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

234°
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

21 Comments  |  
13 Dimers
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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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Any reason why would they offer 30% discount?

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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.

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.

Generous Generous
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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)

Deal Cadet Deal Cadet
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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.

Specialist Specialist
Moderator
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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 Cadet Deal Cadet
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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.

Benevolent Benevolent
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Saucap, where are you ji?
@saucap wink

Wildfire Wildfire
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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 Subedar Deal Subedar
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so did you get chance to buy?

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