hi all,
my parents have about 2600sq ft independent house in adambakkam.About 10 min walk from mount station. we are planning to sell it and buy a 3 bedroom flat in nanganallur or kk nagar.
better security, comfort, area and cash in hand are the reasons for selling.
can anyone guide me to price rates in these 3areas.

Also if u could suggest some nice flats in these areas it would be great.

Any general advice would also be welcomed.

Thanks
Read more
Reply
103 Replies
Sort by :Filter by :
  • Originally Posted by k11
    Grad10,

    Do not be afraid to put some extra money in. An extra 10-15L for the second apt is well worth it. There are loans available, if you are NRI currency rates are good.

    I think you should put the second apt in your must have list.
    As VP said, avoid overpriced and high end properties. Focus on the mid grade ones.

    Two mid grade flats >>>> One nice flat.


    Thanks K11.. Yes I am a NRI.. Looking into SBI NRI loans.. Looks pretty good.I would follow your advice and look for mid level flats.
    CommentQuote
  • Originally Posted by srivat
    Not exactly sure of the rate around there. I think llyods come pretty close to the train tracks right?. Near to jeyalakshmi theater that is bang on Medavakkam main road rates were close to 80 lakhs to an crore for land alone. is it a 20 ft road or 40 ft road to your house. For house you can add on to it.

    Post in website as K11 pointed out. You can also call local builders like Malar homes, Balaji, SPick and SPan and see if they are interested in buying. If you want you can go in JV as well otherwise you can do an outright sell. Builders may offer you a better price sometimes.


    Thanks Srivat.
    Yes The railway station is like a block away from our house if we cross the tracks to get to the station ;-)...
    CommentQuote
  • Originally Posted by Grad10
    Thanks K11.. Yes I am a NRI.. Looking into SBI NRI loans.. Looks pretty good.I would follow your advice and look for mid level flats.


    Grad,

    If you are in the US and have a good credit score then go for loan in local bank. With Feb maintaining near zero interest rate you can work out a good deal on your loan. Depending on your credit score loan interest can be brought down to 5% or even less. Go with second grade bank like Banco, NT, US Bank for better deal. In india the interest rates are around 10%. US loan will work out in case if your loan requirement is not high, otherwise you can part apply there. Just a thought as I have done it in past.
    CommentQuote
  • Originally Posted by Grad10
    Thanks Srivat.
    Yes The railway station is like a block away from our house if we cross the tracks to get to the station ;-)...


    How much is the road width. If it is very close to railway station I feel metro operation in mount can increase the value of Land. Better hold for sometime.

    In case it is very noisy during train movement then suggest you to work out a deal with local builders.
    CommentQuote
  • Originally Posted by vettipayyan
    I dont think there is anything wrong. Builders will use any logic as a tool to convince a person to buy thier flat. This tower you wrote about is one such example.

    Altho i dont accept the pricing of Nanganallur as specified here. I have got calls for 6-7 K around Anjaneyar Temple until 2 months back.

    Just becos Lancor prices something at 8.5 K, the whole area doesnt become the same rate. Still prices havent hit roof top here.

    Infact I got a very good resale apartment 2-3 yrs old, for just 4 K in a good area. But I dont like Resale units outside city center.

    Also I dont think infra is still good there due to reasons me and SR told. It will remain so.


    Please check the link in post 5. It is a small time builder and charging 8.5K in nanganallur. That is the rates with most builders today and if it is in 1st to 3rd main road where infra is not an issue.

    You may get for 6 to 7K on other side of Anjaneya temple which ideally comes in Adambakkam extension and not nanganallur even though people call it nanganallur. Also lot of land is under issues due to MRTS.

    If I understand Nanganallur currently only area post college road uptill some area after roja medicals comes as Nanganallur. But recently with RE rates in nanganallur being high even palavanthangal and area near mennakbakkam subway is sold as Nanganallur which comes around 4.5K to 6K depending on how close to Nanganallur.

    I have seen multiple builders charging 7K+ around that area and 8K+ in prime area.
    CommentQuote
  • Here's one Navin's project in Nanganallur area -
    Current Projects

    Another local builder:
    BUILDERS IN CHENNAI - TAMILNADU - INDIA
    CommentQuote
  • Originally Posted by Grad10
    hi all,
    my parents have about 2600sq ft independent house in adambakkam.About 10 min walk from mount station. we are planning to sell it and buy a 3 bedroom flat in nanganallur or kk nagar.
    better security, comfort, area and cash in hand are the reasons for selling.
    can anyone guide me to price rates in these 3areas.

    Also if u could suggest some nice flats in these areas it would be great.

    Any general advice would also be welcomed.

    Thanks


    Appreciate your thought process on keeping utmost priority for your parents well being & happiness and didn’t fall into Hira, Olympia etc….
    My Views are 8.5k for nanaganallur is on higher side
    Why can’t you give try on Thiruvanmuyir, back side of depot Kamraj nagar, Vasudev nagar etc.. Nice locality and you can bag around 1Cr TO 1.25 Cr
    You have mardeeshwarar temple, some temples in Besant nagar , Beaches etc.., I have seen decent number of Brahmins turn around in mardeeshwarar temple where they host natayanjali, bhajans etc…
    Also you have bus depot, railway station
    You can have rear of residential & commercial within vicinity. Head to Head I feel Thiruvanmuyir is better than Nanganallur
    CommentQuote
  • Lol! You are going to face wrath of RaviCbe for mentioning Hira ;)
    CommentQuote
  • Originally Posted by srivat
    Grad,

    If you are in the US and have a good credit score then go for loan in local bank. With Feb maintaining near zero interest rate you can work out a good deal on your loan. Depending on your credit score loan interest can be brought down to 5% or even less. Go with second grade bank like Banco, NT, US Bank for better deal. In india the interest rates are around 10%. US loan will work out in case if your loan requirement is not high, otherwise you can part apply there. Just a thought as I have done it in past.


    Great idea Srivat. I will check with my local bank about loans. I was not aware that they will give me loans to buy house in India :)
    CommentQuote
  • Originally Posted by Dajagun
    Appreciate your thought process on keeping utmost priority for your parents well being & happiness and didn’t fall into Hira, Olympia etc….
    My Views are 8.5k for nanaganallur is on higher side
    Why can’t you give try on Thiruvanmuyir, back side of depot Kamraj nagar, Vasudev nagar etc.. Nice locality and you can bag around 1Cr TO 1.25 Cr
    You have mardeeshwarar temple, some temples in Besant nagar , Beaches etc.., I have seen decent number of Brahmins turn around in mardeeshwarar temple where they host natayanjali, bhajans etc…
    Also you have bus depot, railway station
    You can have rear of residential & commercial within vicinity. Head to Head I feel Thiruvanmuyir is better than Nanganallur


    Thanks for the idea Dajagun.
    Nanganallur and K.K. Nagar are familiar areas for parents. So thats why looking at those areas.
    CommentQuote
  • Guys talked to dad an hour ago..
    He is apprehensive about putting ads in newspaper- Says brokers will keep calling and may even come to home everyday and torture to allow them to see/ sell house. Are they that bad:)?How do you guys handle spammers and other brokers?

    He is currently got contact of few local builders through friends- All of them say 1.3 crore and if we go to joint venture then after 10 months they may give 1.5 crore (if we decide not to take a house, I guess).

    We don't favor joint venture, but outright sell for 1.5 +crore.
    CommentQuote
  • Engage some established brokerage houses like Hanu Reddy Realty and they take the same 2% as anybody - but you deal only with one person and they bring the vetted buyers to show home. Hanu Reddy deals are very expensive - may be sellers inflate it to test them. I would not buy from them but will be very happy to sell through them. If you think 1.5 cr is the price that will excite you, tell HRR 1.6 - 1.7 cr and see where it settles. Do not engage any other brokers in parallel and in a month or so, you may get a sense of "clutching point.
    CommentQuote
  • Originally Posted by Grad10
    Great idea Srivat. I will check with my local bank about loans. I was not aware that they will give me loans to buy house in India :)


    I was talking about personal loan. You can easily get loan of 50K dollars depending on your annual income. With small banks you can negotiate your APR based on your credit score. I have see negotiations going below 5% as well.

    With rupee conversion at 60$ you can avail and convert to INR now.
    CommentQuote
  • Brokers excuse in the ad works to some extent. :) .Try to push hard with the builder or try alternate builders. With competition they will agree to your quote.

    Originally Posted by Grad10
    Guys talked to dad an hour ago..
    He is apprehensive about putting ads in newspaper- Says brokers will keep calling and may even come to home everyday and torture to allow them to see/ sell house. Are they that bad:)?How do you guys handle spammers and other brokers?

    He is currently got contact of few local builders through friends- All of them say 1.3 crore and if we go to joint venture then after 10 months they may give 1.5 crore (if we decide not to take a house, I guess).

    We don't favor joint venture, but outright sell for 1.5 +crore.
    CommentQuote
  • Originally Posted by Grad10
    Guys talked to dad an hour ago..
    He is apprehensive about putting ads in newspaper- Says brokers will keep calling and may even come to home everyday and torture to allow them to see/ sell house. Are they that bad:)?How do you guys handle spammers and other brokers?

    He is currently got contact of few local builders through friends- All of them say 1.3 crore and if we go to joint venture then after 10 months they may give 1.5 crore (if we decide not to take a house, I guess).

    We don't favor joint venture, but outright sell for 1.5 +crore.


    You can put brokers excuse. But some will still call.
    When they call, tell them to bring the client to show the house.

    In Chennai, buyers pay brokerage, seller do not unless they are NRI and specifically engage them. So you do not have to worry except for the hassle of showing the house.

    Hire someone to show the house on weekends. Tell folks on the phone to come on weekends for showing.

    DO NOT GO FOR JV.
    JV is only for people who wish to stay in that place. They will not give you cash. Go for outright sale always.

    Do not call or engage builders. They will underbid you.
    Builders are not stupid to buy land at retail price for cash and absorb the carrying/interest cost.

    When people give you offers, tell them you are collecting the offers and say that you will let them know after a week or so. Do not start negotiating directly with the first offer.
    People negotitate only with the highest bidder.
    CommentQuote