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Are Property Price Going Down Drastically in Chennai?

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Are Property Price Going Down Drastically in Chennai?

Last updated: December 1 2010
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  • #91

    #91

    Re : Are Property Price Going Down Drastically in Chennai?

    Dugar's is worth only that much

    Originally posted by Sovi View Post
    Anyone still saying RE wont come down even after seeing Dugar's OMR project *<Rs.2000/sqft, while others were still quoting >Rs.4000, in the same locality?
    DUGAR'S project is near thiruporur,which is too far and does not even have a decent coffeshop. OMR is not a 3 km stretch. it extends till mahabalipuram(obviously). property rates decline as you move from perungudi to painur(quite a distance).DO NOT COMPARE PROPERTIES AND RATES TILL YOU VISIT BOTH THE SITES PERSONALLY.
    check todays hindu(1st page) CEEDEEYES advt which says about COMMON AREA and other charges.
    again to tell you the obvious the price of property on OMR(road facing) is twice the price of the property behind it(side road).
    What Dugar is giving is only worth that much it is way too far.
    an auto will charge you minimum of 300/- one way

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    • #92

      #92

      Re : Are Property Price Going Down Drastically in Chennai?

      Resale flats

      Originally posted by abk View Post
      Something thats been bothering me is purchasing at 3000 Rs/sqft when the guideline value is only 1500 Rs/sqft.How is the high premium over the guideline justified and protected?Is there any other reasons apart from citing FSI and demand?What protects the asset against devalution back to the guideline value when the demand/affordability diminishes?


      Guideline value is highly misleading someplaces it is very low compared to the market price eg indra gandhi road,pallavaram ,chennai the guideline value is 1000/sqft whereas people are in queue(i am one) to buy at 5000/sqft. 2) i purchased a plot 60 km from chennai at 1.5 lacs/ground and the guideline value is 7.2 lacs /gnd(300/sqft) i had no other choice but to take an power of attorney only.

      As far as "price crash debate" is concerned there is no doubt that there is a correction.but it will not be * same rate across geographies.i put it in a simple sentence (chennai specific). where land is available in acres(OMR,sripermbendur,oragadam) it will be 30% or more
      and where land is avaiable only in grounds 'between buildings'(established localities like kknagar,chromepet,velachery etc) it would be 10-15%at the most. the higher end properties >1 C will face resistance in the short term and a subsequent fall too.
      "if all the experts and there theories were right we would'nt be discussing this"
      Thanks for your response, abk

      Of late we see lots of resale flats on block.They have been quoting more or less the same rate as new flats in the locality.

      I have read somewhere that when a flat is first registered, it is the UDS that is registered and when it is a resale the whole area of your flat is registered.

      Does it mean a 1500 sqft builtup apartment with UDS 1000 sqft registered initially for a value of 20,00,000 have to be registed at a value of 30,00,000?.I am assuming the guideline value is the stable at 2000 Rs/sqft.Is it true?

      Doing so?isnt it inflating the guideline value automatically by 50% in that location?from 2000 Rs/sqft to 3000 Rs/sqft.

      Is there any measure to estimate the price of a resale flat/land using current market price and years of construction.What are the parameters to be checked?where is depreciation taken into account?what are the precautions to take before buying a property thats mortgaged with a bank?

      Please throw more light on this segment and also on the right way to evaluate a property.Thanks in advance.
      Last edited December 16 2008, 10:27 PM.

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      • #93

        #93

        Re : Are Property Price Going Down Drastically in Chennai?

        Resale flats

        Originally posted by nabishek View Post
        Thanks for your response, abk

        Of late we see lots of resale flats on block.They have been quoting more or less the same rate as new flats in the locality.

        I have read somewhere that when a flat is first registered, it is the UDS that is registered and when it is a resale the whole area of your flat is registered.

        Does it mean a 1500 sqft builtup apartment with UDS 1000 sqft registered initially for a value of 20,00,000 have to be registed at a value of 30,00,000?.I am assuming the guideline value is the stable at 2000 Rs/sqft.Is it true?

        Doing so?isnt it inflating the guideline value automatically by 50% in that location?from 2000 Rs/sqft to 3000 Rs/sqft.

        Is there any measure to estimate the price of a resale flat/land using current market price and years of construction.What are the parameters to be checked?where is depreciation taken into account?what are the precautions to take before buying a property thats mortgaged with a bank?

        Please throw more light on this segment and also on the right way to evaluate a property.Thanks in advance.
        As far as I gather, for resale flats, the saleable area is taken as the base and the regn. charges are calculated taking into account the Govt. indicated rate at the time of registraion. This is irrespective of what price or rate the buyer has settled with the seller for the resale. However the UDS originally registeted will remain and only the ownership will get transferred to the new buyer. By this, the Govt. gets higher charges but the buyer is the loser. Someone may please correct if I am wrong on this view gathered.

        ks2071746

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        • #94

          #94

          Re : Are Property Price Going Down Drastically in Chennai?

          Originally posted by ks2071746 View Post
          As long as there is huge black money in this country, the RE at places like Chennai may not come down appreciably. Some corrections here and there may be there. Projects would be delayed, even the lower prices being quoted will not be attrtactive in case the projects are delayed. One should go for good no-water logging areas nearer to Railway stations if the flats are in advanced stage of construction or ready to occupy from good builders. Whaterver rate comes down may go up in the next few years and in the matter of few years none would have lost in RE, but their rate of return may be reasonable than very high. None looses in RE in Chennai, especially in good construction flats in the long run.
          ks2071746
          Well written KS. However, dont write positively on this board too often...ushhhh that foolish guy Wiseman will reprimand you for telling the truth. LOL.
          Anyway whatever you said was very apt. The truth is NRIs dont drive Chennai market as assumed by Wise Idiot and his coterie. Those guys are hoping market will come down for them to invest. The truth however is that NRIs are already packing their bags having lost their underwear in the US recession. Now they want more than a Komanam in Chennai. Well when these NRIs return as refugees they will increase the demand in Chennai and with Dollar becoming weaker day by day what with almost 0% interest the realestate market in Chennai with black and white will be running only one way...UPWARD.

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          • #95

            #95

            Re : Are Property Price Going Down Drastically in Chennai?

            Originally posted by ks2071746 View Post
            As far as I gather, for resale flats, the saleable area is taken as the base and the regn. charges are calculated taking into account the Govt. indicated rate at the time of registraion. This is irrespective of what price or rate the buyer has settled with the seller for the resale. However the UDS originally registeted will remain and only the ownership will get transferred to the new buyer. By this, the Govt. gets higher charges but the buyer is the loser. Someone may please correct if I am wrong on this view gathered.

            ks2071746
            Thanks ks2071746, Hoping to hear more about resale properties from other Forum members.

            Comment

            • #96

              #96

              Re : Are Property Price Going Down Drastically in Chennai?

              With buyers not having money and WISHING that prices fall, market will certainly fall and in Chennai that is what is happening.

              Anyway I will let these bulls keep screaming. However if you have land in Chennai,pl sell it, otherwise even God cant save you. Prices of land have another 50% to go down in the next couple of years.

              Wiseman is right & to try his best to educate people here

              Comment

              • #97

                #97

                Re : Are Property Price Going Down Drastically in Chennai?

                Originally posted by Nataraajg007 View Post
                With buyers not having money and WISHING that prices fall, market will certainly fall and in Chennai that is what is happening.

                Anyway I will let these bulls keep screaming. However if you have land in Chennai,pl sell it, otherwise even God cant save you. Prices of land have another 50% to go down in the next couple of years.

                Wiseman is right & to try his best to educate people here

                Please for the benefit of this forum, change you blog id. Your identity is conflicting with one of the active member whose writing has been commendable and helps understand the opposing views of RE market.

                If you are the same Nataraj who were challenging all along with wiseman and now frustrated due to resistance from other members, please do not give up and write in your own style. Though you tone was not appealing others, your aggressiveness and challenging spirit has been energetic and keeping this forum active.

                Comment

                • #98

                  #98

                  Re : Are Property Price Going Down Drastically in Chennai?

                  Chennai RE

                  Originally posted by Nataraajg007 View Post
                  With buyers not having money and WISHING that prices fall, market will certainly fall and in Chennai that is what is happening.

                  Anyway I will let these bulls keep screaming. However if you have land in Chennai,pl sell it, otherwise even God cant save you. Prices of land have another 50% to go down in the next couple of years.

                  Wiseman is right & to try his best to educate people here
                  Oh! we have now (1) old natarajg007 and (2) a new nataraajg007 ? Two different guys guys with opposite views/orguments? I get confused now with 2 opposite comments on the same subject if I do not very carefully see who is the sender?

                  ks2071746

                  Comment

                  • #99

                    #99

                    Re : Are Property Price Going Down Drastically in Chennai?

                    Chennai RE

                    Originally posted by ks2071746 View Post
                    Oh! we have now (1) old natarajg007 and (2) a new nataraajg007 ? Two different guys with opposite views/orguments? I get confused now with 2 opposite comments on the same subject if I do not very carefully see who is the sender?

                    ks2071746
                    Who knows? There can be another "wiseman" with new id - wiseeman- or wisemaan or- wisemann -or wisemman etc. to confuse us till we identify the new member.

                    ks2071746

                    Comment


                    • Re : Are Property Price Going Down Drastically in Chennai?

                      Hi All,

                      Lof of replies shows like the market level is getting down. How can I monitor the rate values day by day? How can I make sure the values are getting down?

                      Any body can reply?

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