Hi All,

I am planning to invest in plots in ECR road. Please point to reputed plot developments along ECR road. Have checked websites of KG Emerald Beach & Marg Swarnabhoomi, how are these locations?
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  • I have a plot in Royal seaview compound and current value is around 40 lakhs.
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  • 40L for a ground far far away from Thiruvanmiyur beyond Mahabs! Hmm and there were folks cribbing about my price in Palavakkam exactly 2km from Thiruvanmiyur and where you get not 0.8FSI but 1.5FSI as anywhere else. So if we fact 10 times distance and 2 times FSI should I charge 20 times more.
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  • Originally Posted by roop78
    Is it the one located after ECR toll gate, about 1 km before mayajaal. It is a good location and think it would be not less than 50L per ground.

    ps: may i know why you are planning to sell in this location at a discount, any issues with that compound.


    The price is not a discount but correct price.
    The price has been the same for over 3-4 years.
    The ECR sea side price has been stagnant for some years (after 2005/06 tsunami) due to CRZ (no loan),FSI and aquifer recharge issues.

    If you want the land to build a personal bungalow (without bank loan) it is OK but not highly recommended for investment.
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  • Kapaleeswar nagar and Venkeswara nagar are largest approved layouts in ECR sea side and commands a premium compared to all other plots over ECR.
    Also with new regulations CMDA will provide plan aproval for already approved plots even if the size is less that 2 grounds.
    Siju
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  • Originally Posted by siju
    Kapaleeswar nagar and Venkeswara nagar are largest approved layouts in ECR sea side and commands a premium compared to all other plots over ECR.
    Also with new regulations CMDA will provide plan aproval for already approved plots even if the size is less that 2 grounds.
    Siju


    Lot of banks do not lend in Kapaleeswar Nagar due to CRZ.

    LIC told me they have a policy of not lending up to 1000 mts from the beach(Apparently the rule can be overiden on exceptional case by the GM)

    Though Kapaleeshwar nagar is good area, the capital growth is low due to CRZ.
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  • With notification of CMDA on reclassification of areas from CRZIII to CRZII on Dec 2, we could get building approval for all plots in Kapaleeswara nagar, but with .8 FSI.
    The same rule holds in entire ECR stretch till neelagarai.
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  • I do not understand why being next to Thiruvanmyur would be important few years from now, considering that (1) Akkarai / Panayur have some of the best houses in the entire ECR stretch (even beats Neelankarai, meaning Kottivakam, Pallavakam have nothing to go gaga about), (2) schools have started to come up south of Neelankarai including in OMR, (3) Restaurants, other entertainment well established now for many years and (4) the OMR's IT companies ofcourse - all the way to Kelambakkam. What is missing is probably a good shopping mall.

    Infact being close to the link road to OMR would be probably the way to go for the future (enjoy the entertainment corridor and still be close to the IT corridor). And the toll gate / Mayajaal are probably 5 - 6 kms from both the north link road (Sholinganalur area) and the south link road (the Kovalam - Kelambakakam link road may take another 10 years to develop well - your thoughts, anyone ??).

    Originally Posted by Almighty
    I am not going to argue if you disagree with this message. At a place near Mayajal or TOll plaza if land price is 50L per ground, it is amazing and amusing. Either this 50L has become pocket money for many and so they buy at the price or Madrasis are ignorant or both!
    Now travel 12 to 13km towards Thiruvanmiyur. Just around Kun Hyundai you can go to a genuine approved layout Kandaswamy nagar. I was not willing to sell my land there an year ago at 1.3C, now I find some who are not able to sell it at 85L. I have a long term interest in holding that land so I dont care if the price there is 1C or 10L or 10C but look at the pricing. It is probably the ONLY approved layout you can find in ECR. Maybe there is one more!!!! DTCP approved. I can attach you to a link which says that though some of this layout maybe under CRZII building is yet permitted at 1.5FSI. Why? Refer to the link
    ]http://www.cmdachennai.gov.in/CMDA-AM-229.pdf
    Refer page 45. IT IS AN APPROVED LAYOUT AND EVEN IF SOME OF THAT LAYOUT IS WITHIN 100M OF BUCKINGHAM CANAL CMDA GIVES YOU SANCTION. A cut and paste from above link is provided below.

    3. As per the inspection report, the site under reference lies at a
    distance of 45.40 Mts. from Buckingham Canal. Hence, falls in CRZ-II area.
    4. As per the Government of India Notification, in CRZ-II area,
    buildings shall be permitted neither on the seaward/canal ward/river ward side of
    the existing road (or roads proposed in the approved coastal zone Management
    plan of the area) nor on the seaward/canal ward/river ward side of existing
    authorised structures. But buildings shall be permitted on the landward side of
    the existing and proposed roads/existing authorised structures, subject to the
    existing local and Town and Country Planning Regulations, including the existing

    norms of Floor Space Index.

    Now in this same area near Kun Hyundai most property are either in CRZ III meaning you just cant use them or in CRZII (acquifier area) where you can build in min 440sqmts and that too with FSI of 0.8. Obviously Nahar are not foolish to sell a new project Anusuya in Kandaswamy nagar. Now they charge around 4K mainly because they have browbeaten poor owners like me, who are not as smart as me to sell it for a song. Ask Nahar to buy at the same rate in neighbouring areas and they will scream..I know those guys.
    So what is happening. Some funny game. Let me explain.
    1. In Kottivakkam, Palavakkam, Uthandi and suburbs there are hardly any approved layouts.
    2. The rich hold land even in 100m distance from HTL (high tide line) and now I believe 500m has been reduced to 100m to placate them. They dont need approvals. They enjoy life. Such land technically has become CRZ II from CRZ III. They can be used with 0.8FSI.
    3. There are usable pieces of land like Palkalai nagar and VGP layout. Dont know about their approvals but these again have been dragged down to 80L and below by some mafia who are accumulating it. Now Kandaswamy nagar and Palkalai nagar are just clean places around Kun Hyundai.
    4. There are other places like Swaminathan nagar and many more, many along the Buckingham canal, mostly without any approval. Now they are the reason for the low price of other land. Now these are unapproved by DTCP or anyone. YOU JUST CANT CONSTRUCT THERE AS YOU NEED CMDA TO APPROVE. CMDA may not approve because these are in acquifier recharge area CRZII and panchayat approval IS NO LONGER VALID HERE. You need to go the St Thomas Mt for approval in CRZII places and acquifier recharge areas. So if I were you I wont even buy them for free.
    5. Next people go beyond Uthandi. Crazy to tell the least. Here the fellows are some 13km from edge of city. Again CRZ holds good throughout the coast. Infact here it may be CRZ III not II which means no LEGAL BUILDING POSSIBLE. Yet they buy since as I said before 50L has become pocket money.
    6. So people buying in Mayajal are essentially fools who are being duped by local mafia. They are made to believe that price here is fair, and there is approval. What approval? GOK!
    In summary, in Chennai sense is the last thing that seems to ever prevail. Logic is what all CHennaites mention without understanding the word itself. They will buy at 15km from Thiruvanmiyur, bet on the approval from Panchayats and try to speculate. As all speculations end, the price will dip and price will be increased say at 25km from Thiruvanmiyur. The game never ends. Funnily the price in Thiruvanmiyur is around 2C. So 0-2km from there is less than a C and in some places in Kottivakkam even 25 to 50L and after 15km it is yet steady at 50L.
    I cant educate idiots but well I leave it to you to decide. I will rather you buy in Urapakkam for 50L. You can certainly build there, can get Approved property, can get a train to any where in Chennai etc. On ECR around Toll plaza you can only imagine you are in utopia.
    Cheers.
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  • Originally Posted by siju
    With notification of CMDA on reclassification of areas from CRZIII to CRZII on Dec 2, we could get building approval for all plots in Kapaleeswara nagar, but with .8 FSI.
    The same rule holds in entire ECR stretch till neelagarai.


    Still .8 FSI is half of rest of the city.
    So why pour money where there are restricting issues?
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  • Economist, Almighty, Siju thanks for your feedback. I was looking for a plot in ECR road more from a long term house construction perspective.
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  • I had written a long message and looks like others wrote back without reading it. I wont trouble others with a longer one!
    In summary, if your layout is approved like Kandaswamy nagar (DTCP or maybe CMDA...dont know any example) then as per the link I gave you CAN YET BUILD WITH the OLD 1.5FSI irrespective of CRZ 2 or 3 or Aquifier or what not.
    If it was not approved then you can build with 0.8FSI if the place is in acquifier area, otherwise it will be same as a peramboke land.
    Finally I will be a fool to buy 15km from even Tiruvanmiyur just because a school is there or some bungalow is there. That way you can buy a house in Conoor or in Hosur with salubrious conditions. I think ECR means Chennai and 15km from Tiruvanmiyur means about 30km+ from Chennai (Fort St George). So for Chennaites Panayur is more than an outskirt. Ofcourse for the farmer in Panayur or the fisherman in Panayur or the SW programmer in Panayur it is their bread and butter.
    I AM TALKING ABOUT CHENNAI REAL ESTATE ONLY.
    Cheers.
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  • Land in ECR

    But why at all one should think of selling land in ECR, when the Govt has just announced extension of city limits to Uthandi and ECR ,OMR and GST are the happening places in South Chennai!
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  • Panayur IS Chennai, whether some people like it or not !! Fort St George - now I have my doubts about that - isn't that part of some old city called Madras ? ;)

    Anyone remember how Kotturpuram was in the early '80s before the bridge was completed (and now an 8 storied library is coming up this year + ...). I know I am nostalgic about Mooremarket, Burma Bazaar, cooum changing colors everyday, ..., but Fort St George - give me a break !!
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  • I think, the non-availability of housing loan in Kapaleeswara nagar is a wrong perception. This week,I was able to get it aproved from SBI.

    Siju
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  • In Kotturpuram a ground 2400sft land was costing 10K (ten thousand) rupees in 1977 and the bridge did not exist. Strangely my father did not buy 2 grounds of land that were on offer to him at that time and preferred to invest in FDs. Now 2 grounds in Kotturpuram would conservatively cost around 6crores and maybe even 10!
    Think of those on this board advocating other investment methods!
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  • Just found this forum, thanks all for your very informative posts!

    I've been planning/dreaming of owning a beach front home for the longest time and was wondering where I could find property that is water front and where I can get several grounds between 10-20L/gr? Or is my dream going to remain a dream
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