Hi Experts,

I am holding a 3BHK flat in CampRoad Juntion, Selaiyur, Chennai. I bought it in August 2008 2900 per Sq.Ft. It costed me around 46L (inclusive of car parking,EB,Registration etc.,). I am paying an emi of 30k per month. I am slowly realizing the burden as i am chucking out the huge portion of my sal as emi.

What i wanted to know is,

1.did i do a decent move in buying the flat for this much rate and paying the huge emi?
2.how much is the appreciation i can expect down the line, say 5 to 10 yrs in this area?
3. should i sell it and buy someother in tier II cities?

or any other advise is much appreciated

Thanks in anticipation.
-Shankar
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  • Shankar ,

    who is the builder of your apartment ? . Appreciation is based on the builder as well. Anyway , investment in and around selaiyur will always be good.

    Saran
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  • Re:Thanks Saran

    Agni Estates and Foundation is the builder.
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  • Originally Posted by shankaa
    Hi Experts,

    I am holding a 3BHK flat in CampRoad Juntion, Selaiyur, Chennai. I bought it in August 2008 2900 per Sq.Ft. It costed me around 46L (inclusive of car parking,EB,Registration etc.,). I am paying an emi of 30k per month. I am slowly realizing the burden as i am chucking out the huge portion of my sal as emi.

    What i wanted to know is,

    1.did i do a decent move in buying the flat for this much rate and paying the huge emi?
    2.how much is the appreciation i can expect down the line, say 5 to 10 yrs in this area?
    3. should i sell it and buy someother in tier II cities?

    or any other advise is much appreciated

    Thanks in anticipation.
    -Shankar


    The price you have bought is reasonable and has good scope for appreciation in medium term.

    The answer to your query depends on your motivation that made you decide to buy in the first place and whether it was for Living or Investment.

    Investing in Tier II city will give you utmost the same rate of appreciation as in suburbs of chennai.Though, You might be able to buy at better developed locations the boom doesnt happen as often as in Tier I cities.By the way, Chennai itself is considered as Tier II considering pan-India.

    In either case, My suggestion is to try and hold on.You may reduce your EMI by prepaying, switching bank with lower interest or extending the loan tenure.
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  • Thanks

    Thanks Abhishek for your valuable response.

    I bought this not for living but as an investment option. Also can you tell me the current rate in Camp Road Junction, selaiyur?

    Cheers,Shankar
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  • Originally Posted by shankaa
    Thanks Abhishek for your valuable response.

    I bought this not for living but as an investment option. Also can you tell me the current rate in Camp Road Junction, selaiyur?

    Cheers,Shankar


    I think, The rate is around 3200-3500/sqft now.
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