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
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  • 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
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  • I support your thoughts.
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  • 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.
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  • 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?
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  • 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
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  • 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.
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  • 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?
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  • 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.
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  • 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!!!
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  • Originally Posted by aishu17
    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.


    Its baseless claim to say 75-100 Lacs for an apartment.

    Big promoters in Chennai OMR would have a total of 5-6 K apartments and priced between 40-60 Lacs and all the books are open even those priced 3200 sqft and almost all of them are marketing thro agents on top of their own marketing wing.Just check magic bricks , You can see Ads from all the promoters like Koyembedu market...but none has closed their books.

    People expect price correction somewhere 2500-2700 per sqft and once any good promoters float anything in this range would be booked in days/hours.You just watch buddy...If you have booked any apartment for 75-100 Lacs I really pity on you.

    Given the worse recessions and impacts coupled with Rupee depreciation and IT Job/Salary cuts , PRICES WILL FALL/PLUNGE
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  • Hello Everyone,

    I am in USA. Whatever happened to real estate market here is happening to Chennai or any big city (B'lore,delhi,Mumbhai..etc) or will happen soon. I will explain little bit. There was huge rally in home prices from 2003 to march 2006 here in USA.(Almost lot of countries)The real peak was during end of Dec 2005.Just an example when I booked my home Pre construction during 2004...the builder just increase the same model to 15000$ the very next day. People everywhere look like gold rush on buying home. Real estate agents, spculaters drive the prices to more than 200%.In my case one of my same model home price went up to 80000$ (Almost 32 laks )more than what i paid. When things started ugly..(Interest rate hike, Over supply mismatch....) the speculators couldn't able to keep 2 or 3 homes since they couldn't able to sell it. That is it. Do you believe my home is right now worth exactly what I paid in 2004.I am expecting eoconomy, real estate may start getting better only in 2010 in USA

    All assets going to boom cycle like this will definite will get bust one day. Just think about last 10 years of JAPAN economy. Nothing in the world cannot keep on rise. You have to really decide when you invest your money in a boom MARKET(Any asset class). If you struck at the peak it will take lot time to recover .Real estate market is not like stock market. If stock market crashes it will recover very quickly than Real estate But RE will take long time (Years) to recover. I am posting some rent vs. own home strategies on my next post

    Here some things you need to think before buy a home in Chennai
    Slowdown US,IT SLOW DOWN, India interest rate at almost 12 to 13%,(In USA right now the Interest rates are at 5%),Rupee appreciation ..etc
    and read my next post to how much it cost you keep the home vs rent and apply that your futrue home or current home then you decide will it worth?

    Good Luck everyone -KPR
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  • Read and Interesting posting in rediff,Indian economy rise is like balloon
    by Santinio Abrahim on Mar 12, 2008 04:41 PM |

    i agree that indian economy is blooming and so is the spending power of the middle class(so called)
    I belv that the rate at which the real estate prices are soaring it taking a lot of the indian families.....I knw a person who is a DEAN of a govt engg college and when he approced a bank for a home loan...the maximun that he could get was 15 lacs of loan..such a pitty....i say any govt employee in india if he is not corrupt cant survive in india..what does the govt pay....20k....hahabhahha.....

    the real estate prices are rising because of black money pumped into the market....i am working in an IT company and even the senior PM and GM are struggling to get a decent house....even though they are earning close to 20 lacs an year...so where is this money coming to the real estate....all the riches and senior ex corrupt gvt officials along with the politician have got more than dozen a flats each.....its just giving them a way of disposing their black money......
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  • Other treads in this forum shows that, property market in other cities have gone down drastically. Do we have anyupdates for chennai.
    If it is gone down any idea how many %. Is it good time to look for a land now or should we wait for some more time.

    Thanks,
    Jaya
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  • yes i support 100% to ur thoughts...
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  • Is the fall temporary or more lasting?




    If this were a phnomenon that was widespread, why is DLF able to market its property in Sholinganallur that will be ready 3 years from now at Rs.3200 per sq.ft?


    Originally Posted by sethugm
    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.
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