Srinagar Colony, Pallikaranai and neelangarai sending kids to Indian Public School etc, the choices are varied but there is no rush in them to buy is the common theme, most of them are renting taking their sweet time to decide on choices, as they feel they are not in any rush and the rents they pay for the location, space and sqfootage they are getting is really pennies on the dollar.

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            • Re : Property Price Trends in Chennai

              Originally posted by maverick007 View Post
              It comes down to making choices based on what works for oneself fully understanding his preferences. If one's work location is in Navalur/SIPCOT and has certain preferences which can't be met elsewhere or otherwise, they may prefer living in V-K Road or OMR.



              It is a question of individual's choice rather than a universal choice given the constraint and preferences. Also, affordability is one aspect that affects the choice and for many, it is the predominant factor.

              agree in this case the work location had weighed in plus anna nagar had all the activities he wanted for the kids including
              Gym, Swim, Karate, Piano lessons, Chess, Cricket between the 2 kids.
              all these added into the decision making.
              I would never categorize this as universal.

              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 ?


              Comment


              • Re : Property Price Trends in Chennai

                Originally posted by SRaj001 View Post
                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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                • Re : Property Price Trends in Chennai

                  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
                  Last edited December 26 2013, 10:41 PM.

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                  • Re : Property Price Trends in Chennai

                    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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                    • Re : Property Price Trends in Chennai

                      Originally posted by nabishek View Post
                      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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