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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?

    Moderators - Pls act

    Hi ,

    Some of my postings are not getting updated and get a message "will be posted after the moderator's approval" .

    Moderators ,

    Pls clear the backlogs .

    Thanks

    Originally posted by abk View Post
    this thread is about how much downfall in RE from peak prices(obviously).
    everybody can calculate "if it falls by 20% it has to gain 25%".
    my point is if you want to buy a house(for living) you should buy if your preferred location has corrected by about 15%. living is not about the price alone it includes your preferences,fancies,your dear ones near,temples,schools,entertainment,established neighbourhood,security etc.
    a diff of 10-15% is overlooked for places of preference.
    you should look for 3 things when buying a house

    1)location 2)location and 3)location
    abk,

    Thanks for giving another perspective.

    Location can make fraction of people to overlook the price.

    From a buyers view point, Value for money and the ability to repay will take precedence than any other factor.

    Think of the people who buy land/apartment which had been already inflated to sky-high price(300 to 400 % in 2-3 years). Will they be able to pay the EMIs for decades where there is no security for jobs/salary . It will only inflate the EMIs .

    BTW , All those high-end projects in OMR have the location advantage ?

    Do they have our dear ones near, temples,schools, entertainment, established neighbourhood,security etc.

    Do you think they are correctly priced based on Location ? If not what they are worth of ?

    What majority of the buyers are bothered about are

    1) Value for money.
    2) Infrastructure (Good Roads/Electricity/Water and Boats )
    3) Security
    4) Ability to repay etc...

    Needless to say that the fall in plot prices have propelled this fall in OMR .
    Last edited January 22 2009, 12:51 PM.

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

      Abk,
      Pls read my post. I said I'm awaiting to buy in next 6 Months to 1 Year period with cash.
      I sold my flat Feb 2008 for Rs 4100 per sqft at North Chennai.
      In chennai, the prices are stagnating and yet to come down,
      which will I assume after the elections, thats ny rationale behind What I said earlier.
      Apart from Chennai, at all other places the prices have down by 10-20%.
      And the layoffs are yet to come in India esp in IT sector in Bangalore,Chennai,HYD.
      Satyam effect is still haunting the IT sector very much.
      From late 2005-2008 the prices has increased atleast 200%-300%, I hope no one will object.
      Does anyone has got their salary doubled during this period,
      excluding IT people who jump often and the Auto Drivers (just kidding)?
      RE sector is at the verge of collapse; with visible examples that happened in US.
      Only people like Nats the so called BULLS have to start investing, to save real estate from falling.
      Also the current period is the last chance to sell and make merry in chennai.

      Comment


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

        Originally posted by abk View Post
        what happened to my question regd when and where about the peak of the boom and the place you sold and what rate its available now.

        I see a pattern regarding replies. test says his post is missing and rajello says so too.are you evading a reply.
        (type it in a new window cut it and paste it immediately)
        my question remains WHEN and WHERE regarding prices halved at the place you sold.
        Abk,
        Pls read my post. I said I'm awaiting to buy in next 6 Months to 1 Year period with cash.
        I sold my flat Feb 2008 for Rs 4100 per sqft at North Chennai.
        In chennai, the prices are stagnating and yet to come down,
        which will I assume after the elections, thats ny rationale behind What I said earlier.
        Apart from Chennai, at all other places the prices have down by 10-20%.
        And the layoffs are yet to come in India esp in IT sector in Bangalore,Chennai,HYD.
        Satyam effect is still haunting the IT sector very much.
        From late 2005-2008 the prices has increased atleast 200%-300%, I hope no one will object.
        Does anyone has got their salary doubled during this period,
        excluding IT people who jump often and the Auto Drivers (just kidding)?
        RE sector is at the verge of collapse; with visible examples that happened in US.
        Only people like Nats the so called BULLS have to start investing, to save real estate from falling.
        Also the current period is the last chance to sell and make merry in chennai.

        Comment


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

          Originally posted by Natarajg007 View Post
          Test is a joker. I think he had other crap to write before. I bet he wont answer you question of when and where. Now Wiseman is not an individual, he is just a senior person of a gang of vested interest bears who are accumulating realestate and talking about a fall. Infact Wiseman is conspicous by his absence, so maybe there are now almost completed their accumulation.
          Be careful. While the choice of having to buy is yours, the situation is not in anyway pessimistic to sell and worse still imagine that you can get a buy at low prices. IT JUST AINT HAPPENING? I mentioned the Sobha prices in another message. In Bangalore near Devanahalli airport (similar to Sriperumbudur in Chennai in terms of distance from City) Sobha is selling 5000sqft land and 3200sqft building for 3.2 Crores. So much for imaginary fall in RE.
          Sold 1000 Sqft * Rs 4000 per sqft = Rs 40,00,000 (40L) (Keeping 4000 instead of 4100 for easy calculation)
          As per my assumption if the prices come down by 30%
          30% of Rs 40L = 12L
          Cost of 1 Flat = 40L-12L = 28L
          Cost of 2 Flat = 28L*2 = 56L
          Cash in hand 40L, by selling the flat on feb 2008.
          Cash needed = 56L - 40L = 16L
          If I go blindly and buy I have to arrange for 16L.
          2005- 2008 period was Sellers market thats why the prices kept changing by hours,
          brokers played a huge role in inflating prices
          Once the price starts falling the pressure will on the seller, as it turns out to be Buyers Market.
          I can pressurize the seller for more sops which would reduce my extra cash required.
          For ex reducing Rs 100 per Sqft will save 1L per flat.

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

            I'm not getting my post displayed !!!!!!!!!!!!!

            Comment


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

              Originally posted by badrig View Post
              People Will Realise Slowly As They Have A Herd Mentality As In Sheep .they Will Buy When Everyone Buys And Sell When Everone Sells
              Dear badrig,

              Well said. This is the mentality of most people, though some may not like to agree to this truth. The same thing happens in share market also.

              ks2071746:p

              Comment


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

                Originally posted by test1234 View Post
                I'm not getting my post displayed !!!!!!!!!!!!!
                Probabily you are under " test"

                Comment


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

                  Originally posted by ks2071746 View Post
                  Dear badrig,

                  Well said. This is the mentality of most people, though some may not like to agree to this truth. The same thing happens in share market also.

                  ks2071746:p
                  herd mentality is what trends, fashion and business is all about.

                  else why would anyone want to buy aptmts at far off places. which was not sellable 5 years ago.

                  15 years back nobody used to buy drinking water for the price equal to that of milk.
                  today everyone buys bottled water. even in 5 stars where all water served is treated. stupid aint it.
                  tradition is also herd mentality we do so many things bcoz our forefathers did without any basis.
                  god is also herd mentality have you seen him.but we all believe in him bcoz from childhood we have been trained that god is there.
                  so RE is not the only place for herd mentality.the whole world runs on herd mentality.

                  Comment


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

                    Originally posted by test1234 View Post
                    I'm not getting my post displayed !!!!!!!!!!!!!
                    i can see your post test i can see all your !!!!!!!!!!!
                    stop this charade and lets see your reply,i dont think you are that D_mb

                    Comment


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

                      Originally posted by newboy View Post
                      herd mentality is what trends, fashion and business is all about.

                      else why would anyone want to buy aptmts at far off places. which was not sellable 5 years ago.

                      15 years back nobody used to buy drinking water for the price equal to that of milk.
                      today everyone buys bottled water. even in 5 stars where all water served is treated. stupid aint it.
                      tradition is also herd mentality we do so many things bcoz our forefathers did without any basis.
                      god is also herd mentality have you seen him.but we all believe in him bcoz from childhood we have been trained that god is there.
                      so RE is not the only place for herd mentality.the whole world runs on herd mentality.
                      Your statement comparing BIsleri and Milk is BRILLIANT. ACtually folks like me keep a RO box at home and carry our own water, though at times if that is missing, we end up buying water at milk price. Ofcourse that is not because of herd mentality. SImply because we dont want to waste the price of a month's milk on the doctor, so better pay for the water in milk price.

                      Keep up the great thoughts New Boy.

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