I came across a unique situation where the real estate company is quoting a price, which is lower than the price quoted by the re-sellers of the plots from the same layout. The layout in question is “Sri Adhinath Residency” promoted by Baskar Realtors. This layout is on the Chengalpattu-Kancheepuram state highway and a good 3 kms away from the GST.
The price quoted by Baskar Realtors is Rs250/- per sq ft, when I phoned and enquired about the price. I also came across advertisements in The Hindu for the same plot from a plot owner who wants to resell the property. He is quoting Rs360/- per sq.ft.
I am at a loss to understand why the promoter is quoting a lower price. The possible reason could be that there are couple of phases and he is trying to sell the latest phase, whereas the owner who wants to re-sell may be selling from the earlier phase sold by Baskar Realtors. But that is not the case as well. There is only one phase.
So net result is the land promoter is selling lower to ensure that he doesn’t block his capital by looking for a higher return whereas the resellers are expecting a higher price. May be Baskar Realtors is smarter in the current scenario!!