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RamNagar just on Main rd

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RamNagar just on Main rd

Last updated: January 15 2010
39 | Posts
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  • #31

    #31

    Re : RamNagar just on Main rd

    Originally posted by lovebird View Post

    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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    • #32

      #32

      Re : RamNagar just on Main rd

      Dear friend,

      Apart from boats, one may need gum boots also during water stagnation. The water from the nearby Velachery lake whose level is almost as that of the road is the main culprit and even during light rains, water flows across the road to the otherside and to Madipakkam. Please recall, in one of my postings, I told about my visit to see a project in Madipakkam Ramnagar, only to see in one of the plots, Lotus plants and leaves in the stagnating water, please remember, lotus grows in somewhat deep water and on a long period storage. I dropped the idea of selecting a flat in the area. The roads were also muddy and even to go in a car was difficult even after a light rain. However, people still prefer this area for better appreciation possibilities.

      ks2071746
      Last edited by ks2071746; May 4 2009, 09:34 AM. Reason: spell

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      • #33

        #33

        Re : RamNagar just on Main rd

        Originally posted by krish82 View Post
        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.
        While real estate prices seem to trend directly proportional to salary increases in the local economy as you have mentioned above. It has happended since 2004 with RE prices trending directly proportional to Salary growth in IT/BPO in Chennai.

        However there are times, which I call "rare jewels" when RE prices in local areas are grossly undervalued inspite of high salaries.

        When I completed my engineering in 2001, some of my seniors who were working in Intel, HP, Wipro, GE etc in Bangalore were already earning 40K, 50K per month in 2001, I still remember a senior of mine who was earning 1.25 Lac per month in GM R&D design centre in ITPL Bangalore in 2003.

        What was the RE situation in 2001 or 2003. Those seniors of mine actually purchased 1 ground individual houses at premium localities like Indiranagar Bangalore for peanuts in 2003 as their salary was already much much ahead of the RE scenario trend at that time.

        So don't lose hope. Just look around to see when that next "rare jewel" of time is around.

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        • #34

          #34

          Re : RamNagar just on Main rd

          Even now for NRIs who have been in US for more then 10 years in high income jobs and are having cash.....RE prices in Chennai ( Velachary, Adyar, Anna Nagar) are still very affordable.

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          • #35

            #35

            Re : RamNagar just on Main rd

            Originally posted by krish82 View Post
            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
            Hi Kriah

            There are 4 points FYI

            1. I Believe the area is approved for 1+1 or stilt + 2. U hv mentioned as G + 2. Check the approval drawing first.

            2. I also feel that for 3BHK 1060 sw.ft is very less. Instead u can ask ur builder to construct as 2BHK.

            3. If the Common % is somewhere 16% fo this project the price is very much acceptable.

            4. Why u should wait for another 6 months when the model flat is ready? Think in the area such as pre emi cost.

            Regards
            vmggb1972

            Comment

            • #36

              #36

              Re : RamNagar just on Main rd

              Originally posted by vmggb1972 View Post
              Hi Kriah



              1. I Believe the area is approved for 1+1 or stilt + 2. U hv mentioned as G + 2. Check the approval drawing first.

              vmggb1972
              the hieght of a building depends on the road width and is independent of locality. hence the main road should be a 9m + road and hence the g+2
              anyways checking the approval is always advisable

              Comment

              • #37

                #37

                Re : RamNagar just on Main rd

                Flat Finally Booked

                Originally posted by krish82 View Post
                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
                With respect to my previous post 4 months ago, i got a better deal at a very lesser price, as the brand new flat is ready to occupy i and my wife booked it immediately.The flat is in the same area madipakkam srinivasa nagar 100 meters main rd its a 3 BHK 1145 sqft with car park, we all saw the house liked it, got it at a rate of 2900 sqft, so the difference from my previous deal to this deal is around 6 lakhs. waiting 3 months saved me 6 lakhs, but i went for this as it was ready for occupation and liked the flat.
                Loan is currently floating 8.5 % lowest, but i know it will go up, had to build an asset than paying huge rents in velachery.

                Thanks for all your suggessions.

                Thanks
                Krish

                Comment

                • #38

                  #38

                  Re : RamNagar just on Main rd

                  Originally posted by krish82 View Post
                  With respect to my previous post 4 months ago, i got a better deal at a very lesser price,

                  flat is in the same area madipakkam srinivasa nagar 100 meters main rd .

                  Krish
                  congrats krish.wish you the best.
                  do you mean it is 100 metres away from the main road. if so what is the road width ?

                  Comment

                  • #39

                    #39

                    Re : RamNagar just on Main rd

                    Originally posted by abk View Post
                    congrats krish.wish you the best.
                    do you mean it is 100 metres away from the main road. if so what is the road width ?
                    Thanks
                    Sorry its a typo, it may be 150 meters to max 200 meters from the main road, walkable within 3 mins from main road.Now doing up the interiors of the house, to make it look better.

                    Comment

                    • #40

                      #40

                      Re : RamNagar just on Main rd

                      Hi Krish,

                      I think thats a better Option. Even iam looking around for a flat around that budget in Madipakkam Area. Please let me know if you have any pointers.

                      Thanks
                      Bala

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