Hi All, I have been looking in the forum and have been analysing price trends etc. I am being quoted a range of prices from multiple sources. My plot:

39X60, 2760 Sqft on 50 feet road in Radhanagar in Perumbakkam. Clear title and patta held for it by me. Radhanagar has good ground water and its red soil.

Some sources are quoting me Rs 3,800/sqft while some quote me Rs 5,750/sqft. What is the current trend of asking price? What is potential in future?

Thanks
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  • If You are holding it for just investment purpose, hold on it for may be 6 months more and then sell it off. The price rise after that is not going to great, There are many plots for 4000/sq.ft even in Velachery, but a little interior from the main road.

    Since your plot is on the 50 feet road, You can expect a premium over the other plots and You might be able to sell it between 4000-5000/sq.ft , if You find the right buyer who is ready to pay a premium for wider road.
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  • I recently spoke to a builder who is doing a project in Radha nagar. he quoted 5 K for new flats, and said 3.5+ is the avg price for land in that area. Hope this helps.
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  • Originally Posted by shaekhs
    Hi All, I have been looking in the forum and have been analysing price trends etc. I am being quoted a range of prices from multiple sources. My plot:

    39X60, 2760 Sqft on 50 feet road in Radhanagar in Perumbakkam. Clear title and patta held for it by me. Radhanagar has good ground water and its red soil.

    Some sources are quoting me Rs 3,800/sqft while some quote me Rs 5,750/sqft. What is the current trend of asking price? What is potential in future?

    Thanks


    There seems to be a discrepancy between the size and area of plot as mentioned.

    BTW, where is Radha Nagar in Perumbakkam? How far is it from Global Hospitals or Shols-Madavakkam Road?
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  • Sorry, I meant to write 40X69. Radhanagar is about 1.2 Km from Global Hospitals towards Medavakkam. The plot is on a 50 feet road off the main ECR link road, 3 minutes walk from ECR link road.
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  • Originally Posted by shaekhs
    Sorry, I meant to write 40X69. Radhanagar is about 1.2 Km from Global Hospitals towards Medavakkam. The plot is on a 50 feet road off the main ECR link road, 3 minutes walk from ECR link road.


    No worries.

    3mins walk from ECR link road means, it must be a prime location. The property should be able to command a premium.

    If you have the need for cash and you are getting a better price, then you have to decide yourself. IMO, nobody can predict the future.

    I do have 2 grounds near Global Hospitals and not sure of what are the prevailing market rates over there.
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  • Hi

    Originally Posted by shaekhs
    Sorry, I meant to write 40X69. Radhanagar is about 1.2 Km from Global Hospitals towards Medavakkam. The plot is on a 50 feet road off the main ECR link road, 3 minutes walk from ECR link road.


    Its good to hold it for some time or go for JV
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  • Do you mean land rate per sq.ft or flat cost ? We do have plot near to Global Hospitals main road...
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  • From what is stated, the going price per ground of land there is 0.95 crore to 1.4 crore , which seems to be reasonable (relative to other areas).

    But regarding selling, always make a decision based on what you intend to do with your money. Do you really need the money? want to settle elsewhere and buy a residence? Or are you ready to wait? Do you plan to deploy money in alternative investment? Are you open to building a independent house or duplex house in your plot?

    Examine all the possibilities before selling. Yes, perumbakkam is going to be a nice place in future also, and no doubts about that.
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  • Thanks everyone for your reply. I am not badly in need of cash, but it is becoming a problem maintaining. Working away from Chennai does not help. When I bought it, it was with the plan to build a home and settle etc. But job is keeping me away. Friends and family have been kind and have been looking after the plot, but dont want to burden them anymore. Im having an option to get a place near work and contemplating selling the land, thats all.

    Also, the Radha Nagar area has a community park assigned nearby and last I saw was completely developed area, lots of houses!

    Im not into JV too much hassle. If it fetches close to 1.5C, it really is tempting to sell. Any good websites to advertise for selling?
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  • why do you want to sell such a prime property. it is an asset and the value will keep on rising. what now seems to be a good amount(1.5cr) would look cheap a few years down the line. you will regret selling it. just put a fence or compound wall to secure it and visit once a month to keep in touch with neighbours. its a small price to pay for the value of the asset.
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