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

    Price Indicator

    SenthilMurugan,

    If we have an indicator , we should have witnessed 30-40 percent reduction now.(Say 50 L Plot would have gone to 35 Lacs)

    And happily waiting another 30-40 percent from the current level.(The 35 L to further reduce to 25 L)

    Cheers..

    Comment


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

      Rest assured. There is only one wiseman

      Originally posted by ks2071746 View Post
      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

      No time for such googlies!

      Isn't one Natraj (the idiot) enough?

      cheers

      Comment


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

        Originally posted by wiseman View Post
        No time for such googlies!

        Isn't one Natraj (the idiot) enough?

        cheers
        Dear wiseman,

        I did not mean that the original wiseman will take further avatars. I only meant that there can be other people getting into the forums as new members with so many "wiseman" like names. I do not think either the origianl - wiseman or original - natarajg007, both senior members of the forum with a good experience and knowledge in the RE field, will get into the forum with new and similar names.

        ks2071746
        Last edited December 27 2008, 08:53 AM. Reason: spelling corrections

        Comment


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

          Calling the toss!

          Right now, investing in RE market is like calling a toss having the knowledge of the previous outcome.

          People are debating all over whether to call heads or tails.One believes that since the previous outcome was heads it should be tails this time, and the other since it was already head it should still remain the same.

          The debate should help people make a educated and informed decision.

          Everyone seems to agree that this is the boom period for RE.

          The truth is let it take 1, 2 or 10 years, the boom has to end someday.

          If one makes an entry now, they have to exit as soon as they sense that the market is beginning to crash sharply or have to have the holding power to wait till the next boom to reap the benefits.

          The alternative is to wait till the price stabilizes, meanwhile saving enough cash and accumalating wealth by investing in other profitable portfolios.

          People who make maximum gains are those who buy when the prices are low and who sell during the next boom.

          Everyone reserves the right to their own opinion and make a choice that they feel best suits to them.
          Last edited December 28 2008, 03:33 PM.

          Comment


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

            I have been one of those who fell that real estate prices in Chennai are unjustifiably very high. At BSE index 15000, I felt it was absurdly high but it reached 20000 in very short time although it fallen down to below 10000 now. The problem now is not whether the value is worth or not but whether it will still go up another 50% in 2 years or not. Now it may be. Like foreign fund flow was responsible for BSE index jump rather than fundamentals, RE prices may go up for some reasons.
            First, Chidhamabaram hell bent on propping up real estate prices and extending privileges and tax exemptions to IT companies. It is ridiculous that he doesn't even tax the profits on the other hand all over the world petrol prices are half that in India and he deosn't have the decency to reduce the prices to the levels it was when Crude prices were at US$36/barrel. And good for nothing opposition parties (bigger theievs) do not raise a voice.

            Anyway, the government has to reduce petrol prices slowly and inflation will keep coming down and so the interest rates. Interest rates can come down to the level of year 2003 when bank interest will no longer be attractive and domestic funds also may target real estate once again.
            So there is a danger of RE price increase before the ultimate crash below the current level may be in 2 to 4 years. We have no other way but o play along this speculative life with the government itself being responsible for letting speculators and cartels play with the lives and savings of common public.

            Comment


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

              Chennai real estate

              Originally posted by vens View Post
              Anyway, the government has to reduce petrol prices slowly and inflation will keep coming down and so also the interest rates. Interest rates can come down to the level of year 2003 when bank interest will no longer be attractive and domestic funds also may target real estate once again.
              So there is a danger of RE price increase before the ultimate crash below the current level may be in 2 to 4 years. We have no other way but to play along this speculative life with the government itself being responsible for letting speculators and cartels play with the lives and savings of common public.
              Dear vens,

              I agree with you and liked your above views.

              ks2071746

              Comment


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

                Reality

                Originally posted by vens View Post
                I have been one of those who fell that real estate prices in Chennai are unjustifiably very high. At BSE index 15000, I felt it was absurdly high but it reached 20000 in very short time although it fallen down to below 10000 now. .
                Good observation and You are one of the 99.5 % of the people who beleive that the housing prices have been ridiculously inflated by greedy promoters/builders and uneducated brokers.

                Originally posted by vens View Post
                First, Chidhamabaram hell bent on propping up real estate prices and extending privileges and tax exemptions to IT companies.
                PC is under pressure by RE lobby to announce stimulous package and RE companies are begging the Govt to buy their flats at the market price and bring down the interest rate to 6-7 percent and more ridiculous demand which will further propel the fuel.

                These guys when amassed/looted public money never bothered about Govt but now demands Govt to intervene.

                Originally posted by vens View Post
                So there is a danger of RE price increase before the ultimate crash below the current level may be in 2 to 4 years. .
                Yes . It may be possible only after 2-4 years which means they have to comedown now and make affordable to people and builders/brokers has to understand they can no longer rig the price.

                Comment


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

                  Originally posted by ks2071746 View Post
                  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
                  KS, I think that wont happen as Wiseman must be the one behind the name slander on me! It is very clear Wiseman has all the qualities of a mercenary. He might act smart on this board, but Whatheheck is one of his friendly ids, which not only argues on this board with me but posts almost the best of Madras Cheri Basha on Private messages to me. It is not that I will anyway throw stone at shit. So never imagine Wiseeman appearing, and well if it does that might be a Wiseman's way of trying to act honest! LOL!

                  Comment


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

                    Originally posted by sethugm View Post
                    Good observation and You are one of the 99.5 % of the people who beleive that the housing prices have been ridiculously inflated by greedy promoters/builders and uneducated brokers.



                    PC is under pressure by RE lobby to announce stimulous package and RE companies are begging the Govt to buy their flats at the market price and bring down the interest rate to 6-7 percent and more ridiculous demand which will further propel the fuel.

                    These guys when amassed/looted public money never bothered about Govt but now demands Govt to intervene.



                    Yes . It may be possible only after 2-4 years which means they have to comedown now and make affordable to people and builders/brokers has to understand they can no longer rig the price.
                    Chidambaram did do everything unethical to get the Stock market up and well he did it to please folks like you and other NRIs. Now when u guys sold out, it does not mean market should fall. NRIs are greedier than the worst political pigs in this country. That explains why they want a crash in INdia. Local Indians always had a problem with the rise from 2004 and they bought because of low interest rates. Also RE went up due to availability of lots of cash with big hands and Black money.
                    Where were you and your bear cartel fuming during the rise in 2004 to 2006. When u sold out in 2006-7 you want others to lose their money? So dont bother about PC, all you NRIs make PC look like an angel.

                    Comment


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

                      Originally posted by vens View Post
                      I have been one of those who fell that real estate prices in Chennai are unjustifiably very high. At BSE index 15000, I felt it was absurdly high but it reached 20000 in very short time although it fallen down to below 10000 now. The problem now is not whether the value is worth or not but whether it will still go up another 50% in 2 years or not. Now it may be. Like foreign fund flow was responsible for BSE index jump rather than fundamentals, RE prices may go up for some reasons.
                      First, Chidhamabaram hell bent on propping up real estate prices and extending privileges and tax exemptions to IT companies. It is ridiculous that he doesn't even tax the profits on the other hand all over the world petrol prices are half that in India and he deosn't have the decency to reduce the prices to the levels it was when Crude prices were at US$36/barrel. And good for nothing opposition parties (bigger theievs) do not raise a voice.

                      Anyway, the government has to reduce petrol prices slowly and inflation will keep coming down and so the interest rates. Interest rates can come down to the level of year 2003 when bank interest will no longer be attractive and domestic funds also may target real estate once again.
                      So there is a danger of RE price increase before the ultimate crash below the current level may be in 2 to 4 years. We have no other way but o play along this speculative life with the government itself being responsible for letting speculators and cartels play with the lives and savings of common public.
                      U have explained why I am bullish. RE Market wont fall now, it will actually shoot up especially with the next cycle of interest cut. Infact that is how Japanese boom happened in 1980s. In other words RE prices today look too high for anyone who came in a Timecapsule from 2003, but then the same wonder will happen if you travelled to the future, say 2011. In 2003 there were no buyers for 1000psft rate of flat in Mylapore, and when I asked a relative what makes them (the same folks) to buy in 2005-6 property at 6kpsft for old flats he said "they could not do it then, so atleast they want to do it now". That cycle has just not ended. So there are 10 buyers waiting for 1 seller today. ONly that the buyers want a lower price and so are waiting. Now when the cycle turns up again there will be a mad rush and the fellow who did not buy at 10kpsft will buy it at 40kpsft WHATEVER BE HIS MEANS as long as some FOOL is ready to fund it as loans. That will take the current value up another N fold times before it actually hits the roof.
                      With one property of mine in Madras in 2004 it was worth 40L and I would have got 100 US grands. Now it is worth even at no haggling at 2C, and it means it is worth almost half a million US dollars. Now it might reach 2million US dollars with Dollar collapse and RE rise by 2011-12. Then I might rather switch it to dollars.
                      I have had an NRI fighting over email with me when I asked 1.2C for this property in 2006. He was talking more CRAP then any of the bears on this board could and WIseman will look like a BACHA in front of him. TOday he must be eating his thumb. So dont worry, RE market has to make one big move up again. It is just consolidating and there are many buyers onthe sideline and with interest rate collapsing again, it will be no time before they hit the sky.
                      For the Wisemen, the reality is that those who could afford 1200sft flat today, they will be glad to pick up 600sft in 2012 happily cursing that they followed the bear idealogy!

                      Comment

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