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Old February 16 2009, 04:39 AM   #11
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Originally Posted by nabishek View Post
ETA

Rosedale - OMR - 3100/sqft
Le Chalet - Villas - Sriperambudhur - 26 Lakhs - 37 Lakhs
ETA was quoting Rs 3500 SQFT when they were marketing Rosedale in Singapore.

Am not sure whether this revised rate is applicable for those booked in 2008.

Looks early bird gets into soup.
 
Old February 16 2009, 11:35 AM   #12
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Originally Posted by wiseman View Post
If we can get data for these every month (or even once a quarter on a designated date), it will provide us all a perspective of how prices have moved over the years location wise and will sharply reduce the controversies on prices we seem to be having due to lack of data.
This is a good idea. A sort of trend analysis technique, huh?
Wiseman, you are clever. While others are busy appreciating nabishek's efforts, you're already into what-next-with-this. Nice

@nabishek - Thanks for the information!
 
Old February 16 2009, 03:35 PM   #13
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Originally Posted by nabishek View Post
Hi Friends,

I had been to the FAIRPRO '09 Fair.My Impression after seeing, is that prices are stagnating for all ongoing projects and builders are trying hard to hold them up.

Prices are 10-20% lower for new projects in the pipeline and for ready to occupy flats.

The discount offered at the stall was very less and were in the range 150-500 Rs/sqft max.

For the benefit of fellow members I am posting the project/price details of some of the properties.



There are lots of properties and also lots of potential buyers.There is sure a sense of uncertainity among the builders and also the buyers on when to make the next move.It was evident that correction in RE prices have started to happen.

Requesting members to respond with their thoughts on the current trend.
Dear friend,

You have taken so much of efforts to tell us about the current rates of various builders. Thank you very much. I do not think, the rates have come down any thing appreciably. Very small discounts are given. The Chennai RE is controlled by politicians and those with Black Money. I think, they will hold on for very long and will not go in for any distress sale. It is not loss for them on their investment but loss of profit which they would like to get back even after a longer time as they have been tasting it till some months go.They will rather hold on to their prices for more time till they taste huge margins. If the built up area as a ratio of the land area is increased like Bangalore, to say 2 or 2.5, then there is possibility for some good reduction in the flat prices. TN Govt. will not do it due to various reasons.

ks2071746

ks2071746
 
Old February 16 2009, 03:50 PM   #14
abk is offline abk
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Originally Posted by ks2071746 View Post
Dear friend,

You have taken so much of efforts to tell us about the current rates of various builders. Thank you very much. I do not think, the rates have come down any thing appreciably. Very small discounts are given. The Chennai RE is controlled by politicians and those with Black Money. I think, they will hold on for very long and will not go in for any distress sale. It is not loss for them on their investment but loss of profit which they would like to get back even after a longer time as they have been tasting it till some months go.They will rather hold on to their prices for more time till they taste huge margins. If the built up area as a ratio of the land area is increased like Bangalore, to say 2 or 2.5, then there is possibility for some good reduction in the flat prices. TN Govt. will not do it due to various reasons.

ks2071746

ks2071746
Dear KS many here do not under stand that leaving few big names which hardly constitute less than 10%of builders(in terms of sq ft for sale).the majority of builders were never given project loans by banks.they used to limit themselves to their capacity or go for Jvs or get money from politicians and other lenders.if you see many builders still have only few projects with liabilities they can withstand(they have made their money)

they can get their working capital even by selling 20-50% of area as per price.then they will hold to it.they are not in dire straits.yes their demand has reduced but they are not broke.they can withstand even 2-3 years with just 20%of sales.
 
Old February 16 2009, 04:52 PM   #15
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Originally Posted by nabishek View Post
Hi Friends,

I had been to the FAIRPRO '09 Fair.My Impression after seeing, is that prices are stagnating for all ongoing projects and builders are trying hard to hold them up.

Prices are 10-20% lower for new projects in the pipeline and for ready to occupy flats.

The discount offered at the stall was very less and were in the range 150-500 Rs/sqft max.

For the benefit of fellow members I am posting the project/price details of some of the properties.



There are lots of properties and also lots of potential buyers.There is sure a sense of uncertainity among the builders and also the buyers on when to make the next move.It was evident that correction in RE prices have started to happen.

Requesting members to respond with their thoughts on the current trend.

Thanks for the price list. Very informative.
I also visited FAIRPRO. Found good crowd milling around as if there’s no tomorrow. Also saw today’s post-fair ad by FAIRPRO which claimed they did a brisk business of Rs. 200 crore with over 1 lakh visitors. That would mean about 500 bookings. Better than their last year’s claim. I wonder what’s happening. Are people crazy enough to believe CREDAI’s “never before, never again” offer of discounts at the fair that they should rush in to book apts no matter if the real discount was nothing but 10-15% eye wash? Or CREDAI is lying through their teeth by exaggerating real bookings? Chennai seems to be more intimidating and complex compared to my experience in Bangalore and elsewhere. Some sense of reality has already arrived in Bangalore. People don’t fall for fake discounts anymore. Are people in Chennai really rich enough to buy properties at any rate? As most members said before me, I found the prices at FAIRPRO still at boom time rates. Not many willing to offer real discounts. Most developers and their sales team at the fair also looked indifferent..not making efforts to follow on enquiries. Wonder what Wiseman has to say on FAIRPRO. Anyway, I have decided to wait till year end. Unless I find some realistic prices, will not go for property. Will be happy to live on in my rented house which is quite inexpensive.
 
Old February 16 2009, 06:31 PM   #16
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Its my pleasure to be part of this forum and be amongst many knowledgable people who bring in loads of experience and very valuable thoughts from different perspectives.

In the RE industry, various cartel's are working together.Each coterie is heavily backed by Banks.

In fact, The builders are selling prospective buyers a loan rather than the property.Real Estate has become a joint venture between the builder and bank i would say.

The property fair's organised by SBI,HDFC,LIC,IDBI etc all feature only builders who bank with them or to whom they have financed.

The FairPro was heavily sponsored by HDFC,SBI and LIC.I could see representatives before each stall offering attractive loan rates.They were calculating and convincing me how affordable these homes are through home loans given my current salary and years till retirement.

The builders who participated would amount to just 5-10% of the overall builders in chennai.But,the point is they are the popular ones and strong hands who over the years have created a image for themselves as reputed.

It is their consortium of builders,politicians,government officers,bank officers,corporates,speculators,brokers etc etc who get finances from Foreign Investment/Public money through stocks/Black Money and decide where there should be demand and where there should be supply.They would gain knowledge beforehand where infrastruture development is planned and buy large land banks near airport,SEZ,township,outer/inner ring road,metro rail etc and fix the price stating the proposed development.

They promoted IT and Electronic corridor, It was not End users who saw development,infrastructure and personal need that created demand.

They fuelled the speculation and capitalized on the buyer's sentiment of owning a home (even if its on mortgage).They created a sense of panic among buyers by hiking rates meaninglessly.

The remaining small builders who use their own money and in joint ventures are stuck having invested huge amount in land at a time when construction cost was high.I came across many such properties in prime localities which are at ready to occupy/nearing completion stage for 1500-3000 rs/sqft less than the prevailing market rate.They are more willing to accomadate buyers interest and negotiate further and provide a better deal.

This Trend would change only if the buyers insist on value for money and are aware what they are getting into and more importantly know exactly what is that they really want.

"One should'nt bite more than what they can chew"
 
Old February 16 2009, 08:01 PM   #17
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Here is the original link :

http://www.financegurukul.com/2009/0...-house-prices/

Thanks for taking the pain to copy the prices from the above link ! But more importantly, thanks for sharing !
Looks like Paul from financegurukul has reused my post in his website for wider reach.

Paul - Thanks for mentioning my id in courtesy, not many exhibit such manners on the Internet.Really appreciate your effort in maintaing a website with excellant compilation of articles from various sources on diverse topics.Would surely frequent it.
 
Old February 16 2009, 10:01 PM   #18
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Originally Posted by nabishek View Post
Looks like paul1970 has reused my post in his website for wider reach.

Paul - Thanks for mentioning my id in courtesy, not many exhibit such manners on the Internet.Really appreciate your effort in maintaing a website with excellant compilation of articles from various sources on diverse topics.Would surely frequent it.
Honestly it not me(paul1970), should be some other Paul.

Thanks,
 
Old February 16 2009, 10:15 PM   #19
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Honestly it not me(paul1970), should be some other Paul.

Thanks,
My Bad!.Shouldnt have presumed.I am sorry for the confusion,Shall edit the original msg.
 
Old February 16 2009, 11:19 PM   #20
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Thanks for the price list. Very informative.
I also visited FAIRPRO. Found good crowd milling around as if there’s no tomorrow. Also saw today’s post-fair ad by FAIRPRO which claimed they did a brisk business of Rs. 200 crore with over 1 lakh visitors. That would mean about 500 bookings. Better than their last year’s claim. I wonder what’s happening. Are people crazy enough to believe CREDAI’s “never before, never again” offer of discounts at the fair that they should rush in to book apts no matter if the real discount was nothing but 10-15% eye wash? Or CREDAI is lying through their teeth by exaggerating real bookings? Chennai seems to be more intimidating and complex compared to my experience in Bangalore and elsewhere. Some sense of reality has already arrived in Bangalore. People don’t fall for fake discounts anymore. Are people in Chennai really rich enough to buy properties at any rate? As most members said before me, I found the prices at FAIRPRO still at boom time rates. Not many willing to offer real discounts. Most developers and their sales team at the fair also looked indifferent..not making efforts to follow on enquiries. Wonder what Wiseman has to say on FAIRPRO. Anyway, I have decided to wait till year end. Unless I find some realistic prices, will not go for property. Will be happy to live on in my rented house which is quite inexpensive.
Rented house... Tenants of these obviously will wait indefinitely to buy a house. After all in Chennai, for that matter almost anywhere in India, the rental value is mostly around 2% or 3% of the value of the flat. So a 60L flat in Ayanavaram gives a rent of 9K p.m. which is less than 2%.
That is now why realestate went up in the first place and this truth is something many of the PUTHU PANAKKARANS of thw 2003-8 dont seem to digest. They think their salary of 5L p.a. pre tax is great to buy a HOUSE in MYLAPORE! Ask Wiseman!!
 
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