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RamNagar just on Main rd

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RamNagar just on Main rd

Last updated: January 15 2010
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  • #11

    #11

    Re : RamNagar just on Main rd

    Originally posted by krish82 View Post
    Yep you are right, i live in Velachery in 3BHK apartment. So a decent accomodation here is 15 k to 25 k in the main places. Thats the reason i want to buy the house.
    companies are terminating employees.

    All rental rates are coming down.

    Only fools & Nu(a)ts will be ready to pay higher

    If you want to buy the flat, do not pay more than Rs 3000 per sqft

    Comment

    • #12

      #12

      Re : RamNagar just on Main rd

      Originally posted by zngrfix View Post
      Congrats krish..

      i would like to give my opinion on this..

      Instead of going for a appartment with a huge amount 37 L...u can opt for an individual house with 3 BHK.
      I will tell u how..

      u can get 1200 sqft land thoraipakkam (500 mts from OMR) with the price tag of 15 L

      In that u can very well construct ="http://www.indianrealestateforum.com/chennai/t-buying-a-new-duplex-flat-in-velachery-4387.html"]duplex type house. 3BHK, covered car park, with 1800 sqft[/url]

      if u look in the Construction cost ,it will come round max 1100 per sqft
      so that amount will be
      1100 X 1500sqft = 1650000(Cont cost) + 1500000 (Grnd cost) = 3100000 lakh

      So 6 lakh saved and u will get 1500sft big house.

      u can verywell do some interior design all so...



      ---------------

      ="http://www.indianrealestateforum.com/chennai/t-buying-a-new-duplex-flat-in-velachery-4387.html"][/url] Still u want to go for an apartment..hear are my suggestions

      source from Rediff:

      Here are some of those pitfalls that you should be aware of and avoid.Look deep in your wallet before deciding the property
      So you have chosen and set your heart on a house that is perfect! But have you given some deep thought to whether your wallet will be able to handle your dream? Going for a house that you can't afford to pay for is like eating more food than you can digest. You end up with indigestion.
      • Look closely at your lifestyle and financial capabilities.
      • Plan for an unfortunate eventuality like loss of job or illnesses and ensure that your wallet will be able to take the pinch for a few months at least.
      • Look at your other debt liabilities before going in for the home loan.
      Evaluate market conditions
      • Understand the real estate market and evaluate if the property prices are stable and not likely to fall further
      • Do your research on home loan interest rates, see if they are likely to decrease or increase in future depending on the existing market conditions, you may not want to lose out on a good deal because you jumped in too early
      Debt liabilities
      Having high credit card outstanding and a number of other loans, not only brings the eligibility for higher loan amount down, it also increases the burden of paying all of these debts off.
      If your home loan EMI is around 10% to 15% bracket of your income, it would be a smart deal. It would be even better if your total debt liability is within the 10-15% range, but normally, that is not the case, so try to pay off all your high interest/long tenure debts sooner.
      Increase the down payment
      When you go for home loan, you have to pay around 10% to 15% of the project cost and around 85% to 90% is funded by the bank or financial institution. If you have more than the required amount for 'down payment' then pay more, so that your required debt is reduced significantly.
      Always prepay
      Also, when you have any loan try not to extend the loan to its complete tenure. As and when you have excess cash, try to prepay. For example, you could prepay from your yearly bonuses or from your savings from the salary hikes that are expected to happen periodically.
      Prepaying can lower the tenure and help you save on interest. However, check with your bank from when you can start prepaying, as banks do not allow prepayment during the first six months or the first year of the loan period. Even when they allow prepayment after this time frame, there still would be a prepayment penalty attached.
      Just make sure the interest saved does not exceed the prepayment fee that you will need to pay the bank. As long as that is taken care of, prepayment is the best way to close a loan early and save significantly on interest.
      The family bank
      It is not essential to opt for the same bank that your brother took his home loan from. Well, brotherly love aside it is better to do your own searching in terms of the deals offered by different banks.
      Moreover, your brother's offer for the same loan amount and tenure could be different from what is offered to you, as the offers and interest rates vary according to the credit profile of the borrower.
      The offer that your brother got is according to his credit profile. So, it is always possible that you might be able to get a better deal from some other bank.
      The processing fee
      If you have nothing in writing from the bank, it is possible that you might lose the processing fee that you pay to bank in case the loan does not get approved.
      So, either you get something in writing from the bank or factor in all this money for these kinds of losses.
      The fine print
      Most of us just close our eyes and sign on the dotted line. What we forget to read are the clauses that are in fine print in the loan agreement. You need to understand the significance and impact of these various clauses before you sign the agreement.
      Some these clauses to watch out for include the force majeure clause and Reset Clause on Fixed Rates. Read more on these clauses ="http://business.rediff.com/money/2009/jan/23/perfin-taking-a-home-loan-beware-of-these-facts.htm"]here[/url].
      Instead of ending up in a financial hellhole it is better to take some time out to read through the loan agreement carefully.
      Thanks very much for your Response. But can you tell me how far will it be in OMR, i dont want to live very far in OMR... there are no shops in Siruseri near sipcot. Once me and my friend went there in a bike bcos the roads were not good and couldnt find a drinking water shop when we were thirsty. 30 L + in these places will not be a good deal i think.

      Comment

      • #13

        #13

        Re : RamNagar just on Main rd

        Originally posted by lovebird View Post
        companies are terminating employees.

        All rental rates are coming down.

        Only fools & Nu(a)ts will be ready to pay higher

        If you want to buy the flat, do not pay more than Rs 3000 per sqft
        No body can predict future. I have friends who are earning good in abroad during Recession.
        Recession is a cycle, which may come again, but a loan is for 20 years. If we are not caught in recession now, we may in future. No middle class saleried person with family can easily save around 20 L + for downpayment and buy. Even if i have 20 L downpayment i would go for better house in better places and not in madipakkam,so the loan risk will again be the same. 2002 i was not earning much but a decent flat in velachery was only 20 L, today the 3BHK i stay in velachery is 70 L +. I dont know weather after 10 years flats in velachery may become 4 crores + at that time even if i earn 1 lakh a month i will not be able to buy it.

        But one thing is sure, if the industry improves the real estate fellows will raise their rates including the losses they are accuring now.
        Krish

        Comment

        • #14

          #14

          Re : RamNagar just on Main rd

          Dear friends,

          Most areas in Velachery and Madipakkam are water log prone areas. It only depends on what amount of rain comes. But people still prefer to go to these areas for 2 reasons: (1) Higher appreciation over the period ( 2) Higher rental possibility due to nearness of IT companies.

          ks2071746
          Last edited by ks2071746; April 15 2009, 10:29 AM. Reason: spell

          Comment

          • #15

            #15

            Re : RamNagar just on Main rd

            Originally posted by zngrfix View Post
            Congrats krish..

            i would like to give my opinion on this..

            Instead of going for a appartment with a huge amount 37 L...u can opt for an individual house with 3 BHK.
            I will tell u how..

            u can get 1200 sqft land thoraipakkam (500 mts from OMR) with the price tag of 15 L

            In that u can very well construct ="http://www.indianrealestateforum.com/chennai/t-buying-a-new-duplex-flat-in-velachery-4387.html"]duplex type house. 3BHK, covered car park, with 1800 sqft[/url]

            if u look in the Construction cost ,it will come round max 1100 per sqft
            so that amount will be
            1100 X 1500sqft = 1650000(Cont cost) + 1500000 (Grnd cost) = 3100000 lakh

            So 6 lakh saved and u will get 1500sft big house.

            u can verywell do some interior design all so...
            Who told you that a 1500 sq.ft land costs 15 lacs in Thoraipakkam which means Rs.1000/-per sq.ft. Which era are you from.

            Thoraipakkam costs Rs.3800/- to Rs.4500/- per sq.ft depending on location, construction and builder reputation. Still I would not recommend to buy in Thoraipokkam as it has some water logging problem in rainy season and also is quite far away. If you want to buy groceries etc nearest reliance fresh or heritage is all the way up velachary that too via OMR traffic.

            Comment

            • #16

              #16

              Re : RamNagar just on Main rd

              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 ?

              Comment

              • #17

                #17

                Re : RamNagar just on Main rd

                Originally posted by zngrfix View Post
                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?

                Comment

                • #18

                  #18

                  Re : RamNagar just on Main rd

                  Yes.

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

                  Comment

                  • #19

                    #19

                    Re : RamNagar just on Main rd

                    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

                    Comment

                    • #20

                      #20

                      Re : RamNagar just on Main rd

                      Originally posted by lovebird View Post
                      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

                      Comment

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