VGN launches project in Gerugambakkam near Porur
CHENNAI: VGN Developers unveiled Krona, a contemporarily designed residential project in Gerugambakkam near Porur. Spreading across 10.44 acres, the project will have 414 residential units, covering a total area of 4.50 lakh sq. ft. According to a release, the initial launch price will be Rs. 3,495 per sq. ft. The project comprises one, two and three bedroom apartments and individual row houses ranging from 600 sq.ft. to 2,096 sq.ft.
Source: http://www.hindu.com/2011/02/09/stories/2011020959351900.htm
Surprising with this comment in chennaiproperties.com
ReplyDeletehttp://www.chennaipropertiesinfo.com/2011/02/vgn-krona-near-porur-chennai/
ramky February 25, 2011 3:30 pm
HO, it is terribly priced, thinking all are fools, but for VGN. They say 3400, but they charge around 4500 (whooping 1000 rs hidden charges) for a place where govt could takeover in the future for the airport (falls near the walls of the airport expansion) even though they have no objection certificate from AAI.
They sell the backside of the project (tailend of the project) at first and later they will sell the front ones??? and exactly the back end is very close to the airport expansion- how smart u r?
I think they would have spent huge amount of money tipping the govt offiicials for getting the land approved (it was unapproved land) and they may not get the approval for the design and many projects have gone down in well (in this region) like the EVP township project (very near to this project) and the 10D Downing street project is almost like a real estate scam of Manju Foundation is what i heard as grapevine (well very next plot to this project is 10 D downing st whose officials say they are finding difficult to get the approval and many investors have written so bad of that project in indiarealestate forum)
So I request all who want to invest to be cautious in this project, eventhough VGN has been excellent so far and they might succeed here and prove me wrong.
They are asking a premium for a huge risk. Well it should be priced at 1700 per sq ft becaz of the risks involved in it. This is my opinion and what ever it may be (when comparing a project like DLF gardens for 2800 to 3000 in OMR which is lot better i think ) and for an investment view this may not give u any reasonable return in the near future at least.
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