SPAMMER or a BOT! Advertising some stupid soapstone link? get outta here! Mod, kick her out.

I too wish so. But, don't even see a minute hint of prices going that cheap!

It may not be that much.

But 20% drop is expected in Nanganallur in 2009

I personally feel chennai prices will go down by 70-80% when the economy melts ......but thats me...

What a dream? Prices going down by 70-80%?
Is this closing down of a cloth shop under loss who will dispose of whatever is left out at hefty discounts? This is real estate and the downtrend is bound to be there and not liike the percentages you dream off.

ks2071746

i concur KS.
like i have been saying far away places like sripermbundur,orgadam,OMR beyond sholinganallur, will definitely see a big correction and that may not be more than 40%.but within CMDA limits i dont see a correction beyond 10-20% depending on locality.

Agree with you ... But its difficult to predict the bottom.

Many developed countries have endorsed the recession and India is still 'defiant' to say its not .The Singapore Korea Japan US and UK have announced to the recession and started taking corrective measures.

Seeing

1.The economic conditions and the job losses among the IT-ITES Employees
2. Automobile Industry getting into recession
3. Our textile industry losing competitiveness due to minimum support price for cotton by Govt announcement (CII came with 25% job loss in India in the next 10 years and Govt asked to take back the report)
4. Fear of job loss is worser than job loss
5. Many potential people have lost their money in stocks and not able to invest in RE rather divest from RE ...

Looks like RE would come down by 40-60 % from its ridiculously peak prices.

I would expect the prices to correct to 2004 Price + 10-20 CAGR based on location.

Am 100 % sure that the interest rate coming down by 1-3 percent cant even attact 1-3 percent buyers in this situation.

Agree with you to some extent... But its difficult to predict the bottom.

Many developed countries have endorsed the recession and India is still 'defiant' to say its not .The Singapore Korea Japan US and UK have announced to the recession and started taking corrective measures.

Seeing

1.The economic conditions and the job losses among the IT-ITES Employees
2. Automobile Industry getting into recession
3. Our textile industry losing competitiveness due to minimum support price for cotton by Govt announcement (CII came with 25% job loss in India in the next 10 years and Govt asked to take back the report)
4. Fear of job loss is worser than job loss
5. Many potential people have lost their money in stocks and not able to invest in RE rather divest from RE ... etc

Looks like RE would come down by 40-60 % from its ridiculously peak prices.

I would expect the prices to correct to 2004 Price + 10-20 % CAGR based on location.

Am 100 % sure that the interest rate coming down by 1-3 percent cant even attract 1-3 percent buyers in this situation.

Jinga , You will see few people would be in denial phase and the job scenario will play a vital role of RE Boom or Bane.

I completely agree with you. Now its getting to the wire and IT industry is started seeing some lay offs and more to come in near future...
who knows..in the next couple of years ppl might be worried for locking their money in RE with out liquid cash in hand

KS,

Am 100 % sure that the interest rate coming down by 1-3 percent cant even attract 1-3 percent buyers in this situation.

Pls keep in mind that the basic issue for the RE Slump is the exorbitant prices . Interest rate may come down or go up due to the macro economic conditions perceived by the Govt/RBI.

Mine is from a buyers point of view . Whats of yours ?

Cheers.

Dear Friend,

Mine is also from the point of view of buyers. I never look from the angle of a seller as I cannot be one in this - not full of ethics - RE field with so much of nontruths to be told to the poor buyers to sell properties.

ks2071746

It is amusing to see someone talk of 70% correction. And another (Sethu) talking of India, Malaya, Singapore (matrum pala nadugalil) as if it is GOpal Palpodi advt. I bet Sethu would not have travelled even to the next city!
In US, price of a house I know of and am tracking has fallen from about 680K USD to 520K USD in the past 2 years and I am talking of LA suburb. THat is hardly 25% in a terribly recessionary market.
In India that number will be the maximum fall of LAND PRICES in prime localities, read cities. SO in Mylapore if price in 2008 April was X, it will atbest fall to .75X. Infact I think it might actually only go to .9X. OFcourse unlike in US there are no genuine evaluators in India so prices can be extremely different in the same street.
Now if you want to genuinely buy property then you can use above thumb rule. If you want to genuinely sell property again use the above rule. If you want to just hope that Maligai (Palace) will be made available to PItchakaran (Beggar) then believe Sethugm!
IN the outskirts prices will stabilise and will probably go to -30% for land. NOw for flats prices can fall much more as the builders have TOO MUCH PROFIT In India. So a fall of 50% is not ruled out.
NOW DID IT SAY IT WILL FALL? NOT AT ALL. I said if it falls these will be the highest values. As far as I know land value in MYlapore or prime places h as not fallen one bit, rather has been increasing slowly. In developing places like Saligramam or KOttivakkam they are shooting up. In URapakkam and Tiruvallur they are stabiising. Even this Sunday I saw someone quoting 580psft for land almost somewhere in Chengalpet. PRices fallen is a myth, falling is a want. However if it does fall then my limits might be the test.
Finally dont forget. If prices fall then your salary will also CRASH. So dont pray for the fall as you will not h ave a salary to pay for it even then, if you cant do it today. Dont aspire for what you aint worth! LEave that to jokers like WIseman and Sethugm. Cheers.