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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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  • #41

    #41

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

    BTW my friend, dont get too upset with that Australia based NRI. One acquaintance family of mine in Chennai have some land in Chrompet. The son in law who lives in Australia is having a continous dispute with his MIL and BIL on this property. Think of it, should he not be happy to be in Australia. Not that he wont get a share of land, but he wants a particular portion of the land. So much for our Mentally Deranged or Rearranged NRIs and their insult of India.

    Comment

    • #42

      #42

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

      Wise man,

      I support your ideas, the recession you are talking about will happen but not now. It will take another 10-15 yrs for such a recession. Now the cerdit markets are supported and protected ( surgery) by the central banks. This surgery will fail , to know the result it will take time 10-15 yrs from now.

      Paul

      Comment

      • #43

        #43

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

        Originally posted by Natarajg007 View Post
        I missed this in my previous note. If in 70s a house in Mylapore was a norm and today one can only afford a flat in Sriperumbudur, then it is NOT WRONG. Simple. Drive on NH4 and you will see why you have fantastic connectivity near Sri Perumbudur and you dont have to go the narrow bylanes of Mylapore. Ofcourse the old sucker generation will yet say Mylapore or TNagar is great, even though they have narrow roads, congested with traffic, infested with slums as they can say we have an MRT on top of the Covum. Now this mentality will disappear slowly and then the almost 10 to 20 times difference in price of land between Mylapore and Sriperumbudur will narrow. To give an analogy, in the US, downtown is filled with not so affluent folks though the prices are higher there while the well to do move to posh suburbs outside. So I must mention about a HP employee wanting to buy a land in Urapakkam and was measuring the distance from the railway station there. He incidentally works in some place in Chennai city. Also know of a person who takes the train from urapakkam to go to chepauk to work.
        What it means is when cities grow so will prices? Western nations have grown differently. Marsupial Australia has vast waste lands but if that is what our friend here loves, he is welcome. Ask him to go to Europe and he will realize the pocket sized flats people live there in. Then go to US and see Bush and his 100acre ranch. Finally go and see so called Developed Singapore where 2 or 3 families share a 2 bedroom flat.
        Comeon India is India and dont try to compare. Cheers.
        Hi Nataraj,
        Calling others names does not achieve anything except let people know that you do not have much of value to say!

        I'm not trying to start a flame-war here, but I've been around and do not get surprised by what others think as unusual cyclical patterns in nature. And (even though your argument smells of sour grapes) there must be a reason people pay 15000 per SFt in Mylapore. Its called infrastructure and closeness to REAL POWER CENTERS. You are right. When cities grow prices will go up - BUT NOT HIGHEST IN THE OUTSKIRTS. It will go highest in the center, declining radially outwards. But you smart guys don't seem to notice that prices in outskirts with absolutely NO infrastructure is shooting up while closer to center they are stagnating. Doesn't it seem funny to you that it may be the mafia thats conning you out of your money (and future) by selling you dreams (that may turn nightmares soon)?

        Property takes time to mature and go up in value - these short bursts are only that, eventually long-term returns in RE average 20% per annum AT BEST. Usually, if you factor in risk of buying in all the wrong places, returns are in the 12-15% range long term. Anything more is a CON!!!

        You guys think its your God-given right to see RE prices go up, up and further up (at astronomical rates of ROI), JUST BECAUSE YOU DID THE FOOLISH THING OF BUYING THEM AT RIDICULOUS PRICES to begin with!

        Wake up! Haven't you heard of Economics? Ignorance is NOT bliss! This BIG BEAR MARKET we are getting into is only the BEGINNING! Expect a VERY DEEP and VERY PAINFUL decline in the next few years. If you have bought a house in the recent past, expect to pay ever-increasing amounts of money as EMI (Its called inflation and its here to stay for a while) while you see your salary stagnate AT BEST or even go down (This is called Deflation which kills economies by slow strangulation). We are getting into a rare economic situation of simultaneous inflation + deflation - called STAGFLATION. This is a double whammy killer. And it happened last in the 1970s (probably before some of us were born - ask your dad how painful it was then).

        I promise you. You will one day - in the not-too-distant-future - post that I have been right (and richer by that much) and you have been wrong (and poorer by that much). Not that it gives me any pleasure to see you guys suffer because some Builders con you with all kinds of lies thru Ads, etc.

        But suffer you will. Thats the Law of Nature. Money ALWAYS passes from the Foolish to the Wise. And this happens in 2 ways, at the top and the bottom. The Wise always BUY assets with cash when others are FEARFUL of buying (which is at the bottom). And they always SELL assets for cash when others are GREEDY to buy (which is at the top). Please note the emphasis on cash, NOT credit! Do you know another statistic? Over 96% of urban Indians do not have cash reserves even for 6 months of living. And with credit getting strangled and interest rates going up and jobs being lost where do you expect the money to come from for people to be paying higher and higher rates? PURE FANTASY!

        Greed has not ended. Total Fear has not set in. Bottom is not yet in sight!!! I'm waiting and accumulating cash while keeping my expenses to the minimum. I rest my case

        And as for the person who said this crash is coming 10 years later. Sorry dude, its already here and will probably be gone 10 years from now. You may have missed the bus by then when the next boom will be under way !

        cheers

        Comment

        • #44

          #44

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

          Loser? Think again!

          Originally posted by Natarajg007 View Post
          It is very clear in this forum that people who post here "cry about" increased real estate prices. This is normal for losers to do. One guy even says price will come down and he will reenter, almost justifying that since he did not enter before, price has to come down and after he enters price will go up. Wishful thinking.
          No doubt quality of life in India is not same as among Marsupials of Australia. In India you have people and services for low prices, in Australia you can have Marsupials but not people or services. Our so called NRIs who have lost their money investing in some realesate in USA or Australia (one guy tells the prices fell for his 2004 bookings from its peak to his purchase level in USA) are now wanting to enter at the low in India, so they talk about price rise in India.
          Well the truth is pretty simple. 5 years ago, I had money to buy large pieces of land in Bangalore. I preferred to invest them in RBI Tax Free bonds. One such investment would have resulted in 5 to 6 times easily and I know one particular land in AECS layout which was for 26 lakhs and I told the guy it was too costly as I knew 3 years before that it was costing just one third, and did not proceed with it. Today it is worth around 2 crores. Now I am talking of 3 times appreciation between 2000 to 2003 and 6 times from then to now. In simple terms it was 200/sqft in 2000, 600 in 2003 and today 3600.
          The bluffers and hallucinists on this board are continuing to believe that prices will fall. Now this AECS plot coming to 200/sqft again is not impossible but then the salary of a fresh S/W engineer has to come to Rs 2Kp.m. then for a decent college guy not one who has some strange 50K rank and also studies in some college in TN or Karnataka and calls himself an engineer.
          Growth is a dubious truth. It hurts. Prediction of prices is even more difficult activity. Because US realesate fell should it fall in India. US is a developed economy, so the prices oscillate there in a band. India has just grown, or rather growing. One "buddisali" talks about stock markets and RE stocks falling as if that means everything. US market take DJI did not move up any more than 90 to 100% between 2003 and 2007 peaks. NIFTY the Indian index went up 6 times in that same period. From 1000 in 2003 to 6000 in 2007-8 peak. Now will Nifty come to 1000 if DJI comes to 2003 level of 7500. I bet they are not correlated anyway.
          Our NRI friends in this board, seem to know not about their new residences nor about their old address. They want clean villas in India, since they have one in Australia, but will yet like to get a servant to wash their clothes, while they will have to do that in their washing machine in Australia. Kangaroo thinking wont help.
          Come to the reality. In Chennai I have lands that I have acquired way back in 1980-90s and they have probably appreciated some 100 to 200 times. Is that unusual?
          The problem is we are imagining that salaries can go up but not prices. No doubt in India the rich are getting richer and the poor poorer, but that was true even in the 80s. So if someone is imagining price of realestate will fall to his liking because he is not able to afford it, one can at best pity him.
          Incidentally talking about 20K salary in India and 40L flats. In 1970s my BIL bought a house for 40K rupees in Mylapore. His salary was around 1K p.m. Today a similar folk will get a salary say 30K p.m. and so should logically be able to buy for 12Lakhs. The problem is he cant buy a house and certainly not in Mylapore. So he will shift out of the city and buy a flat in say Urapakkam or SriPerumbudur. Now the funny part is even in Urapakkam flats are costing 30L. So what does he do. He finds the cheapest of the cheapest and manages a one bedroom old flat. So it is a natural spreading of reality.
          Again there are specific issues about Chennai. ONe can only build 1.5FSI unlike Bangalore. I can get u a good flat 2 bedroom, 1000sqft within 10km radius from MG Road for 20-25L. In Urapakkam such a flat costs 30L. THis is because in BLR they can build multiple times Chennai FSI. So you might as well get your city to relax FSI.
          Finally the funny truth is. In Urapakkam a person sells a old house 750sqft building and 900sqft land for 30L. Now to construct 750sqft is 7.5L, so 900sqft should cost 23L. Unfortunately if I had only land of 900sqft I will not get a price beyond 10-15L if I am lucky. So the builder makes a fortune in Chennai. Similar logic is not builder biassed in Bangalore. So the truth is a. Chennai folks are terribly lazy (compared to what they claim...just because they wake up at 5am due to the heat!), b. Chennai builders are inefficient in resource utilisation (typical of the Auto guys always wanting beyond the meter) and c. Cheating is common and builders cheat. So fix these issues, dont crib about high prices simplistically.
          Finally I am a Chennaite who has moved to Bangalore in the past many years and have vested interest in both these places and I have been an NRI too at some point of time and I can tell you that REALESTATE price in Chennai or for that matter in INdia will not fall, just that it might become a bit more difficult for sellers and a bit more easier for buyers.
          Dont be fooled by this board filled with potential buyers. They are just selling you a pipe dream on realestate price crashing!
          Dear Nataraj,

          I suppose you meant me by this piece,

          ...."cry about" increased real estate prices. This is normal for losers to do. One guy even says price will come down and he will reenter, almost justifying that since he did not enter before, price has to come down and after he enters price will go up....

          Dude, let me give you some statistics since you are in Bangalore. Do you recognise the area behind BDA complex in Koramangala (prime land with LARGE houses which you can't even buy in your dreams). Back in 1986 I bought 2 adjacent plots of 60x40 for Rs.16000 apiece (with CASH out of my savings as I was making 4k pm in those days; don't ask me how much I'm making now, its obscene, ha, ha). That was when they were STILL clearing scrub land to make plots RIGHT IN THE HEART of Koramangala (were you even born then?) .

          Infosys then had a turnover of Rs 32 lakhs per annum and I used to personally sell training and software to them on behalf of NIIT.

          And I still maintain that prices today are RIDICULOUS (the moderators don't allow me to use more colorful language!!! )

          So, dude, we are not losers (much as you would like to believe). You might be surprised to find that actually, you just might be that loser when you get taken to the cleaners when prices crash!

          But what do we poor losers know about experienced people who have ALL THE EXPERIENCE of a few years of bubbly prices!

          Just to set right your misconceptions about "losers"!

          cheers

          Comment

          • #45

            #45

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

            Originally posted by Natarajg007 View Post
            BTW my friend, dont get too upset with that Australia based NRI. One acquaintance family of mine in Chennai have some land in Chrompet. The son in law who lives in Australia is having a continous dispute with his MIL and BIL on this property. Think of it, should he not be happy to be in Australia. Not that he wont get a share of land, but he wants a particular portion of the land. So much for our Mentally Deranged or Rearranged NRIs and their insult of India.
            Why Natraj? Why? - This much of hatred and anger on NRI's.
            Putting it all on prespective,everyone agrees the following:
            • Indian Realestate market is based on limited fundamentals and more on speculation(Ie:Income Vs Home price,Per capita Income,Avilability of infrastructure)
            • Drastic rise in asset value does not mean real growth when inflation eats into the actual growth.
            • A sustainable growth in price means the Rupee value should be stable.
            I disagree with your comparision of India being better than Eroupe and Sigapore.

            I Have lived US & UK and traveled to Australia and Singapore all those places are honestly far superior in infrastructure and quality,however the asset prices are cheaper than Indian Metro Cities.

            The above statement does not mean I dont love my Mother land India,But a mere statement of fact.

            We Indians (All of us) must ask the questions to the goverment and Property developers - What am I paying for?

            We need Transperent Real estate transaction and strict controlls on dealers who just blow up the prices without fundamentals.

            Unreasonalble and unfundamental boom has always led to lot of pain,Like
            1. 1997 Asian economic crisis in Malaysia,Thailand,Indonesia,Philipines and sigapore.
            2. 2008 Subprime meltdown of the US.
            3. 1987's Bond market Crash.
            It is all a cycle - People like us should not be carried away by greed and speculation - The devlopers,dealers and brokers feed on our greed and make themself rich.

            Ask questions and raise awareness.

            Comment

            • #46

              #46

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

              realestate has entered decline phase

              I am an NRI from UK with long and regular connection with India, UK and US.
              I have seen the rise and fall of US & UK real estate cycle twice.

              Those cycles have/had the same characteristic as what is happening in India (Except India is more aggressive)

              Both equity and real estate Cycle in UK, US &Australia is about a 7-8 year cycle( 4 years Up and 4 years down).
              India seems to have longer Cycle 10-12 year (4-5 years of drastic up and 10 of flat to down).


              As an economist and a property owner in India and abroad - all I can say is what is happening in India is extreme greed and speculation - This illogical and unsustainable.

              I love to see my property value go up but in a sustainable level and in tandem with macro economy.

              I have seen dealers/Traders entering in to POWER OF ATTORNEY DEALS and then trading it to third party for a huge profit.

              I have seen uneducated brokers/dealers earning up to one crore in 1 year by SWITCHING couple of properties like commodities.

              I haven’t seen any market in the world that is so un transparent.
              SPECULATION IS THE NAME OF THE GAME IN INDIAN REALESTATE MARKET.

              I was quoted 1C for a property in Chennai in Dec07 and again the same property (Unsold) in March 08 was quoted 1.3C and now in June the same property (Unsold) he is quoting 1.5C in June 08

              The vendor has not sold the property in the past 6-8 months how ever he did not fail to increase the asking price by about 30% every 3 Months

              As a owner of properties in India, I am saying it is not sustainable.
              Greed and speculation will end in pain and COMMONSENCE WILL PREVAIL.

              If not 1997 EastAsian economic crisis (Thailand,Malaysia,Indonesia etc) will be repeted in India with a devaluation of rupee followed by inflation linked economic meltdown which would take 10 years to get back on feet.

              DON’T FORGET WE LIVE IN A GLOBAL VILLAGE NOW, What happens In US, Middle east or Europe will have direct Impact on India.

              What goes around comes around.

              Comment

              • #47

                #47

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

                Chennai Realestate gurus - help needed

                It has been quite a long and hot discussion going on for a while.
                Thanks people for keeping the thread informative and interesting.

                Well, I am really new here, and I am in to get some suggestions/ideas about my 'dream home' plans. To brief about me and my earning power, I am 25, living in Chennai with my parents, working for an IT major and, earning around 50-55K rupees pm.

                I want/wishfully think to buy a property in Chennai, not as an R2I but for my own residential usage. After seeing, analyzing the property rates, cost of living, proximity to places, I have decided to stick to the southern part of Chennai, particularly Madipakkam (Northern part - Sadhasivam nagar, Ram nagar north etc). The reasons are - The locality is quite good, close proximity to Velachery MRTS and Vijayanagar bus depot, closer to OMR, rates are kind of affordable*.

                *Affordable - Here is my plan / definition
                - There are CMDA approved lands available for approximately 55L to 60L per ground whose guideline value stands upto 45L to 46L per ground.
                - I along with 3 friends of mine are planning to buy around 2700 sqft of land, register it sharing equally (SBI gives out 80% loan for the total land + construction)
                and the repayment would be approximately 22 to 25K pm for my salary
                - The plan is to build two 3BHKs in the first floor, and car parking + 2 2BHKs in the ground floor

                I am in the process of seeing lands now. I checked with a legal advisor of a builder about how this is workable and got some very high level inputs from him - the abstract is that this is doable legally. From the perspective of the banker, also this is doable, and I might get a loan for 80% of the total cost involved. I am yet to check with the architect/designer on this.

                I thought it would be nice to get some advice from experts, advaced RE investor people around - Kindly advice me on
                1. Is this plan totally workable? Are there any major, legal or other vital points that I have missed out?
                2. Is this the right period to do this? Since this is for my (same with the case of other friends involved) own usage, should I wait in to see the speculated downfall of the RE market?
                3. Market rate for a flat in those areas is 3800 to 4000 Rs per sq. ft.
                If I work out this way, I will have to spend 16L (64L land price + registration / 4) + 15L for construction (lets keep 1100 sqft for 1300 rs per sq ft) - total 31L Rupees for a 1100 sqft flat with 700 sqft of land in my name.
                By this way, I will end up saving approximately 10L rupees with a larger land share.
                4. Am I overlooking things anywhere?
                5. What could be the potential problems in doing so - at this stage, or in the future?
                5. Any suggestions / advice on how, what to do and what not do do is appreciated.

                *Cheers*
                Newbie

                Comment

                • #48

                  #48

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

                  All you youngsters. Listen & Act before its too late ...

                  Originally posted by rickyofsnow View Post
                  I am an NRI from UK with long and regular connection with India, UK and US.
                  I have seen the rise and fall of US & UK real estate cycle twice.

                  Those cycles have/had the same characteristic as what is happening in India (Except India is more aggressive)

                  Both equity and real estate Cycle in UK, US &Australia is about a 7-8 year cycle( 4 years Up and 4 years down).
                  India seems to have longer Cycle 10-12 year (4-5 years of drastic up and 10 of flat to down).


                  As an economist and a property owner in India and abroad - all I can say is what is happening in India is extreme greed and speculation - This illogical and unsustainable.

                  I love to see my property value go up but in a sustainable level and in tandem with macro economy.

                  I have seen dealers/Traders entering in to POWER OF ATTORNEY DEALS and then trading it to third party for a huge profit.

                  I have seen uneducated brokers/dealers earning up to one crore in 1 year by SWITCHING couple of properties like commodities.

                  I haven’t seen any market in the world that is so un transparent.
                  SPECULATION IS THE NAME OF THE GAME IN INDIAN REALESTATE MARKET.

                  I was quoted 1C for a property in Chennai in Dec07 and again the same property (Unsold) in March 08 was quoted 1.3C and now in June the same property (Unsold) he is quoting 1.5C in June 08

                  The vendor has not sold the property in the past 6-8 months how ever he did not fail to increase the asking price by about 30% every 3 Months

                  As a owner of properties in India, I am saying it is not sustainable.
                  Greed and speculation will end in pain and COMMONSENCE WILL PREVAIL.

                  If not 1997 EastAsian economic crisis (Thailand,Malaysia,Indonesia etc) will be repeted in India with a devaluation of rupee followed by inflation linked economic meltdown which would take 10 years to get back on feet.

                  DON’T FORGET WE LIVE IN A GLOBAL VILLAGE NOW, What happens In US, Middle east or Europe will have direct Impact on India.

                  What goes around comes around.
                  Like Ricky here, I've been around and have seen 3 major Stock bears and 2 major Real Estate bears in the last 23 years. And of course 3 major Stock Bulls as well as RE Bull markets.

                  I constantly track the Global and US markets and actually advise a number of people on stocks - Real Estate always puzzles me (to give you an idea, I have bought Satyam at Rs. 6 and truckloads of Infosys at 110 post IPO - figure out the ROI ). On 25th Dec 2007 - the usual time for all people to take stock of their lives, make resolutions and spout on predictions - I did a piece on where the Sensex would go in 2008 and compared it to the dozen or so "analysts" who ***** Street, EcoTimes, etc so conveniently put on their front page (photo and all). The lowest prediction for Sensex was 23000 while one guy went over the top and predicted 30000! Knowing the old market rule that, when all players are focused in a single direction, its time for the market to move the other way, I said "Sell your entire portfolio and expect at least 15000 and maybe 12000 in 2008". And a sub-10000 maybe even touching 8000-9000 in 2009. I take NO CREDIT for this insight. Its the tracking and picking the right analysts that did the trick. Long before names like Nouriel Roubini, John Mauldin, Bob Prechter, Schiller, etc became well-known to us commoners, I was religiously listening to - and trying to understand - what they were saying.

                  And here it is. This Bear is no garden variety one. With last weeks debacle we should expect some serious and sustained hits to economies around the world. Stock Market is a highly accurate 6-9 month leading indicator of whats to come in the real world. The WORST PERFORMER in stocks has been the Real Estate sector. The BEST companies are down over 70%. This, to me, is a serious and reliable indication of the bloodbath that is going to hit the RE sector in India shortly. Even in the best of times, profit margins in RE has been relatively lower. Growth seems great only because of sharp (one-time) topline increase - and this is not easily seen by the layman who gets carried away by absolute figures and does not do the ratios. And to add to it, this is a highly leveraged industry. HIGHLY DANGEROUS!!! The trigger will be sharp increase in JOB LOSSES in the segment that supports high RE prices most - export-oriented IT.

                  Now that the second leg of the bear market has started with a much more severe hit on US Financials, this has become Global in every sense. Check the data. Leaving out the US - Australia, UK, Spain, Ireland, Germany, Italy are all in or on the brink of recession. No less than the BoE Governor has stated that the coming UK recession is going to be long and severe. To make it worse, the commodity giants Russia and Canada are now seeing severe downturns as commodities crash. Russian markets are down over 50% and hit lower circuits (17% down on EACH of last 2 days). Shanghai index rose from 998 to 6125 in 2 years and has declined to 2125 (80% of gain lost) in less than 1 year. Chinese manufacturing is in negative territory last 2 months running. Do you still think we are insulated? Do you still believe the 7% or 8% nonsense being fed to you? Our FinMin is great at throwing a Red Herring. While India spends their time nit-picking between 7.4% or 7.6%, no one seems to be looking at, what if its -2%?! Don't believe it can happen. Go back a few years and check the data.

                  Sure, with global recession / depression outsourcing may increase. But it will be far outpaced by sheer volume drops (fancy a figure like 30% volume drop compared to single digit increase in outsourcing? And add much more competitive rates to add spice to the picture). Our IT managements were clueless in 2001. They remain clueless now.

                  NO ONE IS LISTENING even at this late hour. The party still seems to be continuing amongst the youngsters who still think this is a mild recession which will pass any day now. Fear is now slowly becoming all-pervasive in the younger IT crowd now. Soon, as the downtrend deepens it will turn to panic. And a sudden rush for the exits by everyone at once.

                  I still stand by the figures given in earlier posts. RE in prime IT destinations (which have risen most) will give back anywhere from 50% to 80% of their value. Yes, you got that right. You will see a flat bought in 2002 for 30 lakhs, which went to 1.3 crore in 2007 come back to anywhere from 45 - 65 lakhs by 2010. But why buy an 8-year old flat for that price? Builders will be begging you to buy a NEW one for the same price!!! RE will revert back to the mean of 12%-14% longterm CAGR for the best of properties in prime cities.

                  We are seeing classic Real Estate Bear behavior. As Ricky has said, Indian RE bear is a 10-12 year cycle. Price peak reached in 1995 only came back in 2005 (and that too because of the global easy-credit binge/mania). It should have taken longer.

                  As per EcoTimes, prices have only declined from 10% to 25% now. Rentals are crashing. When holding highly-leveraged property becomes unsustainable due to a combination of job loss, income loss, high interest, tightening credit norms and price declines due to oversupply, there will be a Tsunami of supply. And very few buyers. Where do you think prices will head? Up?!!!

                  Selling even now will allow you to come back 3-4 years later with much more equity, lower loans and a much improved state of mind!

                  cheers,

                  wiseman

                  Comment

                  • #49

                    #49

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

                    Natarajg007 looks to be a very frank guy and his comments are really worth reading. I partially agree with his plain views. I feel, the Chennai real estate prices may not come down as it has been in the case of say, Bangalore due to a variety of reasons. At the best it may stabilise at current levels or the builders may offer some free items like upgraded flooring, electrical fittings etc. The prices are controlled by the black moneyed politicians and they will not budge. So, let the prospective buyers not wait for long and decide on their flats anytime now as they like.

                    People talk about Madipakkam as a fast appreciating area. I visited the place about a month back. All vacant plots in the Ramnagar North area are with wateer stagnation, due to some rain about 10 days prior to my visit. I even saw a plot water stagnated and Lotus plants there with flowers. Does it not mean that the plot should be with water for atleast an year or so to make the lotus plant to be there flowering. Any vacant plot you see with water stagnation only. The roads are very bad and one will find it difficult to even a 4 wheeler drive. Leave alone how the ladies can come alone in thiese areas in the night. Still the people rush to this area. Thanks.

                    Comment

                    • #50

                      #50

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

                      Chennai real estate prices may not fall

                      Natrajg007 looks to be a very frank and plain speaking guy. I also agree with his comments. Chennai real estate people are pure business fellows and will not budge an inch to reduce the prices. Rather they will hold on for months together to get the price what they want. Most of the properties are owned by Politicians/black moneyed personsof all political parties, small and big and they do not feel any pressure to sell at reduced prices. They will hold on and on to their prices and will only look for any possibility to increase and not reduce.

                      ks2071746

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