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What Is The Ongoing Price Of Land in Annanagar East, Chennai?

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What Is The Ongoing Price Of Land in Annanagar East, Chennai?

Last updated: September 6 2013
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  • What Is The Ongoing Price Of Land in Annanagar East, Chennai?

    I have 2000 sqft of land with Individual house built up area of 2500 sqft in Annanagar East (G Block) and planning to sell it off. What is the current market price in that area and how much can i expect?
    Last edited February 16 2013, 11:34 PM.
  • #2

    #2

    Re : What Is The Ongoing Price Of Land in Annanagar East, Chennai?

    Originally posted by ransig View Post
    I have 2000 sqft of land with Individual house built up area of 2500 sqft in Annanagar East (G Block) and planning to sell it off. What is the current market price in that area and how much can i expect?
    I think you are behind Chinthamani Super market.


    G block is on the opposite side to Valliammal Matriculation School, the back side of that school is F Block I think.


    Building not much value (even if it is newish)

    · If this property is back side of Chindhamani for land of 2000 sq ft on 40 ft road you are looking at around 5C (Say close to 1st Avenue and between 10th st & 18th St)


    You could have fetched more per sq feet if land was over 4000 sqft as it would attract developers.

    As it only 2000 sq ft redevelopment options are minimal.


    · If the property is in VOC nagar (Not part of TNHB scheme but next to G block) then the price will be around 4C


    · If it is in the area behind Valliamal collage or Kandhaswamy collage (close to F block) you are looking around 7C (per ground) as it is very posh and has a Central Minister couple of MPs, senior surgeons, Business leader and serving and former secretary level IAS officers living around F block.


    If the property is on a wide road (Ie: 60 ft and over) it will be scooped up by commercial buyers as that area is already very commercial with upmarket business and popular restaurants plus walking distance to 2 Metro stations (Pulla Avenue & Rountana/Second Main rd station)



    Note: The Goverment is considering increased FSI for areas close to Metro and this may have a positive impact on price.
    Last edited February 17 2013, 07:27 PM.

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    • #3

      #3

      Re : What Is The Ongoing Price Of Land in Annanagar East, Chennai?

      Hi Economist,

      Thanks for the useful information. Mine is just behind 1st avenue opp to Valliammal School. Actualy my property is in the rear portion with a 12 feet wide common passage. I did a recent valuation with a consultant and he as quoted 4.16 C, which includes building cost of 27 lakhs (for 15 yrs old building) and for the common passage. He as quoted Rs.16,666/sqft. Could you please let me know if the property value will be less if it is in rear side.

      Moreover, i consulted few builders for a JV and they are ready to built for 3800 sqft (stilt + 2 floors). Each floor may have 2 flats, each measuring 950 sqft. Also, let me know what is the market price of an apartment in that area, Whether there will be demand for 950 sqft in that area?

      Thanks in advance.

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      • #4

        #4

        Re : What Is The Ongoing Price Of Land in Annanagar East, Chennai?

        Originally posted by ransig View Post
        Hi Economist,

        Thanks for the useful information. Mine is just behind 1st avenue opp to Valliammal School. Actualy my property is in the rear portion with a 12 feet wide common passage. I did a recent valuation with a consultant and he as quoted 4.16 C, which includes building cost of 27 lakhs (for 15 yrs old building) and for the common passage. He as quoted Rs.16,666/sqft. Could you please let me know if the property value will be less if it is in rear side.

        Moreover, i consulted few builders for a JV and they are ready to built for 3800 sqft (stilt + 2 floors). Each floor may have 2 flats, each measuring 950 sqft. Also, let me know what is the market price of an apartment in that area, Whether there will be demand for 950 sqft in that area?

        Thanks in advance.
        I valued your 2000 Sqft property at 5c assuming that it is a standard block on a 40 fr road.

        Now that you tell me it is a "Battle Axe" block with a 12 feet common causeway.

        The Valuation of 4.15C is now correct due to the above specifics.

        Building 3800 sq ft would be 1.9 FSI. The Increase from 1.5 FSI to 1.9 FSI for MIG (700sqft) has not be made law as yet.

        I don't know how the builder is suggesting 1.9 FSI. Is he talking about premium FSI?

        Any 950 Sqft unit will sell very well in the area.

        once again being a Battle Axe may reduce the price/appeal a bit.

        You should be looking at a discount of up to 10% when compared to market rate of a road facing property.

        1.Did you get any offers from home buyers (not developers)

        2. Did JV offers give you good cash component.

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        • #5

          #5

          Re : What Is The Ongoing Price Of Land in Annanagar East, Chennai?

          Thanks for the immediate response.

          The builder said FSI upto 1.9 comes under permissible deviation of CMDA.

          I am yet to go through a broker to sell for an outright. Builder offered 70:30 ratio along with free money. So owner share comes to 2660 sqft and assuming the rate/sqft is Rs.12000 (not sure whether this is the current market rate of appt), i can expect just Rs.3.19 C. Moreover, i was confused whether there will takers for 950 sqft appt costing 1.15 C, as an appt with same area will cost only 60-70% of 1.15 C just few streets away in VOC Ngr/or in Ayanavaram.

          Kindly give me some good suggestions.

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          • #6

            #6

            Re : What Is The Ongoing Price Of Land in Annanagar East, Chennai?

            Originally posted by ransig View Post
            i was confused whether there will takers for 950 sqft appt costing 1.15 C
            As a long time resident of Chennai, I personally would not shell out 1C+ for 2BHKs around 950 sqft. I would not mind traveling a bit further to get atleast a 1500 sqft 3BHK. That is the bare minimum size I'm looking for, when I buy at high rates like that.

            However since it is in Anna Nagar, there are people who might consider it. 3800 sqft doesn't give you much room to play with, and I personally feel two duplex's of 1900 sqft each might be a better way to go, but the numbers may not make it profitable, and you know the numbers better.

            Good Luck!

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            • #7

              #7

              Re : What Is The Ongoing Price Of Land in Annanagar East, Chennai?

              JV for small plots and small builders is bad. You will always get screwed.
              You will have to wait for the builder to sell. If the builder is bad at marketing, then it will take a year or two sell. No flat buyer pays 100% cash upfront for under construction property. No banks will fund like that. Also it is not easy to build a house, it will take time.

              So the 3.19C is what you will get after 1.5-2 years (2015).

              Now look at outright sale, lets say you list it out at 4C and finish at 3.5C today.
              You can put the money in the bank/stock market/other investment and make 15-20% by that time, so you will have 4C by 2015.

              Of course I did not include capital gains, but you do understand where I am coming from. My opinion sell it right away.

              People buying passage property are not builders, it will be for a indep house at this price range. Building and selling small 2-bhks for high price in passage is difficult.

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              • #8

                #8

                Re : What Is The Ongoing Price Of Land in Annanagar East, Chennai?

                Selling 1900 sqft in one floor and retaining another floor is ideal choice with 4-5 car slots.

                Or else selling on outright basis and coming out is best option.

                As SC informed selling sub 1000 sqft in AN is tough with cheques stretching to crores !

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                • #9

                  #9

                  Re : What Is The Ongoing Price Of Land in Annanagar East, Chennai?

                  The builders deal does not sound good.

                  70:30 is not good.

                  Too much headache and time.

                  Try direct sale to home buyer first.

                  BTW what is "free money" are you referring to the cash component ?

                  With builder after going thru all the hazel and time getting 3.5C (total)is not good.

                  I don't think selling carpet area of 950 will be a problem.

                  Most Appartments quoted as 1300 sq ft only has 1000 Sqft carpet area.

                  Don't compare with Ayyanavaram & VOC nagar they are different.

                  You can only compare apples with apples.

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                  • #10

                    #10

                    Re : What Is The Ongoing Price Of Land in Annanagar East, Chennai?

                    Dear all,

                    Many thanks for your opinions and suggestions.

                    I have planned to approach Hanu Readdy Realtor for selling the property for an outright. Is this realtor good? Is there any other reliable realtors? I don't mind paying an extra brokerage, but i need professional service.

                    Thanks,
                    Ranjith

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