ananthkra

Dear All,

Most of the people say that the land price in Chennai has come down by 20% now and there are no buyers. Even in Hindu soem brokers were saying that the ground price near Maraimalainagar has dropped around 15 - 30%. By looking at the PropertyPlus we can also see there Not much of advertisements for sale. At the same time if you want to buy a ground it is not available.

I am unable to understand the current scenario. Can some body explain what is happening now?

Regards,

test1234

Buying Land/ Flat in Chennai is worst mistake, I would consider.

Horrible weather, unsustainable Infrastructure, Traffic, Pollution, Water Scarcity in summer, Water logging during seasons and with that 1000sqft flat costing 40-50Lakhs.

I wonder why people are so crazy about investing in chennai. With IT dying down there is nothing much left for Chennai.

strongsville

True. Even Arcot Veerasamy, Tamil Nadu minister has said that IT business is dull and he advised investors to invest in other sectors including cement, auto etc.

Surely IT is going down, with Satyam saga, it will affect most of the IT companies in India in turn affect RE sector severely.

Just wait and wait for the doom.

abk

chennai has its own charm not discounting excellence in edu.healthcare,
port,friendly people.
I think you should ask robert clive who set up east india comp. in chennaipattinam
of all the places with better weather and the points you made

Natarajg007

And you Test why the hell are you writing on Chennai board? Why dont u fart in someother board where u plan to buy land!

Natarajg007

Who told u that prices are falling in Madras? They are the wish list of folks who could not buy before. No more.

lovebird

Yes, prices are dropping fast. Wait & watch

lovebird

Yes prices are dropping fast

jknatarajan

Hi all,

I dont think land value is coming down. Land value in east tambaram and selaiyur get hiked by 15% in last 5 months.

Along with IT field other sectors also get affected now. Nearly 50% of people are started worrying about EMI. So, Most of the people think that this is not the right time to invest in Real estate. This is because of the expectation that the price will come down. But once they start buying, the hike rate will reach its own place. In the same way sellers also waiting for the time to sell with their expected amount.

So, whatever the case may be land value will remain same or it will get hiked at the least rate for next few months. After that the growth will be consistent. But no way the land value will come down.

Natarajg007

I agree with your optimism and logic. However statement like NO WAY LAND VALUE WILL COME DOWN is one of the reasons why Chennai realestate does not fall, but yet not a valid statement in the long run. So far it has not fallen is more appropriate. It does not mean that it will never fall though I too am bullish on the RE market in CHennai.