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Veerapandi Nagar, Ponmar, Chennai - Suggestions

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Veerapandi Nagar, Ponmar, Chennai - Suggestions

Last updated: January 25 2020
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  • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

    Originally posted by cruise_1982 View Post
    The plots on 50 feet road are quoted at 1700/sqft based on the pricing of Zora gardens by Jones. The plots on this 50 feet road will always come at a premium and unless you are particular on this road, you can give it a skip. In theory, If the other plot falls in the very beginning of Veerapandi Nagar, it is better located than any plot in Zora gardens, but 1700 sounds a little high for a 30 feet road.

    Please search on subramania Bharathipuram in this forum to understand the reasons behind low prices.
    SBpuram at lower than market price is for a reason, not by design or an accidental discovery of a jewel

    Pricing in Ponmar again is getting interesting for reasons only the lord would know, but a long lull and more interest spike again is interesting to watch.
    may be cruise can post some ground realities of whats factoring in?

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    • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

      Originally posted by cruise_1982 View Post
      The plots on 50 feet road are quoted at 1700/sqft based on the pricing of Zora gardens by Jones. The plots on this 50 feet road will always come at a premium and unless you are particular on this road, you can give it a skip. In theory, If the other plot falls in the very beginning of Veerapandi Nagar, it is better located than any plot in Zora gardens, but 1700 sounds a little high for a 30 feet road.

      Please search on subramania Bharathipuram in this forum to understand the reasons behind low prices.
      Thank you cruise for your advise. Now the so called owner claims an increased price of 1750 Rupees/ Sq.ft or no agreement. I did tried hard to hunt a ground. The other plot I said is caught in the hands of mediators and could not finalize. For every plot a group of mediators join together and end up in confusion, frustration and even fighting as well . I know the price is too much. Please let me know should I proceed or quit. Do you want to suggest me any other place that I should consider. I am not in chennai. So cant do a direct search. I thank you for your time.

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      • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

        Originally posted by ramachandira View Post
        Thank you cruise for your advise. Now the so called owner claims an increased price of 1750 Rupees/ Sq.ft or no agreement. I did tried hard to hunt a ground. The other plot I said is caught in the hands of mediators and could not finalize. For every plot a group of mediators join together and end up in confusion, frustration and even fighting as well . I know the price is too much. Please let me know should I proceed or quit. Do you want to suggest me any other place that I should consider. I am not in chennai. So cant do a direct search. I thank you for your time.
        I assume that you are planning on a loan for buying this property. The Sellers usually raise the price for buyers taking loan, only buyers dealing in cash can negotiate and get a better deal. Conflicts with brokers and mediators are part of plot buying experience and cannot be avoided, they always seem to deal with the better located plots; but if you only want to buy directly from owner, keep looking and be patient. I saw a posting 5 days back in Sulekha quoting 21 Lakhs for 1800 sq.ft (Plot No.692), I believe it is from direct owner and such posting comes up occasionally.

        The rate quoted seems to be a bit high and If bought will be the highest price for a plot in Veerapandi Nagar till today. So if the plot comes within your budget, if you really like the plot and you are unable to find any alternative location, you can go ahead and buy. To be frank, I did pay a premium over the market price when I bought, so its a call that you have to take.

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        • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

          Originally posted by SRaj001 View Post
          SBpuram at lower than market price is for a reason, not by design or an accidental discovery of a jewel

          Pricing in Ponmar again is getting interesting for reasons only the lord would know, but a long lull and more interest spike again is interesting to watch.
          may be cruise can post some ground realities of whats factoring in?
          In my observation, Ponmar and its surroundings are witnessing an organic growth cycle and there has been no single reason for the spike in interest, but a combination of many developments,

          1. Black topping of Ponmar - Vengadamangalam road
          2. Few new layout launches in and around ponmar brought more buyer's interest in the resale market as well.
          3. Increased Occupation of Casagrande Urbano community.
          4. Artha Property, Jones and and Phase II of Casagrande Urbano, brought in some buyers.
          5. Maharishi Vidya Mandir, Delhi Public School and Velammal Vidyashram schools in vicinity
          6. Widening of Medavakkam to Sithalapakkam section of MM road.
          7. Relaying roads in Ponmar-Thazhambur-Navalur route.
          8. Many small shops mushrooming around Ponmar junction, but mostly catering to the college kids.
          9. Increase in vehicular traffic in Medavakkam - Mambakkam road is also a major reason.


          I have also learned that Casagrande recently signed an agreement with the Casagrande Urbano residential association through which any resident from any other Casagrande community within 2 KM radius of Urbano can access the clubhouse and other facilities within Urbano. So there might be more projects from Casagrande in the near future.
          Last edited December 16 2013, 11:55 PM.

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          • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

            Originally posted by cruise_1982 View Post
            I assume that you are planning on a loan for buying this property. The Sellers usually raise the price for buyers taking loan, only buyers dealing in cash can negotiate and get a better deal. Conflicts with brokers and mediators are part of plot buying experience and cannot be avoided, they always seem to deal with the better located plots; but if you only want to buy directly from owner, keep looking and be patient. I saw a posting 5 days back in Sulekha quoting 21 Lakhs for 1800 sq.ft (Plot No.692), I believe it is from direct owner and such posting comes up occasionally.

            The rate quoted seems to be a bit high and If bought will be the highest price for a plot in Veerapandi Nagar till today. So if the plot comes within your budget, if you really like the plot and you are unable to find any alternative location, you can go ahead and buy. To be frank, I did pay a premium over the market price when I bought, so its a call that you have to take.
            Thank you very much Cruise. I am not going for loan and it is a cash payment settlement in one week.I have decided to go ahead as I have no right people in place to do a hard search for me. Also I believe if I delayed few more months in searching then the price will increase further and end up in disappointment. I came to know that there is a new layout is under development near ponmar junction and the asking price per square feet is 2300Rs.The layout developer is waiting for Approval. Considering the neatness and even size plot sketch in veerapandi nagar,Thiagaraja nagar, balaji nagar and selva nagar layout I assume this area is going to have beautiful homes in future. But I don't know how many years it is going to take. Because most of the plots is in the hands of investors rather than end user like me.Your answer helped me a lot to conclude what I should do. Thanks a lot. This place I buy is for my future home built in chennai. Hopefully this decision I made today should be a right decision. Thanks.
            Last edited December 18 2013, 03:16 AM. Reason: Would like to add more information

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            • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

              Originally posted by ramachandira View Post
              Hello Cruise,
              I am interested in buying a plot in ponmar. Got a direct contact with the owner. the plot size is 2400sqft and it is in 50 feet road veerapandi nagar. The owner is claiming a huge price of 1700rs/sq ft. Can you please clarify is this a right price and I can go ahead. On the other hand I have another offer from a direct owner in subramania bharathipuram and an asking price of 28L for 2400 sqft plot. can you please help me to decide which one I should go ahead. Also in same veerapandi nagar I have an offer through a broker for the same 1700rs per sqft for a corner plot. but in 30feet road and it is located in less than 50 plot numbers. I believe you are the right person to help me to decide. As making decision is hard for me now.Thank you ..
              if you are tyring to buy 8 or 24 25 or 17 / 18 the price is certainly hiked
              39L for a 2400 has IMO the highest price recorded
              but these layouts would take about 5-10 years for full development

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              • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                HI ,

                I have 1 plot (2400 sq ft) in Thiagaraja nagar, Ponmar. 2nd plot from road. Very near to bus stop. I have plans to sell or build. Are there flats in the neighbourhood?

                Thanks,
                Last edited December 19 2013, 02:03 AM.

                Comment


                • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                  Originally posted by ramachandira View Post
                  Thank you very much Cruise. I am not going for loan and it is a cash payment settlement in one week.I have decided to go ahead as I have no right people in place to do a hard search for me. Also I believe if I delayed few more months in searching then the price will increase further and end up in disappointment. I came to know that there is a new layout is under development near ponmar junction and the asking price per square feet is 2300Rs.The layout developer is waiting for Approval. Considering the neatness and even size plot sketch in veerapandi nagar,Thiagaraja nagar, balaji nagar and selva nagar layout I assume this area is going to have beautiful homes in future. But I don't know how many years it is going to take. Because most of the plots is in the hands of investors rather than end user like me.Your answer helped me a lot to conclude what I should do. Thanks a lot. This place I buy is for my future home built in chennai. Hopefully this decision I made today should be a right decision. Thanks.

                  Please take your time to decide. ponmar and venkatamangalam is nothing but full of layouts.. prices have already increased so much in last 1 yr so that increase will not be that much which happened in 2 yrs.. I saw an ad quoting 42 lacs for veerapandi nagar first 20 plots on 30 feet road with 1 week cash settlement with 1% commission. wondering who will even try to check for this kind of offers !!!!on what basis they are giving a ad that will sell in week with huge premium.

                  surely this area will develop in 5 to 10 yrs even it might take more time because house has to come in all layout ( wild guess 200 to 300 acres area of plots i might me wrong in number) my point is its take lot of time to get some 25 to 30% of houses considering the vacant land available)

                  As you are ready for cash settlement you can surely get good deal and can negotiate hard for good deal. Also look for plot owners who got 10 or 20yrs back.. people who got in last 1 or 2yrs might have paid more and with sale deed expense it will high price if it is on sale now.

                  Good Luck with your plot search.
                  Last edited December 19 2013, 09:23 AM.

                  Comment


                  • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                    Originally posted by ravi312 View Post
                    Please take your time to decide. ponmar and venkatamangalam is nothing but full of layouts.. prices have already increased so much in last 1 yr so that increase will not be that much which happened in 2 yrs.. I saw an ad quoting 42 lacs for veerapandi nagar first 20 plots on 30 feet road with 1 week cash settlement with 1% commission. wondering who will even try to check for this kind of offers !!!!on what basis they are giving a ad that will sell in week with huge premium.

                    surely this area will develop in 5 to 10 yrs even it might take more time because house has to come in all layout ( wild guess 200 to 300 acres area of plots i might me wrong in number) my point is its take lot of time to get some 25 to 30% of houses considering the vacant land available)

                    As you are ready for cash settlement you can surely get good deal and can negotiate hard for good deal. Also look for plot owners who got 10 or 20yrs back.. people who got in last 1 or 2yrs might have paid more and with sale deed expense it will high price if it is on sale now.

                    Good Luck with your plot search.
                    Thank you for your suggestion. I am in final discussion with the seller. Lets see if I can find any other in few days or otherwise I will complete the sale. I am in a price negotiation with the seller. thank you

                    Comment


                    • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                      Hi Guys,

                      Most of the people who bought land in ponmar or venkatamangalam in past 1 year has taken loan from the banks. Now a days , Banks are not giving loan for buying land only. They are offering as Home loan ( purchase of plot + construction ) at the rate of 10.25 p.a. Within 2 years, they have to construct the house or else home loan will be converted to commercial loan which attracts 14 % interest. So you can expect the houses getting constructed in ponmar/venkatamangalam in another 2 years. So grab your opportunity to buy one plot in these area. It is getting developed rapidly.

                      Thanks,

                      Babu

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