Hi all
I have not been in chennai for the last 2 years.What is happening to chennai real estate with the rising inflation?Is this a good time to invest? Any inputs will be much appreciated.
Thanks
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  • Originally Posted by Economist
    Strongville said this in July 2008, That is 1.5 years ago.
    Where was the minimum 30% fall that he was saying.
    I haven't seen that did you guys?

    He said at least 30% I wonder how much was the maximum he had in mind.


    Strongville is 100 % correct in his statement, Almost everyone has seen corrections more than 30 % even with premium builders.

    ---------Price/SQFT at peak Current Price % Decline
    ETA Star 3500---------------2425 ---------->30 %
    DLF -----3400---------------2650 -----------22 %
    L&T -----3600---------------2999 -----------16.6 %

    Just visited L&T Eden and ETA Star and infra appears to be in place in 18 months to 24 months when many of the builders handover the apartments. But there is not much takers.

    I tried to gather people for Group Purchase from my known people .. But people who showed initial interest are backing out as they still feel that the apartments are overpriced and looking for land with better price than 2008. Secondly they hesitate to go for loan > 20 Lacs.Given the huge huge availability of Land & mounting inventory in Chennai, RE prices are moving South... more than 30 %.
    CommentQuote
  • Originally Posted by sethugm
    Strongville is 100 % correct in his statement, Almost everyone has seen corrections more than 30 % even with premium builders.

    ---------Price/SQFT at peak Current Price % Decline
    ETA Star 3500---------------2425 ---------->30 %
    DLF -----3400---------------2650 -----------22 %
    L&T -----3600---------------2999 -----------16.6 %

    Just visited L&T Eden and ETA Star and infra appears to be in place in 18 months to 24 months when many of the builders handover the apartments. But there is not much takers.

    I tried to gather people for Group Purchase from my known people .. But people who showed initial interest are backing out as they still feel that the apartments are overpriced and looking for land with better price than 2008. Secondly they hesitate to go for loan > 20 Lacs.Given the huge huge availability of Land & mounting inventory in Chennai, RE prices are moving South... more than 30 %.


    I can confirm the DLF price cut you have quoted is incorrect.
    I haven't yet confirmed ETA and L&T.
    Some DLF customers got a maximum cut of up to 18% but most got lower Most costumers got lower (10% to 18%)
    This happened in the middle of GF Crisis in Feb 09.
    http://www.thehindubusinessline.com/2009/02/24/stories/2009022451031300.htm

    In any case strongville stated minimum of 30% from what you have said ETA seems to be the only one with a maximum of 30%.

    How is that statement correct.

    When some says Minimum 30% I was expecting most would be around 50%.

    We all no GFC was upon us and we all (In the finance Industry) where anticipating a major issue from 2007.

    Now that threat has passed.
    CommentQuote
  • The next decade is for India to grab
    (Todays news)


    A decade is but a small speck on the sands of civilization’s time. But in the life of a nation born only sixty two years ago, a decade can be quite transformational. Each of the last two decades has been transformational for India, and the next one will also see dramatic changes.
    We will see substantial economic growth, reduction in poverty, higher degree of urbanization and a virtual explosion of talent. These changes will be visible not just in living standards or aspirations of the people, but also in public policy. Future leaders will be from a generation born in the era of economic reforms. These leaders are unfamiliar with shortages, and the days of licence and permits. This is the fearless generation that will shape the next decad for us.
    Setting the context
    The global economic turmoil has severely tested every country. India has weathered the crisis extremely well and has emerged stronger, relative to other countries. India’s economic resilience and policy responses are positive indicators that the country’s stature in the international order will gain significantly in the coming decade. Given that an economy’s performance is perhaps the major factor determining a country’s leadership role in the global order, the relatively strong economic performance is likely to confer for India a larger global political role also.

    Global leadership
    I envision India’s higher international leadership along several dimensions. First, India will be, along with China and Brazil, among the worlds’ major drivers of economic growth. It is feasible that a 7-8% p.a. GDP growth over the coming decade will significantly narrow the differential in income and living standards between India and some of the emerging Asian countries.

    The growth impetus provided by the domestic economy can easily propel us into the world league. We can become one of the manufacturing hubs for the world, in areas like automotive, metals, textiles and engineering. In IT services we can enhance our already established global status.
    Power to influence
    India’s leadership role will gain on other fronts too. The country’s economic strength, democratic underpinnings and credibility in a troubled neighbourhood will increase India’s role as a regional mediator and as a key player in ensuring South Asia’s stability.
    At another level, multilateral institutions such as the World Bank and IMF will perforce have to recognize the reality of the importance of the new global economic powerhouses and will have to accord those countries a larger role and voice those institutions.
    Likewise, I do see India getting due representation in an expanded UN Security Council. And importantly, India will, over the next decade, extend its influence to the wider South East Asian region as a full-fledged member of the ASEAN economic bloc.
    Key drivers
    Let me identify the key factors that will drive India’s higher global ranking, economically and in terms being able to project its influence.

    First, I am confident that our Government will continue on the path of pragmatic liberalization, combined with improved fiscal discipline and monetary prudence. The fiscal position will improve driven by combination of higher growth leading to tax buoyancy, a rationalized tax structure leading to better compliance, and more decisive and broader push on the disinvestment front. Hopefully, the sounder fiscal position should lead to globally competitive interest rates.
    Second, I think the reduced involvement in running businesses will enable the Government to free resources and focus more sharply on those areas where it has to take the lead. Such as building the country’s lagging physical and social infrastructure. Providing a wide range of critical social goods, among them education, health care, drinking water, sanitation, law and order and also providing an economic safety net to those who are inevitably affected and disrupted by change.
    A third decisive trend that will play out over the next decade will be a significant strengthening and globalization of India’s corporate sector. Although this is a process that has been on for almost two decades now, we still have a lot of ground to cover. The reinforcing of corporate sector will be evident in areas such as stronger balance sheets, larger scale of operations, focused business portfolios, the emergence of global Indian brands, heightened global M&A activity, stronger corporate governance and greater engagement with society. Be it by way of higher standards of environmental compliance or taking on a larger role in the development of communities around them.
    Raring to go
    I do believe that India is set for rapid growth and progress over the next decade. Even so, I believe that we have to scale up the boldness of our dreams. The time has come to shift from small, incremental moves to taking big leaps even if it means taking on greater risks.

    As the world economy slowly takes to the upswing, we must be ahead of the curve in terms of growth and value creation, so that we are able to supplement the domestic growth momentum with the global push, when it come. High economic growth is a prerequisite to achieve inclusive growth. The next decade is for India to grab.

    DO NOT MISS THE BOAT.
    CommentQuote
  • Missing the boat

    Originally Posted by Economist
    The next decade is for India to grab
    (Todays news)


    A decade is but a small speck on the sands of civilization’s time. But in the life of a nation born only sixty two years ago, a decade can be quite transformational. Each of the last two decades has been transformational for India, and the next one will also see dramatic changes.
    We will see substantial economic growth, reduction in poverty, higher degree of urbanization and a virtual explosion of talent. These changes will be visible not just in living standards or aspirations of the people, but also in public policy. Future leaders will be from a generation born in the era of economic reforms. These leaders are unfamiliar with shortages, and the days of licence and permits. This is the fearless generation that will shape the next decad for us.
    Setting the context
    The global economic turmoil has severely tested every country. India has weathered the crisis extremely well and has emerged stronger, relative to other countries. India’s economic resilience and policy responses are positive indicators that the country’s stature in the international order will gain significantly in the coming decade. Given that an economy’s performance is perhaps the major factor determining a country’s leadership role in the global order, the relatively strong economic performance is likely to confer for India a larger global political role also.
    Global leadership
    I envision India’s higher international leadership along several dimensions. First, India will be, along with China and Brazil, among the worlds’ major drivers of economic growth. It is feasible that a 7-8% p.a. GDP growth over the coming decade will significantly narrow the differential in income and living standards between India and some of the emerging Asian countries.
    The growth impetus provided by the domestic economy can easily propel us into the world league. We can become one of the manufacturing hubs for the world, in areas like automotive, metals, textiles and engineering. In IT services we can enhance our already established global status.
    Power to influence
    India’s leadership role will gain on other fronts too. The country’s economic strength, democratic underpinnings and credibility in a troubled neighbourhood will increase India’s role as a regional mediator and as a key player in ensuring South Asia’s stability.
    At another level, multilateral institutions such as the World Bank and IMF will perforce have to recognize the reality of the importance of the new global economic powerhouses and will have to accord those countries a larger role and voice those institutions.
    Likewise, I do see India getting due representation in an expanded UN Security Council. And importantly, India will, over the next decade, extend its influence to the wider South East Asian region as a full-fledged member of the ASEAN economic bloc.
    Key drivers
    Let me identify the key factors that will drive India’s higher global ranking, economically and in terms being able to project its influence.
    First, I am confident that our Government will continue on the path of pragmatic liberalization, combined with improved fiscal discipline and monetary prudence. The fiscal position will improve driven by combination of higher growth leading to tax buoyancy, a rationalized tax structure leading to better compliance, and more decisive and broader push on the disinvestment front. Hopefully, the sounder fiscal position should lead to globally competitive interest rates.
    Second, I think the reduced involvement in running businesses will enable the Government to free resources and focus more sharply on those areas where it has to take the lead. Such as building the country’s lagging physical and social infrastructure. Providing a wide range of critical social goods, among them education, health care, drinking water, sanitation, law and order and also providing an economic safety net to those who are inevitably affected and disrupted by change.
    A third decisive trend that will play out over the next decade will be a significant strengthening and globalization of India’s corporate sector. Although this is a process that has been on for almost two decades now, we still have a lot of ground to cover. The reinforcing of corporate sector will be evident in areas such as stronger balance sheets, larger scale of operations, focused business portfolios, the emergence of global Indian brands, heightened global M&A activity, stronger corporate governance and greater engagement with society. Be it by way of higher standards of environmental compliance or taking on a larger role in the development of communities around them.
    Raring to go
    I do believe that India is set for rapid growth and progress over the next decade. Even so, I believe that we have to scale up the boldness of our dreams. The time has come to shift from small, incremental moves to taking big leaps even if it means taking on greater risks.

    As the world economy slowly takes to the upswing, we must be ahead of the curve in terms of growth and value creation, so that we are able to supplement the domestic growth momentum with the global push, when it come. High economic growth is a prerequisite to achieve inclusive growth. The next decade is for India to grab.

    DO NOT MISS THE BOAT.


    It is proud to see how well India is placed on the global arena and extent of focus India is receiving from more developed countries. India is presently the biggest economy with good percentage of youngsters where still many people are still hungry to grow and prosper. Cost of production is the major attraction for India presently but there are talks of our cost of production climbing steadily. On the whole, India is presently a greener country to invest and get optimum returns.

    On the present scenario, like other readers have mentioned, we are not living in normal circumstances but under extraordinary circumstances where government is encouraging people to spend money and get out of recession. While people blame easy loans from banks as the prime culprit for escalation of land and property prices to exorbitant rates, the same scenario cannot hold good for long when banks will start to tighten their belts and make getting loans more difficult and also increase the mortgage percentage.

    While we consider India as a growing economy compared to other grown economies just for example United States. While we had our property boom from 2001 to 2007, they also had a property boom from 2000 until 2007. Much was because of easy credit available ( compared to India, many got 100% mortgage ) for their property. When it all went beyond proportions and when a stage achieved that a common man was unable to get to the property ladder, the whole bubble burst and needless to say what state is the property in US.

    From the great old ages until now, there is something that holds good when respect to appreciation of property / land prices. Maybe one can find the following statistics from 30’s. The average price increase per year in a particular economy is between 2 to 3% taking into consideration the inflation and increase in salaries. We have seen statistics posted in one of the discussions that the prices of property have doubled and tripled within the last 5 years and according to standards, it is not sustainable. If people consider India is super power and exception to all global phenomenon, they are free to think so, while I am not. One can decide for them which way to go but need to remember the damage will be very high falling from greater heights. I don’t accept the concept that one missed the property ladder in 2002 and cannot get back. Property and land sales and transactions have been going for centuries and there is nothing called missed the bus. Otherwise the younger generation will never be able to get on it.
    CommentQuote
  • Originally Posted by shyame2
    It is proud to see how well India is placed on the global arena and extent of focus India is receiving from more developed countries. India is presently the biggest economy with good percentage of youngsters where still many people are still hungry to grow and prosper. Cost of production is the major attraction for India presently but there are talks of our cost of production climbing steadily. On the whole, India is presently a greener country to invest and get optimum returns.

    On the present scenario, like other readers have mentioned, we are not living in normal circumstances but under extraordinary circumstances where government is encouraging people to spend money and get out of recession. While people blame easy loans from banks as the prime culprit for escalation of land and property prices to exorbitant rates, the same scenario cannot hold good for long when banks will start to tighten their belts and make getting loans more difficult and also increase the mortgage percentage.

    While we consider India as a growing economy compared to other grown economies just for example United States. While we had our property boom from 2001 to 2007, they also had a property boom from 2000 until 2007. Much was because of easy credit available ( compared to India, many got 100% mortgage ) for their property. When it all went beyond proportions and when a stage achieved that a common man was unable to get to the property ladder, the whole bubble burst and needless to say what state is the property in US.

    From the great old ages until now, there is something that holds good when respect to appreciation of property / land prices. Maybe one can find the following statistics from 30’s. The average price increase per year in a particular economy is between 2 to 3% taking into consideration the inflation and increase in salaries. We have seen statistics posted in one of the discussions that the prices of property have doubled and tripled within the last 5 years and according to standards, it is not sustainable. If people consider India is super power and exception to all global phenomenon, they are free to think so, while I am not. One can decide for them which way to go but need to remember the damage will be very high falling from greater heights. I don’t accept the concept that one missed the property ladder in 2002 and cannot get back. Property and land sales and transactions have been going for centuries and there is nothing called missed the bus. Otherwise the younger generation will never be able to get on it.




    Keep in mind the following figures. GDP (Gross Domestic Product) of India is just over a trillion dollars. Where it is more than 4 trillion dollars for China and more than 14 trillion dollars for USA. If economy expands by 1% it will be equal to 14% growth rate for India. So India has a long long way to go. Please don't carried over by the hype. India still has the highest number of poor people . Development is on small pockets and India as a whole is one of the most backward nations in the world. This is the fact. go and research for yourself of all the per capita consumption and you will realise this.

    Germany and Japan and in fact the whole of europe was destroyed during second world war. They rebuilt every thing in matter of two three decades . India after 60 yearrs never faced any war but still not come to a bare miniumum leverl. I seriously doubt about Indias future.
    CommentQuote
  • Originally Posted by Economist
    I can confirm the DLF price cut you have quoted is incorrect.
    I haven't yet confirmed ETA and L&T.
    Some DLF customers got a maximum cut of up to 18% but most got lower Most costumers got lower (10% to 18%)
    This happened in the middle of GF Crisis in Feb 09.
    ]http://www.thehindubusinessline.com/2009/02/24/stories/2009022451031300.htm

    In any case strongville stated minimum of 30% from what you have said ETA seems to be the only one with a maximum of 30%.

    How is that statement correct.

    When some says Minimum 30% I was expecting most would be around 50%.

    We all no GFC was upon us and we all (In the finance Industry) where anticipating a major issue from 2007.

    Now that threat has passed.

    I have visited ETA Star's model house on last week and confirm the price.

    L&T have quotd this price for group purchase and even for the individual buy it has brought down from 3600 to 3350 with possible negotiation.

    DLF story everyone knows and the price I can confirm with the quote in a recent property show.

    Worst is over claim is not a best claim as the repercussions are still to be felt in India & elsewhere.Secondly the there will be an end to the pumbing of Govt's money.

    With the easy credits getting tightened soon and Companies doing salary normalization(Wipro and IBM have started doing so) ... we can all see the end of easy money inflating the asset prices.

    Your republication of Kumar Mangalam Birla's article was good and its a typical business man's claim and he cant be in business if does not even talk like this ..leave alone what happens...

    ]www.moneycontrol.com/mc10/leadership/article.php?autono=422897
    CommentQuote
  • Where is the minimum 30% fall????

    RESIDEX is world most popular index for real estate (Including in my country)


    National Housing Bank (Wholly owned by Reserve Bank of India) Residex India report (India's first and only housing index) can be seen on:

    http://www.nhb.org.in/Residex/CHENNAIres.php

    CHENNAI
    Zones

    Localities

    2007

    2008 Jan-Jun

    2008 July - Dec

    2009 Jan-Jun

    Zone 1
    Dr Radhakrishnan Nagar
    100

    120

    130

    120

    Zone 2
    Tondiarpet; Narayanappa Garden
    100

    90

    85

    159

    Zone 3
    Perambur; Choolai; Edapalayam
    100

    107

    97

    135

    Zone 4
    Ayanavaram; Purasawalkam;Kolathur
    100

    130

    155

    187

    Zone 5
    Virugambakkam; Anna Nagar; Kilpauk; Nungambakkam
    100

    101

    94

    117

    Zone 6
    Nehru Nagar; Chepauk; Marina
    100

    180

    125

    115

    Zone 7
    Chetpet; Egmore
    100

    82

    76

    115

    Zone 8
    Ashok Nagar; Thiyagaraya Nagar;Salilgramam
    100

    102

    99

    137

    Zone 9
    Kodambakkam; Guindy; Chroempet
    100

    75

    69

    91

    Zone 10
    Mylapore; Adyar; Velacherry; Thriuvanmiyur
    100

    84

    77

    94

    Chennai

    100

    104

    95

    120





    CommentQuote
  • Indians buying property in US

    Forget Mumbai and its high property prices, Indians are looking for better (and cheaper!) options in New York. After the meltdown in the US property market, house prices there seem to be within the range of Indians as can be evinced from the fact that Indians now account for close to 20% of all realty sales in Manhattan and 30% of all enquiries made.

    In fact, India and China are replacing the buyers from Eastern Europe. To put things into perspective, as reported in a leading business daily, average price per sq ft for a Manhattan East side condo is US$ 1,249, while that for a South Central Mumbai apartment is US$ 1,319. This is proof enough that property prices in India are still high at the current levels and there is enough room for them to fall further. But the builders in India just don't want to get the hint!

    ]http://www.equitymaster.com/5MinWrapUp/detail.asp?date=11/9/2009&story=4
    CommentQuote
  • Originally Posted by Economist
    Where is the minimum 30% fall????

    RESIDEX is world most popular index for real estate (Including in my country)


    National Housing Bank (Wholly owned by Reserve Bank of India) Residex India report (India's first and only housing index) can be seen on:

    ]http://www.nhb.org.in/Residex/CHENNAIres.php

    CHENNAI


    Zones










    Localities







    2007







    2008 Jan-Jun







    2008 July - Dec







    2009 Jan-Jun





    Zone 1
    Dr Radhakrishnan Nagar



    100






    120






    130






    120




    Zone 2
    Tondiarpet; Narayanappa Garden



    100






    90






    85






    159




    Zone 3
    Perambur; Choolai; Edapalayam



    100






    107






    97






    135




    Zone 4
    Ayanavaram; Purasawalkam;Kolathur



    100






    130






    155






    187




    Zone 5
    Virugambakkam; Anna Nagar; Kilpauk; Nungambakkam



    100






    101






    94






    117




    Zone 6
    Nehru Nagar; Chepauk; Marina



    100






    180






    125






    115




    Zone 7
    Chetpet; Egmore



    100






    82






    76






    115




    Zone 8
    Ashok Nagar; Thiyagaraya Nagar;Salilgramam



    100






    102






    99






    137




    Zone 9
    Kodambakkam; Guindy; Chroempet



    100






    75






    69






    91




    Zone 10
    Mylapore; Adyar; Velacherry; Thriuvanmiyur



    100






    84






    77






    94




    Chennai



    100






    104






    95






    120










    The real data is in the details.

    The jump in the Residex indices is mainly in North & Central Madras like perambur, tondiarpet, choolai (north madras) and kodambakkam, nungambakkam, egmore (central madras). These areas are non-IT areas located far away from IT corridor. So the buyers here were End-users or Long term residents of Chennai. These areas were laggards during the Real Estate boom (which was primarily along south madras IT corridor) and hence were starting from a low base.

    During Jan-June 2009, with overall market in south madras IT corridor down (due to uncertainty in IT sector and global recession) Banks particularly government banks and conservative private banks like HDFC Bank suddenly stepped in with liquidity and easy credit (in the absense of big daddy ICICI Bank which had burnt its fingers badly after good times ended).

    This sudden availability of credit from government banks and HDFC bank benefitted people like end users and long term residents of Chennai who were waiting in the sidelines. These people primarily prefer North and Central Madras, hence sudden jump in those areas.

    It would be interesting to know the correct indices in Velachery, OMR, Mylapore - a big dent or drop will be clearly visible....
    CommentQuote
  • This may sound far fetched, but ...

    Folks,

    I have a big problem! I'm, always talking about something in 2010-2012 and everyone responding is asking me why it has still not happened in 2009!:D

    Please consider the following evidence:

    At least 6 US states are technically bankrupt - and this includes California, which is the 6th largest economy in the world!!! Just today the NY FED has stated that they would be technically bankrupt early next year!

    Lets face it. Slowly its becoming apparent that the US is bankrupt and headed for a financial disaster of monumental proportions! No country in the world is safe when this happens because every single country is dependent heavily in the fiscal health of US, UK, EU and Japan (thats 80% of the World's economy friends - for all the big talk w create a rather small footprint in the world economy). And all of these are headed for the rocks! SIMULTANEOUSLY!!!

    The Stimulus program, both in US and in China (as well as India) do not seem to have made any kind of impact in generating REAL growth in the REAL economy. What they have done is temporarily pumped up volumes in the categories that were helped with free money. This free is going to be very costly to the general public in the coming years!!!

    US, China, UK, India and most other countries who have resorted to Stimulus programs are in a lose-lose situation now. They have run out of leeway to provide further stimulus without triggering deep deficits and runaway inflation (in case you have not noticed, check out most commodity prices in the market - it has already started). They are desperately holding on to low interest rates because increasing interest to keep inflation under control will almost instantly reverse all the dubious effects of stimulus and bring on depression rapidly.

    But one day, very soon, inflation is going to start rising rapidly. And then Central banks are going to have to start ramping up interest rates quickly. While demand deflation continues in most products and services.

    When this happens, there will be hell to pay. Also prices will seriously start crashing when deflation rises steeply and jobs are lost at an increasing pace - even in India!!!

    In Q2 2009, toplines were flat, bottomlines were up (attributed largely to cost cutting, which has been one time largely). What will happen in Q3 and Q4 when toplines either stay flat or come down a bit as stimulus effects are now over and bottomlines do not improve as extrapolated based on Q2 data. Besides, as the low base effect of 2008-09 disappears, even base-effect will turn neutral and not help growth calculations. And, Agriculture is a danger lurking around the corner and as per my information foodgrain outout may be down anywhere from 25% - 35% and these guys are in this business. Simultaneously, global grain stocks are low and prices remain high. LArge imports at this stage will send deficits climbing uncomfortably from an already high level. Govt dows not have much room to maneuvre and play around this time!

    Patience till Q3, Q4 and next Eonomic Survey.

    cheers
    CommentQuote
  • Originally Posted by Navina
    wiseman,

    Do you think the Chennai RE prices will also go down in Q3 , Q4 just like how you had said for Pune?


    Navina, I am surprised that you even bother to ask the question.If you have been in the form long enough you would know the dooms dayers and what te answer would be.

    Even you asked the same question in 2012 the answer will be same - Hell is going to break loose next quarter or two.
    CommentQuote
  • Originally Posted by Navina
    wiseman,

    Do you think the Chennai RE prices will also go down in Q3 , Q4 just like how you had said for Pune?

    Some of us do have a CRYSTAL BALL in possession.
    If one can have such specific information that person would be the richest man in the world.
    CommentQuote
  • Originally Posted by contra
    The real data is in the details.

    The jump in the Residex indices is mainly in North & Central Madras like perambur, tondiarpet, choolai (north madras) and kodambakkam, nungambakkam, egmore (central madras). These areas are non-IT areas located far away from IT corridor. So the buyers here were End-users or Long term residents of Chennai. These areas were laggards during the Real Estate boom (which was primarily along south madras IT corridor) and hence were starting from a low base.

    During Jan-June 2009, with overall market in south madras IT corridor down (due to uncertainty in IT sector and global recession) Banks particularly government banks and conservative private banks like HDFC Bank suddenly stepped in with liquidity and easy credit (in the absense of big daddy ICICI Bank which had burnt its fingers badly after good times ended).

    This sudden availability of credit from government banks and HDFC bank benefitted people like end users and long term residents of Chennai who were waiting in the sidelines. These people primarily prefer North and Central Madras, hence sudden jump in those areas.

    It would be interesting to know the correct indices in Velachery, OMR, Mylapore - a big dent or drop will be clearly visible.


    I thought we were discussing Chennai Real estate not Just OMR belt or apartments in certain pockets. When I mean Chenai RE I mean all area in Greater Chennai and all type of properties (appartment, Plots, Acerages,Houses etc)

    Now you are rubbishing Residex report (RBI owned NHB backed).

    Any way LOOK: ]http://www.nhb.org.in/Residex/CHENNAIres.php

    You will find Velachery and Mylapore as well.

    Your HDFC and north chennai preference story line is hilarious.

    You will find Velachery and Mylapore as well.

    Your HDFC and north chennai preference story line is hilarious.
    CommentQuote
  • For and against

    I think everyone have a right to their own views and that is what is a forum. If one thinks buying a property is bright and he believes, only time will say whether the decision is right or wrong. Few of us feel things arent the right time looking into the global economy and what has happened around the world. Some may argue India is far superior not to follow any trait from other countries and if so, at the end of the cycle we will accept India is really an exception. While all countries go through the cycle and it is proved again and again, I think India will behave same as any other developed and developing country. I dont know in what way we think we are far superior to already rich and developed nations like UK, Germany, US etc.
    So, instead of attacking individuals it is better good to differ on the issues and why someone things they prediction is right. End of the day, what a person loses or gains is for the individual itself.
    CommentQuote
  • Wiseman,
    US was in recession agreed, but is in the path of recovery and will surely recover. Had this kind of situation happened for any other country, that country would have been in pure shambles by now. US are creators and inventors in every field - right from electronic goods,aviation, oil & gas etc. Rest of the world technologically depends on US to a large extent and they know how to recover..they just invent make business and others follow..Still oil wells around Mexico is largely unexplored compred to middle east....Hence bankruptcy in US is IMPOSSIBLE....

    Reg,
    Ravi


    At least 6 US states are technically bankrupt - and this includes California, which is the 6th largest economy in the world!!! Just today the NY FED has stated that they would be technically bankrupt early next year!

    Lets face it. Slowly its becoming apparent that the US is bankrupt and headed for a financial disaster of monumental proportions! No country in the world is safe when this happens because every single country is dependent heavily in the fiscal health of US, UK, EU and Japan (thats 80% of the World's economy friends - for all the big talk w create a rather small footprint in the world economy). And all of these are headed for the rocks! SIMULTANEOUSLY!!!
    CommentQuote