Hi Folks,

Greetings to all. I have just set my eyes upon a property at VGP Shanthi nagar and the price quoted is 120 Lacs for an area of 1.25 grounds with a built up 2200 sq ft 6-7 yr old, well maintained. I have attended the property shows and exhibitions but I came across fancy prices only. Can someone tell me if there would be a market correction and prices would drastically fall. Or can I go on with this deal.

Waiting for the mouse,
Curious cat
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  • Did you mean 120 lakhs in Palli&*#&? Anyways according to me this is not the time to acquire property in chennai...unless you are a very good speculator/acquiring house for your own use and not planning to dispose it in the next 5-10 years. Prices could come down and many ***ers are betting on it.

    Even the great Warren Buffet has lost money trying to predict the stock market low...no one can predict the market but if the prices crash the prices would be more affordable to a lot of people.

    Nothing can keep going up anyways...historic RE prices should confirm that. The fear is that prices are being held up artificially in Chennai by few greedy.

    All said you are the one who needs to decide looking at all the available data.
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  • Originally Posted by Curious Cat
    Hi Folks,

    Greetings to all. I have just set my eyes upon a property at VGP Shanthi nagar and the price quoted is 120 Lacs for an area of 1.25 grounds with a built up 2200 sq ft 6-7 yr old, well maintained. I have attended the property shows and exhibitions but I came across fancy prices only. Can someone tell me if there would be a market correction and prices would drastically fall. Or can I go on with this deal.

    Waiting for the mouse,
    Curious cat


    For ***ing properties in Pallikaranai, if they are offering some auto-nose -helmet to avoid smells & odours of marsh, it would be fine.
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  • I think 120 lacs in Pallikaranai is too much. With that amount you can look somewhere closer to the city center.
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  • Originally Posted by Curious Cat
    Hi Folks,

    Greetings to all. I have just set my eyes upon a property at VGP Shanthi nagar and the price quoted is 120 Lacs for an area of 1.25 grounds with a built up 2200 sq ft 6-7 yr old, well maintained. I have attended the property shows and exhibitions but I came across fancy prices only. Can someone tell me if there would be a market correction and prices would drastically fall. Or can I go on with this deal.

    Waiting for the mouse,
    Curious cat


    Dear friend,

    Better wait. The prices are definitely coming down though it is not "crash" in Chennai.

    ks2071746
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  • Thanks so much,

    Would reconsider. Meanwhile can you pls suggest nice residential localities in Chennai Green and Calm. When I checked out Adyar it had lost its appeal from what It was 20 years back. And the price is a whooping 300 lacs to 400 lacs for a ground and 180 lacs and above for just a 1800 sq ft apartment.

    Waiting n watching
    CC
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  • Originally Posted by Curious Cat
    Thanks so much,

    Would reconsider. Meanwhile can you pls suggest nice residential localities in Chennai Green and Calm. When I checked out Adyar it had lost its appeal from what It was 20 years back. And the price is a whooping 300 lacs to 400 lacs for a ground and 180 lacs and above for just a 1800 sq ft apartment.

    Waiting n watching
    CC


    Dear friend,

    Some streets in Kilpauk Garden area are really good with a lot of trees and quite calm.

    ks2071746
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  • Originally Posted by Curious Cat
    Thanks so much,

    Would reconsider. Meanwhile can you pls suggest nice residential localities in Chennai Green and Calm. When I checked out Adyar it had lost its appeal from what It was 20 years back. And the price is a whooping 300 lacs to 400 lacs for a ground and 180 lacs and above for just a 1800 sq ft apartment.

    Waiting n watching
    CC


    IIT campus ;) lol

    If you are putting over 100 lakh rupees, I'd suggest you to get dirty hands on. Visit Chennai for a couple of weeks, rent a car, drive all the directions, mark the places which you FEEL like you can live good, come to the forum and ask for the pros and cons about those areas. No offenses meant, but personally I will do the same if I am to decide upon the area.

    Defense colony in Guindy, few areas in Santhome, RA Puram, Kilpauk, Anna nagar, few areas in ECR (neelangarai), Nandanam lotus colony ;), few streets in mylapore, etc are slightly greener areas that come to my mind at this point of time. I know I am missing so many... Outskirts are even more better than city jungles.
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  • you are very right city jungles are pretty scary so pallikaranai seemend to be a nice choice out of the wilderness but the price quote is astounding. I have been in Chennai for the past 10 years and just in 2000 palli was at less than 5 Lakhs and now It has a 0 added to atleast 50 it is mind boggling. So the rush to something before the sunshine vanishes

    Make Hay while the Sunshine/Sunset!!!!

    The Sellers unless they are desperate would be in no hurry to sell infact this particular seller offered me to take it on rent coz he is unable to maintain!!
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  • Pallikaranai is not a good option.It completely submerges even on a slight downpour.Ground water has corrosive action.And a big time musquito menance.It was basically a marsh land earlier.(Especially the areas behind Balaji dental college)
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  • yeah, i would back some of the members. Pallikarnai is not a good option at all. The velachery-tambaram road (from pallikarnai onwards till tambaram) is just a 60ft road and not a 200 ft road as advertised. During the rains water logging is a major problem.

    For your budget why don't you consider Velachery, it is nearer to city and well connected to all important city locations.
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  • Originally Posted by Curious Cat
    Hi Folks,

    Greetings to all. I have just set my eyes upon a property at VGP Shanthi nagar and the price quoted is 120 Lacs for an area of 1.25 grounds with a built up 2200 sq ft 6-7 yr old, well maintained. I have attended the property shows and exhibitions but I came across fancy prices only. Can someone tell me if there would be a market correction and prices would drastically fall. Or can I go on with this deal.

    Waiting for the mouse,
    Curious cat

    You seem to have FACTS on the table. Analysing them with your friends above may not give you the results! What I mean is Pallikaranai 1.25grounds with 2200sqft building at 1.2crores means the following.
    2200sqft 6 year old building is worth about 10-15lakhs.
    So we are talking about 1.05cr for 1.25 grounds which is like 84L a ground. Certainly pricey but that is the quote and I dont think it will come down substantially EVER. Now with the resurgence of a bull market, you might not get it any cheaper!
    Your prices in Adayar again show that you have done sincere research. Many SILLY BEARS on this forum think that 3 to 4.5c in Adayar is obnoxious but that is the quote.
    As for Adayar and quality of life, well you are right. I think Chennai I knew has disappeared today but yet you need to choose what you want. In Pallikaranai there is a Maxworth Nagar with legal complications but if you get the right plot without the legal issues (the issue changes with the specific plot here) then it is a beautiful buy. Roads are mud but environment is really rustic. Just my view!
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  • Yes, if you choose that area you need breathing apparatus always due to bad smoke coming.
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  • Go, live and comment

    I bought a villa in Chettinadd Enclave (adjucent to Maxworth) in Pallikaranai. So peaceful and pollution free. You have to go live and comment. Away from the pollution and crowd of Velacherry yet close to the airport,OMR, CTS and Kamakshi Hospital. I consider this as one of the best locations not far from City yet affordable.
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  • Originally Posted by vens
    I bought a villa in Chettinadd Enclave (adjucent to Maxworth) in Pallikaranai. So peaceful and pollution free. You have to go live and comment. Away from the pollution and crowd of Velacherry yet close to the airport,OMR, CTS and Kamakshi Hospital. I consider this as one of the best locations not far from City yet affordable.

    Chettinad is fine but you paid a fortune for that while if you had just jumped the fence and moved into Maxworth Nagar you would have got almost all of what you said at a fraction of that price. Just that the roads are not tarred (I dont know if they are in Chettinad). However price in Maxworth was almost 1/3rd of Chettinad just 1.5 years ago, though now Maxworth has caught up a bit.
    Anyway other than price, quality of life is great in this area, if you know how to drive and pick up your groceries.
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  • Preferred Minrisk to Maxworth

    My search for plots started in 2003 when I started negotiating a few plots in Maxworth Nagar at Rs. 7 lakhs per ground. They dragged on giving complete documents for legal opinion for 1 year but insisting on advance payment. Heard stories of people losing deposits given and so did not dare to give deposit. Lost nearly two years following up and Maxworth increased price thrice during this period. Saw Chettinadd enclave coming up and nearby and concluded. At Rs.34 lakhs Chettinadd 1835 sq ft villa on 2000 sft plot is worth the atmosphere and quality they have given. At that time it was unreasonably high and my reasoning of land value or construction cost was countered with just "Take it or leave it. I have many buyers". There was no better quality and not easy to find a gated community. Of course, like all Chennai builders you will get a little less than what you are promised or shown. Maxworth is still the same as what I saw 6 years back-neglected.
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