Hi All,

I am new to this forum. I would like to know the RE scenario in Chennai...
I had purchased an apartment in Ambattur, in Aug 2007(one of the worst mistakes i had made). It costed over 38L for 1250 sq.ft. The builder was supposed to hand over the flat in Sep 2007. But he did so only in Oct 2008 :-((. I was paying a lumpsum amount as EMI throughout this period without any return.

Now, due to the slump, its very difficult to find a tenant also. There are nearly 45 flats in that building, which are unoccupied(without being able to find a tenant). I work for an IT company, which adds to the pressure that is mounting up.

Please suggest, if I can sell the flat now, for a no-loss-no-gain situation. I fear that the longer I wait, the loss may be higher.

Waiting for all of ur valuable suggestions.

Regards,
Tina
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  • Originally Posted by wiseman
    Strongsville,

    Remember the post about 70 L for 1.5 ground with clean title, etc, etc?

    Well, the language was too much like a broker giving his spiel (clean title, etc, etc) and I got it immediately.

    Did you also notice that this person is probably loaded up upto his head with this kind of unbelievably priced stuff and is trying to unload slickly (he suspects on unsuspecting public like that poor girl who was asking trustingly about that locality)?

    Well, aside from the fact that he is contravening forum rules by trying to directly sell, he must be really a trashy guy to dump something like that (70L while others are quoting 20 L) on unsuspecting public who trust this forum to keep out such conmen.

    When you are trying to con the public, first rule is to do it quietly without attracting too much attention to oneself :D. Otherwise, verbal lynching will follow !

    Hope forum moderator will act upon this trick to sell in disguise.

    Oh, btw, in my case, I only asked for help in identifying a broker or someone who can help me. Not trying to dump on someone!!! Big difference.

    cheers

    First of all thanks for Wisey and Strongy for promoting my sales. So if I have my land to sell then I am a broker eh? I now realize the size of the peanut called as Wiseman. And did I promote the sale in this forum? No way. Someone in another forum asked for a land and I offered mine. Now let us assume I am a broker. Will I be knowing more about land or will Wisey know? Simple question.
    Wiseman wont fight fair as he is not qualified for it. Let me go and search if he has answered my open question to him or is he wriggling out to the rat hole.
    Finally those of you who are going to sell out at levels Wisey wants market to be at, are going to be a disappointed lot. Cant say more.
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  • Originally Posted by strongsville
    Anyway. Keep up your good work and stop responding to this broker anymore. Please do not waste your valuable time responding to this guy.

    And if we find this guy misleading our unsuspected forum members or trying to sell his properties, then we must stop him and we should educted those members about his intention.

    So u were the funny guy wanting a quote in the other forum? Shows what you dont know about the market. Now if you think somebody can dump a property on others, then it shows what a low IQ guy you are. Any trade involves two parties one buys other sells. So what is this dumping? U must be ashamed to call yourself an MBA. Even Madurai Kamaraj produces better MBAs.
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  • We shall see who has the last laugh. Meanwhile ...

    Originally Posted by Natarajg007
    First of all thanks for Wisey and Strongy for promoting my sales. So if I have my land to sell then I am a broker eh? I now realize the size of the peanut called as Wiseman. And did I promote the sale in this forum? No way. Someone in another forum asked for a land and I offered mine. Now let us assume I am a broker. Will I be knowing more about land or will Wisey know? Simple question.
    Wiseman wont fight fair as he is not qualified for it. Let me go and search if he has answered my open question to him or is he wriggling out to the rat hole.
    Finally those of you who are going to sell out at levels Wisey wants market to be at, are going to be a disappointed lot. Cant say more.



    I'd just gone to the other forum where the administrator had the following words for the likes of our friend, Rats ... oops Nats :D.

    "Maybe he (Nats) is looking for an idiot to sell his Urapakkam property for 70L ...".

    Well, Nats my screwed up boy, we will revisit this issue 1 year from now (if you're still shipshape by then).

    Meanwhile, as some others had posted, the best thing to do to you is completely ignore you - thats easily done since not a single visitor to this post finds anything of value from your posts, unless he wants to become as vile and obnoxious as you. And move on and try to make the best of this bear market. Meanwhile you can tie all that property you own (if you are a broker then you are lucky; if not you are probably saddled with all that useless land at sky-high prices - pity you, but even that sentiment is wasted on you anyways ;).

    See you in 1 year from now.

    cheers
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  • Originally Posted by wiseman
    I'd just gone to the other forum where the administrator had the following words for the likes of our friend, Rats ... oops Nats :D.

    "Maybe he (Nats) is looking for an idiot to sell his Urapakkam property for 70L ...".

    Well, Nats my screwed up boy, we will revisit this issue 1 year from now (if you're still shipshape by then).

    Meanwhile, as some others had posted, the best thing to do to you is completely ignore you - thats easily done since not a single visitor to this post finds anything of value from your posts, unless he wants to become as vile and obnoxious as you. And move on and try to make the best of this bear market. Meanwhile you can tie all that property you own (if you are a broker then you are lucky; if not you are probably saddled with all that useless land at sky-high prices - pity you, but even that sentiment is wasted on you anyways ;).

    See you in 1 year from now.

    cheers

    Hey Foolishman, get your act clean. You havent answered my simple question to you yesterday. And we dont know your background. U wont even let us know what was that so called second best college even ahead of IIM C in 1985 where u supposedly did ur MBA. So u seem to be sulking as you disappear in your rat hole.
    I will be there next year pretty healthy financially as of today. I am not the loan taker or property broker. I have better things to do. Before I leave you let me put this.
    சென்ற இடத்தால் செலவிடா தீதொரீஇ
    நன்றின்பால் உய்ப்ப தறிவு.
    That is from Thirukkural if you dont know. I can survive anywhere without money as I have the capability to do it. I dont need to chamchafy and have chamchas and say that I am on board of 3 companies and yet talk trash as you do. So enjoy your fun and if you are there next year, you will yet be saying that you said it right last year even if you did not. So get back to your rat hole and disappear.
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  • Originally Posted by ajijac
    Natraj,
    It’s a good assumption that we don’t understand math. I too am an Engineer who graduated from USA from a prestigious university. My department chair was an IIT Madras graduate and another professor served as the head of department at IIT Kanpur. Both of them influenced my life extensively and both were meticulously gentle and currently I am pursuing MBA at a good school in CANADA. By knowing IIT graduates personally for long time, I understand that they have a logical order in their thought process.
    In your comments you lack that logical order and you start from nowhere and end nowhere and people read you don’t understand anything. Me too don’t understand you, may be due to my “low IQ” as you try to establish.

    Now take time to analyze your posts and Wisemans writings. My friend, you really lack substance (sorry to say that) and you just keep on expressing your emotions rather than facts. So please stop name-calling and try to backup your posts with relevant data.
    If not leave us alone, as people like us who have “low IQ” need Wiseman’s advice and we admire him for his wisdom. Leave us alone please.

    Cheers

    I pity your departments chair and professor. Ofcourse there are too many rich Tamilians landing in US univs and then claim they are great. BTW, you dont have to go to US, in SRM college there are many IIT profs who teach after retirement and my relative (a prof there) tells me the sort of students. Now if your prof was from IIT, does not mean you have brains. Does it?
    Wiseman is nothing but encouraging a bear cartel that wants prices of land to go down in madras to encourage NRIs to continue with their margin funding as they did 2 years ago. And I dont think I will avoid educating this board against this guy and folks like him.
    Instead of some lost in US character like you, comments from local Indians makes sense. Unless ofcourse this board is meant for NRIs. Let that be made clear to me and I will leave! Gotcha.
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  • Originally Posted by a_salim_99
    Nagaraj,

    If you have anything that would support your ideas, at least I can listen. I am yet to see any. You are accusing wiseman among other things being a part of a bear cartel. It is unfair. If you have anything facts or events that you think will turn things around, please do share here. We (at least I) want to hear.

    But if I were you, I would stop getting personal in the forum.

    People in this forum are smarter than you can imagine. Sure, many here are greedy (who doesn't want extra cash), partly because of the hangover of the past few years of bull run, but don't think we are stupid. Do you remember the finance companies going bust in the mid 90's ? I am sure there are still people out there in Chennai, running behind those cases to salvage whatever they can from those *investments*. Guess what, RE is about to get that prize this time.

    I wasn't this bearish until last month. But it is bad news almost everyday. It is getting only worser and more companies and countries are getting pulled in. India cannot escape.

    Wait and watch. ;)

    So you turn bearish in one month's time and maybe next month if you have accumulated enough properties to sell then you go bullish eh? So you are a property operator? Right? And Wiseman is the main guy who promotes it. Right?
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  • Originally Posted by ajijac
    So your relative is also a loser like you in order to teach substandard students like you?
    Did'nt he get a better place to teach?
    You are really amusing me like a joker in a ring with your false assumptions. Now you assumed that I am a rich tamilian. LOL. Keep on amuse us please. I understand your value in this forum like Vadivelu and Senthil in tamil movies. we need little substandard comedy to relax ourselves .
    Anyway,I never claim that I am smarter than anybody but I am sure that you are a stalker and a looser.
    I wonder how your family bear with you loser.

    U may not understand anything but for the benefit of the rest, I will quote this from thirukkural.
    எப்பொருள் யார்யார்வாய்க் கேட்பினும் அப்பொருள்
    மெய்ப்பொருள் காண்ப தறிவு.
    Who is a loser the world knows. Cheers.
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  • Welldone Nataraj!

    Well done Nataraj!


    Originally Posted by Natarajg007
    U may not understand anything but for the benefit of the rest, I will quote this from thirukkural.
    எப்பொருள் யார்யார்வாய்க் கேட்பினும் அப்பொருள்
    மெய்ப்பொருள் காண்ப தறிவு.
    Who is a loser the world knows. Cheers.
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  • Dear Friend Natraj,
    I tried to be neutral and honestly checked all your arguments. But looks like you're a bit too much carried away by unrealistic optimism. You've assumed things and arriving at another assumption! But unfortunately buyers are not that ignorant/innocent these days.

    You'd mentioned prices are not dropping and wont come down. But all the RE ads show otherwise. One simple example is- There was no flat available @ or around Sholinganallur for any price less than 3500/sqft in 2007. But now there are many projects for <=2700/sqft. Still there are much less takers. Look at Goldman sach’s report published today (24th Nov 08). The report predicts another 30% drop from the current levels.

    While being a broker is not something bad but is just another profession, an IITian doing this, actually brings suspicion that you may not have even gone to IIT during rainy season!
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  • Originally Posted by Natarajg007
    U may not understand anything but for the benefit of the rest, I will quote this from thirukkural.
    எப்பொருள் யார்யார்வாய்க் கேட்பினும் அப்பொருள்
    மெய்ப்பொருள் காண்ப தறிவு.
    Who is a loser the world knows. Cheers.


    You looser post in In Some Common language. Dont write this language as this is alien for many reader.
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  • Planning to sell property? Do it now before correction sets in
    24 Nov 2008, 2340 hrs IST, Preeti Kulkarni, ET Bureau








    MUMBAI: As talks of an impending crash in property prices gather steam, the policy to be adopted by home-seekers is clear: wait and watch. The right

    time and price are a few months ahead, say experts. However, if you are at the other end of the spectrum, that is, if you happen to be a seller, the reverse is true.

    Time is ripe for those planning to put their residential property on the block, say property consultants. This might be your best chance to get a fair price before correction gains ground. In fact, some experts believe that correction has already seeped in, with certain locations witnessing a correction as sharp as 25%.

    “If one is able to sell the property for a reasonable sum, this is the right time to sell it and cash out,” said Pankaj Renjhen, managing director (Mumbai) of property consultancy firm Jones Lang LaSalle Meghraj. “For old properties in particular, the prices are better at the moment, so it’s time to look for the best options and make an exit,” added Aditi Vijayakar, director, residential services, Cushman & Wakefield.

    Is this the right time?

    Your decision cannot be dependent on the market conditions alone — your objective should be the prime determinant. If the
    house property is held solely for investment purposes, you need to take into account the market drivers pertaining to the location of the property. If economic drivers such as malls, IT projects or infrastructure enhancements are planned in that location, the value will appreciate and you can afford to wait. However, holding on to the property is advisable only if it is financially feasible.

    Otherwise, go ahead with the sale. In the case of properties that are not likely to witness any major developments in the vicinity, you should look to exit soon. If you are determined to hold on, you should be prepared to wait for at least 3-5 years, failing which, you could incur a loss. Similarly, if you are planning to sell your house with the intention of upgrading to a better-equipped home, your decision should be based on the location and inherent value of the property.

    Buyer’s credentials

    It’s better to seal the deal only after making sure that the buyer has got the home
    loan sanctioned. “In the current scenario, getting a home loan sanctioned may not be an easy task. You wouldn’t want to be stuck with a buyer struggling to arrange for the entire amount after making a part-payment,” noted Ms Vijayakar.

    Also, if possible, you should insist on a demand draft as against payment by cheque in order to eliminate any risk of default.

    Make your contract airtight

    You need to be aware of your rights before acceding to all the demands of the buyer. For instance, it is typical for buyers to insist on indemnity provisions in the sale deed or a separate deed of indemnity, although the seller is not under any legal obligation to provide for the same. The indemnity provision allows the buyer (indemnified person) to recover from the seller (indemnifier) any loss or liability incurred in case of any defects in seller’s title to the property or any breach/misrepresentation. This is in view of the fact that unlike the US, there is no concept of title insurance in the Indian
    real estate market.

    If you agree to provide an indemnity bond, you should negotiate and limit the extent of indemnity, both in terms of amount and time. Vikram Shroff of law firm Nishith Desai Associates said: “In the conveyance deed, the seller needs to mention that the property is being sold on an ‘as is where is’ basis and he/she should not be held responsible if the property does not meet the buyer’s requirements.“ Sandip Mukherjee, executive director, PricewaterhouseCoopers, said:
    While signing the sale deed, you need to be aware of the fact that the transaction value mentioned in the sale deed or the amount considered while paying the stamp duty – whichever is higher – determines the
    capital gains tax payable.”

    Keep the papers ready

    From the buyers’ perspective, the sanctioned building plan, building completion certificate and occupation certificate
    are the key documents to be verified. “It is important not to be confused by a multitude of official-looking documents. Only these three documents are of true significance,” said Mr Renjhen.


    Reinvest before it’s too late

    To avoid paying the long-term capital gains tax, it’s imperative to reinvest in another residential property within the specified period — new property has to be purchased one year before or within two years of the date of sale.

    If you are planning to construct a house, it has to be constructed within three years from the date of transfer. Alternatively, the amount, not exceeding Rs 50 lakh, can be invested in NHAI and REC bonds within six months.



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  • so many articles are fine.
    the ground reality in chennai is not this!
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  • yeskrish is right. Chennai is fully controlled by Builders cartel to jack up prices and the population is not willing to wait! FII's funds are misused to hold prices by this catrtel
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  • Originally Posted by arin_12
    You looser post in In Some Common language. Dont write this language as this is alien for many reader.

    This is Chennai realestate forum. Tamil is not alien here and if it is alien to you, you will find lots of difficulties with many land documents in Tamil nadu as they are written in Tamil. Finally an idiot like this who will complain against Tamil and in particular Thirukkural should be banned from this board.
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