Buying a home in Chennai suggestions and things to consider / be careful

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Deal Cadet
kaviarasu

Dear Dimers,

For a long time in a dilemma whether to buy a home in Chennai or not as financially not strong. My native is a village 150 km from Chennai. Since I am working in Chennai, I brought my entire family to Chennai. I am looking individual villa type 2 or 3 BHK with minimum 1000 sq. ft. I don’t have much savings but can try to arrange that 10% -20% down payment. Please suggest, Appreciate your response.

1) what kind of home loan is best ? and how long? which institution?
2) If you know which area is better for air quality and water quality please suggest? prefer south chennai
3) Best builders based on your experience (quality, cost)
4) Do I need to take life coverage separately or loan providers will include that? if separately who is the cheap and best provider?
5) Any check list so that I aware of nitty-gritties

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Deal Cadet Deal Cadet
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Wait 2yrs if you want to buy in Chennai.
Many corporate builders would offer minimum 30% off over next 2yrs.

Deal Cadet Deal Cadet
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kirandr221996 wrote:

Wait 2yrs if you want to buy in Chennai.
Many corporate builders would offer minimum 30% off over next 2yrs.

Any reason why would they offer 30% discount?

Blogger Blogger
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kaviarasu wrote:

Any reason why would they offer 30% discount?

Considered buying your own plot and proceeding from there as and when your financials support?

Comrade Comrade
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kaviarasu wrote:

Any reason why would they offer 30% discount?

It’s bcoz market is down massively here… Half of the city rented houses are free now… It won’t revive for next 2 yrs atleast… So wait , watch and spend in villa kind of properties… Since u prefer south Chennai , I wud suggest Besant nagar/Adyar for ur requirements

Deal Cadet Deal Cadet
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insta_vicky wrote:

It’s bcoz market is down massively here… Half of the city rented houses are free now… It won’t revive for next 2 yrs atleast… So wait , watch and spend in villa kind of properties… Since u prefer south Chennai , I wud suggest Besant nagar/Adyar for ur requirements

I cant afford bro in those areas, its very costly. I agree its very good place, infact I started my first job in a startup at besant nagar only.

Deal Cadet Deal Cadet
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kaviarasu wrote:

Any reason why would they offer 30% discount?

Bro promoters will be forced to sell
There would be supply demand mismatch.

Good areas like villivakkam,Perambur,kk nagar,aminjeekarai,,alwarpet u can try.
Don’t go for ecr or omr side they won’t have any value in future

These are only based on my understanding and you decide

Deal Cadet Deal Cadet
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insta_vicky wrote:

It’s bcoz market is down massively here… Half of the city rented houses are free now… It won’t revive for next 2 yrs atleast… So wait , watch and spend in villa kind of properties… Since u prefer south Chennai , I wud suggest Besant nagar/Adyar for ur requirements

Yes

Deal Newbie Deal Newbie
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start ups sad
then what kind of job safety you have?
if you are under 30, why wasting money in a big city.
better build a bigger house at half the price in native place itself naa
or renovate with best options.

150km is nothing.
by the time your kids grow up, your place would be part of Chennai only.😁

2.5-3 hours to drive now, might take 60-70 minutes then.
which is also the time it takes to go from ine part of the city to another now.

rest is up to you.
loan tenures are usual 15-20 years max.
but if you then have kids and pressures or are without a job for few months also, EMI stress will be killibg.

yes i also think property market is sluggish and builders too are getting desperate and hopefully prices are yet to hit bottom.
can wait.

Comrade Comrade
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kaviarasu wrote:

I cant afford bro in those areas, its very costly. I agree its very good place, infact I started my first job in a startup at besant nagar only.

Then I wud suggest ecr/omr corridor

Deal Subedar Deal Subedar
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try to buy something near tambram, mudichur, kooteroad side. future is that area and also it links OMR with GST. also you can find affordable ones if you can travel 10 min from main road.

Heard ruby builders are good in those areas. also as said prices are bound to reduce. so always quote less price.

Deal Subedar Deal Subedar
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kirandr221996 wrote:

Bro promoters will be forced to sell
There would be supply demand mismatch.

Good areas like villivakkam,Perambur,kk nagar,aminjeekarai,,alwarpet u can try.
Don’t go for ecr or omr side they won’t have any value in future

These are only based on my understanding and you decide

Contradictory to the above theory, the prices are going to increase more than 30% from the before corona rates.

Hint: No labour or high cost of labour, no sand or high sand cost, petrol/diesel price increase, not many new project launches, no business for last 5 months hence they need to loot the customer to make up the losses in last 5 months.

EMIs are stopped by consumers, hence long time to finish the product, hence more time, more interest payments by builders and consumers.

Deal Cadet Deal Cadet
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ramadesidime wrote:

Contradictory to the above theory, the prices are going to increase more than 30% from the before corona rates.

Hint: No labour or high cost of labour, no sand or high sand cost, petrol/diesel price increase, not many new project launches, no business for last 5 months hence they need to loot the customer to make up the losses in last 5 months.

EMIs are stopped by consumers, hence long time to finish the product, hence more time, more interest payments by builders and consumers.

My friend’s family is partner(nearly 20% ownership) of Arun excello and this is what their opinion.

Rest time will answer

Deal Cadet Deal Cadet
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kirandr221996 wrote:

My friend’s family is partner(nearly 20% ownership) of Arun excello and this is what their opinion.

Rest time will answer

Yeah, prices before last to last year I see 58 Lakhs for a villa 1416 sq.ft by Vijaya raja builders (vijaya raja classic) at vandalor – kelambakkam road (4 kms from vandalor). Now the same villa price is 76 Lakhs (1416 sq.ft).

Inside city benefit will be commute time will be less for work and other things, but cost, pollution, water will be a problem.

Thinking of either Villa or buy a plot then build house whatever is economical. Looking near Vengaivasal (4 km from medavakkam) as well plots costs 3000 – 3500 per sq.ft in this area.

One of my colleague bought land from Shiridi builders 4800 per sq.ft in vadakku pattu (back to kovilambakkam towards medavakkam) I cant afford buying land with such a cost and build house will touch 80L – 1 Cr.

If any good soul has better idea please help on this.

Deal Subedar Deal Subedar
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In the same dilemma. Have been searching for past 3 months and I thought the prices will be much cheaper, because of covid, but was surprised to see prices have, in fact, gone up by 15-20%.

Was in discussion with a buyer pre-covid at perambur, the price of flat was quoted around 43 Lacs (In fact, one of my relative got it last jan) and now when i enquired, they are quoting 52 Lacs and mentioned prices have increased from 6800/- to 9000/- and still there is demand. The prices were for built up area of just 550sqft which I dont find worth.

At the moment, have decided to wait it out and look for place in my hometown (Tier III) where I believe there is much better chance of appreciation. Chennai is way too expensive when compare to B’lore, which was my second priority (Have decided to drop B’lore since I dont see prices appreciating in near future)

Pro Deal Legend Pro Deal Legend
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Considering the tight budget and associated risks I suggest some flats near Urapakkam from where the IT corridor is not far away

OMG, this thread is 5 months old

Deal Lieutenant Deal Lieutenant
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It’s better time to buy land in chennai… Because IT people saved lot during covid as their spends came down… All rushing to buy land and construct… So is the price rise.

Deal Cadet Deal Cadet
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What would be suggestions for investment in North Bangalore at present anyone? Sorry for deviating the main topic a bit OP.

Deal Cadet Deal Cadet
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cashif wrote:

In the same dilemma. Have been searching for past 3 months and I thought the prices will be much cheaper, because of covid, but was surprised to see prices have, in fact, gone up by 15-20%.

Was in discussion with a buyer pre-covid at perambur, the price of flat was quoted around 43 Lacs (In fact, one of my relative got it last jan) and now when i enquired, they are quoting 52 Lacs and mentioned prices have increased from 6800/- to 9000/- and still there is demand. The prices were for built up area of just 550sqft which I dont find worth.

At the moment, have decided to wait it out and look for place in my hometown (Tier III) where I believe there is much better chance of appreciation. Chennai is way too expensive when compare to B’lore, which was my second priority (Have decided to drop B’lore since I dont see prices appreciating in near future)

yeah, that’s true and bad for people aspiring to buy home for us. I am totally perplexed given family situation pushes to buy home.

Deal Cadet Deal Cadet
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Censuresh wrote:

Considering the tight budget and associated risks I suggest some flats near Urapakkam from where the IT corridor is not far away

OMG, this thread is 5 months old

Yeah I went near Urappakkam, visited few plots, 3 Km inside Urapakkam GST i.e Karanai Puducherry, it was good and pleasant environment given that location is next to vandalor reserve forest, Per Sq. Ft Plot comes around 3K there. My only concern there is no public transport options and occasional private transportation options (I dont own any vehicle). But I liked the area very much, good ground water, environment near forest. There I also saw Porambokku land available at half the price in cents but afraid to buy because anytime it may be demolished.

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