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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

    New investors

    Avoid investing in this area as we got fed up with our own investment in Leo Project and Ponmar stretch

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    • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

      Hmm if i remember you had invested here as recently as 1 year back and still dont like this stretch ? is this change in thought in the past 1 year or from farm layout of leo ?

      https://www.indianrealestateforum.co...t?p=45#post187

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      • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

        Recently I was in India, and I visited Velammal thru VK road. Velammal campus is 4.5 acres. I talked to a local guy, may be a broker. He said MVM, and DPS have their school in this area. He mentioned about SBOA too. Anyway he was over hyping the area. May be in 10 years from now this will be a good place to live. But the current price they are quoting drove me from that area.

        Sent from my Nexus 5 using Tapatalk

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        • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

          Originally posted by REC2013 View Post
          New investors

          Avoid investing in this area as we got fed up with our own investment in Leo Project and Ponmar stretch
          It will help the forum readers and potential buyers in the mentioned areas if you can please give us more specific information or experience than such a non-informative general statement. This could help us determine if it is a one-off incident or if others also had similar experiences that the forum readers should be aware of. Thanks

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          • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

            Originally posted by SRaj001
            for example i posted a layout where i recently invested ( Not ponmar or venkadamangalam) where the GV is 500rs and MV is around 1000rs , these are certainly good layouts that will attract color investor attention without a doubt and often times in a layout's lifecycle its those color investors who propel the 200-400% raise in price in a very short period of time when the layout was sitting stagnant for years together.
            The point I raised is not layout specific. Yes, color investors do drive the prices and that is the essence of my post. The point is, they can't go on for ever and they have their season and predicating that as a driver or the lack of it, when they leave the scene, is the risk part I was highlighting.

            Originally posted by SRaj001
            I have a related question when do you think the next revision to the GV is going to happen for old established layouts, i understand for the new ones the layout developer sets it in conjunction with local authorities. but for a 1970s established layout whose last revision of value was in april 2012 when is the next revision expected ?
            Now, above relates to the probability of what could derail the color investors' bogey. While predicating the color money force itself as a part of investment thesis is fraught with risks, timing it is much worse as there is no calendar for it, IMO.

            All I can say is, once in a 5 year GV revision calendar may not mean much to this. One new promoter launch of plots or a Villa launch in the vicinity is all what it takes for the gap to narrow. Or even worse, one NRI investor if chooses to register at the current MV or slightly lower than MV for various reasons. SRO office may show resistance but I know several cases where even DIG of Registration could not do much when it is legitimate and right thing to do. It is even simpler today for an NRI, as all he has to say is, he is an aam aadmi and he is only one tweet away to right a wrong like this . It is bad for the ecosystem in the vicinity and it will hurt the investors but one cannot help it.

            Investors cannot complain as the ecosystem that believed to be the thesis of their investment was not on a legitimate foundation - they can only wish it continued but their luck ran out. For that matter, entire RE ecosystem which is thriving on politicos having their skin in it and hence thinking it to be 'color' money haven for ever, must have got a rude shock in seeing what AAP showed in Delhi.

            Originally posted by SRaj001
            so a revision which will trigger say to 1000-1100 levels means regn cost of the plot going up by 60k to 75K INR
            In the context of my point, GV revision is simply not about paying 8% more in regn - it is a question of how many 'color' investors can show they have that money in the first place, when they buy it.

            My view is that, regardless of long term or short term, GV will tend to approach MV over time. It is not a matter of IF but WHEN. More the differential, you are competing with extra forces which works against you in getting a fair price for what you are buying. If the GV-MV differential has widened in the short term, buyer paying with accounted money and taking loan, is at significant risk and when the gap is close to 50%, even holding for a 10 years *need* not repair the damage. You need the 'color' money momentum back to make good with what you lost and in several cases, they may never return. Because, 'salubrious' condition in which they operate and prosper is not linked to economic/RE growth but a 'differential' that was endowed by chance for various reasons. So, this is not a case of, give more time, they *will* come. This does not hurt 'color' money investors as much as 'one' color investor and hence my point about not being a level playing field.
            Last edited December 29 2013, 10:28 AM.

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            • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

              Originally posted by maverick007 View Post
              In the context of my point, GV revision is simply not about paying 8% more - it is a question of how many 'color' investors can show they have that money in the first place, when they buy it.
              Maverick.. what does 'color' investor mean?? An NRI or is it a corporate investor or something else?



              Sent from a super smart phone using awesome Tapatalk!

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              • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                Originally posted by newbiebuyer View Post
                Maverick.. what does 'color' investor mean?? An NRI or is it a corporate investor or something else?
                It is the shade given by the investor to the money they have. They prefer markets which can accept these shades. RE is one of the preferred markets.

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                • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                  I am new to this forum.

                  I recently bought a plot in Veerapandi Nagar in 50 feet road. 2400 sq feet within first 50 plot numbers. Front side of the layout, for RS.1350 per sq feet. This is the prevailing market rate as I negotiated with few direct sellers and brokers as well before closing the deal.

                  The price RS.1700 psf mentioned by you is too high and not any way near market price. If you have patient you can save few lacs.

                  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.
                  Last edited December 29 2013, 06:33 PM.

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                  • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                    Originally posted by Haojin View Post
                    I am new to this forum.

                    I recently bought a plot in Veerapandi Nagar in 50 feet road. 2400 sq feet within first 50 plot numbers. Front side of the layout, for RS.1350 per sq feet. This is the prevailing market rate as I negotiated with few direct sellers and brokers as well before closing the deal.

                    The price RS.1700 psf mentioned by you is too high and not any way near market price. If you have patient you can save few lacs.
                    Happy for you, there were a few plots in the 1-50 number each had own set of issues such as 7.8 / 24/25 etc which led to the lower pricing
                    the 1350 if secured in the last 6 months on the 50 ft road for 1-50 numbers is pretty good price - cruise can ratify my assessment, but i have a doubt as low pricing than market means issues. no one in today's market wants to undersell their plot value
                    Just an observation

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                    • Re : Veerapandi Nagar, Ponmar, Chennai - Suggestions

                      Originally posted by Haojin View Post
                      I am new to this forum.

                      I recently bought a plot in Veerapandi Nagar in 50 feet road. 2400 sq feet within first 50 plot numbers. Front side of the layout, for RS.1350 per sq feet. This is the prevailing market rate as I negotiated with few direct sellers and brokers as well before closing the deal.

                      The price RS.1700 psf mentioned by you is too high and not any way near market price. If you have patient you can save few lacs.
                      If you got a plot with no underlying issues for this price in the past 2-3 months, then it's a fantastic deal just as Sraj001 mentioned. Did you get the plot from owner or broker?

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