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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  • Will the RE Market continue with high price?

    The below article about job cuts for the next quarter (only few MNCs are covered). This is only a beginning and lot more job cuts to come... All IT companies in India are getting 90% of revenue only from International companies. WILL THE HIGH PRICED REAL ESTATE MARKET WITHSTAND in this situation?

    November 20, 2008 - The global economy is in the doldrums. Nations are battling a nightmare called recession. Balance sheets are studied with a frenzy and companies are struggling to stay in the black. Yet, the saddest story of the financial meltdown is the common man. In less than 20 days this month, 30 well-known international companies have announced job cuts.
    Pepsi Bottling Group: 3,150 jobs
    HSBC: 500 jobs
    Citigroup: 52,000 jobs + (23,000 employees removed in first 3 quarters)
    Fidelity Investments: 3,000 and counting
    Royal Bank of Scotland: 3,000 jobs
    Sun Microsystems: 6,000 jobs
    United States Steel Corp: 675 jobs
    United States Steel Corp has laid off about 3 per cent of its production workers
    British Telecom: 10,000 jobs and counting
    Morgan Stanley: 8,360 (19 per cent of its staff)
    Virgin Media: 2,200 jobs (The group has already reduced 4,000 staff)
    Yell Group: 1,300 jobs
    Nokia Siemens Networks: 1,820 jobs and counting
    Volvo AB: 1,000 jobs and counting
    Swedish truck and bus maker Volvo AB has said it will lay off 1,000 staff. The Volvo group has previously announced layoffs of 3,350 workers.
    DHL US Express: 9,500 jobs
    Deutsche Post AG announced it would slash 9,500 jobs This is in addition to the 5,400-odd positions already reduced
    Nortel Networks Corporation: 1,300 jobs
    General Motors Corp: 3,600 jobs
    EW Scripps Co: 400 jobs
    Ford Motor Company: 2,600 jobs
    Volvo: 6,000 jobs
    Corus: 400 jobs (now part of Indian conglomerate Tata Steel)
    American Express: 7,000 jobs
    Bank of America: 7,500 jobs and counting. Thousands of more job cuts are likely as the bank integrates its acquisition of Merrill Lynch.
    Development Bank of Singapore Group: 900 jobs
    Mattel Inc: 1,000 jobs
    New York City: 3,000 jobs (Mayor Michael R Bloomberg announcing the laying off)
    AMD: 500 jobs
    Goldman Sachs: 3,200 jobs (Executives at Goldman Sachs's have given up their year-end bonuses).
    GlaxoSmithKline PLC: 1,000 jobs
    Jaguar Land Rover: 400 jobs
    Nokia: 600 jobs
    Meltdown: Thousands of jobs to go globally!
    Thousands will lose their jobs in the global financial sector as many companies have witnessed the fastest drop in business levels, profitability and confidence in almost two decades. Initial estimates say that the unprecedented crisis in the global financial services industry will lead to more than 250,000 jobs being lost globally. And economists say that this figure is 'very conservative.' The eventual number of jobs that will actually be lost could be much higher, they say.
    The fiscal hurricane that originated in the United States has soon spread panic and gloom across the world markets. European companies have already announced layoffs, while some Asian companies too have done the same. Many firms in the banking, financial services, insurance, automobile, airline, etc sectors that were earlier planning to hire more have put their plans on hold. Most of these companies have actually begun to downsize their staff.
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  • Update the job cut sheet to the Real Estate Company. If anybody is planning to go for any purchase take the list of this and show the seller. :D
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  • If so many jobs are cut then u should not be wasting your time here posting messages. Lest your job is gone for such wastage of office time and resources. Folks like want realestate to fall since a. U missed the bus before and b. U have saved some money and u want to buy the best with that sum. Unfortunately your wants may not be fulfilled. Just keep wishing anyway. Best of luck...LOL.
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  • Even before the Software rather ITES boom of the 2000s realestate was unaffordable to all cheapos and your showing that list is not going to terrify a broker. After all he will sell only to a competent buyer not to YOU.
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  • now strongsville vs natarajg007

    Originally Posted by Natarajg007
    That is where you are absolutely lost. Tell me how many people you know of who have committed suicide in INDIA because of stock market crash? Dont tell me about some NRI who got jacked up in USA with DJI? Now that guy has once made a fortune in trading and today he loses.
    Do you know the number of farmers commiting suicide in Karnataka? I pity them. And folks like you with some silly education and can fit in a BPO expect sky high salaries and yet want subsidised food, rather controlled food from these farmers. So if someone did die out of DJI or Nasdaq crash that does not mean realestate in India has to crash.
    I think you are the sort of folk who says that Crow sat and Coconut fell. Folks like you have hijacked this forum for your own convenience and does not mean I shouldnt drive sense into the others.


    So, now it is strongsville vs natarajg007? Does this mean the fight between wiseman vs natarajg007 has lost the steam or still there with same or increased steam? All these guys place very lengthy messages and they should be very crisp and short and reduce their number of words to, say half of what they give now.:p

    ks2071746
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  • Kirukku payele, teach Wiseman how kirukkus like you calculate CAGR if a plot that sold at 11k in 1989 costs 25L today.
    Whattheheck!
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  • kottivakkam


    What is the price per sq ft for flats in Kottivakkam ,Chennai??
    Is it worth investing in Kottivakam now???
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  • Originally Posted by deepika

    What is the price per sq ft for flats in Kottivakkam ,Chennai??
    Is it worth investing in Kottivakam now???

    ON the fringes of Kottivakkam if the name is Tiruvanmiyur the typical cost of flat was quoted at 10Kpsft just 2 weeks ago. Just a couple of minutes ago I saw this post in 99acres for a flat in VGP Nagar Palavakkam for 75L for 1450sqft or about 5200psft. This place is on the seaside and just 500m from water level and I will always think other than Madrasi' crazy idea that Beach is the end of the world, I wont buy on the seaside of ECR. So if you are talking of Kottivakkam away from the sea and if the land is well documented (other than couple of layouts rest are all Panchayat land!) then price can be pretty high. I will not sell my land in Kandaswamy nagar in Palavakkam, DTCP layout for less than 8K psft since if I build a flat here at FSI of 2 today, I will get a 5.5K to 6.5K psft. Again one must note in this same nagar there are roads that are not laid yet, while I am talking of the posher side with concrete road street lights, water etc. So find the place, see the documents and then decide the price.
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  • In few decades sea water will raise and areas like kottiwakkam will be in sea
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  • Originally Posted by Nataraajg007
    In few decades sea water will raise and areas like kottiwakkam will be in sea

    I hope in a few hours your id is washed out by the moderator.
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  • :D

    Originally Posted by Natarajg007


    Originally Posted by Nataraajg007
    In few decades sea water will raise and areas like kottiwakkam will be in sea

    I hope in a few hours your id is washed out by the moderator.



    Sabaash, seriyana potti! hahah
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  • Originally Posted by Natarajg007
    I hope in a few hours your id is washed out by the moderator.


    You may be washed out totally in the current down turn. Ha ha
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  • finally a challenger

    hello friends,

    Finally our friend Nataraj has a challenger with his own name.
    Fireworks are in store.hahaha.:D
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  • Originally Posted by deepika

    What is the price per sq ft for flats in Kottivakkam ,Chennai??
    Is it worth investing in Kottivakam now???


    kottivakkam is a developing locality and there are locales which abbut slums and undesirable ambience.if you are asking about investing i would advice velachery.(the inundation will be solved within a couple of years as many newly formed roads had blocked the runoffs(stormwater drains) this is being addressed by the corporation and drains are being constructed)
    velachery has a lot of lifestyle amenities and commercial activity which will fetch you better rentals.
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  • But we need boats for velachery
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