The price quoted is Rs. 5500/= per sq ft for a 1800 sq ft land. Can somebody specify the current market value per sq ft in Velachery, MGR Nagar near 100 ft road which is near Alacrity Flats ? How is the potential for future appreciation ?
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  • Any updates here ?
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  • Are you sure on the rates and the quality(legal otherwise) of the property in discussion? I feel the price is on the lower side !!
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  • Not sure on MGR Nagar itself, but I would strongly assert that potential for appreciation in Velachery is extremely good. IMHO, Velachery prices should converge with Adyar levels in 3-6 years for sure.
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  • Originally Posted by ramki830
    Not sure on MGR Nagar itself, but I would strongly assert that potential for appreciation in Velachery is extremely good. IMHO, Velachery prices should converge with Adyar levels in 3-6 years for sure.


    You cannot compare Adyar with Velacheri. This is preposterous.

    Velacheri is a congested area, all interior roads are 10 ft, 20ft roads. Too many apartments...complete congestion. Bye-pass road and taramani road are the only major roads, they are all over occupied.

    Adyar has so many Bungalows, even interior roads are atleast 40 ft. or 60.ft roads. Just look at Gandhi nagar, Indira nagar, Kasturba nagar...so many palatial bungalows, premium apartments, greenery, wide roads. Overall Adyar is a posh locality. Velacheri is at most a upper middle class locality (there are pockets of very backward localities also in Velacheri) , it cannot be compared to Adyar at all.
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  • it will not be as posh as Adyar.

    According to Ramki Post and IMO, once proposed Mall and MRTS functional rates will be equivalent to Adyar and other area.

    Lot of shopping places, Schools, hospitals .. convenient distance for IT sector workers

    Originally Posted by trk2012
    You cannot compare Adyar with Velacheri. This is preposterous.

    Velacheri is a congested area, all interior roads are 10 ft, 20ft roads. Too many apartments...complete congestion. Bye-pass road and taramani road are the only major roads, they are all over occupied.

    Adyar has so many Bungalows, even interior roads are atleast 40 ft. or 60.ft roads. Just look at Gandhi nagar, Indira nagar, Kasturba nagar...so many palatial bungalows, premium apartments, greenery, wide roads. Overall Adyar is a posh locality. Velacheri is at most a upper middle class locality (there are pockets of very backward localities also in Velacheri) , it cannot be compared to Adyar at all.
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  • Originally Posted by Arunag
    it will not be as posh as Adyar.

    According to Ramki Post and IMO, once proposed Mall and MRTS functional rates will be equivalent to Adyar and other area.

    Lot of shopping places, Schools, hospitals .. convenient distance for IT sector workers


    I am not challenging Velacheri's rapid development and proposed development in future, all I am saying is it cannot be compared to Adyar.

    IT sector workers buy in Velacheri fine, but how many of these IT sector workers (including those in US for long time even) can buy in Adyar? To put it in simple words - while those IT employees earning a monthly salary buy in Velacheri, their CEOs and Co-founders who made lots of bucks in stock options buy in Adyar. That's the difference between Velacheri and Adyar, both are different markets altogether.
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  • trk2012,

    Good to have views that differ, that is what leads to wonderful debate. Let us wait and see. The reason for my assertion is just what I have seen.. Have seen Adyar and Velachery for last 3 decades and how they have evolved into whatever they are today, respectively from suburb of bhoot bungalows /waterlogged residential area of the penny pinching low class to today's hot RE zones where Sangeethas and KFCs have a presence..

    I would like to add that - when I say Velachery, I primarily mean those apartments/shopping units/residential units/plots located right on/or within stone's throw away from the key Bus going highways (Bypass, Highway, 100 ft Taramani Link road etc). It is absurd to think of such places like AGS colony which are too much inside with poor interconnectivity.

    Adyar is looking posh but have you taken a look at places like KB Nagar just off the Canal Bank Road /near the canal/MRTS ?


    Vijayanagar is as good as Gandhi Nagar of Adyar. And anyday the 100 feet road and bypass road of Velachery are much better and wider than the Sardar Patel road or LB Road !! And for greenery, it is only a matter of initiative and effort on part of civic bodies which should hopefully come one day.
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  • Not to extend the Adyar debate, but I too feel Adyar and Velachery cannot be compared at all in terms of living conditions.

    But in current RE ( and in future) the living condition/ plushness of an area has nothing to do with the value of land. Velachery in terms of land rates will converge to some areas of Adyar once the Phoenix mall is functional. But it will remain a poorer Adyar.

    Altho there are slums in Adyar too :)
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  • Having lived in Adyar for 15 years and invested and disposed in Velachery in between, I would like to say that Velachery is marshland and prone for flooded condition every monsoon but Adyar is having River to filter out especially GN,KB,IN,BN even in heavy monsoon which makes all the people to stay calm.

    We lost cars,ground floors and stuff when Vel was submerging . Yes, plots are being raised to accommodate construction but at what cost . More floods will come in as it is marshland and Backwater penetration is low from sea.

    So Govt is trying to connect with BC after widening with Backwater but the elevation raised due to plot level rise will lead to chaos in the coming days naturally though we have good wide roads and developments

    Nature Vs Artificial ?


    Originally Posted by vettipayyan
    Not to extend the Adyar debate, but I too feel Adyar and Velachery cannot be compared at all in terms of living conditions.

    But in current RE ( and in future) the living condition/ plushness of an area has nothing to do with the value of land. Velachery in terms of land rates will converge to some areas of Adyar once the Phoenix mall is functional. But it will remain a poorer Adyar.

    Altho there are slums in Adyar too :)
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  • My two cents,

    Adyar is little better than Velachery now considering better internal roads etc and residents are from higher income group but velachery because of location and connectivity is catching up fast and with 2 malls it will be one of the rare micro market of Chennai city area with good connectivity and great social infra.

    In velachery I would say one third of area is posh areas like Dhandeswaram nagar,Dr seethapathy nagar etc with big bungalows and since the area is close of IIT these areas are also little cooler than the rest of velachery.

    Pros of Velachery.( New items or infra developments coming up)
    1) Phoneix market city( one of the biggest in India) and srijan mall
    2) Flyover
    3) Monorail
    4) Closer to alandur Metro station gives great connectivity to city areas
    5) Increasingly Guindy becoming like CBD velachery is the best location nearby can bring more upscale crowd(sr management folks)
    6) Many areas nearby are very dependent on velachery for day to day life like Madipakkam,Pallikaranai and Medavakkam and all the newly coming up areas like pulithivakkam etc making a point for many new upscale large format stores.
    8) IRR gives good connectivity to GST and airport
    9) Upcoming upscale apartment options etc

    Keeping in mind future growth opportunities Velachery can get up to two thirds of Adyar rates. I think the current rates are around 50% of Adyar. ( Plots in good area command 6 crores in Adyar and equivalent areas in Velachery 3C.)
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  • Originally Posted by chennaidesi

    3) Monorail


    All u said is ok but lets not list the Monorail as a PRO now, cos 1) it has to first take shape and all know how it just remain a dream 2) even by luck it gets implemented as planned, have to watch how people like it!
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  • My relatives gave negative feedback on the subject property such as very narrow road, wall to wall construction, not a good neighborhood etc., so I am dropping this property.

    If I want to get 1 ground land or old house in adyar in at least a 40 ft road in posh locality, then what should be the budget I need to have ?
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  • Mr fmifmi again I am not very sure about MGR nagar but I gave some pros about Velachery in general.
    In Adayar at least 5Cr if I am correct.
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  • MGR nagar and venkateswara ngr areas are one of the older localities in velachery. thet resemble almost like triplicane. Small building/houses sticking to each other. DO NOT compare Adyar with this specific area. but this area serves as a an important connecting point from velacry main road to "good" interior areas like AGS colony etc.
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  • Thank you all for valuable inputs
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