High Valuation- Dont Buy

Review on Casagrand FirstCity, Perumbakkam, Chennai

Hi Everyone,

Please read below before buying a flat in casagrand.

Consider you buy a 2BHK in Casagrand for 986 sq.ft. I am taking UDS as 50% for this which will come around 493 sq.ft(Dont know if they give you 50%, but let us take maximum). You have to be very vigilant pon UDS because UDS+ Construction cost excluding Depreciation will play a major role in resale. For instance let us consider you bought a flat in Casagrand and you want to sell it tomorrow itself. Please find the below valuation for your apartment.

1) Land Value: UDS sq.ft value at perumbakkam which will be

493 5000(builder would have had this land before 5 years so valuation would be even less) . This will come around 24, 65, 000

2)Construction cost per sq.ft. Let us consume all the luxurious promise that the builder make. The construction rate would not exceed 2K per sq.ft(they are constructing for past three years so average will be way below this, they could add to their margin). So it will be 986 2000 which will be 1972000.

3) Car parking: let us consider they give you a seperate car parking for 100 Sq.ft which will be Second is 100 5000(land value) which would be 500000

4) Registration and GST which will not exceed 3 Lakhs.( Maximum value)

5) Margin per flat by builder. If you add the values 1+2+3 i.e Land value+ Construction cost+ Car parking and add 20 percent margin, the cost will be 59.2 lakh+ registration will come around 62 lakh.

This is an hefty price you could pay for this property. eventhough casagrand will charge you 70 lakhs for this property, which would be 50 percent margin for a real estate. This is something no one should afford.

And the worst part is if you buy this flat today and resell it tomorrow for land value of 7000 you will get 60 lakh, you will not get registration and margin which is a loss. Please consider if land value increases at toad pace and years may pass and your apartment will get depreciated. This is a hefty loss. Please consider before buying flats.

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