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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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  • #21

    #21

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

    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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    • #22

      #22

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

      Originally posted by sethugm View Post
      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.
      -----------------------------------------------------------------------

      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.
      Last edited April 10 2008, 06:43 PM.

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      • #23

        #23

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

        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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        • #24

          #24

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

          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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          • #25

            #25

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

            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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            • #26

              #26

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

              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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              • #27

                #27

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

                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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                • #28

                  #28

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

                  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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                  • #29

                    #29

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

                    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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                    • #30

                      #30

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

                      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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