Dear All,

Most of the people say that the land price in Chennai has come down by 20% now and there are no buyers. Even in Hindu soem brokers were saying that the ground price near Maraimalainagar has dropped around 15 - 30%. By looking at the PropertyPlus we can also see there Not much of advertisements for sale. At the same time if you want to buy a ground it is not available.

I am unable to understand the current scenario. Can some body explain what is happening now?

Regards,
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  • Buying Land/ Flat in Chennai is worst mistake, I would consider.

    Horrible weather, unsustainable Infrastructure, Traffic, Pollution, Water Scarcity in summer, Water logging during seasons and with that 1000sqft flat costing 40-50Lakhs.

    I wonder why people are so crazy about investing in chennai. With IT dying down there is nothing much left for Chennai.:D
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  • Originally Posted by test1234
    Buying Land/ Flat in Chennai is worst mistake, I would consider.

    Horrible weather, unsustainable Infrastructure, Traffic, Pollution, Water Scarcity in summer, Water logging during seasons and with that 1000sqft flat costing 40-50Lakhs.

    I wonder why people are so crazy about investing in chennai. With IT dying down there is nothing much left for Chennai.:D



    True. Even Arcot Veerasamy, Tamil Nadu minister has said that IT business is dull and he advised investors to invest in other sectors including cement, auto etc.

    Surely IT is going down, with Satyam saga, it will affect most of the IT companies in India in turn affect RE sector severely.

    Just wait and wait for the doom.
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  • you should ask robert clive

    Originally Posted by test1234
    Buying Land/ Flat in Chennai is worst mistake, I would consider.

    Horrible weather, unsustainable Infrastructure, Traffic, Pollution, Water Scarcity in summer, Water logging during seasons and with that 1000sqft flat costing 40-50Lakhs.

    I wonder why people are so crazy about investing in chennai. With IT dying down there is nothing much left for Chennai.:D


    chennai has its own charm not discounting excellence in edu.healthcare,
    port,friendly people.
    I think you should ask robert clive who set up east india comp. in chennaipattinam
    of all the places with better weather and the points you made
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  • Originally Posted by test1234
    Buying Land/ Flat in Chennai is worst mistake, I would consider.

    Horrible weather, unsustainable Infrastructure, Traffic, Pollution, Water Scarcity in summer, Water logging during seasons and with that 1000sqft flat costing 40-50Lakhs.

    I wonder why people are so crazy about investing in chennai. With IT dying down there is nothing much left for Chennai.:D

    And you Test why the hell are you writing on Chennai board? Why dont u fart in someother board where u plan to buy land!
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  • Originally Posted by ananthkra
    Dear All,

    Most of the people say that the land price in Chennai has come down by 20% now and there are no buyers. Even in Hindu soem brokers were saying that the ground price near Maraimalainagar has dropped around 15 - 30%. By looking at the PropertyPlus we can also see there Not much of advertisements for sale. At the same time if you want to buy a ground it is not available.

    I am unable to understand the current scenario. Can some body explain what is happening now?

    Regards,

    Who told u that prices are falling in Madras? They are the wish list of folks who could not buy before. No more.
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  • Originally Posted by ananthkra
    Dear All,

    Most of the people say that the land price in Chennai has come down by 20% now and there are no buyers. Even in Hindu soem brokers were saying that the ground price near Maraimalainagar has dropped around 15 - 30%. By looking at the PropertyPlus we can also see there Not much of advertisements for sale. At the same time if you want to buy a ground it is not available.

    I am unable to understand the current scenario. Can some body explain what is happening now?

    Regards,


    Yes, prices are dropping fast. Wait & watch
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  • Yes prices are dropping fast
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  • Hi all,

    I dont think land value is coming down. Land value in east tambaram and selaiyur get hiked by 15% in last 5 months.

    Along with IT field other sectors also get affected now. Nearly 50% of people are started worrying about EMI. So, Most of the people think that this is not the right time to invest in Real estate. This is because of the expectation that the price will come down. But once they start buying, the hike rate will reach its own place. In the same way sellers also waiting for the time to sell with their expected amount.

    So, whatever the case may be land value will remain same or it will get hiked at the least rate for next few months. After that the growth will be consistent. But no way the land value will come down.
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  • Originally Posted by jknatarajan
    Hi all,

    I dont think land value is coming down. Land value in east tambaram and selaiyur get hiked by 15% in last 5 months.

    Along with IT field other sectors also get affected now. Nearly 50% of people are started worrying about EMI. So, Most of the people think that this is not the right time to invest in Real estate. This is because of the expectation that the price will come down. But once they start buying, the hike rate will reach its own place. In the same way sellers also waiting for the time to sell with their expected amount.

    So, whatever the case may be land value will remain same or it will get hiked at the least rate for next few months. After that the growth will be consistent. But no way the land value will come down.

    I agree with your optimism and logic. However statement like NO WAY LAND VALUE WILL COME DOWN is one of the reasons why Chennai realestate does not fall, but yet not a valid statement in the long run. So far it has not fallen is more appropriate. It does not mean that it will never fall though I too am bullish on the RE market in CHennai.
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  • i agree to some extent

    in selaiyur the cost is not making a big difference but still it is not in the increasing trend. as per my analysis the price difference is not more than 12-13% which you could yeild in investing in some other means.
    coming to the point , in chennai we have the biggest plus of opportunities- earning learning and enjoying , and hence people are crazy to buy here.
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