Announcement

Collapse
No announcement yet.

Are Chennai Property Prices Fall Going To Fall In Near Future?

Collapse
X
Collapse

Are Chennai Property Prices Fall Going To Fall In Near Future?

Last updated: January 7 2010
263 | Posts
56460 | Views
  • Time
  • Show
Clear All
new posts

  • Are Chennai Property Prices Fall Going To Fall In Near Future?

    Hi

    In chennai the prices of plots or even a flat for that matter is going beyond the reach of a common man. Is there any chance for the prices to correct in near future?

    With a salary of 15k, it is beyond the capacity of common man to buy a house or flat
  • #2

    #2

    Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

    what to do.. it is the brokers who play the tricks. Worst thing is you cannot buy a land in full white. People drive you like a criminal.
    We can expect a correction only when the scenario of 2001 returns - when the US went to a recession and software pro's had the first taste of job insecurity. Till then this mad rush will contineue

    Comment

    • #3

      #3

      Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

      I support your thoughts.

      Comment

      • #4

        #4

        Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

        Looks that the prices appear to be stagnating/coming down.

        A property which was quoted to me as Rs 45 Lacs has been finally sold out for rs 35 Lacs.With more and more IT and Finance jobs are cut down ,the money disposable will come down as the people will save the money for future...(invest in Fixed Income schemes) and making low liquidity in the market...effecting lowering the prices.

        Comment

        • #5

          #5

          Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

          What is the ground reality for chennai realty?
          are the prices in the city area falling? if it is stagnant then is it the stage set for fall to happen in 1-3 months time?

          Comment

          • #6

            #6

            Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

            Is it overall in all areas like this? I believe it is a false appreceiation. Did you hear anything about reduction in prices in & around Anna Nagar, Arumbakkam, Shenoy Nagar etc

            Comment

            • #7

              #7

              Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

              Am currently located in Singapore and know many people aspiring to buy a plot in Chennai.But none could finalise a plot/house.And frankly none of us could hear anyone has bought a land in Chennai.I presume that due to false appreciation in the land price , people are not buying lands.Not sure about the Flats/Apartments.

              The recent entrant to Chennai Apartment market claims that they started with a price of rs 2800 per sqft.But do you know anyone has finalised the deal for Rs 2800 ? Cant be ..because its all marketing strategy to pull the crowd ..When I enquired within days of the announcement , I was told that the sqft price is Rs 3200.How can a price be changed by 15 percent in a span of 3-4 days ?

              Pls throw more light on Chennai housing.There are lot of potential buyers awaiting to buy a house with confusion around the prices.

              Comment

              • #8

                #8

                Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

                Iam a NRI and I am looking to Invest in area near Anna Nagar, Arumbakkam, Mehta Nagar, Shenoy Nagar, Aminjikarai. What are the current prices in these areas for a 3 bedroom new apartments?

                Comment

                • #9

                  #9

                  Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

                  Im pretty sure..even when there is a recession, the prices in prime localities wouldnt come down.And the prices for 3 bedroom apts in theses areas are abt 75 lak--1C.
                  I was on look for a well built apt(a good quality)..and these were the prices.
                  If the prices was much lower than stated,then thr would negatives like--not good locality/water probs/old build.

                  Comment

                  • #10

                    #10

                    Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

                    I live in Australia and recently I checked out a flat in Kilpauk for Rs.2.75 crores. It was from DOSHI housing Ltd who build flats in places like KAZHIVELI (The Garbage Dump) near VELACHERY. The funny thing was the availability status of sold in all the flats. For that money honestly you can purchase a beautiful house in Sydney. I don't think Chennai has so good infrastructure like Sydney like roads where you can lie down and no power cuts etc. etc. Im not sure if the SOLD status is real or not? If it is real I reckon the people who bought these flats are LOSERS. With respect to IT people they travel abroad & they should realise that the money they are paying for houses in Chennai or in any part of India for that matter is not worth it. They should demand all the high quality infrastructure like Western Countries from govt or should not pay that much money (purely for prestige). As Indians here say that even if you have millions of Rs in India if you go to street there is holes and problems everywhere. So the people who buy apartments in India should realise that there are other people in India who earn less than them. I am from health sector here and our salaries are high compared to IT people both in India and abroad. But we also have second thoughts about investing in Chennai for that money as we consider it is not worth it. Its only for our parents we think of getting a home in Chennai.

                    !!! PEOPLE SHOULD START THINKING ABOUT BOYCOTTING SUCH HUGE INCREASES IN PRICE UNTIL & UNLESS THE PRICE IS REALLY WORTH IT!!!

                    Comment

                    Have any questions or thoughts about this?
                    Working...
                    X