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Veerapandi Nagar, Ponmar, Chennai - Suggestions

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Veerapandi Nagar, Ponmar, Chennai - Suggestions

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  • #91

    #91

    Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

    Ponmar Land

    Hi @Cruise_1982

    Thanks for this post ; its very informative and helpful.

    I am looking for a property in Balaji Nagar Ponmar and we have been quoted a rate of 1375/sq feet .

    Is is the right valuation or do you think this is over valued ? . There is very less information on Ponmar would appreciate if you can help.

    Regards
    Last edited January 27 2016, 02:27 PM. Reason: Text formatting.

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    • #92

      #92

      Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

      Originally posted by Sramakri View Post
      Hi @Cruise_1982
      Thanks for this post ; its very informative and helpful.
      I am looking for a property in Balaji Nagar Ponmar and we have been quoted a rate of 1375/sq feet .
      Is is the right valuation or do you think this is over valued ? . There is very less information on Ponmar would appreciate if you can help
      Regards

      Overvalued for sure -
      right price is 1100-1200 any thing more is trader pricing

      Comment

      • #93

        #93

        Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

        This is not organic growth. Price heavily raised in last 4/5 month and it won't sustain for long. Due to too much of talking on ponmar / veerapandi nagar in this forum (and other places), buyers with less RE knowledge started to give too much focus. Brokers capitalizing on this. I believe price won't sustain or you will stagnate for long if you pay that much. I think few guys in this forum are brokers operating in ponmar or having close relationship.

        Atleast if land is scarce, we can justify the increase. That whole village(s) are nothing but layouts and there is no shortage of plots. Literally there are 100s of layouts in this area itself.

        Moreover it seems growth happening from other end (VIT end / VK road), if this continues, you will end up in big trouble. Don't pay more than 1100 to 1200 per sqft. Don't chase the price. There isn't any substantial activity happened for this price increase other than keyboard talking in forums.

        If you are first time buyer ( like me ) I can feel & share the urge. But try to accumulate RE knowledge, look at diverse places to keep you options wide open to make sensible decision instead of letting your emotion to take a call.
        Last edited March 4 2013, 03:29 AM.

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        • #94

          #94

          Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

          I feel that Ponmar rates will go up in the near future for the following reasons:

          1. Just 7 kms from Medavakkam, where the prevailing prices in 1Cr to 1.5 Cr per ground. This 7 kms stretch is on very good road. Hence to reach Medavakkam it hardly takes 12 mins. Real estate is mostly neighborhood based. If Medavakkam can command such high prices why Ponmar not command atleast 60 lacs per ground?

          2. Water is very good in Ponmar.

          3. Monorail will favor Ponmar in a huge way. In 12 mins if one can catch a monorail and go to Velachery and hop to MRTS to reach any other place in Chennai.

          4. Places deep inside Guduvanchery such as Mel Kalvoy(Wisdom has recently launched layout for 900/sq ft), Kayrambedu & Kannivakkam can sell for close 1000/sq st why not Ponmar sell at 1300 - 1500/sq ft.

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          • #95

            #95

            Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

            Veerapandi Nagar Ponmar

            Originally posted by SRajagopalan View Post
            Overvalued for sure -
            right price is 1100-1200 any thing more is trader pricing
            We hardly get quotes in balaji nagar and thiyagaraja nagar below 1300/sqft and I think it can be negotiated to 1200-1250. Two plots with unequal dimensions in thiagaraja nagar are quoted at less than 1000/sqft. These two layouts are closer to ponmar village and has many houses nearby on the southern boundary. These two layouts are also around 300-400 metres from Medavakkam-mambakkam road.

            People are buying lands in oragadam and sriperumbudur for 1000+/sqft, some people are buying in a place that is 7 Kms away from mambakkam (villa green)for 1300/sqft thinking it is in a gated community and many even invested in crescent aurora which is 4 Kms away from OMR in Thaiyur for 1700/sqft, but they don't see value in ponmar which already has road access from medavakkam (8 kms), sithalapakkam (5 kms) thalambur(<5kms),Kandigai (5 kms), agaramthen(6 kms) and 3 Kms from mambakkam. Kuberan nagar which is an unapproved layout was lapped up at 1350-1600/sqft and we still want approved land rates to be below it? I am not able to think of one place which was cheaper (approved layouts)than ponmar with a good residential potential.
            Last edited March 4 2013, 07:42 AM.

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            • #96

              #96

              Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

              A G+1 structure has cropped up in less than 6 months time frame in-around 4 to 6 grounds, on the right side of Ponmar-Kandigai road just after the Mineral water company. The watchman of the site said that it was an Old age home. Surely the area throws up surprises during each visit.

              cruise_1982,

              Have you got any idea about the dirt (meant for raising the level of land) that is piled up opposite to the Castle Valley? Any idea on builder promoting that parcel of land?

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              • #97

                #97

                Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                Veerapandi Nagar Ponmar

                Originally posted by arvbin View Post
                Moreover it seems growth happening from other end (VIT end / VK road), if this continues, you will end up in big trouble. Don't pay more than 1100 to 1200 per sqft. Don't chase the price. There isn't any substantial activity happened for this price increase other than keyboard talking in forums.
                Many people seem to think that growth is happening from behind VIT, but it is simply not happening, a visit to MGM nagar,chennai metro society layout,etc will only show that there is no good access right now and once we cross the village type development adjacent to v-k road, there is absolutely nothing in vicinity. Rates here are quoted anywhere between 1500/sqft to 2000+, do you suggest those are Correct valuation?

                Development from Kandigai towards vengadamangalam has been an organic activity over the past decade due to cheap land prices and good access through v-k road. Some of the unapproved plots went for less than 200/sqft a few years earlier and hence we see lot more houses. The access to ponmar was very poor earlier and people who visited casagrande urbano during its launch would know how bad it was. Medavakkam -mambakkam road was laid in current form just a year earlier and hence the RE activity in ponmar picked up exactly after that.
                Last edited March 4 2013, 07:44 AM.

                Comment

                • #98

                  #98

                  Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                  Veerapandi Nagar Ponmar

                  Originally posted by Wishland View Post
                  A G+1 structure has cropped up in less than 6 months time frame in-around 4 to 6 grounds, on the right side of Ponmar-Kandigai road just after the Mineral water company. The watchman of the site said that it was an Old age home. Surely the area throws up surprises during each visit.

                  cruise_1982,

                  Have you got any idea about the dirt (meant for raising the level of land) that is piled up opposite to the Castle Valley? Any idea on builder promoting that parcel of land?
                  An apartment is under construction in veerapandi nagar, plot no 2xx, in the road adjacent to the main park. They were quoting an all inclusive price of 3000/sqft. An independent house is under construction in the same road opposite to the park, it has now gone beyond foundation level. Another construction has been started in plot number 9 and 10 in veerapandi nagar.

                  I have seen them actively filling up dirt few months back, but after that there has been no activity and no one seems to know any details about it.
                  Last edited March 4 2013, 07:44 AM.

                  Comment

                  • #99

                    #99

                    Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                    I never justify these 1500 to 2000sq.ft prices at all; not even 1375/- infact, i am against it and that is what I write too. Honestly there is no big ticket investment / project happening around these layouts but just price alone rapidly increasing in a short span of time is the concern. The landscape didn't change in anyway since last 6 months. So, I decided to wait as far as veerapandi, thiyagaraya and balaji nagar layouts are concerned.
                    Also I don't compare areas, but compare just layouts in the same area. If I travel just a KM down can buy in almost half of the price in other layouts.

                    If the plot is right bang on OMR or VK road or in any other main road that is different story and even 1 street inside matters when comes to prices. When it is already KMs inside, the distance to next layout, few streets inside doesn't matter especially when it is available at far less prices.. some layouts almost half the price.

                    At the same time I am optimistic about ponmar and trying to invest in layouts which still going at lower rates will give better returns. What we write here influence many peoples decision and perception ( atleast for newbies which might be most )..if we encourage this, vested interested people will hoard the price to 2k in couple of months. I already seen some greedy sellers ( or brokers ) asking 1600/- for plots in the middle of veerapandi nagar and some at the start of the layout.. because of no-takers they seems coming down now, when I called 2 days before. Ofcourse demand vs supply will decide the dynamics but things written here too create lots of impact.

                    Originally posted by cruise_1982 View Post
                    Many people seem to think that growth is happening from behind VIT, but it is simply not happening, a visit to MGM nagar,chennai metro society layout,etc will only show that there is no good access right now and once we cross the village type development adjacent to v-k road, there is absolutely nothing in vicinity. Rates here are quoted anywhere between 1500/sqft to 2000+, do you suggest those are Correct valuation?

                    Development from Kandigai towards vengadamangalam has been an organic activity over the past decade due to cheap land prices and good access through v-k road. Some of the unapproved plots went for less than 200/sqft a few years earlier and hence we see lot more houses. The access to ponmar was very poor earlier and people who visited casagrande urbano during its launch would know how bad it was. Medavakkam -mambakkam road was laid in current form just a year earlier and hence the RE activity in ponmar picked up exactly after that.

                    Comment


                    • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                      Originally posted by arvbin View Post
                      At the same time I am optimistic about ponmar and trying to invest in layouts which still going at lower rates will give better returns. What we write here influence many peoples decision and perception ( atleast for newbies which might be most )..if we encourage this, vested interested people will hoard the price to 2k in couple of months. I already seen some greedy sellers ( or brokers ) asking 1600/- for plots in the middle of veerapandi nagar and some at the start of the layout.. because of no-takers they seems coming down now, when I called 2 days before. Ofcourse demand vs supply will decide the dynamics but things written here too create lots of impact.
                      Yup 1600 is definitely very high, on the other hand 1200-1250/sqft priced plots come up in Thiagaraja Nagar, Balaji Nagar and Veerapandi Nagar (starting), if you can get such plots, people should get invested.

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