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Tempting price at Kundrathur, but is it worth it?

Couple of weeks back there was an advertisement in Hindu Property Classifieds about plots at Kundrathur, 2 kms from Murugan temple at Rs495/- per sq.ft. The property was promoted by "Vijaya Raja Builders" claiming to be in the business of real estate development for 50 years. Honestly, I have not heard about them before this advertisement. On the plain reading of the facts, the price and the location looked attractive and I was tempted to go and see where this property is. I have always had a fascination for Kundrathur as this locality is close to the city and at the same time gives you the comfort of being away from the crowd. Kundrathur is well connected by road due to plenty of MTC buses.

Kundrathur is 12 kms from the Porur Junction and it goes through areas like Kovur, Gerugumbakkam. I have earlier been to Kundrathur Murugan temple and at that time the road was not good. But this time to my surprise, the road has been re-laid and it was a smooth ride. We reached the Murugan temple and started searching for the lay-out. The lay-out is good 2.5 kms from the Murugan temple as what the advertisement said. But there was no other landmark given on the advertisement so we crossed the particular place where we have to take a right turn. No signages from the plot promoters. Very unusual but probably sign of times where they want to cut all kinds of expenditure. We went all-round the place and after couple of calls, we managed to identify the exact location of the lay-out. The lay-out is 0.75 kms away from the Kundrathur-Pallavaram road. Not sure if the name of the road is right, though!

You have a small village and a primary school, water-tank etc and if you think there is basic infrastructure(!) then its a developing area. The access to the lay-out is through a narrow 20 feet village mud road (first negative point). The lay-out has 100 plus plots of 1200 sq ft each and there were quite a few people who have come to see the project. I was really surprised to see even that small number of people considering the state of real estate market. We got down from the car and looked around and found that there are quite a few coconut trees inside the lay-out. Again prime agri land being converted to plots. Few of the plots comes with more than 10 years age of coconut trees. You could also see the Tirumudivakkam Industrial estate buildings from the lay-out.

But the big negative point is that the lay-out is unapproved. Unapproved in the sense that there is no DTCP approval for the lay-out. Neither they have Panchayat approval. The person in the site said that they have got a no-objection certificate from the Sriperumbudur Tashildar for this. I am not sure how this sufficient to buy a piece of 1200 sq.ft plot costing Rs5 lakhs. Its a big risk.

I think it is always better to stick with known promoters as well as ensure that the lay-out is DTCP approved. In the absence of DTCP approval, there is no common space like park, school or anything. The roads are narrow within the lay-out as well. As usual, the site in charge claimed that 4 plots have been registered and another 10 plots are getting registered the next week.

As I have been seeing that plots at Kundrathur costs around Rs650-800 per sq.ft, the price tag of Rs495 sq.ft looked attractive. But there are inherent risks in this venture like lack of approval, poor access, no meaningful development around, surrounded by industries. Though we started with lot of enthusiasm, it waned in the 15 minutes we spent there. I think it makes sense to look for something closer to the temple and closer to the main Porur - Kundrathur road rather than getting into this interior stuff.

2 comments:

S.SENTHILKUMAR said...

AS YOU SAID WE SHOULD ALWAYS GO FOR KNOWN PROMETERS AS THEY GIVE FIRST PREFERENCE TO DOCUMENTS. DOCUMENTS SHOULD BE THE FIRST CRITERIA ,IF YOU GO OUT OF CHENNAI CITY SMALL TIME PROMOTERS HAVE ONLY PANCHAYAT APPROVAL ,WITHOUT IT NEVER BUY A PLOT.
IT IS COMPULSARY TO HAVE COMMON PARK,PLAY AREA ETC IF THEY HAVE 100 PLOTS TO GET DTPC APPROVAL ,IT SEEMS WITHOUT APPROVAL THEY ARE SELLING TO MAKE FAST MONEY
YES, THERE IS VERY GOOD RESPONSE FROM THE CUSTOMERS SIDE TO SEE LAYOUT AND VISIT PROPERTY FAIR TO GAIN KNOWLEDGE AND BUY A PLOT AS INVESTMENT
IS THERE ANY OTHER DEVELOPMENT IN KUNDRATHUR?

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