Quesrion for Chennai Residents -real estate question

Kris wrote:I am looking for general information on geographic areas in the city and immediate environs, which have good appreciation and rent potential. Price should be around $200,000- at least a 2 Bedroom apartment. To close within 6 months. Several builders have projects under construction and won't release at least till mid to late 2013, which is past the 6 month time frame. If you have specific builders' names, that would be helpful too.

TIA

kinnera wrote:My brother's (a chennaikar) reco: Hiranandani builders. They have two projects going on right now, he believes.
One on old mahabalipuram road, an IT park. It is going on in multiple phases. So you might find something which you can close within 6 months. It has views of the muthukadu lake and the sea. Rate: 5100/sq ft and upwards. Rs. 50/sq ft extra for every additional floor, starting from the 5th floor.

Second project is near Oragadam road. It's a manufacturing/car company hub. The project is called palace heights. Has golf courses nearby. Maybe ready by the end of the yr. maybe cheaper than the first one.

This is all the info I could gather. Good luck with your investment

nevada wrote:Sorry for hijacking the thread but have any of considered investing in a Condo in places like Chicago? A friend of mine lives there and showed me a condo selling for about 60k. It fetches rent of $1000-$1200 per month as it is within walking distance to Amtrak. Return on investment is very very low in India as compared to the US.

nevada wrote:Sorry for hijacking the thread but have any of considered investing in a Condo in places like Chicago? A friend of mine lives there and showed me a condo selling for about 60k. It fetches rent of $1000-$1200 per month as it is within walking distance to Amtrak. Return on investment is very very low in India as compared to the US.

Marathadi-Saamiyaar wrote: My own SIL is looking for a unit in Manhattan - with upto million in CASH (they are frikkin desis).

kinnera wrote:My brother's (a chennaikar) reco: Hiranandani builders. They have two projects going on right now, he believes.
One on old mahabalipuram road, an IT park. It is going on in multiple phases. So you might find something which you can close within 6 months. It has views of the muthukadu lake and the sea. Rate: 5100/sq ft and upwards. Rs. 50/sq ft extra for every additional floor, starting from the 5th floor.

Second project is near Oragadam road. It's a manufacturing/car company hub. The project is called palace heights. Has golf courses nearby. Maybe ready by the end of the yr. maybe cheaper than the first one.

This is all the info I could gather. Good luck with your investment

Propagandhi711 wrote:"not very good for investment"

what kinda fukwitz (with due apologies to kris who is not really looking at apartments from that perspective) looks at luxury flats at sky high valuations and ultra low cap rate as investments in high inflation india? my agri lands yield 2% tax free with multibagger potential and these apartments yield just abt that after TDI and paying middleman etc without much headroom for appreciation. buying apartments in desh as cashflow investments is a fool's endeavor, I respectfully submit to the fukwitzian cognoscenti.

Mr. T wrote:

Propagandhi711 wrote:"not very good for investment"

what kinda fukwitz (with due apologies to kris who is not really looking at apartments from that perspective) looks at luxury flats at sky high valuations and ultra low cap rate as investments in high inflation india? my agri lands yield 2% tax free with multibagger potential and these apartments yield just abt that after TDI and paying middleman etc without much headroom for appreciation. buying apartments in desh as cashflow investments is a fool's endeavor, I respectfully submit to the fukwitzian cognoscenti.

I might not be a tell-tall investor like you but doesn't agri lands take a wee bit more maintenance then say an apartment ? Also, I just sold my apartment of four years with a gain of 35%. If making money is a fool's endeavor then yes, I pride in being one.

Propagandhi711 wrote:

Mr. T wrote:

Propagandhi711 wrote:"not very good for investment"

what kinda fukwitz (with due apologies to kris who is not really looking at apartments from that perspective) looks at luxury flats at sky high valuations and ultra low cap rate as investments in high inflation india? my agri lands yield 2% tax free with multibagger potential and these apartments yield just abt that after TDI and paying middleman etc without much headroom for appreciation. buying apartments in desh as cashflow investments is a fool's endeavor, I respectfully submit to the fukwitzian cognoscenti.

I might not be a tell-tall investor like you but doesn't agri lands take a wee bit more maintenance then say an apartment ? Also, I just sold my apartment of four years with a gain of 35%. If making money is a fool's endeavor then yes, I pride in being one.

bwahahaaaa@35% gain in four years. I got news for you - you lost money.

Mr. T wrote: Also, I just sold my apartment of four years with a gain of 35%.

Mr. T wrote:

Propagandhi711 wrote:

Mr. T wrote:

Propagandhi711 wrote:"not very good for investment"

what kinda fukwitz (with due apologies to kris who is not really looking at apartments from that perspective) looks at luxury flats at sky high valuations and ultra low cap rate as investments in high inflation india? my agri lands yield 2% tax free with multibagger potential and these apartments yield just abt that after TDI and paying middleman etc without much headroom for appreciation. buying apartments in desh as cashflow investments is a fool's endeavor, I respectfully submit to the fukwitzian cognoscenti.

I might not be a tell-tall investor like you but doesn't agri lands take a wee bit more maintenance then say an apartment ? Also, I just sold my apartment of four years with a gain of 35%. If making money is a fool's endeavor then yes, I pride in being one.

bwahahaaaa@35% gain in four years. I got news for you - you lost money.

I guess I am talking to Warren Buffet in disguise !!!!

Merlot Daruwala wrote:

Mr. T wrote:

Propagandhi711 wrote:

Mr. T wrote:

Propagandhi711 wrote:"not very good for investment"

what kinda fukwitz (with due apologies to kris who is not really looking at apartments from that perspective) looks at luxury flats at sky high valuations and ultra low cap rate as investments in high inflation india? my agri lands yield 2% tax free with multibagger potential and these apartments yield just abt that after TDI and paying middleman etc without much headroom for appreciation. buying apartments in desh as cashflow investments is a fool's endeavor, I respectfully submit to the fukwitzian cognoscenti.

I might not be a tell-tall investor like you but doesn't agri lands take a wee bit more maintenance then say an apartment ? Also, I just sold my apartment of four years with a gain of 35%. If making money is a fool's endeavor then yes, I pride in being one.

bwahahaaaa@35% gain in four years. I got news for you - you lost money.

I guess I am talking to Warren Buffet in disguise !!!!

No, Propa is right. Any half-decent mutual fund in India would have given you far better returns.

MaxEntropy_Man wrote:

Mr. T wrote: Also, I just sold my apartment of four years with a gain of 35%.

is that inclusive of currency exchange rate losses?

Huzefa Kapasi wrote:as per an article i read a few days ago, the fastest growing cities in india are mumbai, delhi and bengaluru. delhi is slated to overtake mumbai as the commercial capital by 2020. i am seeking a flat or two in bengaluru. let's see.

http://articles.economictimes.indiatimes.com/2012-07-14/news/32675022_1_commercial-capital-capita-income-delhi-s-gdp

Mr. T wrote:Not sure how valid this is...from what I saw, bangalore real estate has started to stagnate, chennai real estate returns are outgunning Bangalore. Wouldn't know about Mumbai and Delhi.

Huzefa Kapasi wrote:

Mr. T wrote:Not sure how valid this is...from what I saw, bangalore real estate has started to stagnate, chennai real estate returns are outgunning Bangalore. Wouldn't know about Mumbai and Delhi.

you do have a point. i spoke to my cousin today about my plans -- he has an apartment in bangalore. he had bought his in 2005. in 7 years the price has tripled. but, he felt, that those who had bought properties in the 2004-05 period were the ones who had reaped the most benefits. his 4 year old flat in hyderabad, otoh, was still in a loss situation. frankly, you can never predict with any certainty in real estate (bit like stock markets). i am still tempted to go ahead and buy a flat in bangalore though (regardless of appreciation) and will study the landscape in my next trip.

Mr. T wrote:I am actually looking at two or three properties myself,

1. Embassy suites near the TamilNadu hospital(Called something else now)
2. Estancia on the GST road
3. L&T Eden garden in Siruseri..

Let me know if you know of any other integrated estates that are worth a mention.

Kris wrote:

Mr. T wrote:I am actually looking at two or three properties myself,

1. Embassy suites near the TamilNadu hospital(Called something else now)
2. Estancia on the GST road
3. L&T Eden garden in Siruseri..

Let me know if you know of any other integrated estates that are worth a mention.

>>>> Sorry about the late response, been a bit pressed for time. I put a deposit on Estancia a few years ago and pulled out when we had the 2008 meltdown, since I was spread a bit thin on the RE holdings. If it is the same one ( I don't if they have more than one project) near Crescent engrg college (?), I have heard that the workmanship is good from some who bought there. I drove by there and got a "middle class flats" vibe from the outside. That cuts into equity buildup potential, IMO. The increasing prices is narrowing the gap now, not to mention the abysmally low rents compared to the prices. If you scout enough, you could probably get in on the ground floor and still come out fine in a few years, but the dynamic has definitely changed. I bought in 2005 and 2006 and did well when I sold them., Right now, I am looking at reinvestment for capital gains purposes. BTW, I was told Sobha is a good builder and are just launching in Chennai. I haven't checked their numbers yet. I will be in India in a couple of weeks. Will post with additional info if anything interesting develops.

Mr. T wrote:

Kris wrote:

Mr. T wrote:I am actually looking at two or three properties myself,

1. Embassy suites near the TamilNadu hospital(Called something else now)
2. Estancia on the GST road
3. L&T Eden garden in Siruseri..

Let me know if you know of any other integrated estates that are worth a mention.

>>>> Sorry about the late response, been a bit pressed for time. I put a deposit on Estancia a few years ago and pulled out when we had the 2008 meltdown, since I was spread a bit thin on the RE holdings. If it is the same one ( I don't if they have more than one project) near Crescent engrg college (?), I have heard that the workmanship is good from some who bought there. I drove by there and got a "middle class flats" vibe from the outside. That cuts into equity buildup potential, IMO. The increasing prices is narrowing the gap now, not to mention the abysmally low rents compared to the prices. If you scout enough, you could probably get in on the ground floor and still come out fine in a few years, but the dynamic has definitely changed. I bought in 2005 and 2006 and did well when I sold them., Right now, I am looking at reinvestment for capital gains purposes. BTW, I was told Sobha is a good builder and are just launching in Chennai. I haven't checked their numbers yet. I will be in India in a couple of weeks. Will post with additional info if anything interesting develops.

Yeah,

I hear you about the middle class feel of the apartments. My wife felt the same. Any idea where "Sobha" is building ? I am also looking at places like purvankara swan lake and Isha homes for their Villas, what is the dirt on the investment values of 'Villas" ?