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Chennai real estate prices down 15%

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Chennai real estate prices down 15%

Last updated: December 22 2008
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  • #11

    #11

    Re : Chennai real estate prices down 15%

    Property Prices in Chennai

    Though the commercial realty prices are stagnating and may be going down a bit in some areas, residential and retail spaces all over (Chennai and suburbs) are going up due to huge demand.

    The factors which slow down the rate of sale of resi. flats (not the cost) are
    higher interest rates for loans by banks / finance cos.
    Slowing down of delivery by builders / developers due to various govermental reasons

    Best way for investment will be investing in secured plots in the suburbs or investment through REIT or investment in genuine and reputed realy companies.

    If you are interested in rental income, go for flats in one of those township projects by say DLF, Khivraj (Olympia), L&T, Arun Excello, IVR etc.

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    • #12

      #12

      Re : Chennai real estate prices down 15%

      with inflation at 11.05% prices are bound to fall

      with inflation at 11.05% prices are bound to fall, there is a probability that many builders may not be able to complete their project due to lack of funds and can not repay their customers who have booked an apartment. So folks vouch for big time builders like H nandani or dlf or builders who would deliver because of their name. The market will slow down for the next 2 years and will see considerable consolidation, ultimately it will benefit the end customer. The real estate speculators had almost cut the golden goose in anticipation to get all the profits quickly

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      • #13

        #13

        Re : Chennai real estate prices down 15%

        There is time ...

        Originally posted by Jaya View Post
        I am a NRI, looking through my friends. Not able to decide on any place.
        My friends always saying about this forgery cases in Chennai.
        Looking forward to buy a land. But looks like there is no lands available in the city limit. I dont see the prices coming down also. It is still bit on the higher side. I dont forsee them come down. I get mail from one broker who deals with the auction properties. It seems lot of banks selling flats in auction as their customers fail to pay their EMI's. Let us see how the market is going to go. Hope to buy something in my Home Country
        Don't worry and don't be in haste. By NRI, I assume you are in the US (not an unreasonable assumption). By now you have a fair idea about the unbelievable Real Estate situation in the US (and now slowly in EU and other parts of the world). And it is getting worse. This will also severely hit us because IT (which is the mainstay of RE) will get severely mauled. There will be substantial job-loss and a large amount of flats will return to banks and will be auctioned. Buyers will be scarce and prices will plummet.

        This decline will take around 2 to 4 years to reach bottom. It may take another 10 - 12 years to come back to where we are today. This is normal in declining markets - especially in Real Estate.

        Wait for another 2 years. Start looking in late 2009 and you might see bottoming of prices around 2010 or even upto 2012. Buy after thorough checking as prices will not straightaway rebound and go up. Take your time.

        You may get a discount of anywhere from 50% upto 70% from the peak prices in 2007. And if you are a cash buyer, sellers will be chasing you like anything. Good Luck.

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        • #14

          #14

          Re : Chennai real estate prices down 15%

          Brokers are dance

          In chennai, Brokers are dancing, especialy Mr.Jesudurai (broker) is dominating Indiaproperty website. He is fixing the price for land. (any doubt pls. check this site) If you call, he will tell "thats gone, if you want I will recomend another land which is nearest to that plot". simply he is killing people. some brokers are cheating. Defenetely it will come down. B'cos Most of the properties are not yet sold. still there (6 month back ADVT also)

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          • #15

            #15

            Re : Chennai real estate prices down 15%

            Forget the Tyer 1 cities

            Hey guys I wonder y u wanna buy land only in chennai when u r and NRI. Come on, let the BRAINS work....we have Trichy, Coimbatore, Madurai all coming up. Let us concentrate on these. Chennai is getting too conjusted. In a few years the city might look good but would be definetly seeing FRUSTRATED people due to the increasing population flowing toward chennai. The tyer 2 cities are much worth Investing at the moment.

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            • #16

              #16

              Re : Chennai real estate prices down 15%

              Any one?

              Anyone to Agree to my idea...come on guys y is Every one so...towards Chennai.

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              • #17

                #17

                Re : Chennai real estate prices down 15%

                Houses

                can u tell me there is any houses available in chennai with range of 5 to 10 lakhs but the house should be in housing area...
                Further detail

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                • #18

                  #18

                  Re : Chennai real estate prices down 15%

                  how to send post

                  can u tell me how to send new thread by my own actually i am using this reply only pls help me to send the post
                  Further detail

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                  • #19

                    #19

                    Re : Chennai real estate prices down 15%

                    Anyone , who can tell me the Real Estate trend in the velacheary - Tambaram main road. I see very less land available to sell. In my area , they are quoting 60L / Ground. Will it further go up next year or come down ? Last year i thought it will come down , but it went up by 10 L.

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                    • #20

                      #20

                      Re : Chennai real estate prices down 15%

                      Looking in the wrong place ...

                      Originally posted by ashypeshy View Post
                      Anyone to Agree to my idea...come on guys y is Every one so...towards Chennai.
                      Long ago in 19th Century England, Sherlock Holmes was walking home after solving a case one day. Sun had already set and it was dark, except for the pools of light under the lanterns which were used to light up the road.

                      By and by, he came upon a young man keenly searching the ground under a lantern. Upon asking him he was told that the man had lost a VERY valuable ring which he HAD to find. Sherlock being who he was, joined and searched and searched, but was finally defeated. The Great man who had solved so many cases could not find a gold ring in a small pool of light!

                      Shocked at this he finally asked, where exactly the man had lost the ring. The man pointed to a place far away in the darkness. Amazed (but relieved too ), Sherlock asked, "but why were you searching here then?". To which the man replied, "Because the light is here!"

                      Ashypeshy, if I have to live in Chennai (for various reasons and compulsions) I can only buy in Chennai. Simply because the price is cheaper in Madurai it is not reason to buy in Madurai. This is the simple difference between buying to reside in and buying for investment purposes.

                      Besides, low price never means great value. And high price does not always mean poor appreciation going forward. Whatever the price level its because that is what the public deems it to be worth at that point in time. There is always a reason for a price.

                      No offense.

                      cheers

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