Hello Experts,

I would like to know your opinion before I move forward, I was searching for a land near Ponmar, Mambakkam etc. I got a direct owner(says so) who has 1500 sqft plot in Veerapandi layout in Ponmar. I never been to this place. Am planning to go next week as am currently out of station.

I would like to know how far that layout from Ponmar bus stop? (he says its 500 meters from bus stand)

If some body have the layout soft copy pls forward to me

He is quoting Rs.1200 psf, is that worth?

Do we have any ASI problem in this layout?

Thanks in advance !!!

Cheers.
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  • I looked around VP and Selva Nagar for last 6 months... So far I did not buy anything since I have mixed opinion about this place. I kind of know detail on most of the plots in sale in this areas but did not buy yet due to few factors. In my opinion locality is great... Price ( in lower *range*) is good compared to other places around this locality... My family member looking for the plot in this area is not happy why I am buying here since he did not like the development and price manipulation in this area and want to me to look at areas near mappedu, semencherry and Tambaram west. Personally I say study the market and ongoing sales before jump into the deal... The price manipulation in this place is unimaginable... To my understanding the price is inflated by 100s/sqft into total sum of lakhs in the middle layer. Come on... I am ok if it is less than lakhs other than commission it is ok...In lakhs?... Only few people I currently deal with is reliable... but still too many ppl in the middle layer so they cannot too much...If the price is in high range compare with other locality to see why you would pay that price here rather buy on other places closer to GST and OMR which you can buy for low range plots instead of buying high range plots here. I would say be a educated buyer and this forum/senior members opinion will help...Don't be desperate... the mkt is not going anywhere...
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  • I second your opinion Sukumar. I stay close to this area and visit these areas (Ponmar, VK Road...etc) often. The price appreciation in ponmar and surrounding areas in the recent few years is quite strange...every month they rise 50-100 rs psft...

    There is no real development in & around this place and whenever a builder launch a new project in V-K road then there's a steep rise in the sqft rates around these area. Believe me, I visited Unitech GC in 2010 and that area remain in the same condition today- two weeks before, I take the nallambakam route to Tiruporur-Guduvanchery road-.

    Nothing changed....but the plot rates are inflated like anything from Rs250-Rs300 (in 2010) to 1500 (telus) in 2014. This is not the case with one particular area but all over Chennai & it's suburb...how the first time buyers/end users afford these unreasonable price hikes...

    The same with Vandalur-Oragadam sector...prices are appreciated 200-250% in the last 3 years without any real development...Though I do investments in RE, the situation and market trend worrying me a lot and pushing to stay away...I expect there will be a market crash in RE in near future (personal opinion)...
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  • From 2009-2013 absolutely no development inside the Verapandi Nagar layout. But in surrounding places few GC started coming up like Casa/another one near by. Also few developments around VIT campus. During the same period as the VK road started gaining prominence, the prices started moving up steep.

    From 2013-2014 we see one medium size flat inside VP Nagar and few individual houses also started coming up. As far as the infra and social facilities is concerned, there is not progress since 5 years. But price being in the hands of brokers and IT group mad rush, price for this layout has gone up without justification to its surrounding infra.

    For the ongoing year, the news that is being used by brokers (ofcourse fact), The only notable development could be Velammal in Ponmar, Tata Housing new project and few other proposed GC within 4-5 km radial.

    The only good thing what I see for Ponmar is development from three sides, from OMR, GST (both from VK rod) and Medavakkam/Mambakkam stretch. I am quite sure this is not a bad place to invest with 5+ years time period though the present price is higher. But one may wait for a direct seller transaction, no rush to brokers

    As far as market crash is concerned, this term came to Chennai RE since 2009 global crisis and since then there was no any drastic crash, though certain pockets witnessed some decrease or stagnancy in price. I don't think any alarming crash that may happen in Chennai RE or atleast in Ponmar as the worst face is already behind, new Central govt is expected, growth ma back on track. In the worst case there could be one more year of price stagnancy and from then steady growth unlike past steep growth, my opinion. I have investment in Ponmar and surrounding areas.
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  • Believe me I will definitely buy plots in VP and Selva Nagar. As I mentioned I really like the locality and this place has potential for long run. I am still looking but not going to pay $180-$270 middle man price as many of the folks did in last few months I observed this area. I was guided by a very good senior member well studied the market and the area for long time in this forum and his suggestion/local contact saved me walking into many deals which I could of easily gifted a power agent many lakhs. A week back I heard a direct offer for a 600 series in 40 feet from the owner for x price in VP. The owner was literally bullied by a broker and his land is now in power agreement. Partial payment has been made by the broker before we finish the legal verification. We walked out of it since we don't want to deal with it, now the power agent is trying to sell the land through the local brokers with x+Rs200 more and few ppl approached me with the high ked price. I also heard someone trying to close the deal through the power broker and got a good deal :) Rs20/sqft less than the asked(aka rip-off price) price. All is well in this deal...Desperate buyer got a deal... Wow... but the power walked away with nearly 3 and quarter lakhs without putting any efforts most of the work done by the poor local brokers running around to close the deal from buyers side. Power might be now saying to his friends "Nayee Vitha Kasu kolaikathu... This sale not only ripped-off the desperate buyer but set a bad sale reference for further price manipulation for other deals to follow. I suggest don't just look at numbers as $1400/sqft,$1500/sqft and $1600/sqft... Just study more on the locality, road access, who are the ppl and similar surroundings.. be careful and be a informed buyer rather desperate to put your hard earned money to some crocodiles mouth.
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  • Ponmar got famous coz of low price. Now price totally outmatched worthiness of the area. Ponmar growing growing growing for last 8 years still growing, still pottal kadu. After 8 years hearing same story of will grow in next 5 years and tired of it, even today story is same will grow in next 5 years. Place like this one, nellikuppam belt, oragadam belt have heavy broker manipulations too hyped up. One use mind, logic & reasoning will not buy at current price. Good for speculators, brokers & gamblers. Ppl invested in 2010 already got 3X increase. Visit this place alone without accompanying brokers once with open mind, ur brain will tell if the place is worthy of 1200 rupees leave alone higher prices. Citing this area all new layouts launching at higher rates and filling olx quikr 99acres with hundreds of ads every day, u get this ads though u search 4 perumbakkam sithalapakkam or sholinganallur.
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  • @Sukumar1

    What you mentioned is absolutely correct. Last year I purchased a plot in Selva nagar. Unaware of all these at that time, ended up with Rs.1350/Sqft to a POA and on top of that 70,000 for broker. Very bad experience of the sale procedure with broker without knowing the POA till last minute.... May be in long run, it will be worth but at this point of time, all these rates are completely hyped rates by brokers...
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  • Another sad story I heard from one of the plot owner.. we talked to him after he is ripped off and he is not even aware of it until we discussed... 1 year back he bought a land from a power agent for a price which is already Rs 150 hyped (not to mention any price hypothetical example Rs 1250/sqft)... Due to some urgent needs he has to dispose this land he returned back to the same guy who is now telling him the price did not move much in this 1 year and took the power for the same land with partial amount advance say Rs $1300. He is now quoted other end for the same land for a asking price of 1500 since his selling point is it is in 500 series in 40 feet road. When we tried to negotiate the price with the power in sitting here is his exact statement in quote 'Porul(plot) ennuoda sontha porul... oru pathu paisa kooda koraikamatten sir... Final price is $1500". I also heard this plot is now in contract and they sold to a desparate lucky buyer around the price of $1500... So net equation on this contract to look at

    1. Land Owner1 -> Power === $1100
    2. Power===>Victim1 === $1250 ( diff $150 * 1800 = 2.7 lakhs )
    3. Victim1===>Power === $1300 ( Victim gain $50 * 1800 = 90,000 may be a net loss of when comms and interest )
    4. Power===>Luck Desparate Buyer === $1500 ( diff $200 * 1800 = 3.6 lakhs )

    This is outrageous... I spoke to both Victim1 and Power that is how I came to understand this story... I am telling this because I feel some of the desparate buyers are looking at this forum and i would say please be careful and study the market, dont be desparate and wait for the right deal... The market is not going anywhere regardless any events atleast for sometime... These things are happening mainly due to NRI desparate buyers trying to buy with less information. Hope this informations will help you make the right decesion.
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  • It is always better to do direct deal transaction, good for both buyer and seller. When you get a lead, the first question you should find out is are you a direct buyer/seller.
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  • Originally Posted by Sukumar1
    Another sad story I heard from one of the plot owner.. we talked to him after he is ripped off and he is not even aware of it until we discussed... 1 year back he bought a land from a power agent for a price which is already Rs 150 hyped (not to mention any price hypothetical example Rs 1250/sqft)... Due to some urgent needs he has to dispose this land he returned back to the same guy who is now telling him the price did not move much in this 1 year and took the power for the same land with partial amount advance say Rs $1300. He is now quoted other end for the same land for a asking price of 1500 since his selling point is it is in 500 series in 40 feet road. When we tried to negotiate the price with the power in sitting here is his exact statement in quote 'Porul(plot) ennuoda sontha porul... oru pathu paisa kooda koraikamatten sir... Final price is $1500". I also heard this plot is now in contract and they sold to a desparate lucky buyer around the price of $1500... So net equation on this contract to look at

    1. Land Owner1 -> Power === $1100
    2. Power===>Victim1 === $1250 ( diff $150 * 1800 = 2.7 lakhs )
    3. Victim1===>Power === $1300 ( Victim gain $50 * 1800 = 90,000 may be a net loss of when comms and interest )
    4. Power===>Luck Desparate Buyer === $1500 ( diff $200 * 1800 = 3.6 lakhs )

    This is outrageous... I spoke to both Victim1 and Power that is how I came to understand this story... I am telling this because I feel some of the desparate buyers are looking at this forum and i would say please be careful and study the market, dont be desparate and wait for the right deal... The market is not going anywhere regardless any events atleast for sometime... These things are happening mainly due to NRI desparate buyers trying to buy with less information. Hope this informations will help you make the right decesion.


    Sukumar
    While i feel empathetic with your story, the fact of the matter is you have described the workings of a market.
    Real estate or any such trade is just like that, is it not ?
    there are always sellers ( desperate and regular and knowledged & institutional) and similarly buyers ( greedy, desperate, impatient, ill- and informed and patient and institutional )
    Yes you make a very honorable gesture of educating the buyer and seller of the middleman - true and valid and we all strive to touch that seller (direct contact) to get a good deal
    Let me tell you the other side of the story, Im in market for about 3 months to buy a plot
    i have been trying to touch direct sellers only - sources, hindu ads, websites and through my local agent direct sitting with sellers , strictly no power documents.
    Prospects

    1 - Plot in ashok leyland layout - guduvanchery - direct seller -attractive price - turns out document has legal issue - found out after 2 weeks of research and 5K legal and VAO fees

    2 - PLot in guduvanchery near bosch electrical - direct seller turned out to be imposter who is a broker - built a powerful story that his house is half built and he is in desperation to sell to continue construction - turns out he is stuck with a property he settled with seller for which the link document is missing no bank loans and hence built immediate settlement and cash txn story

    3 - Plot in 150 ft bypass road corridor - direct sitting with seller , turns out the property is on the border of 2 villages nedukundram and puthur and no patta can be issued according to VAO - dead lead after 2 weeks and 10K expenses

    4 - Veerapandi nagar - Known broker brings a lead, price 22L for 1800sqft impossible price in current market - knew some thing was fishy, turns out LEGAL heir certificate is FORGED and thasildar retained my local guy who went to verify the document in the Revenue office and threatened police complaint, i had to call from US and explain and send my friend in person to vouch that he was a messenger not the forgery person and get him released.

    Now tell me - i consider myself some what of an informed buyer, i dont rush, i dont chase i dont panic, i have clear goals, i want to buy some thing in 750 to 1000 rs per sqft range in a growth corridor,but the amount of time energy and chasing is quite exhaustive

    Second --

    WHen you touch that seller who has indeed a genuine good plot and is willing to sell it
    the price is far over market - forward priced by 1-2 years
    Example -
    Gokulapuram - swamy constructions document ( no alex document link) 60 ft road east facing price asked is 1100 - market price is 900 at best if not 850 --
    this is the other end of the spectrum --

    Yes i agree the middleman is a big problem , but dealing with direct sellers is not rosy picture either , the fact of the matter is the middle man atleast has the urgency to unload the property and so he / she tries to work a deal with you
    the real seller with clear docs and clear legal title feels he /she is entitled and dictate terms that are so OUT OF MARKET its almost comical in most cases

    My bottom line, you as a buyer have to do the homework, if you bought 1-2 years back in selva nagar for 1250 or 1350 , one has to blame only SELF no one else ......
    my 2 cents
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  • Thanks for sharing ur many variety of bad experiences..vry useful for new n innocent buyers..
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  • One thing i will suggest and have suggested, without giving much details you can still seek good advice in this forum, amongst all the ego clashes we all have, i value the suggestions of many members here and take pointers.
    Recently Mav pointed out a GV / MV disparity and how valuation can be looked at, i had some differing thoughts but still the point of view is very relevant and it helps to open your eyes in areas you have not.
    Also the extent of validations you need to do on even a DTCP approved plot is just evergrowing,
    Case in point - Ashok leyland layout, found out one set of plots can never be obtained patta as when the layout was formed some border proamboke land was coerced and plotted and also DTCP approval obtained
    when owners of such plot went to apply for patta , they could not because the survey showed part of the parcel belonged to govt poramboke,
    the issues are just all over the map, some times its frustrating how much verification to do ... exhausted today :(
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  • Completely agree with SRaj01... He is one of the few veteran I follow in the forum for directions/advise... I also dealt with some greedy owners will not willing to sell for reasonable price and those we definetly deserve those power agents. As I mentioned in my experience I got saved walking into a bad deal by a good brokers and forum member follow this area for long time. I do agree NRI like us want to invest not only based on good information/direction help but we need good ppl in the ground to provide proper direction and help.

    My take is

    Choice -1 : Geniune broker who has good pipeline of inventory want to help you close the deal with reasonable commission and provide good options to chose from. I always go with this option. I know one or two in this area and i worked with one or two in the past in north chennai area who help me hit a fortune in the RE sweeps.
    Choice -2 : Geniune direct owners.

    Seriouly avoid: Power agent/Viyabhari who mainly take power from owners and dont ever expose the seller until the last minute. You dont know the difference in the first place but you eventually can see through them after talking to them few times....

    Just my 2 cents
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  • I see no one recommended Gnanammal nagar Plots ( Panchayat approved) in this forum but I am thinking of buying a plot in this layout as it iis located in Medavakkam-Mambakkam road and so it has better connectivity when compared to Veerapandi nagar. Any suggestion or issue with this layout ?
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  • Pricing was high and it was off the main road by a narrow connector road and plus unapproved that causes some concerns
    If it was the only layout in this area , it would have been a different story , if you drive about 1 km there is ton of plots,
    so if you compare the differential it is just not there, infact you are paying a premium just because its a newer developed layout
    but all those tar roads will disappear in 3 years
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  • Thanks SRaj001 for your comments. I negotiated with promoter and looks like they will come down to 1400 rs PSF and the narrow road will be a 40 ft road in future. Also I could not find any other layout close (walkable) to Medavakkam-Mambakkam Road. Do you have suggestion for any other good layout ? Also what is the problem we will face in buying a panchayat approved layout. I am a first time plot buyer...educate me.
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