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Ongoing Price at Mylapore, Chennai

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Ongoing Price at Mylapore, Chennai

Last updated: May 28 2013
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  • Ongoing Price at Mylapore, Chennai

    Hi All

    I am evaluating a 25 year old Independent Duplex Flat located bang on Luz Church Road in Mylapore. The flat measures 1500 sqft with open car park. Locality is awesome. Has over 900 sqft of undivided share of land. The current quality of the building is good, but not excellent.

    What should be the price that I should quote?
  • #2

    #2

    Re : Ongoing Price at Mylapore, Chennai

    You mean in one of the lanes behind BSNL office or between karpagam avenue and luz church? Locality is good with posh neighborhood around, Nageswara park nearby and close to Alwarpet, but those lanes are too narrow for even 2 wheelers.

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    • #3

      #3

      Re : Ongoing Price at Mylapore, Chennai

      No. This flat is BANG ON Luz Church Road. Opp Devaki Hospital.

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      • #4

        #4

        Re : Ongoing Price at Mylapore, Chennai

        A friend of mine is selling an apartment of similar size in near proximity for 1.25. This is probably 15 year old.

        There is too much traffic there. Are you ok with the noise ?

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        • #5

          #5

          Re : Ongoing Price at Mylapore, Chennai

          If it has a lift or if the apt is on first floor, all units in the building are legal & the flat has approved plan, the min price for it would be around 1.1-1.2C. Anything more or less is based on condition of the building.

          Big negatives is no covered car park. If it has a car park it would be worth an extra 10-15% easily. It has to be discounted becasue of this reason, else 1.4-1.5C is easy for the location.

          Luz is not the premier destination anymore. Some of the other areas like RK Salai, Teynampet -TTK Rd/Eldams Rd, RA Puram, Alwarpet, etc have stolen the limelight.
          But still there is a crazy demand for houses there.

          What is the asking price by the way?

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          • #6

            #6

            Re : Ongoing Price at Mylapore, Chennai

            this must be close to Rangachari, then it is a good location. Traffic is a major concern as Drakulie pointed out, but in prime areas like these, it is something which can't be avoided.

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            • #7

              #7

              Re : Ongoing Price at Mylapore, Chennai

              Drakulie, your number and my number are pretty close. I just was typing and hit the post button I saw your reply.

              rambahg123,
              Anything under 1.1C might not be entertained, you might be thrown out of the bidding easily. My guess is based on your description of excellent locality and good condition building.

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              • #8

                #8

                Re : Ongoing Price at Mylapore, Chennai

                Since it is a 25 year old built up area, the value of UDS (900 sqft) is for all practical purposes the value of property.

                You say it right on LC road -means 5-6 crore per ground for sure (2400 sqft). Calculate that way. Add some value Rs 1000 per sqft for the built up area. You can get the figure.

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                • #9

                  #9

                  Re : Ongoing Price at Mylapore, Chennai

                  I am evaluating a 25 year old Independent Duplex Flat located bang on Luz Church Road in Mylapore. The flat measures 1500 sqft with open car park.
                  If you are planning to live, you should get a structural consultant to evaluate the soundness of the building. Your valuation is dependent on how much life is left without incurring significant repair work.

                  For 10-15 more years of living, 75-80% of low end of the Market Value of UDS.
                  For 5-10 more years of living, 60-65% of low end of the Market Value of UDS.

                  Between 700-800 psft spent on a structurally sound building, you can make it look almost new. So, add this 10-12 lakhs for refurbishing cost.

                  Mav

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                  • #10

                    #10

                    Re : Ongoing Price at Mylapore, Chennai

                    The guideline value in luz church road is 20K. Given the UDS of 900 sq.ft it will have min base price of 1.8C. Virtually not many resale apartments available in around near by Alwarpet and in Mylapore. So it might be priced premium.
                    Last edited May 28 2013, 11:15 AM. Reason: spelling

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