Hi All,

I was looking for a land (2400 sq.ft) or independant home in Alwarthirunagar or Valasaravakkam area (near Arcot Road) around June of 2008. The brokers quoted from 90L to 1.2C for a independant home in those areas. It was out of my reach. So I thought of waiting for the prices to reduce.

Anyone knows what is the current rate for 1 ground of Land (2400sq.ft) in those areas?

Should I wait for some more time for the prices to reduce? Any comments?

Also just curious to know if this place "Alapakkam" close to Valasaravakkam is a decent area? Any ideas?

Thanks
kvinayag
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  • Originally Posted by kkkumar
    Dear Mr wise man, if u expect the price to fall ,why are u still holding to ur property?infact u should buy now not after 6 months, just wait and see, the sen shoot and the bears will be proved decisively wrong, already the bail out is working and companies are moving forward, let me tell u chennai is not to be compared to the price drop in the rest of india,yes if someone is desperate he may sell it a bit cheap but never at a loss,u cant call that as a drop in price,the prices may drop perhaps fifty km outside chennai, chennai is considered to be among the best place to live,chennai is unique in several fronts. What i wish to reiterate is among all the investment avenues investing in chennai re will yield superior returns no matter what theory u use.

    Wiseman probably buys Cipla again and again at the old price in his dreams and does not invest in RE?
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  • sen already 16

    Dear mr wise, the sen is already 16 ,I said it will touch 16 by the year end, but u see it already now, TELL ME WHO IS RIGHT?? as u said its all a cycle, so now the wheel is moving up and do u want it to rocket so that u cant aford? So be pragmatic, and once more treat chennai differently from the rest of the pack. See the past trend and project the future,its as simple as that, CAN U HONESTLY TELL ME A AREA IN PROPER CENTRAL CHENNAI WHERE IT HAS DROPED
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  • hi

    i personally know a recent transaction in the heart of kilpauk,1200 sqft flat,3 years old ,sold for 72 lacs thats 6000 rs per sqft.presently in that same area news flats are in the range of 10600 eg praveen housing.
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  • you are all over the place kumar ...

    Originally Posted by kkkumar
    Dear mr wise, the sen is already 16 ,I said it will touch 16 by the year end, but u see it already now, TELL ME WHO IS RIGHT?? as u said its all a cycle, so now the wheel is moving up and do u want it to rocket so that u cant aford? So be pragmatic, and once more treat chennai differently from the rest of the pack. See the past trend and project the future,its as simple as that, CAN U HONESTLY TELL ME A AREA IN PROPER CENTRAL CHENNAI WHERE IT HAS DROPED



    kumar,

    I don't get it. In the previous post you told me that I was trying to sell. Then in the next sentence you ask, why am I not buying? Does this make sense to you?!

    Second, there is a lot of emotion in your post mixed with some data about Sensx 16k, etc. Then there is a question whether there is any place in Central Chennai where prices have dropped?

    So, it appears that you are trying hard to convince yourself that we are not in a recession in RE. Have you seriously been reading up all of the stuff others have been posting?

    Let us clear the confusion first. Sensx 16k is still 24% down from the peak and the talk on the streets is that markets are already running ahead of corporate performance. Watch the Sensx in the next 3-4 months. Also watch where it goes in 2010 and then tell me that the Sensx is running away upwards!!!

    As for RE, lets take the data already provided on the ground. For example, Boat Club area had a peak price level of 25k per SFt in 2007. Today its around 18k per SFt (thats 28% down in Boat Club, which is the costliest part of town!). Secondly volumes are down anywhere from 50% upwards all the way to 90% in some areas. Someone was kind enough to provide prices from 2004 in many localities in Chennai. And it was rather comprehensive and much appreciated by the more knowledgeable people in this community. In that, it was quite clear that prices even in upmarket areas of Central Chennai were rather down significantly. More importantly volumes were completely down!

    The definition of a recession includes price as well as volumes!!! Please note, both are down!

    Secondly, I am trying to sell and not buy. In my opinion, selling even now is going to be good for me in the long run because I expect a fall from these levels even bigger than the fall from peaks to these levels. That means, if Chennai prices have fallen 25%, then in the next 2-3 years I expect an even bigger fall of 25% or more.

    When the prices are attractive to buy, I will come back into the market with the cash I hold and an even more enthusiasm to buy than you currently have about RE, rest assured!!!

    Time will tell. In the meantime, please do not get carried away with emotion. Read the data and evaluate dispassionately, since only that kind of analysis will see you make prudent decisions and make money for you in the long run!

    cheers
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  • hi wiseman....just can u explain me what do u mean by volumes...does tht mean no of new flats or properties...if thts the case then how come every 15th day a developer is coming up with new projects specially in NCR like noida...this indiactes tht the vlolume is not getting down.....

    ur comments r always helpful...


    cheers..
    CommentQuote
  • Originally Posted by wiseman
    kumar,

    I don't get it. In the previous post you told me that I was trying to sell. Then in the next sentence you ask, why am I not buying? Does this make sense to you?!

    Second, there is a lot of emotion in your post mixed with some data about Sensx 16k, etc. Then there is a question whether there is any place in Central Chennai where prices have dropped?

    So, it appears that you are trying hard to convince yourself that we are not in a recession in RE. Have you seriously been reading up all of the stuff others have been posting?

    Let us clear the confusion first. Sensx 16k is still 24% down from the peak and the talk on the streets is that markets are already running ahead of corporate performance. Watch the Sensx in the next 3-4 months. Also watch where it goes in 2010 and then tell me that the Sensx is running away upwards!!!

    As for RE, lets take the data already provided on the ground. For example, Boat Club area had a peak price level of 25k per SFt in 2007. Today its around 18k per SFt (thats 28% down in Boat Club, which is the costliest part of town!). Secondly volumes are down anywhere from 50% upwards all the way to 90% in some areas. Someone was kind enough to provide prices from 2004 in many localities in Chennai. And it was rather comprehensive and much appreciated by the more knowledgeable people in this community. In that, it was quite clear that prices even in upmarket areas of Central Chennai were rather down significantly. More importantly volumes were completely down!

    The definition of a recession includes price as well as volumes!!! Please note, both are down!

    Secondly, I am trying to sell and not buy. In my opinion, selling even now is going to be good for me in the long run because I expect a fall from these levels even bigger than the fall from peaks to these levels. That means, if Chennai prices have fallen 25%, then in the next 2-3 years I expect an even bigger fall of 25% or more.

    When the prices are attractive to buy, I will come back into the market with the cash I hold and an even more enthusiasm to buy than you currently have about RE, rest assured!!!

    Time will tell. In the meantime, please do not get carried away with emotion. Read the data and evaluate dispassionately, since only that kind of analysis will see you make prudent decisions and make money for you in the long run!

    cheers

    As shameful a reply as it can get to be. As usual this guy who calls himself Wise does not answer the question; talks every other crap stuff! If asked about market moving up he will tell it yet has fallen from top.
    He is the classical Oonai in the Oonai attu kutti story.
    A Oonai (wolf) was preying on a Attu kutti (baby goat). He needed an excuse to get the goat. So when he say the goat drinking water in the downstream he said that you have disturbed the water in the upstream so I am getting filthy water. When the goat said it is not possible the Oonai said that maybe your mother did it or your grandmother and telling that pounced on the baby goat and devoured it.
    Wiseman will tell if market moves up then it fell from a higher top. If market moves down a bit, he will tell it will fall to NEGATIVE index values. In other words Wiseman is our Oonai. Enjoy!
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  • Originally Posted by rishiruskin
    hi wiseman....just can u explain me what do u mean by volumes...does tht mean no of new flats or properties...if thts the case then how come every 15th day a developer is coming up with new projects specially in NCR like noida...this indiactes tht the vlolume is not getting down.....

    ur comments r always helpful...


    cheers..

    Wiseman is a dead man nowadays.
    1. Well against his stupid prophecies, market (Stock, RE, Indian, US, you name it) is going up.
    2. His funding masters have shorted and now are desperately covering. They are not paying him in time and a much smaller percentage than promised.
    3. His coterie of gangsters have been sacked and they no longer write, so he cant tell his stupid Bear story regularly and get a bunch of jokers to clap for him.
    4. The worst that has happened is, not just ABK, not just Nataraj, there are many members who are questioning his wisdom, including you.

    Now this terrified bear is really hiding under the chair and pissing there. Everytime he comes out and tries some old cheap trick, that backfires on him and he goes into hiding. Soon he will run away for good.
    All I am trying to do is try to get him to apologize for his incompetence and then leave.
    Wisey is a scared Mousey now with no coterie of smelly mouses around him and with no bread crumbs thrown by his employers!
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  • Extreme words like "dead man", "shameless" only hides ignorance!

    Originally Posted by Natarajg007
    Wiseman is a dead man nowadays.
    1. Well against his stupid prophecies, market (Stock, RE, Indian, US, you name it) is going up.
    2. His funding masters have shorted and now are desperately covering. They are not paying him in time and a much smaller percentage than promised.
    3. His coterie of gangsters have been sacked and they no longer write, so he cant tell his stupid Bear story regularly and get a bunch of jokers to clap for him.
    4. The worst that has happened is, not just ABK, not just Nataraj, there are many members who are questioning his wisdom, including you.

    Now this terrified bear is really hiding under the chair and pissing there. Everytime he comes out and tries some old cheap trick, that backfires on him and he goes into hiding. Soon he will run away for good.
    All I am trying to do is try to get him to apologize for his incompetence and then leave.
    Wisey is a scared Mousey now with no coterie of smelly mouses around him and with no bread crumbs thrown by his employers!



    kkumar & other folks,

    You must understand that we are right in the middle of history being made - I mean extraordinary history!

    Time will tell who has been right. In any case, knowing that prices are too high to afford, my common sense tells me that it must come down to affordability. Here is my logic ...

    Everything in this world has a reason for its current state. If you did something right in the past, you will have been rewarded. That does not mean that, later on, if you did something wrong, you will continue to be rewarded. The wrong will be punished one way or another and this is one of the laws of nature ...

    The reason why prices still remain high - while still being unaffordable - is that a majority of people have not given up their bullish hope and continue to believe that the credit-fueled boom times will come back and take prices to new highs, thereby protecting their investments.

    But this is not to be so. In the next decade, there will be serious deflation and a winding down of credit. So, demand and therefore prices, will also come down in lockstep with deflation. This is inevitable. In between, there will be brief flashes of bullishness like this 16k rally (btw, the rally has morer-or-less ended with the big drop today on the sensx, watch the next few days - BigBear my target of 4200 nifty is on after which there will be another small rally back to 4800!). In general, each fall will take demand and prices lower and lower.

    Reason? A slow but steady dwindling of this bullish outlook as people continue to lose money in dribbles steadily. Coupled with a steady increase in bearish outlook. This will kill bullish sentiment, which is the main reason for prices holding up, not fundamentals!

    You will reach the correct conclusions if you think with a cool head and refrain from calling other cool dudes all kind of extreme words like in the heading.

    Continuous and heavy use of these words (to the exclusion of anything sensible or data driven) only shows you for what you are. An empty vessel making lots of noises but not getting anywhere!:D

    Is there any reason for me to be terrified? I study the data and trends and take action accordingly so that either profits are increased and booked OR losses are reduced. No time to sit on my hands, hold property hoping for price rise and get terrified like some people (desperately hoping that if you say rise, rise, rise enough number of times, price will actually rise irrespective of reality! :D)

    cheers
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  • time to sell and get poorer ?

    Dear Mr wise, if u are serious its time u sell ur property and do not buy again,bec if u buy and by the time u plan to sell it would have gone down further? So why talk of buying again after selling? So too will the stock market be probably sen will touch 1000,so what do u do,It would be wise of u to sell all ur re and come with me to zimbabwe and u can live like a king,bec thats where i live, I can get u acres for a song,
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  • Originally Posted by kkkumar
    Dear Mr wise, if u are serious its time u sell ur property and do not buy again,bec if u buy and by the time u plan to sell it would have gone down further? So why talk of buying again after selling? So too will the stock market be probably sen will touch 1000,so what do u do,It would be wise of u to sell all ur re and come with me to zimbabwe and u can live like a king,bec thats where i live, I can get u acres for a song,

    Dear Kumar,

    Wisey talks anything from Vedanta to Utter bullshit but always talks bearish. He is paid to do that. The last post of his is Vedantic philosophy. When Wisey has been proved wrong suddenly he switches to philosophy.
    Incidentally take him to Zimbabwe and give him to the lions. Unfortunately they will run away from Wisey as his nonsense will make them go sick!

    Also the Zimbabwe govt will take action against you for bringing such a sick character there. So beware! LOL!

    Cheers
    CommentQuote
  • Originally Posted by kkkumar
    Dear Mr wise, if u are serious its time u sell ur property and do not buy again,bec if u buy and by the time u plan to sell it would have gone down further? So why talk of buying again after selling? So too will the stock market be probably sen will touch 1000,so what do u do,It would be wise of u to sell all ur re and come with me to zimbabwe and u can live like a king,bec thats where i live, I can get u acres for a song,


    kkkumar, are you from Zimbabwe

    now I understand the bullishness because prices always go up in triple digit percentages in Zimbabwe;)
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  • u are welcome to join the bears here,

    Mr contra, u are right, there are very big bears here probably u can join them,For ur info,zimbabwe uses US dollars, if u want some outdated billion zim dollars i can send u some probably it will inflate in your closet. You didnt get my point, all I WAS TRYING TO SAY IS THAT U SHOULD NOT INVEST IN RE OR STOCKS SINCE ACCORDING TO U ITS NOT GOING TO GO UP, so was i wrong in advising u to quit re, simple, probably u may try investing in gold, who knows it may also go down, so stuff the pillow with cash and sleep on it?
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  • The Green Shoots Will Turn into Plants

    Wiseman is this reasoning true for the Indian economy and the RE factor in India?
    Check web site and comments
    ]http://seekingalpha.com/article/155933-why-this-rally-will-continue
    CAN

    Originally Posted by wiseman
    kkumar & other folks,

    You must understand that we are right in the middle of history being made - I mean extraordinary history!

    Time will tell who has been right. In any case, knowing that prices are too high to afford, my common sense tells me that it must come down to affordability. Here is my logic ...

    Everything in this world has a reason for its current state. If you did something right in the past, you will have been rewarded. That does not mean that, later on, if you did something wrong, you will continue to be rewarded. The wrong will be punished one way or another and this is one of the laws of nature ...

    The reason why prices still remain high - while still being unaffordable - is that a majority of people have not given up their bullish hope and continue to believe that the credit-fueled boom times will come back and take prices to new highs, thereby protecting their investments.

    But this is not to be so. In the next decade, there will be serious deflation and a winding down of credit. So, demand and therefore prices, will also come down in lockstep with deflation. This is inevitable. In between, there will be brief flashes of bullishness like this 16k rally (btw, the rally has morer-or-less ended with the big drop today on the sensx, watch the next few days - BigBear my target of 4200 nifty is on after which there will be another small rally back to 4800!). In general, each fall will take demand and prices lower and lower.

    Reason? A slow but steady dwindling of this bullish outlook as people continue to lose money in dribbles steadily. Coupled with a steady increase in bearish outlook. This will kill bullish sentiment, which is the main reason for prices holding up, not fundamentals!

    You will reach the correct conclusions if you think with a cool head and refrain from calling other cool dudes all kind of extreme words like in the heading.

    Continuous and heavy use of these words (to the exclusion of anything sensible or data driven) only shows you for what you are. An empty vessel making lots of noises but not getting anywhere!:D

    Is there any reason for me to be terrified? I study the data and trends and take action accordingly so that either profits are increased and booked OR losses are reduced. No time to sit on my hands, hold property hoping for price rise and get terrified like some people (desperately hoping that if you say rise, rise, rise enough number of times, price will actually rise irrespective of reality! :D)

    cheers
    CommentQuote
  • history lesson for contra

    why inflation in zim? Mugabe gave land to his own people, he stood by his people,the only man who stood for his own people and challenged the capitalists(he was not a yes man) so the west strangled him with sanctions(what would u do if someone cut ur electricity and water),this man stood firm, and still standing, hence inflation.zim is doing well with asian support viz china, and good bye to west.You must thank God for the freedom u have to own your own land and not be dictated upon .
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  • That was cute Kumar. Dont be upset by contra. He has been bought by the Bear BPO so he will go about abusing you. He is trying to talk about Zimbabwe as if that defines you totally. Think of contra as a loose cannon who changes colour like a chameleon, who is purchasable for a hike of 500 rupees every month. So dont be surprised if he asks you to send a box of Zimbabwe currency.
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