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No Property sales for the last one year in Chennai

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No Property sales for the last one year in Chennai

Last updated: August 17 2009
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  • No Property sales for the last one year in Chennai

    Dear friends
    I used to see Free Ads paper to know the price quotings in RE section.
    In june 2008 one person has quoted price for 2200 sq.ft land with 1800 sq.ft building with all amenities Rs.85 lacs. This house is not sold for the last 7 months.In january 2009 1st week he quoted Rs.82 lacs. This week he has quoted Rs.80 lacs.
    Moreover, i can see many advertisement repeating for the last 7 months. From this we can know that property sales has come to standstill. And there is considerable price correction. Even though sellers are reducing the price slowly there are not any takers.
    Thanks
    chataara
  • #2

    #2

    Re : No Property sales for the last one year in Chennai

    not at all

    Originally posted by chataara View Post
    Dear friends
    I used to see Free Ads paper to know the price quotings in RE section.
    In june 2008 one person has quoted price for 2200 sq.ft land with 1800 sq.ft building with all amenities Rs.85 lacs. This house is not sold for the last 7 months.In january 2009 1st week he quoted Rs.82 lacs. This week he has quoted Rs.80 lacs.
    Moreover, i can see many advertisement repeating for the last 7 months. From this we can know that property sales has come to standstill. And there is considerable price correction. Even though sellers are reducing the price slowly there are not any takers.
    Thanks
    chataara
    chataara dont generalise a case.i know 8 of my colleagues have purchased houses (to live) in the past 2 months leave 7-8 months.
    may be the site or construction or deviation is unsatisfactory.nevertheless it is common for 12-15 months for a project to be completely sold.

    Comment

    • #3

      #3

      Re : No Property sales for the last one year in Chennai

      Originally posted by chataara View Post
      Dear friends
      I used to see Free Ads paper to know the price quotings in RE section.
      In june 2008 one person has quoted price for 2200 sq.ft land with 1800 sq.ft building with all amenities Rs.85 lacs. This house is not sold for the last 7 months.In january 2009 1st week he quoted Rs.82 lacs. This week he has quoted Rs.80 lacs.
      Moreover, i can see many advertisement repeating for the last 7 months. From this we can know that property sales has come to standstill. And there is considerable price correction. Even though sellers are reducing the price slowly there are not any takers.
      Thanks
      chataara
      Aha, folks like you talk as if you know the world. I have been posting ads to sell some of my lands in Chennai from 2004 till today. I have had many takers always and I never sold. Free ads are available on net so when possible I quote there too. IF I get the special bid, I might buy the bait.
      Now there are others who post ads because of the same reason. Now it does not mean they have no buyers. Just that they dont want to sell it out.
      IN other words most sellers are just seeing if they can get THEIR price and if not will just post more.
      FOr example when one tries to marry they post many ads. If they dont get married in 6 months, does it mean they are not fit for marriage.
      Advts are made to get a better exposure. A deal happens when two people agree to it. So if one is advertising more does not mean he has an unsaleable product. Just that he is not selling out. For example there are buyers waiting to buy. THey dont get the right house. Does it mean the prices are very high?
      Just use your brains before you post Chatara!

      Comment

      • #4

        #4

        Re : No Property sales for the last one year in Chennai

        INcidentally one man sat in my place in Bangalore wanting to buy my land in Urapakkam. The deal did not go through since after he left I decided not to sell. This was in 2006. In 6 months time I had deals at twice and thrice the rate. I am yet to sell it. Simply because I dont want to sell. I might place an advt to find the price and if there is a buyer I might hike the price too. In other words realestate is not like some katharikai or vendakai. It is not perishable. People buy it when they want and can. People sell it when they want and have to. In other words advts just give a feel they are not everything.

        Comment

        • #5

          #5

          Re : No Property sales for the last one year in Chennai

          Originally posted by Natarajg007 View Post
          Aha, folks like you talk as if you know the world. I have been posting ads to sell some of my lands in Chennai from 2004 till today. I have had many takers always and I never sold. Free ads are available on net so when possible I quote there too. IF I get the special bid, I might buy the bait.
          Now there are others who post ads because of the same reason. Now it does not mean they have no buyers. Just that they dont want to sell it out.
          IN other words most sellers are just seeing if they can get THEIR price and if not will just post more.
          FOr example when one tries to marry they post many ads. If they dont get married in 6 months, does it mean they are not fit for marriage.
          Advts are made to get a better exposure. A deal happens when two people agree to it. So if one is advertising more does not mean he has an unsaleable product. Just that he is not selling out. For example there are buyers waiting to buy. THey dont get the right house. Does it mean the prices are very high?
          Just use your brains before you post Chatara!
          If this is the case, the advertisers should post their repeated ads with increased price every time, to get better price... what is the reason to post the ads with lesser price? Are they searching for a buyer who will buy * lesser price?

          Comment

          • #6

            #6

            Re : No Property sales for the last one year in Chennai

            Sorry GoccaMacca, I was first

            Originally posted by GoccaMacca
            Nataraj, I will offer the price you want. Can you sell all your lands to me. I work for Lehman Brothers and My auditors are from PWC

            GoccaMacca,

            Don't waste you time with this guy - I only respond to him to have some break from my work

            Please read carefully how he writes it. Full of sour grapes even in this prime grape season, ha, ha.

            When he is quoted a price which is too low in his opinion, he decides "not to sell" and he is in denial that prices offered to him are lower than the prices he believes is the right price. As time passes, this offered prices will only keep going lower - simply because people realise that they cannot afford these ridiculous prices!

            I too offered him land in Prime areas at the same rate as the ones he is trying to palm off in far off swamps. A bargain by his own standards. Told him that he could simply buy one day, sell at 50% margin the next and cooly walk away. Still would not bite.

            So, its clear. He is stuck with lots of property at high prices, high hopes of getting fancy prices, probably stuck with debts as well as slowly sinking in the quicksand not willing to cut losses and become wiser for another day.

            Sorry, Nats. As it has been said, repeating your property ad at lower prices for months together is not a clever trick to get exposure. Its just plain desperation and DENIAL about the correct prices. Whats the point in getting all that exposure when the property remains unsold for months and years on end? Only shows a whole lot of people that there is something wrong with the property - the price?

            cheers

            Comment

            • #7

              #7

              Re : No Property sales for the last one year in Chennai

              Originally posted by chataara View Post
              Dear friends
              I used to see Free Ads paper to know the price quotings in RE section.
              In june 2008 one person has quoted price for 2200 sq.ft land with 1800 sq.ft building with all amenities Rs.85 lacs. This house is not sold for the last 7 months.In january 2009 1st week he quoted Rs.82 lacs. This week he has quoted Rs.80 lacs.
              Moreover, i can see many advertisement repeating for the last 7 months. From this we can know that property sales has come to standstill. And there is considerable price correction. Even though sellers are reducing the price slowly there are not any takers.
              Thanks
              chataara
              Correct.

              Ads are repeated.

              No sales on lands or flats.

              People invested all their money in real estate are wondering how to recover as prices have fallen

              Comment

              • #8

                #8

                Re : No Property sales for the last one year in Chennai

                Originally posted by Natarajg007 View Post
                Aha, folks like you talk as if you know the world. I have been posting ads to sell some of my lands in Chennai from 2004 till today. I have had many takers always and I never sold. Free ads are available on net so when possible I quote there too. IF I get the special bid, I might buy the bait.
                Now there are others who post ads because of the same reason. Now it does not mean they have no buyers. Just that they dont want to sell it out.
                IN other words most sellers are just seeing if they can get THEIR price and if not will just post more.
                FOr example when one tries to marry they post many ads. If they dont get married in 6 months, does it mean they are not fit for marriage.
                Advts are made to get a better exposure. A deal happens when two people agree to it. So if one is advertising more does not mean he has an unsaleable product. Just that he is not selling out. For example there are buyers waiting to buy. THey dont get the right house. Does it mean the prices are very high?
                Just use your brains before you post Chatara!
                Dear Natarajg007,

                Interesting message. Of course, leaving out the last line ..Just use.........

                ks2071746

                Comment

                • #9

                  #9

                  Re : No Property sales for the last one year in Chennai

                  Originally posted by Natarajg007 View Post
                  Aha, folks like you talk as if you know the world. I have been posting ads to sell some of my lands in Chennai from 2004 till today. I have had many takers always and I never sold. Free ads are available on net so when possible I quote there too. IF I get the special bid, I might buy the bait.
                  Now there are others who post ads because of the same reason. Now it does not mean they have no buyers. Just that they dont want to sell it out.
                  IN other words most sellers are just seeing if they can get THEIR price and if not will just post more.
                  FOr example when one tries to marry they post many ads. If they dont get married in 6 months, does it mean they are not fit for marriage.
                  Advts are made to get a better exposure. A deal happens when two people agree to it. So if one is advertising more does not mean he has an unsaleable product. Just that he is not selling out. For example there are buyers waiting to buy. THey dont get the right house. Does it mean the prices are very high?
                  Just use your brains before you post Chatara!
                  Dear nataraj

                  My point is: For the last several months plots are sold. In some instances property owners are quoting their prices lesser than their previous quotes.
                  This means, even though they are giving ads in different media they are not getting buyers.
                  That makes them reduce the quoted price.
                  As I have posted in another thread, Even though I gave ad in Hindu to sell my property I got just 8 or 9 responses.
                  most of the responses are from brokers.
                  Now I am not trying to sell my land. This does not mean I am expecting more price for my land.

                  THIS MEANS I AM NOT ABLE TO SELL MY PROPERTY (EVEN THOUGH I AM READY TO REDUCE THE PRICE FURTHER).

                  THERE ARE NOT MUCH BUYERS. BUT SELLERS ARE GRADUALLY INCREASING IN NUMBERS.

                  thank you
                  chataara

                  Comment

                  • #10

                    #10

                    Re : No Property sales for the last one year in Chennai

                    Dear nataraj

                    In the above post, in the first line I was about to say for the last several months plots was not sold.

                    Thanks

                    chataara

                    Comment

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