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What is the Impact of IT Sector Downfall on Real Estate?

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What is the Impact of IT Sector Downfall on Real Estate?

Last updated: February 25 2009
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  • Re : What is the Impact of IT Sector Downfall on Real Estate?

    I guess we have started seeing the price decline officially now.
    DLF-cuts-rates

    It starts with flats and plots will soon follow whether you like it or not.

    Thanks,
    Salim.

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    • Re : What is the Impact of IT Sector Downfall on Real Estate?

      Originally posted by sethugm View Post
      Thanks for reiterating the points discussed earlier.

      The earlier post was the opinion on the RE developments by an RE Experts M.K.Sundaram & G Mohan(though many(blindly) claim to be in that industry not knowing the trends).

      Today's news is first-ever incidence a promoter reducing the price even for the old bookings and you could infer the real need of the hour & trend.

      Where do you see the redundancy ? You are in front of a mirror ?

      All other companies are bound to respect the buyers ..Blindly cant claim the high prices as they were foolishly claiming all these days.(Some are foolish even after reading this announcement).

      More availability in OMR will decelerate the price & will get the development in 3-4 years time there by crashing the prices in now-prime areas.The places 'quoted' 1-2 crores today will fetch half in Q3-09 & either stabilise or depreciate further based on outcome/turnaround of recession.
      redundancy in stating price crash at far off places
      everyone on the forum agreed to it sethugm it will fall further there are no doubts. you know this place is behind satyabama univ.where there is a layout called harrisons,and one promoted by owners of venketeswara engg college and there is vast land there where the land is cheap and lot of tranquility nobody to disturb you . it is for people who want to 'rest in peace'
      you cant sell a 'jungle resort' as a home can you?

      Comment


      • Re : What is the Impact of IT Sector Downfall on Real Estate?

        t was launched at 2800/- only and as usual calling it pre launch price, just a gimmick and poor buyers who thinks he is getting a discount is duped. here is a post from another forum
        PEOPLE DONT REACT TO ANY NEWS ANALYZE IT AND GET YOUR FACTS STRAIGHT BEFORE FORMING AN OPINION. posters dont just post anything which suits your perspective or outlook
        all are here to know the real situation dont mislead them by overstating claims by builders(whom most of us shun)

        01-10-2008, 12:30 PM
        kumarramu *
        Member Join Date: Jul 2007
        Location: USA, NJ
        Indian City: DEL
        Posts: 318

        OMR-Sholinganallur: DLF Garden city
        I heard that DLF is going to launch township project in Chennai, near sholinganallur for prelaunch price of Rs.2800/

        Any one enquired or booked it?

        I got more information, but not checked yet...

        We would like to bring to your kind notice that India's leading builder DLF is about to launch an integrated township on OMR in Chennai. The project will have apartments - 2 / 3BHK / school / hospital / mini mall / guest rooms / 125000 SFT Clubhouse with indoor and outdoor games facility - among many more luxury amenities.

        DLF group, the leading real estate developer in India, with over 224 mn sq ft of existing development and 738 mn sq ft of planned project. The group which has set standards in real-estate industry with mega-township projects like 3000 acres DLF city. After NCR the developer has entered other markets in the country with successful launches in Kochi and Kolkata. The same expertise and technical finesse is now being bought in Chennai.


        Project details:
        Total land extent of 58.5 acres.
        32 blocks with Stilt+19 floors, Basement and surface car parking.
        4-6 flats per floor.
        4 apartment types
        Type I ( 2 bedroom 2 toilet ; area around 1200 sft )
        Type II (3 bedroom 2 toilet ; area around 1480 sft ),
        Type III (3 Bedroom 3 Toilet ; area around 1680 sft )
        Type IV ( 3 bedroom 3 toilet with servant quarter ;area around 1980 sft )
        Each block will have 3 lifts including 1 with stretcher duty
        Project Location: The project is tucked away in neat corner of Semancheree, on OMR. Behind Sathyabhama University. Convenient to the entire IT destinations TIDEL PARK / SIPCOT IT PARK Siruseri / ASCENDAS / Infosys / Wipro / TCS / Cognizant etc.



        Amenities:
        The project will have a school by the Padmaseshadri institutions- who run some of the finest schools in Chennai.
        A Mini mall with department store, washing facility.
        A health care centre run by Fortis group. It will also feature a ten bed mini hospitals for medical emergencies with ambulance facility.
        A top end clubhouse of 125000 sft ( largest in South India ) with all modern facilities. It will feature 75 room guest house ( 4-5 star category ).Among the facilities the most notable is the availability of trained servants / cooks / drivers for household.
        It will also have tenant service by DLF as per client choice.
        Completion: The project completion will be 24-30 months from launch. The booking amount will be 15% of total property cost.


        Price: The expected launch price for Phase 1 ( first 700 flats ) is around 2800-3000/sft. A premium of Rs. 100/sft will be applicable for flats facing landscaping. Floor rise of Rs. 30/sft will be applicable from 4th floor onwards. This pricing is nearly Rs. 700- Rs. 1000/sft less compared to other similar projects on OMR.

        Approx 2bhk will start Rs. 35L onwards and 3BHK will start Rs. 45L onwards.


        Booking procedure: You need to pay Rs. 500000/- ( RS. 5 lacs ) in favour of DLF SOUTHERN HOMES PVT LTD. Please indicate the flat area / premium or non premium pacing / floor range so that a tentative booking can be done in this soft launch scheme. The exact unit can be freexed once the plans are available.

        Please let us know if you would be interested in the project.In that case pl reply to me so that once we have complete details we can get back to you with exact pricing / plans etc. Also pl let us know if you have any friends / colleagues who would be interested in the same.

        Best Regards,
        Thanks & Regards
        Jai Ganesh.A


        official website:
        http://www.dlf.in/wps/portal/homes?j...i/overview.jsp

        DONT BE MISLED
        Last edited February 25 2009, 11:42 AM.

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        • Re : What is the Impact of IT Sector Downfall on Real Estate?

          Originally posted by abk View Post
          here is your post in thread'reasons for fall in OMR...."
          it is not news sethugm

          Originally Posted by sethugm
          “The areas around the IT Corridor were among the first to experience an escalation in land prices. It is also the first to experience a considerable reduction in the prices following the economic crisis,” said M.K.Sundaram, Chairman of the Builders Association of India-South Centre.

          “We have to accept that it is a time for inflated land prices to come to reasonable levels,” explains Mr.Sundaram.

          “Around 30 per cent of the land near the IT Corridor is available for sale. But there are no takers,” said G.Mohan, Secretary, Federation of Tamil Nadu Flat and Housing Promoters Association.

          When more and more percentage of lands are available , more will be the crash.
          Cheers
          Looks like G.Mohan is not able to find FOOLISH LAND OWNERS to sell to him for a song! G.Mohan of Bhuvaneswari Constructions prefers FOOLISH LAND OWNERS!

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