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Opinions please

Last updated: July 2 2014
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  • Opinions please

    Dear RE followers and experts,

    I have two plots that i purchased during the 90's boom. Initially i just held on to it because there was not much development.now thanks to the extension of chennai limits, mahindra sez, lots of residential projects at one plot while the other has appreciated too.

    one at kayarambedu,guduvanchery and another in kandalur village,pulipakkam opp.mwc.

    the one at guduvanchery is a corner plot and is 1370sq.ft and the one at kandalur is a perfect 60x40 plot.

    I observed the re websites and ads for the past few months.

    many plots are being quoted at 1600 /1100 quoting the proximity to the road, shriram shankari township, between nellikkupam road and maraimalai nagar road. there are lots of houses around the plot too.

    kandalur - 600/700 sq.ft.

    my family feels i should sell both and buy a flat in the suburbs stating with development it becomes difficult to keep an eye on plots.. i have patta for both. i also take periodical EC's.

    your opinons???
    Last edited July 2 2014, 08:22 AM.
  • #2

    #2

    Re : Opinions please

    From what you say, it is possible to net approximately 30L -35L from selling both the plots.

    It is good time to get rid of those investments as those location had a vey slow growth for a long period and It could take even more time for growth.

    Given that you may not get a nice flat in a growing location for around 30L - 35L, I would suggest you reinvest that 30-35L in a CMDA approved plot in growth corridors closer to city limit.

    May be Ponmar, Mambakkam, Royappa Nagar, VP nagar, Iyappanthagal, Thiruverkadu etc.

    Areas around Rs1,500 sqft.

    Those areas are growing and or on reasonable distance to civilisation.

    You may get good returns in 10 years or so.

    If you can add additional funds on top of the 30-35L then the suggestions & options may differ.

    If you are looking at Flats in decent area, I would suggest a minimum budget of 60L.
    Last edited July 1 2014, 03:00 PM.

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    • #3

      #3

      Re : Opinions please

      Thanks Economist. that is what i thought too. but then resale plots when advertised people ask such low prices it is disheartening. there was this person who said if you can negotiate and finalise kayarambedu at 500 i will give you ready cash. so thinking if i should go to a broker or wait for the budget and if the 80 c increase happens, there could be influx of genuine buyers..

      I already have a good decent flat in the corporation limits.

      yes i am thinking of topping up on the same and buy a flat or villa. i even thought of investing in a retirement community being in the mid 40's. being an nri a little wary too.

      your suggestions are welcome.

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      • #4

        #4

        Re : Opinions please

        wish2buy -
        it would help if you can provide the layout names without giving plot nos thats the best way to get right pricing.
        Regarding the pulipakkam village, i checked chettipunyam and pullipakkam and kavanoor in my last visit, personally im not very impressed with the prospects and price valuation and so i dropped
        Reg Perumattunallur and kayarambedu, really depends on the layout. Generally kayarambedu is not at 1100 price point unless its a main road layout , so to provide right value the layout names are important.
        recently i had an offer in nethaji nagar, the layout was good. and i also looked at a cheaper one in ravindranath tagore nagar
        also if you would say if its a panchayat or dtcp it would have a big impact on pricing in that area.

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        • #5

          #5

          Re : Opinions please

          Wish2buy,

          If you are going to top up on the 30L, the options will be different.

          You should state your budget to get reasonably good advise.

          Please do not get in to RV units.

          You do not want to restrict your investment.

          BTW, RV industry in India is non regulated and in its in fancy.

          Do not get stuck in that mess.

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          • #6

            #6

            Re : Opinions please

            sraj,

            I know of people who are asking 1400-1600 sq.ft in kayarambedu which is just riding on the projects announced luring some nri like me. but i feel 1000 is a reasonable price. the layout is thriukkural nagar, and the plot is 500m from the road..

            the kandalur plot is thilagar nagar (the old layout was sundar nagar) and for this i was thinking 600-650.. both are dtcp approved and have patta for both.

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            • #7

              #7

              Re : Opinions please

              economist, thanks on the warning about rv. i was just thinking. a few friends have invested.

              no i do not want to restrict my investment. the best i am hoping i would get is 25-28lacs both put. i can up it with another 20/25 making it a 50 lacs investment. though i would still be comfortable investing upto 30-35. as i have a son who will be ready for college in a couple of years, and i would need liquid cash then.

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              • #8

                #8

                Re : Opinions please

                Originally posted by wish2buy View Post
                sraj,

                I know of people who are asking 1400-1600 sq.ft in kayarambedu which is just riding on the projects announced luring some nri like me. but i feel 1000 is a reasonable price. the layout is thriukkural nagar, and the plot is 500m from the road..

                the kandalur plot is thilagar nagar (the old layout was sundar nagar) and for this i was thinking 600-650.. both are dtcp approved and have patta for both.

                Thirukural nagar - im very familiar - there are 2 parts , part I and II,
                the parts II i think is closer to road and its around 900-1000rs as you mentioned
                Part I is going to be under 900

                To cross 1000 and get to 1500 it needs some activity in the area


                I also looked at annai aravind nagar behind bosch electricals and i could get 900-1200 there as well.
                price is very hard to correctly evaluate, value is even harder.
                i almost lost patience but i still watch this area

                Comment

                • #9

                  #9

                  Re : Opinions please

                  Originally posted by wish2buy View Post
                  no i do not want to restrict my investment. the best i am hoping i would get is 25-28lacs both put. i can up it with another 20/25 making it a 50 lacs investment. though i would still be comfortable investing upto 30-35. as i have a son who will be ready for college in a couple of years, and i would need liquid cash then.
                  Why do you want to do selling and buying.
                  There is no reason to do so, if you are an investor and never going to live in the place.
                  You lose money on transactions costs like stamp duty and deal unnessarily with brokers and people who would rip you off. Also what if the new place does not go up and your old places go up. I would also not suggest you to buy suburban flats in this market as they might not all make good investments. It is a slow market, I feel all this trading is not going to help.

                  Just keep it as is. Avoid headaches of selling/buying.
                  When you need it sell it and take money out of RE.

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                  • #10

                    #10

                    Re : Opinions please

                    I fall in the same category as wish2buy. By the way what is this RV? Can someone abbreviate. I do not have a land to sell but interested in buying a flat (oops - really after porur incident ??) or a villa type home in suburbs close to a good school.

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