Couple of Builders in Chennai , India - Visited during Oct 2010 brief analysis
1. Alliance Builders - Orchid Springs
Exact Location -
Thirumangalam - Anna Nagar West Extension Road
Once you cross the Anna Nagar Bus Stand - Traffic Circle - Once you get down Right Side Padi Station and Left Side DRJ Hospital
Around 0.5Kms from the 100 Ft Road - Canal Road Alongside DRJ Hospital
THe areas around this place is all Plots and Individual Houses with lots of Free land around.
2233 Sq Ft apartments and around 3-4 models of 1500-1600 SqFt apartments.
Quoting rate is 4175/- Per SqFt ( Corner Flat 500Rs Extra , Per Floor Increase 25Rs Extra )
I was given a flat in 12th floor . They have approval till 12th floor and expecting to get another 5 floors
Flat rate is around 97Lacs and additional 6-7 Lacs for the closing cost and other features ..
There are lots of model and you have flats in the range of 39 - 97 Lacs
Pros -
Better Location
Definitely the area will develop as its very close to the city and other amenities
Cons -
Very far from IT corridor - Next to Impossible to travel ;)
Builder reputation - When I googled .. Looks like they were collecting money for the very same apartments from 2006 and did not do anything till date.
( Good thing is the construction has started I had been to the site and work has started )
2. Spanish City - CitySquare - Plots in Sriperumpudhur
Exact Location -
Exit - Empee Distilleries on NH-4 , around 5 Kms from the this location . Local road crossing around 2 villages ( Completely Village )
There are lots of Plots on Sale and Row Houses around this place . Definitely this place is happening .. but not in next 1-2 years but on a longer period.
1 Ground is around 12-15 Lacs at this location. There are lots of plots available and 2 houses ( Big Ones ) under construction
Pros -
Gated place
Lots of builders and plot developers around this place
3-4 Automobile industry around this place - Manufacturing units
The places which was like this 2 years back is hot cake now ( my chittappa looked for some land and he confirmed that )
Cons -
Very far from the city
Remote location definitely not liveable right now
May be in 5-10 years this place would be appreciating
3. Couple of Houses and Land in and around Velachery
Exact Location -
1 Ground of Land - around 73 Lacs in Palikaranai - Very Good Location but not approved land .. People confirmed that spending some money can get the approval so thats not an issue
1/2 Ground of Land and 2 storey Duplex home recently constructed around 2200 SqFt built up area - Asking rate 75 Lacs ( Wanted 50% on cash Black ;) ) and the rest on loan is ok ...
1 Ground of land and a very old house ( House is of no use ) just the land value quoted aorund 90 Lacs
Only problem with this land was that the size of the land was not square/ Rectangle... It was longer on one side and shorter on the other side ( not vasthu compliant it seems -- I got to know at that point ;) )
4. Eta Star - Rosedale
Exact Location-
Opposite to Hindustan University - Almost at the end of the IT corridor Very close to the Siruseri SEPZ Location
Lots of builders in and around that location
Too many apartments not sure who is going to stay there..
Model house was too good and the rate is around 3200Rs ... The guy was telling that all the apartments are booked and did not give us many options to select from..
This was one of the apartment we decided from here ... First Phase is almost done and the second phase construction has started ..
5. Metrozone
Exact Location-
Koymabedu Circle - Towards Thirumangalam Next to the Bank Quarters
Very good location . every chance of appreciating ..
Quoting price - 6800 Rs .. 2 Bed Apartment is almost 1.1 C and 3 Bed is like 1.5 C ...
General Feelers : ( Please do not get biased with this .. Every Tom in the city of chennai has his own Idea .. I also have one and giving it to you for free )
Thats the whole lot of analysis I did in just 4-5 hours before flying back from Chennai.
The analysis we did from here is all on air and the ground reality is completely different ...
1. Apartments in general has gone up in the last 3-4 months ... Guys are tellling that the apartment they got for 40-45 lacs is now 65-70lacs .. Confirmed with at least 2-3 of my friends as well ..
2. Apartments would have lots of hidden cost which will not be covered by the bank loan
3. Apartment's would have car parking charges more than the Car .. Like 3-4 Lacs per car park
4. Lands are good for investment
5. Hi End apartment is good if you go back in another 5 years. otherwise go for the low end apartments ( lower Sq Ft area once and 2 bed )
All the photos I have taken on my iphone is available in the following location.
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