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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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  • #11

    #11

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

    Originally posted by aishu17 View Post
    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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    • #12

      #12

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

      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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      • #13

        #13

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

        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......
        Last edited March 14 2008, 12:17 AM. Reason: Formatting error

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        • #14

          #14

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

          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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          • #15

            #15

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

            yes i support 100% to ur thoughts...

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            • #16

              #16

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

              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 View Post
              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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              • #17

                #17

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

                anna nagar

                Originally posted by Til View Post
                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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                • #18

                  #18

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

                  mogapeir west

                  Originally posted by rajbandla View Post
                  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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                  • #19

                    #19

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

                    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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                    • #20

                      #20

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

                      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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