Greetings All,

Am planning to buy an residential plot near Medavakkam/Perumbakkam in Chennai.Can you please throw some light on the price/sqft in these areas ?

Could see some posts in price ranging from 40-45 lacs/2400 sqft.Are these prices mmirror the current trend considering the US Recession & USD depriciation on the cards and Indian IT Companies reacting with job cuts and reduction in salaries.

Is this is the right time to buy/wait ?

Thanks
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  • Friends,

    Pls also provide some details about the locality of Perumbakkam and situation during rainy seasons.Being 15 KMs
    away from City , 40 Lacs / ground looks high.

    Its very close to the Sankara Hospital(Tamilnadu Hospital).



    Thanks
    sethugm
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  • Seems to be resonable. Perumbakkam is hot spot considering the IT SEZ situated in less than 0.5 kms.
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  • Thanks for the info
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  • Advice on purchasing land in Perumbakkam, Chennai

    Hi

    I am looking to puchase one ground of land in the perumbakkam area (close to shol-medavakkam highway). Could you please provide your opinion on this place?

    1. What would be an average price in this area ? Quotes vary from 30 L to 50 L and beyond. Particularly, the building of Isha homes & Chettinad enclave, as well as bolleni hillside in this area have contributed to the price rise.

    2. Is there any double documentation issues prevalent in this area? I am concerned as i am going through an agent who holds the sale deed (resale plot), and i want to be really cautious

    Any other negatives in this area, apart from water logging ? Any idea on crime rates in this area ?

    I am a first time buyer, and buying this for constructing a home for self - not for investment. Hence i want my money to be put to good use and be careful.

    Any suggestions / advice is extremely welcome.. Thanks much !
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  • It is a good spot close to Elcot Shollinganallur SEZ and other MNCs.

    The only issue is Water logging in perumbakkam as you said.

    The area has great potential in the future,But I am not sure about water bodies and landscape (Ie: low lying extension of Palikarani Marsh)
    However ELCOT has built that massive development and so have some Collages.
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  • caution when buying vacant land

    since u said its through a agent,I assume a power agent ,u have to be double cautious, check if seller is alive at the time of registration,or better to ask the seller also to sign at reg office on the sale deed this confirms his consent,prefer to buy patta and Approved plots,also u can put a notice throu a lawer in leading dailies reg ur intention to buy and any claims, u must make sure ec and no other claiments are there,best approach the VAO office and u can get details reg the plot and actual heirs,Yes in chennai there are certain areas prone to double patta,double docs,
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  • Thanks Economist.
    As i was asking earlier - would you know whats the reasonable price for that area, as well as aware of double documentation issues there ?
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  • Originally Posted by Househunter2009
    Hi

    I am looking to puchase one ground of land in the perumbakkam area (close to shol-medavakkam highway). Could you please provide your opinion on this place?

    1. What would be an average price in this area ? Quotes vary from 30 L to 50 L and beyond. Particularly, the building of Isha homes & Chettinad enclave, as well as bolleni hillside in this area have contributed to the price rise.

    2. Is there any double documentation issues prevalent in this area? I am concerned as i am going through an agent who holds the sale deed (resale plot), and i want to be really cautious

    Any other negatives in this area, apart from water logging ? Any idea on crime rates in this area ?

    I am a first time buyer, and buying this for constructing a home for self - not for investment. Hence i want my money to be put to good use and be careful.

    Any suggestions / advice is extremely welcome.. Thanks much !


    Perumbakkam is a low lying area, during the rainy season I have heard that ELCOT was totally inaccessible from the medavakkam side and employees there had to be flown to mumbai to provide support for those days.

    You can also check medavakkam,rajkilpakkam areas.They are comparitively better developed and properly layed out.

    Regarding agents holding PoA or sale agreement, You will have to understand that they are not brokers.They are investors themselves.They promise the landlord an amount to get into an agreement and try to sell at higher price to end users and make profit.Dont trust anything what they say and ask them many questions.Ensure you check all the documents thoroughly with a lawyer and that you meet up with the original owner before finalizing anything.
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  • reg power agent

    Further to what nabishek has said I wish to add a few more points, u need to make sure the actual owner is alive else the power is not valid,also its advisable that the actual owner signs a noc or signs on doc during registration, u can also put a notice in paper reg ur intention to purchase,Yes double patta and double doc is quite prevalent so make sure parent doc and ec are up to date,better see the VAO who can shed more light on the propert,U must see him for advise. ,
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  • House hunter,

    Assuming the plot is:


      Approved.
      On 30 or 40 ft road and in a good layout.
      With in 200meters pro to an 80 ft road or with in 1Kms to OMR or Link road.
      Sewage and electricity service available nearby.
      No adverse defects such as located on lake bed or water course.


      I would pay 40 lakhs give or take 2 lakhs (5%)

      In relation to double documentation and fraud, It can happen anywhere.

      I would:



        see the owner at his house and get to know him casually (Ie: where he works and family background etc)
        Strict scrutiny of documents (as per lawyers advice)
        Prior to executing agreement I would request the vendor to bring D/L,ration Card and Voters ID.


        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.

        Normally when you speak to the vendor about his background you would get a better picture (Ie: the guy working for a bank etc) Have more visits to vendors home or work (make good reasons)

        After all this you would get a gut feeling to proceed or not.
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  • Economist, Kumar, Nabhishek - Thanks a bunch for your invaluable inputs !
    I'll definitely keep them under consideration, and will update you on the progress !!

    One more doubt: The RE agent says that he has the patta for the entire layout, and is now waiting for the patta of the individual plot. Is this ok, or something to be cautious about??
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  • yes u can subdivide patta

    Buying a property is not easy as it sounds,there are big sharks in this business,its u who have to swim with them to study the tricks....,I hope the following info would be useful.A large parcel of land can be subdivided, go through the layout map and see if it follows all guidelines pertaining to subdivision,the vendor delebrately avoids openspace reservation to make more plots,this inturn is not legal as per dtcp so take caution, subdivision patta can be got by applying to the revenue dept it takes time unless the vendor follows up.MAKE SURE THE LAND IS NOT MARKED FOR AQUISITION ETC, ASK THE VENDOR TO GET A NO AQUISITION CERTIFICATE,check if its dtcp approved verify the number with the dtcp. U check if the parent patta appears on the website, any one can view it, so check it out ur self,apply for 30 years EC ur self,MAKE SURE ALL TAXES ARE PAID AND UPTO DATE,Sorry to tell u there are many crooks in re its u who have to be careful,sometimes there may be some originals some fake,also there are imposters,this is not to frighten u but its always good to double check. u must see VAO and get more details reg patta,chitta adangal. CONSULT NEIGHBOURS REG THE PROPERTY they may shed some light,also apply for copy of ALL original doc from sub registrar office and compare with what the vendor shows u, these docs are public doc, except power agent doc, for which the concerned parties only can apply, Important point to note is when the vendor divides a plot he has to follow rules relating to planning authorities ,that is open spase reservation, road with,passage etc only then its ok, otherwise it becomes unapproved, so check these points,u can find details from cMDA
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  • Dear Househunter,

    If you are concerned about the legal issues,It is better for you to buy the plots developed by TNHB (100% protection).

    My Father bought in 80's at Annanagar from TNHB and In laws at Besant nagar from TNHB. Both properties had appreciated many folds.

    TNHB created Annanagar,Besent nagar Sastri Nagar, Indra Nagar etc.

    I am currently looking to buy in TNHB Sholinganallur or Chitalapakkam.

    The layouts are great with large roads,Drinage connections,street lights,Large land allocated for parks,Schools and bus depot.

    Check out in wikimapia look in Sholinganallur,citalapakkam and Perumbakkam.

    I am looking for corner plots or plots on 60 ft road or 80 ft road.I am getting few in 40 ft roads.
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  • Chitalapakkam

    Economist -
    What is the price that you are being quoted in Chitalapakkam on 40 feet road?

    Thanks
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  • please advise

    i bought a house in jaya nagar,perumbakkam .i just want to know the peresnt rate for per.sq feet in perumbakkam..i like to know how good is this area..please advise how much the sq.feet now
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