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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  • Originally Posted by vens
    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.

    Vens,
    A. Maxworth has documentation problems. My near and dear live there but they got one of those plots with right documentation. Infact that place has issues as the original promoter played games and the NRI buyers did not pay etc.
    2. Chettinad the price you said is fine. ACtually when I first checked the price was 80L for the same size you mentioned. However I thought they gave 1800sqft villa on 1000sqft land. Is 2000 sqft your FSI or is it part of 2 row houses? If what you originally said is correct great, not a bad buy. If FSI is half that number then I yet think it is not worth compared to Maxworth.
    3. Finally for all the complaints about Pallikaranai. You might want to share your experience living here. My relatives dont seem to crib about rain. How is your feeling? It will help the many doomsdayers on this forum into shutting up their sob stories.
    Cheers.
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  • Pallikaranai during rains

    These stories about Pallikaranai being submerged in water is all over blown. In the rains last year parts of Sastri nagar near Adyar were under water for a month just to name one posh locality. Compared to that pallikaranai places like Chettinadd Enclave, Maxwrorth Ngr etc. were quite reasonable and motorable. I think people who dont visit these places and dont do proper research just post non sense to scare every one. Better go and see the place before commenting.
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  • Good point Samson. Infact the way these bears talk, they expect Madras to submerge under the sea.
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  • And, without realising it, he may actually be right ...

    Originally Posted by Natarajg007
    Good point Samson. Infact the way these bears talk, they expect Madras to submerge under the sea.



    Sometimes Nats gets lucky and becomes possibly correct ...:D But its purely coincidence!

    There is a distinct possibility that many coastal cities may get parially submerged within the next 50-70 years due to the rise in sea levels and increased tidal activity due to Global Warming. And this is serious prediction.

    How much of this will happen to Chennai, no one knows, but some of us may see it in out lifetime! :o

    cheers
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  • Pallikkaranai

    In fact what people talk about the maximum water logging and use of boat in fact applies mostly to Velacherry and the stretch from Velacherry to Madipakkam and further towards Pallikkaranai rather than in Pallikkaranai itself. And locations like Maxworth Nagar and Chettinadd Enclave are so nice you have to live to realise. Water logging is still there but these are in approach roads and it is like you have in many other places in Chennai. Approach roads need improvement and partly the developers have not yet performed what they committed.

    Without doubt Prices have corrected by 15%. Chettinadd which was selling at Rs.4600.sft last year is now quoting Rs.3900/sft. In fact price had actually gone up from around Rs.1700/sft when they launched the first phase in end 2005. (They only offer villas in individual plots) I am surprised that Chennai is very strong in holding prices while real estate prices in rest of the country are moving southwards. Bangalore which went ahead of Chennai in real estate prices in 2004 is now almost back to 2003 levels! (except in Northe bangalore because of new airport) In Bangalore you get good quality flats in very good locations from good builders at between Rs.2000/- to Rs.3000/sft. If you want to invest in flats go to Bangalore. Chennai is not the place to invest at random now.
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  • Originally Posted by wiseman
    Sometimes Nats gets lucky and becomes possibly correct ...:D But its purely coincidence!

    There is a distinct possibility that many coastal cities may get parially submerged within the next 50-70 years due to the rise in sea levels and increased tidal activity due to Global Warming. And this is serious prediction.

    How much of this will happen to Chennai, no one knows, but some of us may see it in out lifetime! :o

    cheers

    In the next 50-70 years Wisey may be dead and why is he talking about it! Can I ask such a stupid question like Wisey?
    We need to bother about tommorow and then about the day after. Infact we need to first worry about today before tommorow! Planning for future is one thing, confusing people with the fear of a terrible tommorow and thereby spoiling their today is EXACTLY WHAT WISEY WANTS TO DO. He is a SADIST of the nth order. So he will come up soon with the funda that Earth will die because of pollution or because of a comet and even because of water pollution. In Koramangala the water is contaminated with Nitrates as per one report. So can we say that Wisey is going to turn BLUE! (La blue baby syndrome!). Can I say that?
    If I go to such cheapo levels like Wisey then there wont be the me in me. Shame that this board has a buffoon like Wisey who will tell anything so ungraciously and confuse the average reader.
    Wisey, wake up. The average reader is slowly asking you to shut up. They may not tell you in such clear cut terms like me, but if you remember just an year ago, you were like a Raja here, yapping your bullshit and nobody dared question you. Now that not only have I proved your view illogical, the market has also shown you are a nut loose, the average pestered buyer is so hard up that they will love to exterminate you. Wake up to reality Wisey buddy. You are being questioned by many simple folks since your level of nonsense is so stupid that you are behaving like the cat that assumes the world has disappeared because it has closed its eyes.
    PS. Wisey you might visit the nearest Psychatrist in Kormanagala! Cheers.
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  • Originally Posted by wiseman
    Sometimes Nats gets lucky and becomes possibly correct ...:D But its purely coincidence!

    There is a distinct possibility that many coastal cities may get parially submerged within the next 50-70 years due to the rise in sea levels and increased tidal activity due to Global Warming. And this is serious prediction.

    How much of this will happen to Chennai, no one knows, but some of us may see it in out lifetime! :o

    cheers

    When Nats is right, he is lucky and by coincidence, but when Wisey claims to have hit that UNNAMED PHARMA company and claims a 30% CAGR then it is his Wise brains! What a show of arrogant stupidity!
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  • The difference between 30% and 40% CAGR ...

    Originally Posted by Natarajg007
    When Nats is right, he is lucky and by coincidence, but when Wisey claims to have hit that UNNAMED PHARMA company and claims a 30% CAGR then it is his Wise brains! What a show of arrogant stupidity!



    Folks,

    Lets see who is stupid and who is arrogant! :D

    On a 24 year timeframe with a 6k investment, here is what the difference between 30% CAGR and 40% CAGR is ...

    30% CAGR - Rs.32,00,000 (32 lakhs)
    40% CAGR - Rs.1,60,00,000 (160 lakhs)

    The difference is 5 times!!!

    A guy who is so frivolous about such a difference is not only truly arrogant about his own (unjustified) superiority, he is also stupid to ignore he difference ...:D

    So, looking at this attitude Nats, Truly, you must really be at the top of the list of pitchakarans you seem to have maintained! :D

    Btw, every other person on this forum must have gleaned from my posts that the said "unnamed" pharma company is CIPLA - I recollect at least 2 posts where I named it. But then, you are so full of yourself that you just missed all the important points in my post, right?

    Just like you missed the point where you took off on someone who had taken personal loans to buy property. Look before you leap, you pitchakaran ...:p

    Btw, for all those who are interested in trading, tick-by-tick trading is the worst and truly pitchakaran way of trading. It is the most mindless, stupid form of trading and is equivalent to gambling based on pure chance.

    Are you surprised Nats does this kind of trading, if at all (actually he simply lying, he does not do stock trading at all, but his ego simply can't take the fact that there may be others on the forum who may be making money doing things he is not doing. So he lies about how he trades and how he is long Dow 9140, ha, ha, ha!)

    If people simply ignored you Nats, the number of unnecessary posts on this forum directed at you would reduce the total by 50%!!!

    cheers
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  • Oops when he is hurt, M.A. English is fallible. So shows Wisey darling.
    BTW 5 times more after 24 years is such an unwarranted comparison given that after 24 years one may not be alive and as Wisey says Chennai may be under the sea (LOL!). Also for one Cipla there are hundreds of companies that have disappeared. Incidentally a stock broker friend of mine used to talk about Rolta and how it moved from 20 to 1000 and back in 90s and again in 2000s. We all know how Lucent my old employee went from high 2 digits to single digit. The famous IIT Madras alumini (forget his name!!) whose famous company went from 180USD to 2USD and then disappeared I suspect.
    Unfortunately in RE I have given many examples, Saligramam, Palavakkam, Urapakkam, Thirunindravur to name a few and periods from 40+ years to 20- years. I have similar data for Mylapore, Habibullah road and a host of places. All these give CAGR of 20% to 30%.
    Finally the same Wisey who was trying to teach me straddles and strangles at 3700 Nifty forgets that averaging is important and is talking of one Cipla or one Infosys and forgets a Cepham Organics (again Pharma) and a SW company (starts with C...I forget in Bangalore) which all disappeared from the trading screen.
    I do understand that Wisey's very limited knowledge is getting exposed by me. Not that I find any pleasure doing it, but when someone talks stupid on a public board and boasting about it and confusing the gullible, I take it as my responsibility to bring in sanity.
    Finally tick by tick trading is my first step into trading and that was clear in my first message. Also the father of one famous American actress came to India and was teaching how he made 1M USD by a trading method where his maximum time of holding a scrip was 25 minutes. For an ILLITERATE trader like Wisey, day trading might be incorrect. However if you have the tools, connectivity and ofcourse BRAINS (something Wisey regularly buys from the mutton shop but is unable to fix into his head...ROTFL) any type of trading can yield success.
    Well Wisey needs to pass montessori of trading. I wish him all the best.
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  • I booked Chettinadd in late 2005. At that time the price worked out to around Rs.1700/sft for 1835 sft building in 1750 sft plot size. If a plot size was larger than 1750 sft an additional charge was applied. Later the standard rate went upto Rs4600/sft in 2008 and now the price is reduced by 15% to Rs.3900/sft this year. The builder is yet to complete common amenities promised.

    The atmosphere there is peaceful with greenary both for Chettinadd as well as Maxworth. Water logging and the need for boat etc., actually applies to some part of Velacherry like, Srinivasa nagar, Ram nagar etc., and nearby Madippakkam than to Pallikkaranai itself. Even in last years' rain water logging inside the community was vey minimal whereas approach roads were affected. We could not come from Velacherry side because of the waterlogging but was able to reach through new bye pass road connecting Chrompet to OMR (yet to be opened officially). All that smell etc., are actually nearer to Velacherry than to Pallikkaranai on Velacherry Pallikkaranai road near near Velacherry-Madipakkam junction but much before actual Pallikkaranai. Pallikkaranai is anyway better than Velacherry in terms of pollution, water logging, peaceful atmosphere, good ground water.





    Originally Posted by Natarajg007
    Vens,
    A. Maxworth has documentation problems. My near and dear live there but they got one of those plots with right documentation. Infact that place has issues as the original promoter played games and the NRI buyers did not pay etc.
    2. Chettinad the price you said is fine. ACtually when I first checked the price was 80L for the same size you mentioned. However I thought they gave 1800sqft villa on 1000sqft land. Is 2000 sqft your FSI or is it part of 2 row houses? If what you originally said is correct great, not a bad buy. If FSI is half that number then I yet think it is not worth compared to Maxworth.
    3. Finally for all the complaints about Pallikaranai. You might want to share your experience living here. My relatives dont seem to crib about rain. How is your feeling? It will help the many doomsdayers on this forum into shutting up their sob stories.
    Cheers.
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  • Originally Posted by vens
    I booked Chettinadd in late 2005. At that time the price worked out to around Rs.1700/sft for 1835 sft building in 1750 sft plot size. If a plot size was larger than 1750 sft an additional charge was applied. Later the standard rate went upto Rs4600/sft in 2008 and now the price is reduced by 15% to Rs.3900/sft this year. The builder is yet to complete common amenities promised.

    The atmosphere there is peaceful with greenary both for Chettinadd as well as Maxworth. Water logging and the need for boat etc., actually applies to some part of Velacherry like, Srinivasa nagar, Ram nagar etc., and nearby Madippakkam than to Pallikkaranai itself. Even in last years' rain water logging inside the community was vey minimal whereas approach roads were affected. We could not come from Velacherry side because of the waterlogging but was able to reach through new bye pass road connecting Chrompet to OMR (yet to be opened officially). All that smell etc., are actually nearer to Velacherry than to Pallikkaranai on Velacherry Pallikkaranai road near near Velacherry-Madipakkam junction but much before actual Pallikkaranai. Pallikkaranai is anyway better than Velacherry in terms of pollution, water logging, peaceful atmosphere, good ground water.

    Actually Chettinad is a rip off compared to Maxworth nagar. Especially if as you say the amenities are not up, then there is no gain in Chettinad. In 2005 one could get 3000sqft plot with 1400sqft building (about 5 years old!) for just 20L.
    Ofcourse there is a deadly catch in Maxworth nagar. If you buy one of those disputed NRI plots then life will be hell. My relatives are living peacefully in Maxworth nagar since then.
    However nowadays the same property is worth about 90L. This the bears will hate to know. However the reason is the RIP OFF effect of Chettinad has impacted the price in a delivered Maxworth nagar!
    In summary old properties shoot up when new properties get sold for a fortune. Even going by current prices Chettinad is costlier than Maxworth. If you use the same logic of 1:1 building to land as in Chettinad and if my relative builds afresh 3000sqft building and sells at Chettinad rate of 3900 he would get 1.2Crores. To build 3000sqft is about 30L. So the land worth is about 90L by back calculation. If the person used an FSI of 1.5 and built 4500sqft then he will make a super killing in Maxworth assuming Chettinad rates!
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  • 1.25 crores in Pallikaranai

    I personally feel Pallikaranai is not at all worth it for 1.25 crores. Be carefull about the double documents and non residential lands.I am staying nearby this area. There are somany borkers who does not even know how many zeros for 1.25 crores.
    Think first and then decide before investing huge money. As for as I know, Half a ground land in pallikaranai is 20 lakhs. You calculate the worth of the house based on this.

    I would suggest you to look something in Kottivakkam and Thiruvanmiyur and besant nagar. Those too are greenary areas in chennai. Look something near guindy rajbhavan colony. Poes garden also should be good option but not sure you will get it for this prise. Cenatoph road areas looks very good to me as well. (Forgive me for spelling mistakes)

    regards
    Sundar

    Originally Posted by Curious Cat
    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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  • 1.2C quote for palli in feb 2009 - I don't think it is true. CC must be playing a prank.
    No one in right mind would quote 1.2 for 1.2 G with a6 yr old house.

    Palli is not a bad place but the subject house should worth no more than 65L.
    Curious cat stop stiring and playing pranks.
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  • Well Chettinad prices are facts and whatever I wrote in the previous avatar about prices in this area are truth. In Maxworth nagar a resident with 2500sqft built house 50% old construction on 2900sqft land quoted 1.3cr.
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  • Originally Posted by svsundar81
    I personally feel Pallikaranai is not at all worth it for 1.25 crores. Be carefull about the double documents and non residential lands.I am staying nearby this area. There are somany borkers who does not even know how many zeros for 1.25 crores.
    Think first and then decide before investing huge money. As for as I know, Half a ground land in pallikaranai is 20 lakhs. You calculate the worth of the house based on this.

    I would suggest you to look something in Kottivakkam and Thiruvanmiyur and besant nagar. Those too are greenary areas in chennai. Look something near guindy rajbhavan colony. Poes garden also should be good option but not sure you will get it for this prise. Cenatoph road areas looks very good to me as well. (Forgive me for spelling mistakes)

    regards
    Sundar

    Nobody will sell you land in Thiruvanmiyur for a ground in that 1.2c unless it is in the sea or as good as that or is telling thiruvanmiyur when actually it is probably in a cheri in venkateswara nagar. As for besant and poes, you can buy it not at C but in Cssss.
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