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

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

Last updated: January 7 2010
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  • Re : Are Chennai Property Prices Fall Going To Fall In Near Future?

    Originally posted by arun1288 View Post
    Land prices in anna nagar have dropped from 2.5c per grnd to 1.8 to 2c per grnd.I know this because i was looking to buy a property.but in places like mogappair the seller are quoting 1c per grnd.its ridiculous.
    And also i enquired about projects on OMR quoting 2000/sq.ft,but the location is about 78km from chennai(I m referring to MARG property developers).I dont know whether it is worth buying 78km from chennai.
    Actually the problem on this board is we are always talking about disparate things together. Now you are absolutely right about the Marg stuff. It makes no sense to buy something there since it is in the middle of nowhere.
    Mogappair is costly no doubt and in 1989 I used to go all the way from Adayar there and the place was like some thing far far away. However with Madras growth prices there can go up. Now the problem is realestate prices in Chennai are actually not falling, rather it is moving up steadily and once these bears on this board wake up they are going to be left speechless!

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

      Mogappair always goes up since 2002.

      I own two flats there one i bought it in 2002 for 11L now it's going for 25 - 35 l and the other one i bought it for 20L in 2004 is going for 45 - 50L (iam not sure wheather this is the real price).

      Mogappair got some best schools, colleges (closer), hospitals, close to anna nagar so, it is bound to go up...

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

        Originally posted by wasiter View Post
        Mogappair always goes up since 2002.

        I own two flats there one i bought it in 2002 for 11L now it's going for 25 - 35 l and the other one i bought it for 20L in 2004 is going for 45 - 50L (iam not sure wheather this is the real price).

        Mogappair got some best schools, colleges (closer), hospitals, close to anna nagar so, it is bound to go up...
        We may say it is going for Rs 40L etc. When you are selling only you will know

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

          Originally posted by Nataraajg007 View Post
          We may say it is going for Rs 40L etc. When you are selling only you will know
          we may say it is going to crash you will know only when you buy

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

            Originally posted by Nataraajg007 View Post
            We may say it is going for Rs 40L etc. When you are selling only you will know
            Dear friend
            what you said here is absolutely correct
            We should not take mediator's word regarding the prevailing rate of any property
            they are always telling the inflated rates.
            But when we are about sell something everything will in different way.
            My brother is having a plot (CMDA appd) plot in Thiruverkkadu.
            When he was enquiring the prevailing rate there telling that he wants to purchase, mediators told Rs.1400 per sft.
            But when next he went there and told another broker that he wants to sell his plot, what the broker quoted was rather shocking.
            His quote was just Rs.800 per sqft.
            Thanks
            Chataara

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

              Originally posted by chataara View Post
              Dear friend
              what you said here is absolutely correct
              We should not take mediator's word regarding the prevailing rate of any property
              they are always telling the inflated rates.
              But when we are about sell something everything will in different way.
              My brother is having a plot (CMDA appd) plot in Thiruverkkadu.
              When he was enquiring the prevailing rate there telling that he wants to purchase, mediators told Rs.1400 per sft.
              But when next he went there and told another broker that he wants to sell his plot, what the broker quoted was rather shocking.
              His quote was just Rs.800 per sqft.
              Thanks
              Chataara
              chataara you are talking about thiruverkadu and other places.
              but places in chennai like mogapair ,velachery,valsarvakkam,etc all have enough sellers and buyers to get the right picture.
              the point is you dont have to take the word of a single person.the market rates of popular location can be ascertained with a maximum error of 5% +/-

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

                There is something interesting happening in the prices in places like ************. There seem to be reductions in prices but well if you watch them closely you will get to know the truth. Lousy land is being palmed off. For example you can see an advt for sale of a flat in Mylapore for around 5kpsft. You might think it is good bargain but then it is old and the place is Chitrakulam. Ofcourse the next advt gives a Mylapore flat for a much higher price.
                Incidentally land price is stabilising but flat price is falling somewhat which is good for the health of the city. However Chennai flat prices are too high compared to Bangalore as for the same land price the cost of a flat is higher in Chennai because the FSI is lower. So the price of land in Saligramam (Chennai) and in Tippasandra (Bangalore) are around 1.25 cr per ground but in Saligramam the flat costs around 5 to 6K psft but in Tippasandra it can be around 2.5 to 3k psft.
                So in effect FSI has to be hiked or it will be that Chennaites will live in small flats in the city when there is recession and will get the same flat in the outskirts like Urapakkam if there is a boom.
                FSI in Chennai is absurdly low.

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

                  Originally posted by Natarajg007 View Post
                  Incidentally land price is stabilising but flat price is falling somewhat which is good for the health of the city.
                  It is good finally there is agreement that flat price is falling

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

                    check hindu for FAIRPRO supplementary.the prices quoted have meagre discounts. i expected a windfall. crash??? bullshit

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

                      Originally posted by Natarajg007 View Post
                      There is something interesting happening in the prices in places like ************. There seem to be reductions in prices but well if you watch them closely you will get to know the truth. Lousy land is being palmed off. For example you can see an advt for sale of a flat in Mylapore for around 5kpsft. You might think it is good bargain but then it is old and the place is Chitrakulam. Ofcourse the next advt gives a Mylapore flat for a much higher price.
                      Incidentally land price is stabilising but flat price is falling somewhat which is good for the health of the city. However Chennai flat prices are too high compared to Bangalore as for the same land price the cost of a flat is higher in Chennai because the FSI is lower. So the price of land in Saligramam (Chennai) and in Tippasandra (Bangalore) are around 1.25 cr per ground but in Saligramam the flat costs around 5 to 6K psft but in Tippasandra it can be around 2.5 to 3k psft.
                      So in effect FSI has to be hiked or it will be that Chennaites will live in small flats in the city when there is recession and will get the same flat in the outskirts like Urapakkam if there is a boom.
                      FSI in Chennai is absurdly low.
                      Dear friend,

                      Urappakkam is not a bad place when compared to so many other outskirts of Chennai. Due to highway and rail connections, Urappakkam is also a good place. There is talk that Tambaram Railway station may become a terminus and trains may depart from here like Egmore and then Urapakkam will become more famous.

                      ks2071746

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