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Mantri Synergy II, Old Mahabalipuram Road, Chennai

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Mantri Synergy II, Old Mahabalipuram Road, Chennai

Last updated: November 14 2016
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  • #21

    #21

    Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

    5000-6000 per square feet looks high for this area even when we consider that this is a ready to move apartment with a thriving community in place. Getting decent rentals is a challenge in this area and there is clearly an oversupply compared to demand. This is the reason why builders have maintained prices in the 3500 per square feet range. If you add the other costs like car park, corpus fund etc, this should not cross 4200-4500 per square feet at a maximum IMO.

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    • #22

      #22

      Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

      Also the point to note is that rental rates are low all over chennai when compared to other similar metros. One can get a good 2 BHK in Adyar for 25k pm, so OMR being away from city is not any different.

      However, the pricing should stabilise as the still not completed projects will be avoided by customers and the prices of such projects will no longer be in the comparision when comparing ready flats.

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      • #23

        #23

        Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

        Originally posted by rsrsin View Post
        However, the pricing should stabilise as the still not completed projects will be avoided by customers
        This is a sweeping statement. There are different categories of buyers:

        -Some may feel Mantri synergy and other RTM apartments are not upto their expectation. They may book another "Yet to be ready" apartment hoping that it would be much better. Whether the builder fulfill their hope is another question, but these buyers don't believe in "Known devil is better than unknown angel".

        -There are those who feel the locality is still not ready for settling down. So no plan to relocate in near term. They may be attracted towards projects at launch phase.

        -Investors are sometimes attracted towards projects with phased out payment plan would prefer projects at launch phase with lower downpayment and construction linked payment schedule.

        -Budget conscious buyers may be attracted towards projects that has completed all phases of payment but there is no clear sign of handover (Eg, Purva swanlake or Jain inseli). They will be attracted by sq ft rate and 80:20 or no pre-EMI plans.

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        • #24

          #24

          Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

          It takes time, but buyers would slowly realise that funds & credit being stuck for indefinite period is much worse that small adjustments in a ready complex, where atleast one has a secured asset for the money they have parted with. Mumbai is clearly seeing that trend already and Chennai is in nascent stages when it comes to apartments and it will follow suit.

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          • #25

            #25

            Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

            Originally posted by rsrsin View Post
            It takes time, but buyers would slowly realise that funds & credit being stuck for indefinite period is much worse that small adjustments in a ready complex, where atleast one has a secured asset for the money they have parted with. Mumbai is clearly seeing that trend already and Chennai is in nascent stages when it comes to apartments and it will follow suit.
            you seem to believe strongly that resale in Mantri synergy is the best choice for someone looking for an apartment in OMR.

            In my view Mantri is good choice for those with specific requirement, there are other great choices like Hira upscale, Radiance shine, PBEL, Real value Padmalaya, Akshaya Today, etc... Each comes with their own unique value, a buyer must pick one that best suits his/her requirement.

            Please don't bring Mumbai here, Chennai will never be Mumbai. In Mumbai a single speculator will buy all apartments in a single project in one shot.

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            • #26

              #26

              Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

              Anything that is completed is definitely far superior to under constructions projects in today's context where builders vanish with money without traceand leave the project in limbo for years where money gets stuck forever - we have so many examples in OMR without excluding big builders mentioned in this thread.

              Mantri Synergy may not be super luxury in project that can be compared against many other upscale projects outside India but it is in reasonable hands and it is functioning.

              If the buyer does not worry about immediate end-use, return on investment, has secured his interest with penalty payment etc...there is no need for worrying. But unfortunately, builders put clause in such a way that any delay will only benefit them and it will kill the average buyer, it extends beyond 1-2 years max. Even if you exit, major part of the payment made will be forfeited - again builder only benefits in this.

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              • #27

                #27

                Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

                Originally posted by Love4land View Post
                you seem to believe strongly that resale in Mantri synergy is the best choice for someone looking for an apartment in OMR.

                In my view Mantri is good choice for those with specific requirement, there are other great choices like Hira upscale, Radiance shine, PBEL, Real value Padmalaya, Akshaya Today, etc... Each comes with their own unique value, a buyer must pick one that best suits his/her requirement.

                Please don't bring Mumbai here, Chennai will never be Mumbai. In Mumbai a single speculator will buy all apartments in a single project in one shot.
                I don't believe anything specific to Mantri - what i believe factually is that a ready posession in any decent complex is lesser risk to an underconstruction with any builder in a still developing area.

                And pl note Chennai is becoming like any other apartmentalised metro - the time is not far away and almost all stretches across Chennai which are developing are construction flats.

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                • #28

                  #28

                  Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

                  Originally posted by Love4land
                  Resale units in Mantri synergy are available in the price range of 5000-6500 psf.
                  2/3 BHK Apartments (1100+ and 1780 sqft in size) were advertised in today's Habitat (Property Plus) at Rs 3900 psft (all inclusive) by Hanu Reddy and only registration expenses are on top of it. HRR claims they are from different owners with registered sale deeds and no POA and apts are 2 years old.

                  Mav

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                  • #29

                    #29

                    Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

                    Originally posted by Ramchi
                    Mantri Synergy may not be super luxury in project that can be compared against many other upscale projects outside India but it is in reasonable hands and it is functioning.
                    True. Anyone with a drape in a nudist camp will be the best dressed male. But, that's very relative. In seclusion, everything will look good. This is of ephemeral and momentary value which can hardly sustain on its own merit for long. Paying premium for such momentary positive is a bad idea when in 5 years, there would be much better dressed creations (RTM) and your premium will evaporate and can no longer hold.

                    Mav

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                    • #30

                      #30

                      Re : Mantri Synergy II, Old Mahabalipuram Road, Chennai

                      People have thus far have crossed the momentary & ephemeral checkpoints long ago....may be those who are not able to see the gates that was left behind can assume something different and go for the kill, literally.

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