Hi Guys,

i am planning to finalize a deal. This is a new apartment (3bhk 1060 sqft)G+2 just 2 buildings from the madipakkam main road that is after reliance fresh.

The flat is 3200 / sqft
total comes to around 37 lakhs with car park and registration.
is it advisable for that sum in this area. The construction of property is good (demo houses).
The flat will be ready in 6 months.

Currently my rent is 17K after taking loan of 30 L i have to pay around 30K for 20 years.

Please advice, i was searching for a house which should be in centre and near to city. i dont want to go to other part of OMR at one complete side. Do you think its a good deal? i have seen houses in past 1 year and all 2bhk are nearing 40L or more.


Thanks
Krish
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  • Originally Posted by zngrfix
    u just read my message from top once again.

    i told that 1200 sqft for 15L....its only the grnd cost.

    can u tell me some areas in chennai where there is no water logging probs ?

    Who told you that you can get a 1200sqft land in Thoraipakkam for that matter in Chennai proper for 15L? Are you dreaming?
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  • Yes.

    1200 sqft for Rs 15 L is too much . Those areas depend only on IT which is going down and down.
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  • That Builder in not negotiating

    Hi All,

    Thanks for your valuable suggessions. The builder is not reducing the price for 1060 sqft flat in ram nagar from 37 L to 35 L. Even after possession i have to do wood work and misc exp which will come more than 3L.

    I am backing out of the option now. As there are not going to be any increments in salaries for next 1.5 yrs, i dont think real estate prices will shoot up. So i will better try to save some money in these 2 years and take as much less loan as possible.

    Right now if i take a loan of 30 L i have to pay min 30 K per month 9.75 % LIC Housing finance. I dont want to spend 40 L and bring burden into my shoulders right now. Last week were sleepless nights for me even before taking Home Loan. What ever is happening may be for good. My and my familiy intution is not to buy now for such a huge amount.

    However i will be keeping on researching on Land and other houses to keep in touch with the market rates.

    Thanks again
    Krish
    CommentQuote
  • Originally Posted by lovebird
    Yes.

    1200 sqft for Rs 15 L is too much . Those areas depend only on IT which is going down and down.


    try asking for 3L for the 1200 sqft.may be lovebird is right.

    BTW if you come across 1200 sq ft for 15L in a good locality pls let us know many here are waiting for a good deal
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  • All current level of prices in IT corridor will further fall.

    See satyam is axing. Wipro is terminating. Infy is shwoing the door for employess.

    IT is doomed. so RE depending on IT will take beating. This ground rate in duraipakkam or duraisamy pakkam, all will be down
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  • IT Companies are optimizing their headcount.

    Once headcount is optimized ,then normalization of salary will take place ... Wipro will be paying Rs 6000 for those non-billable trainees ... (You know the companies will get rid of those high paid jobs as the off-shored jobs are low quality & document based process oriented jobs).

    A friend of mine registered for a JP Morgan mini-marathan with the hope he will be here atleast for the next 45 days ... Unfortunately his project has been scrapped and had to rush home India with his team in just 25 days notice... He is not worried on going back but he is of the view that getting placed in any of the off-shore projects will be a 42+ KM Marathan (Umpteen number of cases we are seeing in the last 3-6 months but the worst part is ...more to come in the next 12 months).

    Increasing number of clients slashing billing rates with a min of 15 % ... the on-site salaries will also undergo minor correction not to mention each client is insisting to reduce the number.. The toxic assets in Thoraipakkam will cost in billions ?

    As stated by someone here 'every dog has its day', the days of dogs are over and some dogs are dead or days are counted.
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  • IT will do well and so will Real Estate

    IT is not doomed. Infact most of skills acquired by our IT professionals including yours truly are national knowledge assets. If not US, there are other places and large clients in Asia as well who will need our IT resources.

    IT will grow in India and so will Real Estate in India though i think they are independent and not connected as some say.
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  • Common area

    Hi Krish,

    You mentioned that the apt is 1060 sq ft in a G+2 model. What is the plinth area? Builders are at their own freedom to fix the common area. Please ensure that the common area is around 15% and not more than that. As you mentioned that market might go up or down, we cannot really predict it. On that basis, making a decision is always good.

    Thanks
    CommentQuote
  • Originally Posted by contra
    IT is not doomed. Infact most of skills acquired by our IT professionals including yours truly are national knowledge assets. If not US, there are other places and large clients in Asia as well who will need our IT resources.

    IT will grow in India and so will Real Estate in India though i think they are independent and not connected as some say.


    you have a very good sense of humour :)
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  • Originally Posted by zngrfix
    u just read my message from top once again.

    i told that 1200 sqft for 15L....its only the grnd cost.

    can u tell me some areas in chennai where there is no water logging probs ?


    Dear friend,

    There are many areas with no water logging problems, as I could see in the last 15 years or so. They are: Saidapet, Tambaram East, West, Guindy, Pallavaram, Chrompet etc ( most parts of these areas ). in the southern side of Chennai. Even in the recent " lakes bank breaking " episode by those living near the lakes, a few months back, these areas were not affected. Even the so called safe Vadapalani got affected, one could see water flowing from Arcot Road signal to Poonamalli Road signal and beyond.

    ks2071746
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  • Dear friends,

    The only advantage with a house in a plot is that the value appreciates faster in the long run as compared to a flat. There are few other disadvantages for an independant house in an away from city locality as compared to a flat with in the city locality, assuming both available at almost same cost. For retired/retiring people, a flat within city limit is a better choice. The appreciation benefit after decades may not be enjoyed by them where as the numerous conveniences of a with in city flat can be enjoyed by them right now.

    ks2071746
    CommentQuote
  • Originally Posted by krish82
    Hi Guys,

    i am planning to finalize a deal. This is a new apartment (3bhk 1060 sqft)G+2 just 2 buildings from the madipakkam main road that is after reliance fresh.

    The flat is 3200 / sqft
    total comes to around 37 lakhs with car park and registration.
    is it advisable for that sum in this area. The construction of property is good (demo houses).
    The flat will be ready in 6 months.

    Currently my rent is 17K after taking loan of 30 L i have to pay around 30K for 20 years.

    Please advice, i was searching for a house which should be in centre and near to city. i dont want to go to other part of OMR at one complete side. Do you think its a good deal? i have seen houses in past 1 year and all 2bhk are nearing 40L or more.


    Thanks
    Krish


    Krish,

    as some one mentioned, this place has very good connectivity and all the basic amenities are available with in walkable distance.

    but it is little dull area, water logging area. these are disadvantages.

    if you make a good search in property portals you could see in madipakkam there seems to be over supply and with out much takers. you could bargain well with the builder if you like this property really. otherwise look out for alternates, there are some good projects in adambakkam and velachery (dont want to mention the builder), check in sulekha. sft rate is 4000 can be negotiated.
    CommentQuote
  • Originally Posted by krish82
    Hi All,

    Thanks for your valuable suggessions. The builder is not reducing the price for 1060 sqft flat in ram nagar from 37 L to 35 L. Even after possession i have to do wood work and misc exp which will come more than 3L.

    I am backing out of the option now. As there are not going to be any increments in salaries for next 1.5 yrs, i dont think real estate prices will shoot up. So i will better try to save some money in these 2 years and take as much less loan as possible.

    Right now if i take a loan of 30 L i have to pay min 30 K per month 9.75 % LIC Housing finance. I dont want to spend 40 L and bring burden into my shoulders right now. Last week were sleepless nights for me even before taking Home Loan. What ever is happening may be for good. My and my familiy intution is not to buy now for such a huge amount.

    However i will be keeping on researching on Land and other houses to keep in touch with the market rates.

    Thanks again
    Krish


    Dear friend,

    You have done the right thing at this juncture.

    ks2071746
    CommentQuote
  • Originally Posted by krish82
    Hi All,

    Thanks for your valuable suggessions. The builder is not reducing the price for 1060 sqft flat in ram nagar from 37 L to 35 L. Even after possession i have to do wood work and misc exp which will come more than 3L.

    I am backing out of the option now. As there are not going to be any increments in salaries for next 1.5 yrs, i dont think real estate prices will shoot up. So i will better try to save some money in these 2 years and take as much less loan as possible.

    Right now if i take a loan of 30 L i have to pay min 30 K per month 9.75 % LIC Housing finance. I dont want to spend 40 L and bring burden into my shoulders right now. Last week were sleepless nights for me even before taking Home Loan. What ever is happening may be for good. My and my familiy intution is not to buy now for such a huge amount.

    However i will be keeping on researching on Land and other houses to keep in touch with the market rates.

    Thanks again
    Krish


    Health is more important. Sllepless nights will lead to serious health problem.

    Good decision in backing out. Do not buy any flat in OMR which is more than Rs 2500 per sqft or in madipakkam which is more than Rs 2750 per sqft
    CommentQuote
  • Originally Posted by lovebird


    do not buy any flat in omr which is more than rs 2500 per sqft or in madipakkam which is more than rs 2750 per sqft


    acceptance by the loving bird (read bear)
    2750 is reasonable in madipakkam peak price of 3300-3500/ the fall is 16 - 22% of peak.
    That is what i have been telling all along, lovebird!

    Correction of 20% in good localities and according to many you need boats in madipakkam(read 'not a good locality')
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