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Suggestions: Apartment for 10L in Chennai

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Suggestions: Apartment for 10L in Chennai

Last updated: January 8 2009
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  • #11

    #11

    Re : Suggestions: Apartment for 10L in Chennai

    Chennai RE

    Originally posted by sridharchennai View Post
    Hi KS,

    They cannot bring recession with them to India, but if a large number of NRI's come back to India say in case of reverse brain drain that can create a sense of panic in society. In this dire situation they will not be able to charge a premium salary for their experience and Indian companies will be happy to hire them for their rich experience in western countries at the salary of their Indian counter part or with a positive difference of 5% at this stage.

    All this will happen at the cost of the people who are already working here. Market will be flooded with experienced resources in all industries, but with very less openings for jobs.

    Anyways thanks for taking my comment on the last message in the right sprit

    Thanks,
    Sridhar
    Dear Sridhar,
    Some lighter moments are also needed when we read the harsh exchange of messages between members, to dilute the situations. No one should hurt the feelings of any one else or attack personally with some harsh words. Intentions should be clear and there can be some enjoyment some time within limits. As far as Chennai RE is concerned, yes, there is a downtrend but not to the extend what we read from the media/papers. It varies from 5 to 10% depending on the locality, size of flat, the builder and the stage of construction and the quality of construction. New projects getting started offer better prices but they may delay the projects. Better to look for the stage of construction, go in for an almost getting completed flat in a locality most conveneinet to the buyer, of course avoiding the water logging areas. This is not the time for investmemnt in RE but time for buying for own use getting the best locality from a good and decent builder.

    ks2071746

    Comment

    • #12

      #12

      Re : Suggestions: Apartment for 10L in Chennai

      Actually NRIs returning to India and I know a few are finding it almost impossible to get a job here.

      Comment

      • #13

        #13

        Re : Suggestions: Apartment for 10L in Chennai

        Originally posted by Natarajg007 View Post
        Actually NRIs returning to India and I know a few are finding it almost impossible to get a job here.
        If the NRIs are finding it difficult to find a job, certainly they will not invest their balance amount in RE. Even if they tend to invest in RE, they will try all possibilities to reduce the rate.

        If these kinds of NRIs are increasing in great number, there will be stagnation in plot sales.

        The so called IT boom is in jeapordy. Every ITians are counting their days not knowing about their future. In fact, they are not able to get bride/bridegrooms because of this situation.

        Banks are not giving loans generously for property buying. Banks are giving just half amount of property value.

        This situation will last for another 2 or 3 years.

        So, RE market is coming downwards.

        Thanks

        chataara

        Comment

        • #14

          #14

          Re : Suggestions: Apartment for 10L in Chennai

          Originally posted by chataara View Post
          If the NRIs are finding it difficult to find a job, certainly they will not invest their balance amount in RE. Even if they tend to invest in RE, they will try all possibilities to reduce the rate.

          If these kinds of NRIs are increasing in great number, there will be stagnation in plot sales.

          The so called IT boom is in jeapordy. Every ITians are counting their days not knowing about their future. In fact, they are not able to get bride/bridegrooms because of this situation.

          Banks are not giving loans generously for property buying. Banks are giving just half amount of property value.

          This situation will last for another 2 or 3 years.

          So, RE market is coming downwards.

          Thanks

          chataara
          Ur base assumption that IT drives the boom is incorrect. Full stop.

          Comment

          • #15

            #15

            Re : Suggestions: Apartment for 10L in Chennai

            Chennai RE

            Originally posted by Natarajg007 View Post
            Actually NRIs returning to India and I know a few are finding it almost impossible to get a job here.
            I would rather say, considering th high salary in $ terms what the NRI would have been getting, is not possible to get here in India now, I am afraid even half of that. But, even if they get, say 1/3 at the lowest end, from $ 3000 to 1000/pm here, it is about Rs. 48,000 per month which is not bad in today's conditions of downtrend in the job market.
            With regard to the RE market in Chennai, one can visit the web site of one good builder doing quality construction in and near Tambaram area ( www.r...............com ) one can see the details of their various projects, the flat details like area, rate, all other charges, the names of the person who have already booked the flats as well as the unsold flats. No hide and seek in the details. Any one can visit the site and also get the plan etc. from their office in Selayur. The rates normally do not undergo change either increase or decrease from the first offer rate till the booking of the flats. Most flats get booked fast within a few weeks of announcement. Projects are announced only after all approvals are obtained. Only very small discounts are offered and not like what one may expect under today's market scenario, as one could read in the media/papers/forume - like 15%, 20%, 30% etc. The constructions at the sites go on progressing fast irrespective of the booking/vacant flats and once the flat constructions progress, people book the flats even at the time of almost getting completed stage. This builder says, there is not much problem for him to sell the flats and his progress at the different project sites do progress uninterruptedly irrespective of the unsold flats. I even gather that he returns the advance amount with no deduction to the buyer in case the buyer is not able to get the bank loan approved or at the worst case, gets fired from his job. They have over 15 projects running concurrently now with good construction in decent localities. Please believe me, I am only a recent customer for this builder and have no other interest in them or in their business. They may not even know me from the id indicated in this forum.
            In fact, during the construction stage, recently, I tokk one of my close relatives, who is also a Flat Promoter in the Peramubur area for him to see the flat configuration, construction, locality etc. and trust me, my relative gave certificate that this Tambaram builder consrtructs the building as though it is for his own ( builder's ) personal use, i.e., to say, such good care and quality of materials and construction. In fact I booked my dream 3 bed flat during Sept. 08, after about 4 months from the start of the construction, when mine was the 3 rd flat to be booked in this project of 8 flats, now only 2 flats remain to be booked which also may get booked in the short time, the flats will be ready for handing over by mid March 09.
            Incidentally the carpet area of my flat is a little over 75% of the superbuilt up ( saleable area )

            ks2071746:p

            Comment

            • #16

              #16

              Re : Suggestions: Apartment for 10L in Chennai

              Chennai RE

              Originally posted by ks2071746 View Post
              I would rather say, considering th high salary in $ terms what the NRI would have been getting, is not possible to get here in India now, I am afraid even half of that. But, even if they get, say 1/3 at the lowest end, from $ 3000 to 1000/pm here, it is about Rs. 48,000 per month which is not bad in today's conditions of downtrend in the job market.
              With regard to the RE market in Chennai, one can visit the web site of one good builder doing quality construction in and near Tambaram area ( www.r...............com ) one can see the details of their various projects, the flat details like area, rate, all other charges, the names of the person who have already booked the flats as well as the unsold flats. No hide and seek in the details. Any one can visit their project and also get the plan etc. from their office in Selayur. The rates normally do not undergo change either increase or decrease from the first offer rate till the booking of the flats. Most flats get booked fast within a few weeks of announcement. Projects are announced only after all approvals are obtained. Only very small discounts are offered and not like what one may expect under today's market scenario, as one could read in the media/papers/forume - like 15%, 20%, 30% etc. The constructions at the sites go on progressing fast irrespective of the booking/unsold flats and the flat constructions progress, people book the flats even at the time of almost getting completed stage. This builder says, there is not much problem for him to sell the flats and the progress at the different project sites go uninterruptedly irrespective of the unsold flats. I even gather that he returns the advance amount with no deduction to the buyer in case the buyer is not able to get the bank loan approved or at the worst case, gets fired from his job. They have over 15 projects running concurrently now with good construction in decent localities. Please believe me, I am only a recent customer for this builder and have no other interest in them or in their business. They may not even know me from the id indicated in this forum.
              In fact, during the construction stage, recently, I took one of my close relatives, who is also a Flat Promoter in the Peramubur area for him to see the flat configuration, construction, locality etc. and trust me, my relative gave certificate that this Tambaram builder constructs the building as though it is for his own ( builder's ) personal use, i.e., to say, such good care and quality of materials and construction. In fact, I booked my dream 3 bed flat during Sept. 08, after about 4 months from the start of the construction, when mine was the 3 rd flat to be booked in this project of 8 flats, now only 2 flats remain to be booked which also may get booked within a short time, the flats will be ready for handing over by mid March 09.
              Incidentally the carpet area of my flat is a little over 75% of the superbuilt up ( saleable area )

              ks2071746:p
              I am sorry friends. In spite of my care and reading the draft many times before submitting my message here, some typographical errors crept in. I will improve. As I am not able to go through the edit mode, correcting the mistakes and submitting again..

              ks2071746

              Comment

              • #17

                #17

                Re : Suggestions: Apartment for 10L in Chennai

                Originally posted by ks2071746 View Post
                Dear Sridhar,
                Some lighter moments are also needed when we read the harsh exchange of messages between members, to dilute the situations. No one should hurt the feelings of any one else or attack personally with some harsh words. Intentions should be clear and there can be some enjoyment some time within limits. As far as Chennai RE is concerned, yes, there is a downtrend but not to the extend what we read from the media/papers. It varies from 5 to 10% depending on the locality, size of flat, the builder and the stage of construction and the quality of construction. New projects getting started offer better prices but they may delay the projects. Better to look for the stage of construction, go in for an almost getting completed flat in a locality most conveneinet to the buyer, of course avoiding the water logging areas. This is not the time for investmemnt in RE but time for buying for own use getting the best locality from a good and decent builder.

                ks2071746
                Hi KS

                Someone in this forum was speaking about Orchid springs by Alliance in Padi. When they first came up some 1.5 years back their price per sqft was rs4000/sqft. Remember their model flat was constructed some 2 years back. Now they officially launched it some 2 weeks back for rs2999/sqft they say it's an introductry offer.

                I know they are struggling to get the approval for a long time as I personally know some big heads there, but they are confident that they will get the approval. So these kind of moves by RE companies makes me to wait and watch.

                You have said that the price in chennai will not come down more than 10%. I fear I do not agree with you on this. I myself have a apartment in perungudi, which I got in 2004. When I tried to sell it some two months back I was not getting the prices, which I got quoted in 2007. So I decided to keep the flats for a long run.

                My experience tells me that the prices are already down by 15% - 20% and they will not bounce back in 2009 as the world economy will not revive in 2009 (IMF chief statement today in ibnlive.com).

                I don't know whether the prices will hit rock bottom, but I'm pretty sure that it's not gonna go up.

                Thanks,
                Sridhar

                Comment

                • #18

                  #18

                  Re : Suggestions: Apartment for 10L in Chennai

                  Dear KS can i have the promoters name or website? Just want to have a look. Thx

                  Comment

                  • #19

                    #19

                    Re : Suggestions: Apartment for 10L in Chennai

                    Marketing

                    Helo ks2071746 ,

                    Its nice that you are sharing very valuable information.

                    I beleive that this forum is not used to market certain builders.

                    Cheers.

                    Comment

                    • #20

                      #20

                      Re : Suggestions: Apartment for 10L in Chennai

                      Brokers

                      40 Lac Land is quoted as 52 Lac By Brokers :

                      All the forum can easily understand how the prices have jacked by Brokers and you can hear the same from an ardent RE Bull(thats what he claims).

                      The property prices have been inflated heavily by unscrupulous Bs(I meant brokers).

                      So the current prices quoted will be definitely based on the number of transactions happened on the property and number of brokers involved in each transactions.More the number of transactions ,more inflated the price is & this most inflated prices are quoted as the prevailing land price.

                      Current Price = ( Actual Price + Actual Price * % Profit Margin) ^ (No of transaction + No of Bs)

                      (Again I mean Brokers for Bs here as Short Code/acronyms are best in formulae )

                      And the apartments are little organised as few big corporates are involved , these price rigging by brokers are not prevalent with apartments. As its very evident from very Bull's statement (???) , land prices are manipulated to more extent , land prices will be the first to fall second to none.

                      Apartments have already started to reduce the price and still dont find customers and will see more correction .

                      I could see that only less than 3 % of the plot were transacted during the last 2-3 years and rest 97 % people seeing the price hike ,were of the opinion/thinking that their property will appreciate another 200-400 % in the next 3-4 years. Who will be the buyers if it becomes 3 times as of now ? If the salary also goes 3 times in 3-4 years ,some fools will buy...But many companies have announced there is no hike in 2009 .And there is a possible job loss and salary cut...

                      Realising the fact , more and more lands will be on sale and you know what happens during more availability and less buyers.

                      I would not say the land prices will go back to 2002-2003 prices but it will go back to the level of (2002-2003 price + 10 % ) ^ Years ...which makes more people to afford to buy.

                      Wiseman has stated the other possible reasons why there will not be any appreciation on both land/apartment in the next 4-5 years.But you seem to know nothing but saying "1 Crore 2 crore 3 crore 4 crore " .

                      Kindly have an aptitude to understand the reality and learn something when its free (from wiseman).

                      Wiseman , Your postings are really informative/educative. Thanks
                      Last edited December 26 2008, 10:50 PM. Reason: correction

                      Comment

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