No exclusive thread for Hiranandani Upscale OMR project. Thought of creating one so that we can follow the developments, Rental yields, Issues and other topics.

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  • Originally Posted by maverick007
    Shols Junction is exactly 3 km from the sea line. Hira Upscale location on OMR and the block that is sea facing is much closer to the sea line - about 1.5 km or less. Google maps or wikimapia can illustrate this easily without any ambiguity.


    I generalized it for the entire stretch..also, even If the building was right on the sea shore..how many can overcome vertigo and look straight down daily? I say if you want to see waves..goto beach for everyday morning walk. Thats the way you enjoy natures gift to Chennai, not sitting in your condo.
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  • Originally Posted by nabishek
    I generalized it for the entire stretch..also, even If the building was right on the sea shore..how many can overcome vertigo and look straight down daily? I say if you want to see waves..goto beach for everyday morning walk. Thats the way you enjoy natures gift to Chennai, not sitting in your condo.


    My distance reference was with respect to the 20/20 vision issue you brought up in your earlier post. Hence, I corrected that it is not 3km and it is 1.5km and vision should not be as much an issue.

    Also, my point was in the context of someone choosing an apartment for the "views" and it is not about what is the best way to enjoy the nature.

    Mav
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  • Originally Posted by SRajagopalan
    true the options are limited first off if your budget is 1 t 1.5C then 1 ground land with built house and beach view is some thing you have to find after Kovalam. If you want to be in vicinity of civilization then 2-2.5C would be a starting point.
    Second loans, yes options are again limited , some private banks (REPCO doing a lot of ECR loans - they went public recently as well - warning warning :) ) for plots its hard for finished houses yes loans are available
    In uthandi phase ii one of my local contacts his name is madhi he his behind all the FLATS constructed near the beach in front of Dhanush properties they started at 45l they are trading at 75l now, most of them are IT folks
    Its right on the beach with clear sea view , crappy leading roads but there is atleast over 50 dwelling units and 3 more new flats being built -This is in VGP Phase II


    With all these issues, the EMI boys do not have much of an option in ECR.

    Albeit ECR beach front is any time better, That option (in most cases) only suits Cash parties with around 2C.

    Hira probably an achivable option for EMI parties.
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  • Originally Posted by nabishek
    I generalized it for the entire stretch..also, even If the building was right on the sea shore..how many can overcome vertigo and look straight down daily? I say if you want to see waves..goto beach for everyday morning walk. Thats the way you enjoy natures gift to Chennai, not sitting in your condo.


    I did not even want to go there, but now you opened a can of worms i will have to, im sorry folks
    If im feeling sea view, i want to get out and go for a walk on the sand in the morning , which i can acheive in less than 1/2 km walk if i live in neelangarai or injambakkam or uthandi
    Now, its perspective and choice i stress, it has been pointed out very clearly Safety and Security in GC trumps the ECR stretch, its very risky to live here even now inspite of so many IAS and IPS offices ( retd ) living
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  • I bought about 1 1/2 ground land in ECR about 10 years back hoping that i can build my own house at some point of time to live there!But as the kids started to grow i realised that safety & security is more important than anything else.There ended the dream of living in ECR.But when so many builders started to construct in OMR with good seaview & nice sea breeze,with safety ,security being taken care of,i didnt think twice.Thats how i ended buying an apartment with Hira & frankly i have no regrets.There are quite a few things that you never get bored off!And SEA is one among them!Some members are sceptical about Seaview but from my personal experiance,the view is amazing to say the least.Evan had i built my own house,i wouldnt be able to get seaview!
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  • #667

    This is the reality in RE which I have seen personally by accompanying and witnessing with Chandru and seen personally in the stretch of Uthandi where many of IAS and IPS officers are living in spacious Villas

    Having witnessed ECR since 1989 , I am skeptical about its Nuisances during Rainy, storm seasons leave alone the once in blue moon Tsunami.

    We know how the Beach is ransacked and buried with empty liquor bottles and also know how many varieties of dogs are accompanying the big shots with security guards in early morning when they have beach walk on sand by keeping equal number of security guards in house too.

    But why suddenly mindset changed in favour of OMR that too facing sea view in short distance of 1.65 Kms between Shol and ECR , 1.3 Kms from Olympia to ECR, Varying distance of 1.1-1 Km from GW to BW in Hira with supplemented backwater as extension of Sea needs to be introspected than debated .

    In Kerala , mostly people enjoy Backwater and it's sea current with laminar wind speed most of the normal season than turbulence created by rough sea during hectic SW monsoon and that applies too for NE monsoon in chennai and SE wind direction through Muttukadu lake .

    Seeing is Believing and Experiencing is Enlightening .

    No debates, Group Discussion and Patti Mandram for these thoughts BTW



    Being rich and famous is fine but with unlimited accompanying security costs in this unsecured place is not the best unless one is blessed with Security guards at Govt cost

    But ECR is ECR for the best reasons known to many who thoroughly surfed and enjoyed in that stretch in normal season than unusual cyclone season
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  • True, its always better to invest in an unidentified gem whose value is unknown to a wide variety of people and analyzed and paralyzed.
    Forum member chennaidream just did that 6 months back and secured 50% returns on his investment ( geniuses can CAGR it ) in the plot he bought in balram nagar when the smart brains were over analyzing the high rises on OMR
    So yes some situations its better not to be known than to be known


    This is what I can say after reading the above(Snip from a post prior to the IREF database corruption):

    RE is a long term investment(sigh!). Should there be a trophy for what it does in 6 mos (sic)?. As I said elsewhere, no prizes for how one did in the first 5 miles of a marathon and it has no correlation to who will hit the finish line. I bought a land - right after the registration, I had multiple offers for 15% more than what I paid adjusted for stamp duty I paid. It did 30% in 3 mos. I shudder to do the CAGR for the first but I feel it is highly inappropriate to publish the annualized % which is highly misleading and has no meaning. After 5 years, it did 16% CAGR. It is not done yet and it still has a long way to go. So, the point is, don't waste time in crunching numbers or even engaging smart brains when it does not make sense.

    I find your return computation of these areas, which is highly illiquid with not enough buyers and sellers, as a prowess of discovery in such a small duration of time, is something I disagree with. It is quite incongruous to the thesis of RE investing as well. True, there are opportunities and players for such a small duration but they can't even type a sentence and make a post here - they are the modern day "scalpers" of the RE world and "returns" applies only to them.

    Certain stocks that I buy in India(not small caps or micro caps) trade in such a small volume, when I am done buying what I wanted to buy in quantities I like, my last buy would have been 30% higher than what I paid for the first buy, all in a span of 3 mos. Truth is, I can't get out in the same channel without destructing myself. I don't intend to. I know I will sell it to the ones who issued it, with a hefty premium, in the next decade or my next generation may tender them. Certain volumes and low liquidity markets can cause such phenomena and we need to be cognizant of it.

    Can I give(!) the trophy myself for the discovery and pooh-pooh the research desk that analyze and invest in liquid and widely followed stocks whose returns are not in the same league? Different segments exist for different players. First thing in investment is in knowing when to take the credit for what we do and not a easy thing for many.

    Mav
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  • Originally Posted by maverick007


    I find your return computation of these areas, which is highly illiquid with not enough buyers and sellers, as a prowess of discovery in such a small duration of time, is something I disagree with.
    Mav


    Well said. In India (Mostly chennai) all speculation happens on Short Term Notional profit. And seeing the Notional profit others are tempted to buy to jack the prices up. The future is unforeseen until the profits are realized.

    Classic example is with my BIL who was a early investor in kelambakkam. Brought a land somewhere opposite to fomura engg college. Happy with all the notional increase published. Returns after a 2 year trip from abroad and the place is taken over by TNEB to install HT tower. He is still running across to get a better deal then previous GV.
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  • Originally Posted by srivat
    Well said. In India (Mostly chennai) all speculation happens on Short Term Notional profit. And seeing the Notional profit others are tempted to buy to jack the prices up. The future is unforeseen until the profits are realized.

    Classic example is with my BIL who was a early investor in kelambakkam. Brought a land somewhere opposite to fomura engg college. Happy with all the notional increase published. Returns after a 2 year trip from abroad and the place is taken over by TNEB to install HT tower. He is still running across to get a better deal then previous GV.


    People who bought land in Kelambakkam 2 yrs back made around 100% appreciation, the mistake is with your BIL. He should have checked and found out about HT line coming up there.

    As I've mentioned before, I got 2 plots in Porur in 2003. One was 10 L per ground and other was 5 l per ground, both were adjacent, reason for price difference was proposed HT line over the second plot. Now that HT line project is dropped, both plots are priced 1.2 crores.
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  • Brought a land somewhere opposite to fomura engg college. Happy with all the notional increase published. Returns after a 2 year trip from abroad and the place is taken over by TNEB to install HT tower.


    Was it DTCP approved or panchayat approved or seller approved (lowest order in the approval hierarchy)?

    No need to disclose the layout name.
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  • My yesterday's post which got deleted due to iref databse corruption

    OMR is just a road with arid lands on both sides which is suitable only for construction. Hence the large number of supply here and the concentration of IT companies from taramani to shols boosted the re market to some extent.

    Hiranandani is a gem in the wrong location. The have failed to tap the cash rich self employed population of chennai. If they have choosen an location like north town they would have wrapped up 75% sales in no time. They type of architechture, spacious 4 and 5 bhks, premium specs would have always attracted the self employed crowd which also consists of a sizable number of gujaratis,marwadis and noth indians.

    Positioning products with elite and premium specs to only the salaried market always has an constraint. In an location like OMR / egattur they should have offered something like urbania which would have been a thriving township for the middle andupper middle class.

    If one has visited Hira Powai, he can see the huge self employed population present there.

    Hira is struggling to sell with more phases to go. Increasing the price at regular intervals is done by all builders to satisfy existing customers. The resale market always throw harsh realities.

    Regards
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  • the mistake is with your BIL. He should have checked and found out about HT line coming up there.


    Above is comical nonsense or nonsensical comedy. Nobody has a crystal ball to predict when is the HT line coming. If not HT line, GAIL could lay their pipeline. Open, uninhabited layouts always carry the risk - DTCP approved layouts included.

    Are there any HT line Predictometer in sale in Chennai? If it is available in flipkart or amazon, please post the link.
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  • Originally Posted by maverick007
    Was it DTCP approved or panchayat approved or seller approved (lowest order in the approval hierarchy)?

    No need to disclose the layout name.


    Panchayat approved. It was not a layout. Some six of his friends had brought huge chunk of land. Even I never visited the exact location. Not worth post-mortem and so never talk on this matter with him. :). Not everything was taken over but with HT tower right in the middle the place is worthless.
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  • Originally Posted by Love4land
    People who bought land in Kelambakkam 2 yrs back made around 100% appreciation, the mistake is with your BIL. He should have checked and found out about HT line coming up there.

    As I've mentioned before, I got 2 plots in Porur in 2003. One was 10 L per ground and other was 5 l per ground, both were adjacent, reason for price difference was proposed HT line over the second plot. Now that HT line project is dropped, both plots are priced 1.2 crores.


    I had posted in some forum not sure if it survived the DB crash. Hope I or my BIL had time machine to foresee the future.
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  • Originally Posted by maverick007
    Above is comical nonsense or nonsensical comedy. Nobody has a crystal ball to predict when is the HT line coming. If not HT line, GAIL could lay their pipeline. Open, uninhabited layouts always carry the risk - DTCP approved layouts included.

    Are there any HT line Predictometer in sale in Chennai? If it is available in flipkart or amazon, please post the link.


    Just because you don't know how to find out if road or HT Line or underground pipe is going to come up, don't think no one else knows these kind of things.
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