Is it worth buying 20 year old flat in Chennai?

Is it worth to buy old flat?

Nothing can be more profitable than purchasing a flat at a price much lesser than the market rate. Moreover, the resale flats are fully constructed and come with a ready-to-move-in tag. … Hence, if all the other factors work in your favour, it might be a good idea to invest in a resale flat.

Is it worth buying flat in Chennai?

BUYING A HOME IS A GOOD INVESTMENT

The value of real estate in Chennai and in most other parts of the world increases overtime, because land gets scarcer, so this means when you buy property in Chennai today, its value is likely to be worth a lot more in the future, than it was when you purchased it.

How much does a flat in Chennai cost?

If you are planning to buy a property in one of the posh areas in Chennai, you will have to shell out around Rs 1.5 crores – Rs 3 crores for a 3BHK apartment. In an average locality, the cost will be Rs 70 lakhs – Rs 1 crore for a 3BHK apartment. The average property prices in Chennai is Rs 6,116 per sq ft.

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Is it OK to buy 10 year old house?

Buying very old property: If you are looking for an apartment, go for societies that are less than 10 years old. This means you will spend less on renovation and they will come with a fair discount to the market price for new apartments in the same area.

What is the value of flat after 20 years?

Suppose you are selling it after 20 years of construction, selling price of the building minus depreciation is arrived at by this simple formula- Number of years after construction/ Total (useful) age of the building. In Karthikeyan’s case it is 20/60 = 1/3.

Which is the richest area in Chennai?

Top 10 Most Posh Areas in Chennai (Best Residential Places &…

  • Adyar. Adyar is situated in southern Chennai and is one of Chennai’s largest and most prominent neighborhoods. …
  • Anna Nagar. …
  • Besant Nagar. …
  • Kotturpuram. …
  • Mylapore. …
  • Nungambakkam. …
  • R.A Puram. …
  • Thiruvanmiyur.

Who is the best builder in Chennai?

Top Builders in Chennai

Builder Experience Total Projects
Brigade Group 35 yrs 79 Projects
Godrej Properties 31 yrs 147 Projects
Tata Value Homes 11 yrs 18 Projects
Prestige Group 35 yrs 148 Projects

Which area is best to buy plot in Chennai?

2021: Best Places for Real Estate Investment in Chennai

  • Chengalpattu. Chengalpattu is a dream location for homebuyers in Chennai. …
  • Avadi. …
  • Korattur. …
  • Anna Nagar. …
  • Tiruvallur. …
  • ENDNOTE.

Is 25000 a good salary in Chennai?

1500, the overall average cost of living for a single person in Chennai can be around Rs. 10000-Rs12000 in budget living and Rs. 15000-Rs. 25000 in luxury living.

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Is living in Chennai expensive?

Summary about cost of living in Chennai, India: Family of four estimated monthly costs are 1,237$ (91,119₹) without rent. A single person estimated monthly costs are 351$ (25,874₹) without rent. Chennai is 73.21% less expensive than New York (without rent).

Is Chennai a costly city?

Away from the city center, the prices come down to a range between Rs. 7,700 for a 1BHK to 19,000 for a 3BHK. If you’re single and don’t want to live by yourself, or you’re a couple looking for added security in a new city, PGs in Chennai ranges from Rs. 8,900 to Rs.

How many years is a house considered old?

Age is subjective when it comes to houses, but an unwritten rule is that if a home is 50 years or older it’s considered “old” and a home built before 1920 is considered “antique.” There are many factors that can contribute to the condition your potential dream home may be in, and thankfully most can be caught during …

Why you should not buy an old house?

It masks sense — old homes come with more risks, and insurance companies are not willing to foot the bill for those unseen circumstances. Old wiring can be a dangerous fire hazard, old plumbing can pose major water issues, and crumbling concrete foundations can cause flooding and pricey structural problems.