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Veerapandi Nagar, Ponmar, Chennai - Suggestions

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Veerapandi Nagar, Ponmar, Chennai - Suggestions

Last updated: 2 weeks ago
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  • 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
    Is definitely higher in my opinion, do negotiate. What is the plot facing direction and abutting road size? A small premium for these two can be justified.

    What are the other option You are considering? Please list them and their prices as well.

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    • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

      I had been to Ponmar few times in last 1 year. I have even been to Sholinganallur TNHB last year while I was in search of a plot of land to purchase.

      In my opinion, Ponmar and SNR TNHB would be paper gold for next 5-8 years. Very skeptic about its growth potential. It would just remain an investment destination(high risk medium returns) and would recommend a no go for end users.

      I would compare investments in the above locations to the mad rush & publicity for generated for Reliance Power IPO (everyone knows what happened after the IPO was released). Just because their proximity to IT workplace, they cant appreciate. They would need basic amenities and decent human settlement to see real growth. Anything else is only a speculative growth.

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      • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

        Originally posted by jaggu84 View Post
        I had been to Ponmar few times in last 1 year. I have even been to Sholinganallur TNHB last year while I was in search of a plot of land to purchase.

        In my opinion, Ponmar and SNR TNHB would be paper gold for next 5-8 years. Very skeptic about its growth potential. It would just remain an investment destination(high risk medium returns) and would recommend a no go for end users.

        I would compare investments in the above locations to the mad rush & publicity for generated for Reliance Power IPO (everyone knows what happened after the IPO was released). Just because their proximity to IT workplace, they cant appreciate. They would need basic amenities and decent human settlement to see real growth. Anything else is only a speculative growth.
        Very interesting insight, I always compare the barren Ponmar layouts to barren SNR TNHB Layout as well, but with a different opinion.

        Sholinganallur TNHB is definitely a Speculator's heaven. Sholinganallur's growth curve started 5 years back and right now, the RE activity in Sholinganallur is bursting and values are appreciating with a huge momentum that shows no signs of stopping, Yet this layout is deserted and only a very few houses are present. Values have appreciated very well though and there exists a huge demand for this layout. Most of the people holding MIG and HIG plots are upper middle class and above and planning to build their second or third homes here, hence they are waiting for ever for infrastructure. The LIG plots seems to have more residences.

        Ponmar on the other hand is still in (pretty much)virgin state with no RE activity anywhere, of course there are speculators present, but not in the scale of SNR TNHB. Its growth curve has just started and we need to give it a decent run to draw parallels. Most of the people investing right now are middle class end-users or investors and hence a decent number of houses will start showing in next couple of years.

        Inspite of its bareness, I bet big on both these places and will be a good place for end-use in few years from now.
        Last edited March 4 2013, 02:31 PM.

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        • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

          The development in SNR TNHB is only on the areas bordering OMR side. Interior ones are covered with shrubs and bushes. The property i saw in SNR THHB was opposite to the water tank, owned by a entrepreneur and looks like it was just an investment for him to fund money into his business. So, you are right. Most of it are owned by upper middle class and rich guys. So, they wont start building homes till there is some decent development. But, if everyone in SNR TNHB thinks this way, you wont see any development in next few years which is what is happening now.

          Same case applies for Ponmar. Maybe, the proposed SBOA enclave and DABC enclave could prove a turning point in Ponmar's case with middle class buyers atleast thinking of starting construction and moving to Ponmar.

          Also, a lot depends on when the flat promoter's attention shifts to the above 2 areas. They are responsible for most of the developments in city suburban areas.

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          • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

            Originally posted by cruise_1982 View Post
            Is definitely higher in my opinion, do negotiate. What is the plot facing direction and abutting road size? A small premium for these two can be justified.

            What are the other option You are considering? Please list them and their prices as well.
            Thanks for your reply .The brokers are really creating this scenario.

            The plot we were looking is an corner plot and has 40 feet road on one side and 23 feet on the other site ,the property is on the road that leads to Thyiagaraj nagar.

            The brokers are not budging on the price , which one do you think will be an better oprion Balaji nagar or veerapandi nagar?

            We saw few places in Mambakkam but we didnt like it . What would be best asking rate for this property ?
            Last edited January 27 2016, 02:28 PM. Reason: Text formatting.

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            • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

              I guess You are talking about plot no.10 and the broker You are talking to is Srinath? I would prefer this 40 feet road over Veerapandi Nagar as it already has many houses in it. Try to negotiate for 1250 max.

              If You like the plot very much and not getting similar plots at lesser rates, then go up to 1300 and never above it. This 40 feet road has many houses in it and hence a little premium is not bad if You are looking at end-use within 2-3 years. If investment over longer period, You can venture into Veerapandi Nagar and beyond at lower rates.
              Last edited March 4 2013, 04:49 PM.

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              • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                Yes we initially spoke to this agent for Plot No 10 but later he informed us that it has been Sold for a rate of 32 Lacs, he was asking us to pay the money in 10 days which was really too much.

                The plot am referring right now is Plot No 30 and the asking price is more because the broker is giving us more time for the payment ( around 2-3 months). I too feel its slightly pricey and maybe he is asking more purely from speculation that the rate will increase in the next 2-3 months.

                I am buying this purely from investment perspective ; based on the trend that am saying in this forum Ponmar has definitely seen an increase in the prices . I will try to renegotiate on the asking price
                Last edited January 27 2016, 02:28 PM. Reason: Text formatting.

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                • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                  Its really difficult to know the right price going in Ponmar ; we were been done affirmatively that Plot No 10 went for 32 lacs . My question may sound bit naive but is there anyone in the forum who would know about the actual selling rate of plot 10 by any chance ?

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                  • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                    Originally posted by Sramakri View Post
                    Its really difficult to know the right price going in Ponmar ; we were been done affirmatively that Plot No 10 went for 32 lacs . My question may sound bit naive but is there anyone in the forum who would know about the actual selling rate of plot 10 by any chance ?
                    Finding out the real rates are tough anywhere unless we personally know the buyer. The brokers never tell the rates out. I have heard the same price of 32 lakhs from the broker just a week earlier, can't believe he managed to sell it so quick. Even if I consider a premium for 40 feet road and corner plot, looks like there has been a rise of around 100-150/sqft increase in last 4-5 months.

                    While buying a plot Cash is king and if you are paying cash, you can get the rate negotiated very well. Nowadays it is very tough to find a seller who is ready to wait for loan payment, so you need consider that as well and decide.
                    Last edited March 4 2013, 05:52 PM.

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                    • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                      Originally posted by Sramakri View Post
                      Yes we initially spoke to this agent for Plot No 10 but later he informed us that it has been Sold for a rate of 32 Lacs, he was asking us to pay the money in 10 days which was really too much.
                      The plot am referring right now is Plot No 30 and the asking price is more because the broker is giving us more time for the payment ( around 2-3 months). I too feel its slightly pricey and maybe he is asking more purely from speculation that the rate will increase in the next 2-3 months.
                      I am buying this purely from investment perspective ; based on the trend that am saying in this forum Ponmar has definitely seen an increase in the prices . I will try to renegotiate on the asking price
                      2-3 months is a gimmick. Later they will say it is sold out or the seller have a better offer of 150/- higher per sq.ft. Why to go for 2-3 months, see if you can hold it for 2 weeks. I have first hand experience in this kinda stuff even though I was ready to settle in 2 weeks. You will start to learn what is going on after 3 or 4 such experiences.
                      To my knowledge plot 10 never sold and he asking for 35 lakhs atleast and may increase again before you finish the deal after agree to buy. These guys are not actually trying to sell but testing the water; otherwise broker try to see which manga madayan will offer the highest price. I will pay 1200 or if really like to 1250/sq.ft
                      After various experiences, I decided not to chase the price. and start looking all the layouts so that there will be many opportunity to get in ,negotiate, finalize, gauge best VFM and to compare.
                      Last edited March 4 2013, 06:15 PM.

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