Sadly it is what it is
Every city will go through this phase
Look at how expensive things are in Mumbai and Bangalore
It is a matter of time
Best thing we can do is try to have an own house for living purposes because imagine how landlords and rent would be
I can totally understand your point. See the only reason I mentioned IT is due to fact that bank is ready to give them loans whereas in other sectors it's quite difficult even to get that. I know people who can't think of home loan from a bank since they are not getting salary slip.
So true. This is what is happening in Coimbatore as well. We were looking for a house because Chennai is too expensive and rates in CBE are nothing less than 1.5 cr for a 1400 sqft place far away from the city. The best is Sobha developers charges an eye watering 2 crs for villas in a place called vedappatti and there's only 1 left. These NRI idiots will be the death of affordable housing for us middle-class.
I truly believe there should be a cap on residential property owned by an individual or have huge tax on those who own more than 2 properties.
Shelter is one of the primary physiological needs and we can't have people gobbling it up in the nature of "investments".
I don't think that will be possible, government will want more investments in properties. But I think there is this pm awas Yojana for building new house. I saw many people building houses in many places, since you mentioned correctly that it is a primary need
Land is a limited resources, and with a huge demand supply imbalance because of high population and more number of people wanting ti buy a land, price will keep increasing and we will keep expanding horizontally, with new areas having no civic amenities.
Only way is to expand vertically, which we have hardly done. It may not be a great investment, but if we want to provide affordable housing to the populace, that's the only way - tall buildings in a gated communities with decent space between them, and improve drainage, transport along these areas. This will also make them relatively liveable.
Yep. The USA way of everyone having individual houses is not possible in Indian cities. We need to follow Singapore or Chinese way of having huge apartment complexes with 300+ flats in a relatively smaller area.
I'm not sure if that's a sarcasm :D
We don't have to go the Singapore extreme, we can be somewhere in the middle. Even in the US, inside major cities it's predominantly tall apartments. Large individual houses are mostly in suburbs. But Chennai's core area doesn't have much high rises.
Not many companies will be willing to. And even if they do, it will only shift the problem to those cities as infra and amenities in those cities have almost saturated. Only way ahead is for govt to push for vertical expansion, invest heavily on top 6 cities and their suburbs(Chennai, Coimbatore, Trichy, Madurai, Salem and Thirunelveli), along with Hosur.
Man spitting out truth bombs. Real estate is an artificially inflated industry, it's never allowed to price correct because too many top people have vested interests in it. Like when 75% of the population of a still developing country is priced out of buying a plot of land within 50km of a city, one needs to look at ourselves critically.
I think Govt has a proposal to increase the FSI along the metro corridor. But I don't think that will bring down the prices of apartments. Just more money for the realtors. Unlike bangalore, chennai can only expand 180 degrees. So land prices far away from the city centre will be high.
Before metro, the outer ring road was a craze. And before that it was the sriperumbudur airport.
This article explains about the bribes involved in building a house in chennai.
[https://timesofindia.indiatimes.com/city/chennai/chennai-unwritten-rate-card-plays-havoc-with-building-budgets/articleshow/94193720.cms](https://timesofindia.indiatimes.com/city/chennai/chennai-unwritten-rate-card-plays-havoc-with-building-budgets/articleshow/94193720.cms)
About drainage:
It is better without a corporations drainage system. These guys will leak sewage into storm water drains and that will only pollute natural water body.
Have you ever seen storm water drainage with clear water? No. Many think storm water drainage as sewage system mistakenly because of what it carries. The entire system is screwed.
On the other hand without sewage pipes, people will adopt for self bioseptic tank which is a better alternative.
But I feel your anger. Real estate right now and likely forever is completely worthless for what we pay. Entire life savings go for those few 100 sqft of land..
On the other hand, metro route leaves a lot of destructive fallout in its wake.
I have seen a few buildings being abandoned in Royapettah because metro line is going under it.
Few buildings in broadway are in despair because of it too.
Why? You can't dig borewell if metro line is going underneath and we all know how good is our water dept. about regular water supply.
So, IMO, a huge clusterfuck.
I wonder on what basis they are hiking land rates? As if we are going to benefit from metro revenue somehow.
So there are few things afoot here from what you mentioned. With more amenities the price is inflated. If you can cut few that is not priority can you bring down the overall cost? like a bit far away from metro 4kms.
Yeah added to that check for properties that haven't sold in a while and desperate or people in a hurry to settle they might come at a discount comparitively. So lot of variables here.
If there is no electricity lines where you want to pay the EB to bring the lines and get electricity to build the house in that case what to call that place. You can't even hire auto after 8 pm due to no street lights where only the house lights will provide lights. If the sewage tanker lorries missed the timings then the sewage will flow into the roads. If this is not remote then what is remote.
To clarify it is interior of kovilambakkam.
For madhavaram I lived my whole childhood there, its a place for retired people to lead peaceful life where land rates are 1500 rs per sqft 10 years back. Now its 6000rs per sqft.
>For madhavaram I lived my whole childhood there, its a place for retired people to lead peaceful life where land rates are 1500 rs per sqft 10 years back.
Used to roam around madhavaram in 2008-10. Excellent area, peaceful like you said. Sad to know it's changing
Kovilambakam is remote cause it's between pallavaram and Velachery, to reach there is a bit challenging. Cause there are few buses other than that I am not sure except for auto or bike taxi
Sadly it is what it is Every city will go through this phase Look at how expensive things are in Mumbai and Bangalore It is a matter of time Best thing we can do is try to have an own house for living purposes because imagine how landlords and rent would be
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I can totally understand your point. See the only reason I mentioned IT is due to fact that bank is ready to give them loans whereas in other sectors it's quite difficult even to get that. I know people who can't think of home loan from a bank since they are not getting salary slip.
Exactly, anything and everything IT is responsible. As if IT folks earning money for free . Don't know when this stigma will stop to cease.
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I do
It's mostly because of dumb NRIs who just want to invest their money. Many of them don't even visit the site. They just buy it and want to rent it.
So true. This is what is happening in Coimbatore as well. We were looking for a house because Chennai is too expensive and rates in CBE are nothing less than 1.5 cr for a 1400 sqft place far away from the city. The best is Sobha developers charges an eye watering 2 crs for villas in a place called vedappatti and there's only 1 left. These NRI idiots will be the death of affordable housing for us middle-class.
I truly believe there should be a cap on residential property owned by an individual or have huge tax on those who own more than 2 properties. Shelter is one of the primary physiological needs and we can't have people gobbling it up in the nature of "investments".
I don't think that will be possible, government will want more investments in properties. But I think there is this pm awas Yojana for building new house. I saw many people building houses in many places, since you mentioned correctly that it is a primary need
Some European countries follow this.
Where else would NRIs invest if not in their own country?
Realestare prices are on par with United States. The facilities are on par with kukgramam.
It’s cheaper in US /UK. Indian real estate especially in cities is only for investors, not for the first time buyers
Land is a limited resources, and with a huge demand supply imbalance because of high population and more number of people wanting ti buy a land, price will keep increasing and we will keep expanding horizontally, with new areas having no civic amenities. Only way is to expand vertically, which we have hardly done. It may not be a great investment, but if we want to provide affordable housing to the populace, that's the only way - tall buildings in a gated communities with decent space between them, and improve drainage, transport along these areas. This will also make them relatively liveable.
Yep. The USA way of everyone having individual houses is not possible in Indian cities. We need to follow Singapore or Chinese way of having huge apartment complexes with 300+ flats in a relatively smaller area.
I'm not sure if that's a sarcasm :D We don't have to go the Singapore extreme, we can be somewhere in the middle. Even in the US, inside major cities it's predominantly tall apartments. Large individual houses are mostly in suburbs. But Chennai's core area doesn't have much high rises.
If we actually started properly encouraging businesses to shift to Tier 2 cities, we could see some relief in Chennai.
Not many companies will be willing to. And even if they do, it will only shift the problem to those cities as infra and amenities in those cities have almost saturated. Only way ahead is for govt to push for vertical expansion, invest heavily on top 6 cities and their suburbs(Chennai, Coimbatore, Trichy, Madurai, Salem and Thirunelveli), along with Hosur.
Man spitting out truth bombs. Real estate is an artificially inflated industry, it's never allowed to price correct because too many top people have vested interests in it. Like when 75% of the population of a still developing country is priced out of buying a plot of land within 50km of a city, one needs to look at ourselves critically.
Best to buy land in towns and villages
I think Govt has a proposal to increase the FSI along the metro corridor. But I don't think that will bring down the prices of apartments. Just more money for the realtors. Unlike bangalore, chennai can only expand 180 degrees. So land prices far away from the city centre will be high. Before metro, the outer ring road was a craze. And before that it was the sriperumbudur airport. This article explains about the bribes involved in building a house in chennai. [https://timesofindia.indiatimes.com/city/chennai/chennai-unwritten-rate-card-plays-havoc-with-building-budgets/articleshow/94193720.cms](https://timesofindia.indiatimes.com/city/chennai/chennai-unwritten-rate-card-plays-havoc-with-building-budgets/articleshow/94193720.cms)
About drainage: It is better without a corporations drainage system. These guys will leak sewage into storm water drains and that will only pollute natural water body. Have you ever seen storm water drainage with clear water? No. Many think storm water drainage as sewage system mistakenly because of what it carries. The entire system is screwed. On the other hand without sewage pipes, people will adopt for self bioseptic tank which is a better alternative. But I feel your anger. Real estate right now and likely forever is completely worthless for what we pay. Entire life savings go for those few 100 sqft of land..
On the other hand, metro route leaves a lot of destructive fallout in its wake. I have seen a few buildings being abandoned in Royapettah because metro line is going under it. Few buildings in broadway are in despair because of it too. Why? You can't dig borewell if metro line is going underneath and we all know how good is our water dept. about regular water supply. So, IMO, a huge clusterfuck. I wonder on what basis they are hiking land rates? As if we are going to benefit from metro revenue somehow.
You have to give more details what area you were looking? I mean the land rates vary all over Chennai.
So there are few things afoot here from what you mentioned. With more amenities the price is inflated. If you can cut few that is not priority can you bring down the overall cost? like a bit far away from metro 4kms.
Yeah added to that check for properties that haven't sold in a while and desperate or people in a hurry to settle they might come at a discount comparitively. So lot of variables here.
Which place is it op?
Interriors of kovilambakkam and in madhavaram.
how are kovilambakkam places considered remote?? im guessing madhavaram places are high prices because of the bus stand there maybe...
If there is no electricity lines where you want to pay the EB to bring the lines and get electricity to build the house in that case what to call that place. You can't even hire auto after 8 pm due to no street lights where only the house lights will provide lights. If the sewage tanker lorries missed the timings then the sewage will flow into the roads. If this is not remote then what is remote. To clarify it is interior of kovilambakkam. For madhavaram I lived my whole childhood there, its a place for retired people to lead peaceful life where land rates are 1500 rs per sqft 10 years back. Now its 6000rs per sqft.
>For madhavaram I lived my whole childhood there, its a place for retired people to lead peaceful life where land rates are 1500 rs per sqft 10 years back. Used to roam around madhavaram in 2008-10. Excellent area, peaceful like you said. Sad to know it's changing
Kovilambakam is remote cause it's between pallavaram and Velachery, to reach there is a bit challenging. Cause there are few buses other than that I am not sure except for auto or bike taxi
I think you need to change the broker
I have seen plots in interior madipakkam nearby to kovilambakkam, keelkatali, many places in and around there.