I am planning to buy a duplex (G+1) semi-independent house at Velachery near by bus stand. I have been quoted 66L (includes registration) for this duplex, details are:


    UDS - 1200 Sq.Ft.
    Built up area 1800 Sq. Ft per house.
    Duplex type
    3 Bed Rooms
    Covered two cars parking area per house.
    Individual open terrace and an overhead tank per house.
    Drainage system available.
    Almost walkable distance from Velachery main road.
    Total Plot area - 4800 Sq.Ft.
    Total No. of houses - 4.

    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
    I would appreciate it if you guys could share your experience as well as opinions on this. Thanks a bunch.
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  • Originally Posted by Natarajg007
    At 3666 psft it looks too good to belief if the area is really a good place. Now dont tell me Madipakkam is Velachery!
    Now if one is stupid enough to pay 4200psft in Siruseri I will think this place is worth Rs 8000 psft.
    What is interesting in this forum is
    one guy is trying to negotiate in Velachery at 3700psft foolishly when it is so low and taking advice from Lovebird! and another is thinking of buying at 4200psft in Siruseri (far far away from Chennai).
    Chennai buyers are uniquely foolish!


    We all know you have bought a real estate in Chennai. Where does that leave you ? :-) Look before you leap.
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  • Originally Posted by nabishek
    I think you are referring to Dr.Seetharam nagar/VGP Selva Nagar.The ground cost is arnd 85+ lakhs/grnd as of now.The guideline value for that place is 1800-2000/sqft.

    abk had earlier warned us about double docs problem in selva/bhuveneswari nagar, please make sure you double check the docs even if its from an established builder and most are sold out.Are you sure that the place doesnt flood?I think it does.Ask more people in the neighbourhood and look for water marks on the compound walls of houses that are already built.It will give a very good indication on how submerged that locality gets.

    Construction cost including all charges would be arnd 1200-1500/sqft

    Lets assume land cost as 85lakhs/grnd i.e. ~3500/sqft and construction cost 1200/sqft.

    The cost of the house = (3500 * 1200) + (1200 * 1800) = ~ 64 Lakhs

    If you are concerned how much more you are paying.Comparing with guideline value, you are paying 20 Lakhs more than the registered value.

    PS Srijan residency just across on the main road is being quoted 5500/sqft, so the offer to you from the builder is around 40% less and you are getting good share of land as UDS, though it is semi independant.

    Therefore I say, The price 66 lakhs is good and fair.Negotiate for 60 L net is a good bargain.

    Please let us know how the deal went through after you have decided, it will help us all understand the trend.All the best.



    Hi nabishek,

    Thanks a bunch for your detailed response.

    1. The government defined guideline value for this place Bhuvaneswari Nagar is 2300 (it is 2200 per the site: tnreginet.net as of 2007). I believe this duplex is located in Bhuvaneshwari Nagar 2nd street (http://www.wikimapia.org/#lat=12.9707431&lon=80.2207464&z=18&l=0&m=a&v=2) behind Aniline Chemicals and in Bhuvaneshwari Nagar and 2nd St intersection. So the cost of the land per guideline value is: Rs. 27,60,000 (1200 X 2300).

    2. Double Docs - I had an advocate validate all the documents and he even went to the related govt. offices to validate that the documents are original. This advocate is very experienced only deals with the real estate legal opinions and registration.

    3. Flood - It does not seem to flood per the neighbours. The builder told me that he has spend 3Ls just to take care of flood. But I did not believe that. My BIL confirmed that this area does not flood.I will ask my BIL to check the water marks on the compound walls (I forgot to remind that).

    4. I am also assuming a construction cost of Rs. 27,00,000 (1800 X 1500).

    5. So even with just guideline value of 27.6L and build cost of 27L, it comes to 54.60L. I also thought 60L would be great deal. But I was unable to negotiate below 66L. The builder is not budging.

    6. I will keep you all posted on how this goes. Mean while please share your thoughts and experiences.

    This is a very informative forum. I appreciate all of your inputs.

    Thanks.
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  • Sorry for posting another article from Business-standard.
    Every newspaper carries these kind of articles daily.Still if you want to believe these bulls that market has bottomed out go and buy in haste and then repent at leisure.


    Property stocks have staged a strong comeback in the recent rally with the BSE Realty Index gaining 49 per cent compared with a 31 per cent move for the BSE Sen. Apart from the fact that they had been been mauled, stocks have bounced back because several companies have managed to get their loans rolled over from banks which means repayments have now been postponed to 2010-11.


    However, companies still need to meet recurring cash flow obligations (interest plus the difference between recurring operational costs and income) and according to Motilal Oswal, this could be a challenge. A recent report concludes that while many firms are relying on affordable housing projects will allow them to generate adequate cash flows, they cannot afford to do so.
    The report says companies would require contributions from other segments such as commercial or retail space as also from premium housing. The bad news is that the recovery in these segments seems a long time away because the supply of space today far exceeds the demand. That’s one reason why Edelweiss Capital expects a further correction in property prices of 35 per cent over the next three years. Demand from the IT sector, one of the biggest consumers of space, has almost dried up as has the requirement from retailers.
    Against this backdrop, real estate firms could have a problem matching their cash flows unless they keep selling their assets.
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  • Originally Posted by Natarajg007
    At 3666 psft it looks too good to belief if the area is really a good place. Now dont tell me Madipakkam is Velachery!
    Now if one is stupid enough to pay 4200psft in Siruseri I will think this place is worth Rs 8000 psft.
    What is interesting in this forum is
    one guy is trying to negotiate in Velachery at 3700psft foolishly when it is so low and taking advice from Lovebird! and another is thinking of buying at 4200psft in Siruseri (far far away from Chennai).
    Chennai buyers are uniquely foolish!


    Dear friend,

    It looks to be like what you have commented above.

    ks2071746:D
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  • Can you post the builder name/contact.
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