Hello everyone,

I have just come across this forum and realised how amazing the views and comments that you guys post here about the Indian RE.

I have been thru some of the threads here and wondered if I could get some views and comments on my thoughts of buying a property in Mogappair west near Anna Nagar West. Apprcreciate all your time and particulalry would thank comments from people like nataraj and those seniors..

I have been offered a built property, which is 2400sqft of plot area and a built up area of approx. 1400 sqft (ground floor & first floor). The house is 6 years old and they have spent a good deal of money in interior furnishing. They are negotiating for 1 crore and 10 lakhs which I thought was a lot of money, however it seems like (after reading the thread in this forum) that is something people are still able to afford!! I can still remember 15 years back, money of that order would be not even a dream for many of those who are today able to think about affording that. I'm quite stalled with the RE market !! Anyways appreciate all your thoughts and comments on the offer I have posted above...


Thanks

lakshanu
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  • It is not worth

    The price seems to be very high.The correct price would be 40-70 lakhs depends on the locality in Muggappair west.If you wait for one more year, you will get a good deal.
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  • Dear friend

    Mogappair west plot of 1 gr is worth approximately 40L to 60L depending upon the area.

    construction cost can be around 15 lakhs. Putting these together, That house with plot should cost you Maximum 75 lakhs.

    Thanks

    chataara
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  • Yes it will be suicidal if it is bought for more than Rs 70-75 L
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  • Guys

    Im from Mogappair and im living for the last 26 years and i have seen the mogappair growth in the last 6 odd years...

    Btw, looking the prices and the prices of some of my friends property i would say it is pretty correct...

    One ground is Moggapir WEST currently going for 1 crore...infact, it hit 1 crore in late 2007 so, im not surprised if it is anything < 1 crore...

    i can honestly tell u that im in the RE market since 2001 if you can get 1 ground < 50 LAKHS in moggapir west it should be a miracle..

    MOGGAPIR WEST - Close to Spartan School, DAV (GIRLS)

    Im not talking about NOLAMBUR or ERI SCHEME which is BIT further than MOGAPPIR west..
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  • guys even I am looking to purchase a flat in Chennai with a budget of Max 30 lakhs, and the payment will be immediate payment, as recently we sold our house,, we are looking for good areas in chennai, and looking for a 2 BHK if you are having any kindly do contact me thanks in advance ,regards

    RAVISHANKAR
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  • Thanks to all of you chattara, lovebird, wasiter, venkit for the replies. As wasiter seems to live there for so long I guess he is probably close to correct. The property to be exact is close by the west bus terminal near the swimming academy. I should have mentioned in my earlier posting that the built up area is 2800 sqft (ground & first floor) and not 1400 sqft. Apparently, the seller is trying hard as theere seems to be not much buyers around at this time and also he is desperate for money.

    Waister, do you think if I clicked the deal for 1 crore it would be a fair deal? thanks for your response once again.

    lakshanu
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  • Personally, the moment the way mogappair is growing it would be difficult to get anything < 1 crore. However, i would say wait for a while play your cards and see wheather you can strike a deal for anything < 1 crore.

    If you manage to strike a contract for 75 - 85 L i would say thats a good deal... i can't see mogappair is coming down... unless, the seller is so desperate to pay the money for his education like MBBS then it's your game....

    BTW, Mogappair WEST Bus terminal --- is it closer to Priya Kalyana Mandapam?

    In other words, anything after Golden Flats (WHICH IS PROPER MOGAPPAIR WEST) you should be able to strike a deal for < 1 crore... roughly 75 - 85L.

    Anything inside GOLDEN FLATS i can't see < 1 crore...

    Wasiter.
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  • West Bus Terminal - Is it closer to Priya Kalayana Mandapam?

    If it is, then < 1 crore - anything in the region of 75 - 85L it's a good deal..

    Hwever, if it is closer to Spartan, MohanRamNagar, DAV(Girls) - i have to say you won't get for 1 crore it should be more than that... also, there are less people to sell unless someone desp seeking money to pay off any outstanding debts...

    Wasiter
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  • Thanks Wasiter, I'm not sure about the kalyana mandapam but I know there is a swimming academy opposite to the street in which the house is.

    The seller is still negotiating for 1.5 cr but I'm not ready to give up. Will update you once I have some thing conclusive.

    Thanks
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  • Originally Posted by wasiter


    MOGGAPIR WEST - Close to Spartan School, DAV (GIRLS)



    What is the price /sq.ft in above location.

    I have RE investments in Velachery and Bangalore, just curious about Moggapir--is it so great---is it as good as Velachery or Bangalore???
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  • Can't understand how people want to buy in places like moggapir, ambattur, etc.

    There are no tier-1 IT/BPO companies....even mount road, nungambakkam which have corporate offices/banks are far away.
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  • there are many it and bpo offices in ambattur industrial estate. hcl has many of their offices there, tcs has one, perot systems is there, there is an IT park which house some small scale it, bpo companies. so there is demand for houses in that area.
    a 3 BR flat which costed 6k for rent in 2004 is now going for 12k, because its near to some it/bpo offices and is near to cmbt and koyambedu market many good schools around etc.
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  • What is the price /sq.ft in above location.

    Flats - 4000 - 5000 /sq ft

    1 Ground could easily be 1 Crore.

    I don't know abt Blore (ofcourse, must be gud)... it is far better than velachery as it is close to annanagar...
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  • Originally Posted by contra
    Can't understand how people want to buy in places like moggapir, ambattur, etc.

    There are no tier-1 IT/BPO companies....even mount road, nungambakkam which have corporate offices/banks are far away.


    Dude... things have changed in mogappair... 25 years bak it was nothing now, it is one of the hottest place in chennai.

    I have a 2 BED flat which currently goes for 10K im not surprised if it hits 15K in 2 - 3 years.

    Wasiter
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  • Originally Posted by wasiter
    What is the price /sq.ft in above location.

    Flats - 4000 - 5000 /sq ft

    1 Ground could easily be 1 Crore.

    I don't know abt Blore (ofcourse, must be gud)... it is far better than velachery as it is close to annanagar...


    It is near to annanagar fine.....is it as good as annanagar to command 1C. I can also say velachery is near to IIT campus.
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