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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  • anna nagar

    Originally Posted by Til
    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?


    In anna nagar you are not getting anything less than 1 crore for a 3 bed apt. 2 bed is around 85 L.
    Raj
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  • mogapeir west

    Originally Posted by rajbandla
    In anna nagar you are not getting anything less than 1 crore for a 3 bed apt. 2 bed is around 85 L.
    Raj

    You can get a 3 bed flat in mogapeir west Nolambur for 42 L.
    but the prices are coming down and i see some people who have purchases are trying to sell quickly as they are afraid of prices coming down.
    42 L flat is coming down to 38 L.
    raj
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  • Hi All,

    Any updates on the current price in chennai?
    In some of the real estate websites i am seeing the flat rates coming down per sq ft.

    Please give some updates on the current price in chennai.
    Will the price go down more?

    Thanks
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  • Next Billionaire!

    Everything that goes up comes down. Everything that comes down goes up. If anyone could predict as when and how much, he will be the next billionaire.

    that said, prices in chennai falling is long overdue and we dont see any real fall yet.

    Most land prices in OMR are driven by IT companies buying sprawling facilites. A recession in US, if it will affect the offshoring model unfavourably, then demand will slacken to such an extent that prices of land will fall. simultaneously, a recession affected IT companies will stop recruitments, pay-hikes, replacements for attrition or even will start handing out pink slips. When that happens, demand for housing there will go south. This would lead to housing prices falling way down.

    But no one including the strategists in IT companies know how US recession will affect Indian IT companies. Will more work be offshored or more companies will vanish/shrink in US so the business will come down? Cant say.

    As the saying goes, Never leave the bridge in a storm. Hold tight where you are, if you have not bought a house or land, wait, you have enough time left to make that move.

    Already bought one, hold on to it, as realestate is a long time play and it doesnt perish or go out of date. Let your children sell it and make money.

    I want to buy a house in OMR, and would like to wait and watch atleast until end 2008.

    Best
    Ram
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  • I think the prices will come down in 2009

    I beleive that with countries like China, Old Russian countries and S E Asian countries like Philiphines developing English in their schools as well as training their working class people will slowly lead the BPO jobs, ITES as well as IT sector to go away from India because their labor is much cheaper than India and especially the Indian Rupee is appreciating so much that Western Countries are looking forward to the above mentioned countries for much cheaper labor with ITeS sector. This will lead to fall in IT jobs in India and thus will reduce the Property Prices from 2009. Only way India can withold the fast developing status is by entering into production like China but our people don't maintain quality in their export consignments after the first consignment and this reduces their value in the world. Of course this topic is entirely different from the property prices but it will surely affect the property prices as well
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  • Originally Posted by sethugm
    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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    Is your requirement for a investment or property. if it is a investment idea you should buy property away from city say around 40/50 kms away. i am sure it price will go up after a dip.
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  • why raise in property price ?

    :) Hey people,

    Nobody looks u like a criminal if u purchase in full white.only thing u need to pay tax on behalf of seller.And also u should bear registration fee of 10% approximatly for entire value. ultimately this will shoot up the market price and the guideline value of the government.Everyone knows its a crime.But In india about 15 to 20% of people work for IT companies so they can able to manage full white.And the remainaing people they r into small trading or small jobs so that they cannot avail bank loans.Thats why this black and white concept is successful in india.And one more thing i put in your mind once if u purchase the property u will never sell the property for less price. So the prices r very difficult to come down It may saturate for sometime and again price goes up.Hey this is my general opinion.;)
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  • why raise in property price ?

    :) Hey people,

    Nobody looks u like a criminal if u purchase in full white.only thing u need to pay tax on behalf of seller.And also u should bear registration fee of 10% approximatly for entire value. ultimately this will shoot up the market price and the guideline value of the government.Everyone knows its a crime.But In india about 15 to 20% of people work for IT companies so they can able to manage full white.And the remainaing people they r into small trading or small jobs so that they cannot avail bank loans.Thats why this black and white concept is successful in india.And one more thing i put in your mind once if u purchase the property u will never sell the property for less price. So the prices r very difficult to come down It may saturate for sometime and again price goes up.Hey this is my general opinion.;)
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  • chennai costs

    Hi
    I think that the flat prices in the OMR area are overpriced.I think that the buliders are trying to establish a devolopment on the outskirts of the city just like those in western countries.
    But there is a major flaw in this system as chennai lacks sufficient infrastructure with traffic woes going to be a major hassle in the comming years.We just have to wait for peoples feedback on this.
    I may be wrong but i think these prices will come down once builders realize that there are not enough people to buy and with the recession hitting all devoloped countries, I think we are not far away from it.Recession is going to hit us but the question is when?
    Till then we have to cope with this extortion!!!!!!!!
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  • Madipakkam/kilkattalai

    Guys,

    I had visited quite a few plots in madipakkam/Kilkattalai yesterday along with brokers and surprisingly most of them have shown the same plot which I happen to see 6 months back. The brokers quoted the price to be 45L to 50L. (Earlier it was 30L to 35L). Finally I liked one place and decided to talk to owner (offer price was 48 L) and I put up my price (without any hope) as 28L for 2250 sq.ft (Kept the broker away from the conversation). The owner started bargaining and came down up to 40L and I was adamant at my price. The owner called me up yesterday night and offered the final price as 33 L with 23 L as cash. I am still negotiating for 28 to 29 L.

    This brokers are putting pressure to get this deal completed (according to them in recent months they could close max 1 or 2 deals per month). This may be useful info for guys who is looking for plots in madipakkam/kilkattalai area.

    Regards,
    ~~~Ram~~~
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  • Hi Ram,

    Thanks for your updates.
    I visited chennai two weeks ago. Saw one independant house (2400 sqft constructed area 700 sqft) 7 years old building. Interior chrompet somewhere in Hasthina puram. He is asking 43lacs and they are saying 1 ground is going for 40lacs. I dont understand why is it going for such a high price. There is no proper drainage no proper road. I think you can live during rainy season. More over that house is locked for 1.5 years. which shows clearly that the owner is not able to get that price.

    Regards,
    Jaya
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  • I heard from my father that real estate activity in Madras has slowed down drastically. It used to be 20 to 30 realtors/agents roaming the area and looking for buyers and sellers. Looks like those realtors and real estate agents are vanished.

    I also heard that propery/land prices have come down significantly in some parts of chennai. Atleast 15% drop. This is true all over chennai.

    Please let me know if anyone has any news about chennai.
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  • I too believe that prices in chennai have come down significantly. In another 6 months prices will go down more. I saw so many flats unbooked and all of them are ready for possession.

    Flats sold for C's will surely come to lakhs.
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  • It is true that infrastructure in India does not match USA or Australia. The comparison however is that between Europe and India. We are not talking about sparsely populated area like Australia. Well as someone said in the links above a typical 3 bedroom flat in Chennai in a known area even not the hi-fi ones, like Vadapalani costs 75L to 1C. A similar area in Bangalore will cost much lesser say 35L to 50L. Reason is simple. Land price is same in both areas but FSI in chennai is low. WIth such FSI, with limited developed areas (with or without potholes) the demand for housing in Chennai will hold the prices.
    NRIs tend to take a condescending look, but well 2 years ago I had a running battle with some silly NRI about a price of land in Arcot road at 1C. He felt it was too much. TOday the same land is not available for 2C. So if u wanna buy, Buy, otherwise stay in Australia with your Marsupial friends.
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  • I'm NRI working in USA for 8 years, returning back to India next year, I have visited India almost every year during my stay in USA, so I have seen the growth.

    I totally agree, it is unfair to compare the facilities in India with other developed countries, meantime I do agree there are still safety issues (example road construction site), others like robbery are due to unplanned sudden development in economical growth.

    It doesnt mean that because we work overseas for extended period of time to make money (visit India every 4-5 years), during that time India will magically turn into countries like Australia, in our "absence". So when we get back to India, we can enjoy same facilites as we were overseas.

    I would classify people in India, by their economical contribution,

    NRI: earn enough or more white money, save around 1 lakh per month overseas, invest in India to multiply their investments.

    Government: coming up with plans to meet foriegn standards in economy, boosting GDP, with some nonsense commercialised approach (for example, the advertisement boards in the highway medians for every 50ft, jeopradizing public safety).

    Government Employee: earn enough or less white money, some may bribe and dont delivery quality work.

    Private Companies: commercializing everything, regardless of public safety.

    Private Employee: earn less or enough white money, but to cope up with daily needs.

    So nobody is perfect except some. To make India better place for living, everybody should contribute in better way, first by stop cursing while staying abroad.

    I have visited Chennai a month back, I was impressed with infrastructure development in suburban areas like velacherry (except the dumpyard) and OMR, hopefully other places, and building over bridges in cities and making one-way traffic at right spot.

    So government is doing their job, it is public (including NRI) responsibility to follow rules maintain neat roads and facilities, for that they should be educated. Before this numerous private TV channels, there was DD channels, and they were not too commercialised, they used to bring awareness between public by slideshows. Nowadays there is no awareness at all, schools have commercialised, at home TV channels are everybody, no time to think.

    Above are my personal opinion, I dont want to hurt anybody feelings.
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