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Building a house or buying an apartment?


Building a house or buying an apartment?

Last updated: November 26 2012
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  • Building a house or buying an apartment?

    I have exactly 20 lakhs in liquid cash with me now. I moved to Chennai 5 months back. . I am currently earning 35K per month. Take home is 31,000 per month. I want my own house as soon as possible. I am currently residing in a rented house in Porur and I am not a big fan of apartments. So I want to buy a land and build my own house. The following are the requirements:
    I am working in DLF IT Park. I don’t want to travel more than 30-40 kilometers for work.
    I don’t need a big house to start with. A decent 2BHK is all I need for now.
    The land should be at least more than 800sq.ft.
    Now my questions are:
    I have 20L in my hand now. Is it enough to buy a land in Chennai that Is not farther than 15km from DLF. (I can stretch my budget to 23L, if the land is really good)?
    Also suggest a good locality?
    How much home loan will I be able to get for my salary (I can manage an emi of 13K per month. I have a house in Tirunelveli that gets me a rent of 3000 + the 7500 rent I am paying for my current house.)?
    How much will it cost for building a decent 2BHK house (I don’t need fancy stuffs like modular kitchen, fancy tiles floor, wood work, etc.)?
    And finally,
    If I can’t build a house with my above requirements, then I am ready to buy an apartment. Advice me on whether to go for an apartment or builder floor?
Have any questions or thoughts about this?