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What is the Residential Property Scenerio in Chennai?

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What is the Residential Property Scenerio in Chennai?

Last updated: January 6 2009
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  • #11

    #11

    Re : What is the Residential Property Scenerio in Chennai?

    I am surprised the moderator of this board is allowing you to continue to make this a Pee forum from Realestate forum!

    Comment

    • #12

      #12

      Re : What is the Residential Property Scenerio in Chennai?

      Brokers

      Originally posted by Natarajg007 View Post
      U were hunting for land...What happened? U got a house for 52L requoted to 46L. Can you provide details. Remember brokers take a big cut out of sales so try to find the price from the actual seller. He might have quoted 40L and broker might have jacked it up.
      All the forum can easily understand how the prices have jacked by Brokers and you can hear from an ardent RE Bull.

      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 and more inflated and this most inflated prices have been 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 and few big corporates are involved , these price rigging are not prevalent with apartments.
      As its very evident from your 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 and
      were 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 will 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

      Comment

      • #13

        #13

        Re : What is the Residential Property Scenerio in Chennai?

        Indian real Estate Forum

        Originally posted by whatheheck
        So you alrady have experienced it. That means nee kal erijnu irukey yerkanave. thats why you are full of Pee.

        Thats why pee is pouring out of your mouth and your posts are evident to that. Every one of your post has pee, pee, and more pee

        Chee Pee Payale LOL and ROTFL - rolling on the floor, hahahahahaha
        Dear All, Let us stop this sort of street children like abuses/fights. It does not augur well for public consumption. Any fight or orgument should be in polite and good words and not like the ones we see now often in this site. If you are fond of such things, you can have all these in your private messages and for heaven's sake, please avoid such messages using bad words unfit for public consumption here. I am sure, most of the members are well educated, well behaved in good positions in job and in life as well as both male and female of different ages.

        ks2071746

        Comment

        • #14

          #14

          Re : What is the Residential Property Scenerio in Chennai?

          Originally posted by whatheheck
          Ethuku niruthanum??? Avana nirutha sollu, naaan nirutharen.

          4 peruku nanmai seiyanumna, ethuvume thappillai.
          Dear whatheheck,

          Please do not get agitated. I only desire all should stop such messages in this site. Let us all communicate on the main subject of Indian Real Estate related subjects and share our experiences, thoughts, ideas, suggestions, views etc. on the RE related subjects. Let us make the forum more useful to the members and guests.

          ks2071746

          Comment

          • #15

            #15

            Re : What is the Residential Property Scenerio in Chennai?

            Originally posted by sethugm View Post
            All the forum can easily understand how the prices have jacked by Brokers and you can hear from an ardent RE Bull.

            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 and more inflated and this most inflated prices have been 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 and few big corporates are involved , these price rigging are not prevalent with apartments.
            As its very evident from your 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 and were 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 will 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
            Hmm. How does 1c, 2c or 10c matter? It depends on where and what size u talking about. So if you talking about 1acre in a village near Coimbatore it might cost a few lakhs and if u have sadly tenanted it, the tenant will like u to sell it for 25 thousand. That is happening in some of our ancestral lands!
            If u talking about 1ground of land (1/20th of an acre) in Mount road it might even cost 7crores. So why are u so obfuscated by the crore word. Is it a bad word since u can probably never afford it in the next say 10 years?

            Comment

            • #16

              #16

              Re : What is the Residential Property Scenerio in Chennai?

              Incidentally people were buying land for 1cr in Mylapore in 1996 almost 12 years ago, when the so called IT folks of today, who by no means are anything more than silly programmers with no knowledge of Computer Science, would have probably earnt 700 rupees salary per month.
              So dont worry about numbers which dont relate to you and DONT ASSUME THAT SINCE A HORDE OF FOLKS ARE CALLING THEMSELVES IT PROFESSIONALS THEY DRIVE THE MARKET.
              I know that most IT professionals today wont know what is the difference between a Queue and a Stack.

              Comment

              • #17

                #17

                Re : What is the Residential Property Scenerio in Chennai?

                Brokers

                Originally posted by Natarajg007 View Post
                Hmm. How does 1c, 2c or 10c matter? It depends on where and what size u talking about. So if you talking about 1acre in a village near Coimbatore it might cost a few lakhs and if u have sadly tenanted it, the tenant will like u to sell it for 25 thousand. That is happening in some of our ancestral lands!
                If u talking about 1ground of land (1/20th of an acre) in Mount road it might even cost 7crores. So why are u so obfuscated by the crore word. Is it a bad word since u can probably never afford it in the next say 10 years?
                Hi 1C2C,

                As usual you came out with no explanation and am sure you can never understand the facts and will keep saying 1C2C...7C.

                I was referring to 2400 SQFT of plot as I have taken your quote "40 L property would have been quoted as 52 L by some brokers" . Am not surprised to see that you are not able to relate this .

                I cant buy a land which is ridiculously priced as I dont see any economic value to pay he current prices .

                It shows yours lack of maturity to talk about my affordability without knowing anything about me . How can you predict my affordability in the next 10 years ? Oh I can understand ..Its similar to 1C 2C 3C ..your imagination .

                Comment

                • #18

                  #18

                  Re : What is the Residential Property Scenerio in Chennai?

                  LIFO and FIFO

                  It is not a hard and fast rule that every IT professional must know about Queue and Stack. For that matter the guys who sit in India, doing some monotonous production support work of running batch jobs and maintaining crappy production boxes of a manufacturing company in Detroit down town need not know them and they are paid for what they are.

                  IMO, Indian (Cities) RE is largely sectored and each sector is driven by the relevant purchasing powered people. IT people now a days drive the middle class 25L to 50 or 60 L market and above that business class and black money people deal much.
                  And I did not consider a VP or President of an IT company that earns more than 1C PA. They are rare elements and can be considered as business class.
                  Last edited January 1 2009, 08:03 PM. Reason: typo

                  Comment

                  • #19

                    #19

                    Re : What is the Residential Property Scenerio in Chennai?

                    Originally posted by gone_mad View Post
                    It is not a hard and fast rule that every IT professional must know about Queue and Stack. For that matter the guys who sit in India, doing some monotonous production support work of running batch jobs and maintaining crappy production boxes of a manufacturing company in Detroit down town need not know them and they are paid for what they are.

                    IMO, Indian (Cities) RE is largely sectored and each sector is driven by the relevant purchasing powered people. IT people now a days drive the middle class 25L to 50 or 60 L market and above that business class and black money people deal much.
                    And I did not consider a VP or President of an IT company that earns more than 1C PA. They are rare elements and can be considered as business class.
                    Appreciated. Infact that is why I want to say that most IT folks are not really IT folks but are Clerks of yester years repackaged. So if you use Excel you are an Accounts guy or a Clerk not an IT guy, but today everyone thinks he is an IT guy. And incidentally even the 25L market of RE cant be driven by these clerks beyond a point. Think of it. A person getting 30K p.m. with let us say free cash of 10L from some parental assets tries to buy the 25L flat since he can get that 10L to 15L loan. Now he is squeezing the last ounce of his salary and then one day he loses his job! So such examples only add to misery of an individual not to the fall of RE prices. RE prices are a relative game and they dont get fixed upward as WISHED by the so called IT guy of XLS fame. It is rather the other way down. So the Business class buys at 2Cr and then one tenth of it or 20L is given to 1/10th of that space with the brokers chipping in to add that 5L and make it 25L. So I am clarifying the rules not saying more.
                    Anyway Gonemad, I did notice you are a student and so your willingness to talk CLEAN is appreciated. You are more in SANE mode than many on this board and you should be here to make things lively. Cheersl.

                    Comment

                    • #20

                      #20

                      Re : What is the Residential Property Scenerio in Chennai?

                      Originally posted by gone_mad View Post
                      It is not a hard and fast rule that every IT professional must know about Queue and Stack. For that matter the guys who sit in India, doing some monotonous production support work of running batch jobs and maintaining crappy production boxes of a manufacturing company in Detroit down town need not know them and they are paid for what they are.

                      IMO, Indian (Cities) RE is largely sectored and each sector is driven by the relevant purchasing powered people. IT people now a days drive the middle class 25L to 50 or 60 L market and above that business class and black money people deal much.
                      And I did not consider a VP or President of an IT company that earns more than 1C PA. They are rare elements and can be considered as business class.
                      Appreciated. Infact that is why I want to say that most IT folks are not really IT folks but are Clerks of yester years repackaged. So if you use Excel you are an Accounts guy or a Clerk not an IT guy, but today everyone thinks he is an IT guy. And incidentally even the 25L market of RE cant be driven by these clerks beyond a point. Think of it. A person getting 30K p.m. with let us say free cash of 10L from some parental assets tries to buy the 25L flat since he can get that 10L to 15L loan. Now he is squeezing the last ounce of his salary and then one day he loses his job! So such examples only add to misery of an individual not to the fall of RE prices. RE prices are a relative game and they dont get fixed upward as WISHED by the so called IT guy of XLS fame. It is rather the other way down. So the Business class buys at 2Cr and then one tenth of it or 20L is given to 1/10th of that space with the brokers chipping in to add that 5L and make it 25L. So I am clarifying the rules not saying more.
                      Anyway Gonemad, I did notice you are a student and so your willingness to talk CLEAN is appreciated. You are more in SANE mode than many on this board and you should be here to make things lively. Cheersl.

                      Comment

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