Hi,

I have been negotiating 3 bed room apartment, in chennai ,Anna Nagar,the cost
is around 80 lakhs. there is 2 more flats are avilable. If anybody is interested pl. p.m to me.

babuji

Quote:

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Originally posted by tamilkuravan

Dear CD's,
I am reviving an old thread. This pertains to the rising real estate cost in cities of India. I am talking about Chennai only.

I made a few phone calls to my relatives at chennai and found out the following :

1. A flat bought 3 years back at Kodambakkam (near Best hospital- Near Vadapalani temple) has increased from Rs. 1600 a sq. ft to rs. 4000 a Sq. ft.

2. A Flat bought at mogappir 4 years back for 8.5 lakhs. is now Rs. 35 lakhs.

3. One of my relaive is suggesting Sriperumbudur as many IT companies are putting up their shop there.

My dad told me that many banks are ready to give me a loan if i can send in my employment letter and pay stubs from Canada. The loan rate is around 10.5%. I am thinking of drawing from a Line of Credit for a downpayment and then take a loan for the rest of the amount.
I am thinking of buying a 2 storey house in Chennai and then make my parents occupy the ground floor and rent out the upper floor. I am looking for an area that it cheap now but will rise by leaps and bounds in the near future.

Can any Chennai-knowing CD suggest.
Thanks
TK A

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This is my advice. Put your money in the 5 stocks instead of buying land. Buying land or even an apartment will be pain as you need to take care of them, pay monthly maintenace etc. Alos it is highly illiquid and will be tough time when you plan to sell.

Instead put entire money in 5 stocks and get expect huge returns in 5-10 years. I beleive this amount is good enough to invest in stocks. You can easily make minimum 5 times in 5-10 years.

There are quite few new upcoming companies and turn around companies which will give huge returns in 5 yrs -10 yrs time period which you cannot imagine.

Remember Unitech if one had invested 1 lac in 2002 that become 3.5 crores in just 5 years and there are so many stocks giving more than 100% return per year.

Land can you give that kind of return only in 20-30 years as the land prices have already appreciated.

Why not instead invest in stocks which can give unbelievable return and believe me this will be safe stocks.

~Dips

Hi Dips,
Can you suggest some good stocks which you feel will give high returns?

Thanks for the information given.
Dips- I also would like to know what stocks can give this much good returns. As far as i know many stocks have reached their full potential in India

DIO- I will let you know by PM the banks offering this kind of rate. I was actually told by my relative that the developer of flats in Mogappair himself arranges loans for as little as 9.75% if i can close the sale in 2 months. Otherwise it would be 10.5 % after that.

Further information - One of my relative told me that a developer is constructing flats in TB Santitorium , Tambaram, Chenai for Rs. 2100 a Sq. ft.. He is offering flats only at 800 sq.ft and can obly give us multiples of that. (E.g. 1600 Sq. Ft etc..). I will give more information as and when i get it.

TK A

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I am a Gents and not a Ladies.

Fido,

I read your query on Pitampura/Rajouri garden Rohini area. Pitampura is very expensive in 30 lacs you can buy a house floor 1350-1800 sq feet (I don't think there's any land left in there!). Now a days in colonies like pitampura/Shalimar bagh they sell floors. A house with four floors and owned by all of them (floor wise). Rohini you can still get a nice apartment in 30lac. No idea on Rajouri garden but I think the area is an old one.

Jona

While Bangalore is definetely a great city with a wonderful culture, I am surprised for investment purposes you are not exploring Delhi. Its more so if you have your roots in North India.

I picked a property ( flat) in south Delhi in 2001. I paid 18 Lacs plus stamp duties and it costed me around 21. I now get one call every month from the real estate agent I work with and the last offer he tabbled was 68 Lacs.

The point I want to make is, if you work with the right people back in India, Delhi or NCR can be considered too. The even better thing is while the property is appreciating you can secure it by giving a company lease to a good company. On an investment of 30 to 40 lacs in Delhi you can expect an annual rent of 120 to 140 thousand rupees.

And there are plenty of places in Delhi and around where you can invest your budgeted 30 to 40 lacs safely.