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- Brings in the truth about real estate. The builders are making 33% profits and more. Last week I was enquiring prices in Seaward road on ECR, a km away from Tiruvanmiyur. Price of a Ramaniyam flat at 4cr for 3200sqft works at 12500 psft. If cost of construction were even as high as 1500psft and these older buildings the price would be at best 800psft, it means cost of land value is 11000psft. Now even if the builder was the cleanest he would have an FSI of 1.5, and most builders keep FSI at 3 and dont ask me about CMDA rules, they dont matter to them and even a chota builder can easily go to 1.65 to 1.8 times using sub clauses. So at 1.5 FSI , the price of land there should be 11000x1.5=16500psft. This means a ground (2400sqft) of land in Seaward avenues must be 4cr approx. I will love to sell land at that price, but if one were to try to sell land then the price offered will be around Rs 1.5 to Rs 2cr per ground. What a pathetic truth? That is because the buyers are again brokers who will give you such pathetic numbers and will actually sell at around Rs 2.5cr per ground, making a cool 1cr per ground investing NOTHING. Absolute Zilch. Then the realestate crook uses this investment to take it to 4Cr. That is great business.
So any of you having sense will actually buy land. Even at 2.5cr there you will be able to build a bigger house than the 3200sqft flat for much lesser price. AND DONT FORGET IT. It is an independant house with you being the KING OR QUEEN.
In net, realestate in India, in Chennai particularly has to crash for flats, remain stable or even rise for lands till stability is reached. So invest in realestate LAND, dont invest in realestate stocks.CommentQuote0Flag
- What happens that if something goes very high in a short period of time. It then falls also.
Same situation is being faced by Indian as well as Global Economy. But this is the good time for middle class or small buyers who dream to buy a home but their purchasing power didn't allow to purchase.
Definitely Indian Real Estate will again face booming situations but this will take some timeCommentQuote0Flag
- Originally Posted by ks2071746Kindly do respond to the prevalent flat prices at Tambaram Sanatorium East area-is Rs. 3500/sq.ft. reasonable?
tambaram sanatorium 3000/- to 3500/- depending on the location. the land value there is 40-60 laks a ground/(2400 sq ft). check out chitlapakkam same price range but nearer to velachery road and camp road junction better accebility to shopping and education .if you need any help post meCommentQuote0Flag