I got a one ground kuber nagar in Madippakkam. i bought this almost 10 years back. Is it a good idea to sell it now and buy something further outside, for better returns? Developing areas appreciate fast, in my opinion.

Also what is the rate going on around kuber nagar?

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  • Kuberan Nagar is a little inside and there are no main roads running through it (like Ram Nagar).Unless proper access roads are formed from Velachery Tambaram Road (Which might not happen in the near future due to the slums and encroachment), the value might not rise exponentially. I have seen a few quotes for 60-70 Lakhs on classifieds (which is just a small sample), but I am not sure what is exact rate in Kuberan Nagar. The Land market is too hot now and there is enough space for correction, on the other hand, Madipakkam has been recently added to Chennai Corporation and hence it might hold up the value better. Its an unpredictable scenario and You have to take a call considering all the factors. Hope this helps.
  • Madipakkam (incl Kubera Nagar) has been recently added to Chennai Corporation. It is next door to Velachery- Medavakkam highway, which is where one of the proposed Mono Rail routes is to come.

    Given that we are going to see lot of improvements in places added to corporation (such as drainage connection, metro water etc), I would suggest to hold on for further gains. I believe that eventually all places added to Chennai Corporation will appreciate to be at par with old localities in Chennai corporation.
  • One more point i would add is , there is currently excess speculation in many places far away from Chennai (oragadam, GST road belt etc) and like what happened to OMR post 2007, the future appreciation in far off places may not match our expectations.

    Better to stick on to an existing property that is very much in heart of South chennai (Madipakkam/Pallikaranai is literally the center of newly developing areas of South Chennai).