Dear esteemed members,

We recently have an offer from the abv mentioned builders for their "Ferns" project (villas) measuring 3500-4500 sqft , and the price ranging from 1.4-1.7 crores . This project we understand is somewhere on the way to Mahabalipuram (siruseri), we are unfamiliar with Chennai and request feedback on the following:

1.Feedback on above builders
2.Any investors on this forum who have put their money in this project?
3.What would be a more realistic price in this given area (its supposed to be a gated community with clubhouse etc)
4.What would be the water situation this area.
5.Is there any development in this place?

Any feedback on the above project will be appreciated .

Thanks,
Stars
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  • Originally Posted by lovebird
    So you are agreeing development is yet to take place after siruseri.

    Then why buy flats there now. Let the development take place first. Then we will go & live


    Dear friend,

    By the time development takes place, parallelly the price also would go up.

    ks2071746
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  • Originally Posted by ks2071746
    Dear friend,

    By the time development takes place, parallelly the price also would go up.

    ks2071746


    If development takes place after 10 years, then what to do with the flat purchased now? Keep it under locked!!!

    Will you buy the apartment in a remore place thinking that development will take place and prices will go up that time??

    Then how to adbise other to buy flat now.

    Buying plots is different but flats?
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  • Dear friend,

    It all depends on the individual wanting to buy. Some one with children would like a place suiting his needs like good school, bus facility etc. etc. and some bachelor earning good salary may think more of future appreciation, nearness to his place of work etc. etc. though he may not get much appreciation in the next few years. Some place like Siruseri/OMR even if it is Rs. 1500/sq. ft., I am not interested, as I do not have any linkage/stakes in IT field. There are likes and dislikes for the individuals depending on their specific present and future needs. I only meant that the OMR stretch is an area which is bound to appreciate faster than other areas after a few years, not like 10 years, due to IT dominant area and IT is bound to bounce back after 1 or 2 years.

    ks2071746
    CommentQuote
  • Originally Posted by ks2071746
    Dear friend,

    It all depends on the individual wanting to buy. Some one with children would like a place suiting his needs like good school, bus facility etc. etc. and some bachelor earning good salary may think more of future appreciation, nearness to his place of work etc. etc. though he may not get much appreciation in the next few years. Some place like Siruseri/OMR even if it is Rs. 1500/sq. ft., I am not interested, as I do not have any linkage/stakes in IT field. There are likes and dislikes for the individuals depending on their specific present and future needs. I only meant that the OMR stretch is an area which is bound to appreciate faster than other areas after a few years, not like 10 years, due to IT dominant area and IT is bound to bounce back after 1 or 2 years.

    ks2071746


    It (OMR) is not going to appreciate faster as even the present rate of plots/flats are higher compared to other areas. If you look for appreciation your entry price must be low.

    So even if IT is picking up after 2 years, salary will not be sky high. With abundance of RE along OMR, appreciation will be less
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  • love bird

    Dont you wish you had bought an acre of land on OMR 7 yrs back, when the price was 3-4 lakhs an acre and now its in crores, The city has no choice but to grow, its not an option, its a question of time, you have to comprimise some where, if you think ill wait for 2 yrs then buy, how do u know it wont go up? No one can predict the market, did any one expect the market to crash after highs in 2007, ppl expected correction, but definetly not a crash.What you can predict is that the city has to grow, it might take 2 yrs or 6 yrs, at the end of the day it will
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  • Thank you all for your valued opinions, its really helped us make up our minds - living abroad its not possible for us to come check out every place hence this feedback has been invaluable ...:)
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  • Dear friend,

    It is demand vs supply and the demand in the OMR stretch will bounce back due to IT field concentration. IT may be down now but will never die and will bounce back in a few years and with the learning so far by the IT companies, they will be more cautious in their approaches, expansions and strategies etc. in a long term perspective. I still believe, the OMR stretch has got a better potential for appreciation.

    ks2071746
    CommentQuote
  • IT will bounce back. Evry one hopes. It may or may not happen. Even if it happens not necessary only India will grab all opportunites.

    Now many countries like china, philipines, malasiya etc are coming up. Also Tier II cities are offering stiff competition.

    So OMR in chennai may not be attractive like yester years
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  • lovebird,

    25 percent of indians stay in cities, they have predicted that by 2020 75% ppl will stay in cities, any idea where they will stay if the cities dont expand!!!! 3 decades back adyar might have been an outskirt of the city, now its the heart of the city. the city has to grow
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  • Originally Posted by vrint
    lovebird,

    25 percent of indians stay in cities, they have predicted that by 2020 75% ppl will stay in cities, any idea where they will stay if the cities dont expand!!!! 3 decades back adyar might have been an outskirt of the city, now its the heart of the city. the city has to grow


    The solution to urbanization is to create tier-2, tier-3 cities. Also cities around metros (like Kancheepuram, Nellore, Cengalpattu, Vellore around Chennai for example) should be developed in mini metros.
    CommentQuote
  • Originally Posted by vrint
    lovebird,

    25 percent of indians stay in cities, they have predicted that by 2020 75% ppl will stay in cities, any idea where they will stay if the cities dont expand!!!! 3 decades back adyar might have been an outskirt of the city, now its the heart of the city. the city has to grow


    Right OMR will become part of city after 3 decades as you said.

    Then why pay price now itself for that locality
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  • Dear friend,

    The appreciation will be there, may not be to the extent what were seen some time back. The IT salaries may not go sky high but will be reasonably good and people may go for mid size property rather than high end flats. Demand for flats say 1000 - 1300 sq. ft. may be there in good/convenient localities.

    ks2071746
    CommentQuote
  • Originally Posted by Stars
    Dear esteemed members,

    We recently have an offer from the abv mentioned builders for their "Ferns" project (villas) measuring 3500-4500 sqft , and the price ranging from 1.4-1.7 crores . This project we understand is somewhere on the way to Mahabalipuram (siruseri), we are unfamiliar with Chennai and request feedback on the following:

    1.Feedback on above builders
    2.Any investors on this forum who have put their money in this project?
    3.What would be a more realistic price in this given area (its supposed to be a gated community with clubhouse etc)
    4.What would be the water situation this area.
    5.Is there any development in this place?

    Any feedback on the above project will be appreciated .

    Thanks,
    Stars

    Hi, I am also intere4sted in this property and wanting to know if you have invested in this one, if yes can you help me with your views on the property.

    Thank you

    Srima1967
    CommentQuote
  • how much it's progressed ?

    Hi,

    I've booked a flat with Regaliaa Realty in Perngudi site (Project name: Ekatha). it's still under construction.

    Does anyone know abot the progress in FERNS villa project ?

    As for as I can see from their web site(Chennai Villas | Chennai Residential Builders and Property Developers | Luxury Villas Chennai), they only have these two onging projects.

    My feeling is, the construction going in a slow phase. Just wanted to know others opinion.

    Thanks!
    CommentQuote