Third high rise project (after Shanti's and Olympia's) bang on ECR, before Muttukadu lake.

16 storey tower, 64 über luxury units of 3600 sq ft each.
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  • Originally Posted by Economist
    I would disagree with that view.

    The reason why ECR is less developed is purely due to multiple development control rules enforced by both Central & State Gov.

    Multiple issues like ultra low FSI, Minimum land size requirement, ARZ, CRZ I , II & III etc are the reason.

    If there was no extra gov control, ECR would have even out done OMR.

    The Gov (present and past) wants ECR to be designated low density.

    I am not saying ECR is bad or anything. I am just saying it is not possible for developers to make a lot of money if you have to offer 100% UDS, which is due to 0.8 FSI. Govt policies on FSI will not change, I am not questioning that.
    So I am not sure where your disagreement comes from. Are you implying lot of money can be made by developers in low FSI and high land cost environment.

    I live in the city but still if I lived in a ECR bunglow, I commend the Govt's policy to keep low FSI and big plot sizes. Everyone loves rich people to be thier neighbours. I would not like slums or middle class people to move into the sea side properties and bring down the value of my home. ECR is probably the only place (among suburbs) where it is worth buying a plot and building an expensive custom built home with pool and amenities. All other suburbs, Villa developments take first priority for end use.


    Update -
    Even as a prospective buyer, I love ECR. Becasue of this low FSI and minimum plot size, every tom, dick and harry cannot come and speculate, thereby creating a bubble. Developers hesitate to get in and even if they get in, they do mid to high end properties. So prices are kept in check and end user demand controls the pricing. For an end user, there are some good deals to be made, especially on older bunglows.
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  • My disagreement is specific to your view that cost of land is prohibiting factor for growth in ECR.

    In my opinion large land parcel ECR is cheaper than say OMR

    The reason being the options of what can do with the land is limited by multiple gov restrictions, therefore many developers do not show interest.

    If there was flexible planning rules which gives importance to ECO value and aesthetics coupled with sensible development plan you end up with a beautiful Miami beach or Gold coast type area.

    MSB's and Skyscrapers may not give the slum like look.

    At least one strech/area of ECR can change like that if Gov supported and people will pay high price to live in such Marnia.

    But it is unlikely.

    Knowing our greedy developers and rule breaking oppicers.

    I too agree with your view that the restriction may be good to keep the place the way it is after all.
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  • Originally Posted by Economist
    My disagreement is specific to your view that cost of land is prohibiting factor for growth in ECR.

    In my opinion large land parcel ECR is cheaper than say OMR

    The reason being the options of what can do with the land is limited by multiple gov restrictions, therefore many developers do not show interest.

    If there was flexible planning rules which gives importance to ECO value and aesthetics coupled with sensible development plan you end up with a beautiful Miami beach or Gold coast type area.


    Yes, I agree that ECR has lower prices than OMR. But by using FSI built-up areas, price of a flat in OMR will always remain attractive to ECR. Becasue of lower FSI, it is not a 1:1 comparison, developers always estimate the value of land by number of sqft that they can develop and sell. ECR projects like Estacea cannot compete with OMR ones on price.

    When it comes to value of my property, I do not care about prices. It is more about livability. I strictly oppose any kind of FSI increase anywhere in Chennai, if zoning is not followed. People (consturction companies) are intent on spoiling the beautiful beaches.

    I understand many NRIs and speculators do not care about livability and focus only on selling price even if it comes at a cost of slumification of area. But for a person living in the area (who would never sell) all of these issues become important than a price rise on paper.

    ECR will never become Miami or Gold Coast unless the govt occupies the entire strech, remove existing structures, rezone the areas, make wider roads and hand over the residential land to developers to develop and share it with land owers.
    Gujarat did something like this, where they took over some badly developed areas, rezoned them and handed over remaining the land parcels to original owners. Original owners did lose certain % of land but they got a smaller plot in a developed layout which is more vauable in the end.
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  • K11,

    I think we have similar views on ECR but some miscommunication is happening.

    I am not supporting for development in ECR (at least not as done in Chennai)

    But I was pointing out the reason for ECRs lack of development ( not that it is a bad thing)

    The factor that you, me any many others like about ECR (to reside) is not appealing to main stream "sausage factories" therefore the price is lower than what it should be otherwise.

    Just because I am pointing out the reason you may think I am supporting ECR to become Velachery, It is not true.

    My point is ECR should be left as is or Developed in overseas model any one of the two but certainly not Velachey/ perunkudi etc model.

    If I were to live in Chennai I would love to live in Uthandi beach front on 4 ground plot.

    Anyways I better drop this here as it is getting very convoluted.
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  • Originally Posted by Economist
    K11,

    I think we have similar views on ECR but some miscommunication is happening.

    I am not supporting for development in ECR (at least not as done in Chennai)

    But I was pointing out the reason for ECRs lack of development ( not that it is a bad thing)

    The factor that you, me any many others like about ECR (to reside) is not appealing to main stream "sausage factories" therefore the price is lower than what it should be otherwise.

    Just because I am pointing out the reason you may think I am supporting ECR to become Velachery, It is not true.

    My point is ECR should be left as is or Developed in overseas model any one of the two but certainly not Velachey/ perunkudi etc model.

    If I were to live in Chennai I would love to live in Uthandi beach front on 4 ground plot.

    Anyways I better drop this here as it is getting very convoluted.


    Uthandi will never become VLCY or Perungudi or Pallikaranai
    Please - i have a vested interest :)
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  • Originally Posted by SRajagopalan
    Uthandi will never become VLCY or Perungudi or Pallikaranai
    Please - i have a vested interest :)


    I feel you did not read the post in entirety before replaying.
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  • Originally Posted by Economist
    I feel you did not read the post in entirety before replaying.

    Economist i did read it i was echoing my angst thats all
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  • if u live in seaside, then u have to move out for tsunami alerts....My friend sold off his plot because of this.
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  • There are multitude of issues with sea side properties ranging from corrosion, need for more frequent tidying up, poor ground water, salt deposits, cyclone or tsunami related flooding (car parks, generator, etc..) etc..

    People who buy are mostly conscious of these and are willing to pay the price. Those who don't want these hassles can opt out.

    IMO this is much better than backwater properties coming up in OMR which in addition to those stated above, will also face mosquito and stench related issues which will eventually occur thanks to indiscriminate dumping of garbage and sewage. We can expect Muttukadu to soon become another Cooum and Adyar estuary in the next 10 yrs.

    ECR multi-storey apartments will be spared of this fate.
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  • Originally Posted by Love4land
    IMO this is much better than backwater properties coming up in OMR which in addition to those stated above, will also face mosquito and stench related issues which will eventually occur thanks to indiscriminate dumping of garbage and sewage. We can expect Muttukadu to soon become another Cooum and Adyar estuary in the next 10 yrs.

    ECR multi-storey apartments will be spared of this fate.


    Boss, this project is right on Backwaters in Muttukadu. It is surrounded by it. Look at google maps on the site. Their other location maps is wrong.

    The location for this project seems to be a big suprise. It is on the mouth of the backwaters.



    Compared to Uthandi, Panayur and Akkarai seems much better places.

    As L4L stated, it is not easy to live there. But as a second home/vaction home, it does make an attractive proposition. Timeshare concept would become popular if introduced, may be it is already there.
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  • Originally Posted by k11
    Boss, this project is right on Backwaters in Muttukadu. It is surrounded by it. Look at google maps on the site. Their other location maps is wrong.

    The location for this project seems to be a big suprise. It is on the mouth of the backwaters.



    Compared to Uthandi, Panayur and Akkarai seems much better places.

    As L4L stated, it is not easy to live there. But as a second home/vaction home, it does make an attractive proposition. Timeshare concept would become popular if introduced, may be it is already there.


    Kaasuku eatha dosa sir -
    akkarai way too expensive infact expensive thaan enjambakkam
    panayur very good layout ( modern builder) expensive as well, expensive than vettuvankani for good reasons
    uthandi cheaper of the three - but definitey DISAGREE that its not liveable its very easily liveable
    and plus you need to keep in mind, the GREAT MAESTRO ISAIGNANI ILAYARAJA the musical genius, built his seaside house and lived there for 10 years in 80s,90s when he gave us the best memorable music
    THe house is still there ( owned by SRM guest house group now) so give that credit to Uthandi if Raaja could live there 20 years back why not us, why not me ?
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  • Originally Posted by SRajagopalan
    Kaasuku eatha dosa sir -
    akkarai way too expensive infact expensive thaan enjambakkam
    panayur very good layout ( modern builder) expensive as well, expensive than vettuvankani for good reasons
    uthandi cheaper of the three - but definitey DISAGREE that its not liveable its very easily liveable
    and plus you need to keep in mind, the GREAT MAESTRO ISAIGNANI ILAYARAJA the musical genius, built his seaside house and lived there for 10 years in 80s,90s when he gave us the best memorable music
    THe house is still there ( owned by SRM guest house group now) so give that credit to Uthandi if Raaja could live there 20 years back why not us, why not me ?


    I used to spend many weekends in Uthandi in the mid 90's as my High school friend's family had a holiday Bungalow with pool on the beach (5-6 grounds) near Illayaraja's home.

    Good portion of my holidays after year 12 exams was spent there.

    I fell in love with that place and Bungalow ever since and always thought if ever buy a property to live it should be in a location like that.

    Infact when I started to invest in Chennai my first port of call was ECR that is when I found out about all the Goverment restrictions and backed off as It was Investment.

    I always thought well if decide to move back and live in Chennai,I can always consider the area again.

    Many of my friends are still invested in Neelankarai, Olive Beach, Pannayur, Akkari etc.

    To me all of them are similar provided the layout is good, close to the beach and away from fisherman village.
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  • Originally Posted by Economist
    I used to spend many weekends in Uthandi in the mid 90's as my High school friend's family had a holiday Bungalow with pool on the beach (5-6 grounds) near Illayaraja's home.

    Good portion of my holidays after year 12 exams was spent there.

    I fell in love with that place and Bungalow ever since and always thought if ever buy a property to live it should be in a location like that.

    Infact when I started to invest in Chennai my first port of call was ECR that is when I found out about all the Goverment restrictions and backed off as It was Investment.

    I always thought well if decide to move back and live in Chennai,I can always consider the area again.

    Many of my friends are still invested in Neelankarai, Olive Beach, Pannayur, Akkari etc.

    To me all of them are similar provided the layout is good, close to the beach and away from fisherman village.


    I think i know the property you are mentioning it has to be one of 2 properties im thinking, there is an auditor who has a property that faces west on the same road as ilayaraja house corner - 6 grounds that backs all the way to beach - very nice house or the one on the corner across from the road..i may be off, but i have visited pretty much every house in that neighbourhood, yes agree, any day can retire and chill with nice ice cold beer. there is no fisherman occupation, beach is super clean
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  • Originally Posted by k11
    Most of the right side of ECR should be 500M+ from the sea.

    I feel this project is definitely worth less than Reflections, Hira on OMR and might even be bit lower than TVH Ouranya Bay and Olympia Opaline.

    So if this is launched at 4K, it will be very tight for developer. At 2K constuction cost leaves 2K for land. At 20% common area, the UDS has to be close to 100%.
    2K * 2400 = 48L per ground will be UDS cost.



    The project is being priced at Rs. 6000 per square feet; plus high rise charges for upper floors. I am not sure what the builder must be thinking, with this kind or pricing so far away from city.
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  • any idea on pricing?
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