Friends,

The peak time for Chennai Real estate in chennai is over.

If chennai RE is at peak anyone can sell their property in no time.
In 2007 everyone was running after land. It was like getting 'sundal' at vinayagar temple.
Banks also gave loan like giving 'sundal' at temples. Now banks are not able to get back the loan amount.
They dont know for sure the amount of non performing loans.
Banks are in denial mode in giving loans. Not only that. people also are not in loan buying mood.
They have lost their confidence about repaying the loans.
Those who have accumulated black money dont want to invest in 'non performing' properties.
Because of various reasons like these, peak time for Real estate in chennai is over.

Everywhere owners are telling rate at their will. Its like telling "Ayiram... rendayiram... naalayiram....".
Those who realised the facts are gradually reducing the price. But in most of the cases, plots are lying unsold.

If one is willing to sell a plot, and if there are many buyers we can say there is demand.
If there is demand from many sides, there will be price escalation.
But no demand... No increment in price. But rebate sale has started without buyers.
thanks
chataara

chataara
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  • Originally Posted by wiseman
    Watch out Nats!!!

    There is something called a limit which is unsaid but just the same, NOT CROSSED!

    You can use any amount of filthy language. Don't cross the line with stuff like "cutting you to pieces". Highly objectionable. Hope your good sense prevails and you step back henceforth.

    This is grounds for legitimate and legal pursuit (besides other kinds of pursuit). Watch it!!! Don't get over-enthusiastic. You can still be tracked, even though you think you are too smart for all else on this forum. Stay within limits.

    cheers

    Wiseman now that you have been cut to pieces on this board and you have stooped to the level of challenging me personally, if you really worthy son of your father, then track me! If not we know what you are.
    CommentQuote
  • Originally Posted by Natarajg007
    I suspect you have been absurd in explaining the obvious, not because anything is wrong with you but because you are talking to an insane goon called Chatara! Remember ABK, if you talk to sensible folks you can discuss matter. When you talk to Chatara like Jalras you just have to ignore.
    Ofcourse if we discover Chatara is shit like I have found of some others on this board, I wont even throw a stone at him as it will only dirty me. Now Chatara has to be thankful that he is only the Cooum dweller and not the COoum, but if he continues like this for too long I will not dare throw a stone at him!
    ABK, I think you are too good to waste time arguing with Chatara. I suspect Chatara is paid to make sure every thread is replied to so that the forum will run. So please disseminate your valuable knowledge and dont get to concerned with Chatara. He is just the Jalra of Wisey.



    Dear Nat

    There is only one person in this forum whom you can converse without using filthy words. He is none other than Mr. ABK (who is really a gentleman contrary to you). Because his views will go together with yours.

    Thanks

    chataara
    CommentQuote
  • Originally Posted by chataara
    Dear Nat

    There is only one person in this forum whom you can converse without using filthy words. He is none other than Mr. ABK (who is really a gentleman contrary to you). Because his views will go together with yours.

    Thanks

    chataara


    Dear friend,


    I beg to differ. Not one, there are many in this forum who communicate without using bad words.

    ks2071746:D
    CommentQuote
  • Originally Posted by ks2071746
    Dear friend,


    I beg to differ. Not one, there are many in this forum who communicate without using bad words.

    ks2071746:D


    Dear KS

    I did not mean Everybody in this forum is using filthy words.

    What I meant was: If anybody speaks something contrary to Mr. Nataraj's view He immediately jumps to the conclusion that He is a "jalra" of Wiseman and Mr. Nataraj starts using filthy words which are not printable. Mr. Nataraj's views are more or less same like Mr. ABK's.

    Thats why Nataraj will not use filthy words at Mr. ABK.

    Btw, I am not inclined to quarrel with Mr. Nataraj. Here, I put a BIG
    FULLSTOP for this.

    Thanks

    chataara
    CommentQuote
  • Guys,

    It's worth a read and more worthy to wait n watch.

    ]http://business.rediff.com/report/2009/mar/20/nano-inspired-houses-to-cost-rs-5-10-lakh.htm
    CommentQuote
  • Now that most of those threatening voices have died on their own. I can now pursue my main interest of writing on RE.
    For one I notice that in CHennai many useless pieces of properties are coming out for sale and you know what at discounted prices. There was this Seaward road where prices were quoted at 3crores and upwards. Now this place is well located and the price might be justified but documentation! Well that is missing.
    a. THese are in CRZ (coastal regulation zone)
    b. There are no approved layouts on the seaside of ECR
    c. Most buyers were the operator lot and they were trapped or idiots who bought from them are trapped.
    Now if someone assumes that prices have fallen, that is UNTRUE. THe truth is as volumes have reduced sane buyers are biding their time and sellers of worthwhile property are not ready to sell. However people with such dubious property are selling out.
    INfact the guy has bought the property for 10K in 1991 almost one tenth the price I got an approved land a little further down on ECR. In other words if you are buying land now you are most likely going to buy WORTHLESS land and if you are buying FLAT it is going to be the most useless ones.
    However if you get the right one, the price will not have moved down one bit.
    So based on the above, many bears are going to assume that I have turned bearish. That is the fault. When useless property come in then the market is settling down. When they get sold the market has bottomed out. So if you want some damn flat with or without documentation then now is the best time to buy, but if you own a great property you will be a fool to sell it now unless you have a sane buyer who will give you the price.
    Again good properties are getting sold out but only that it goes by the old age method of physical contact and not by emails and imaginations!
    CommentQuote
  • From DnaIndia

    In Mumbai and its suburbs, an estimated 12,000-20,000 flats and homes are in the process of being notified, seized and auctioned off as home loan borrowers stop paying their monthly EMIs in a downturn. Dreams of owning a home have gone sour for thousands of families.

    A senior official from Bank of India says his bank has seen a rise of Rs 70 crore in bad home loans since September, 2008. "Till September, the figure (of bad loans) was merely Rs18 crore, but by February, 2009, it had shot up to around Rs90 crore," said the official, part of the bank's special asset recovery cell.
    CommentQuote
  • Dear friend,

    Glad that the subject has come back to where it got started originally after taking a big circle of so many pages/comments.

    ks2071746:)
    CommentQuote
  • Originally Posted by G_IVAR
    Guys,

    It's worth a read and more worthy to wait n watch.

    ]http://business.rediff.com/report/2009/mar/20/nano-inspired-houses-to-cost-rs-5-10-lakh.htm
    Actually the article is not really talking about NANO induced houses since the size mentioned is 1000sqft plus. Actually in Chennai if the max 6 kitchens per plot and only 2floor max and 1.5FSI are changed to say 12 kitchens, 3 to 4 floors and 2 to 2.5FSI then you can build affordable homes, where the flats will be of size 500 to 600sqft and cost will be 10 to 15L.
    Actually the article is not really talking about NANO induced houses since the size mentioned is 1000sqft plus. Actually in Chennai if the max 6 kitchens per plot and only 2floor max and 1.5FSI are changed to say 12 kitchens, 3 to 4 floors and 2 to 2.5FSI then you can build affordable homes, where the flats will be of size 500 to 600sqft and cost will be 10 to 15L.
    Actually the article is not really talking about NANO induced houses since the size mentioned is 1000sqft plus. Actually in Chennai if the max 6 kitchens per plot and only 2floor max and 1.5FSI are changed to say 12 kitchens, 3 to 4 floors and 2 to 2.5FSI then you can build affordable homes, where the flats will be of size 500 to 600sqft and cost will be 10 to 15L.
    Actually the article is not really talking about NANO induced houses since the size mentioned is 1000sqft plus. Actually in Chennai if the max 6 kitchens per plot and only 2floor max and 1.5FSI are changed to say 12 kitchens, 3 to 4 floors and 2 to 2.5FSI then you can build affordable homes, where the flats will be of size 500 to 600sqft and cost will be 10 to 15L.
    CommentQuote
  • Dear friend,

    Today there is an article in economic times that there may be a possibility of " Gold Bubble " like oil bubble, mortgage bubble, RE bubble etc. etc.
    the article can be read at ="http://economictimes.indiatimes.com/Word-of-caution-Gold-is-the-next-bubble/articleshow/4304788.cms"]http://economictimes.indiatimes.com/Word-of-caution
    ="http://economictimes.indiatimes.com/Word-of-caution-Gold-is-the-next-bubble/articleshow/4304788.cms"]-Gold-is-the-next-bubble/articleshow/4304788.cms

    ks2071746

    ks2071746

    ks2071746
    CommentQuote
  • Originally Posted by BigBear
    From DnaIndia

    In Mumbai and its suburbs, an estimated 12,000-20,000 flats and homes are in the process of being notified, seized and auctioned off as home loan borrowers stop paying their monthly EMIs in a downturn. Dreams of owning a home have gone sour for thousands of families.

    A senior official from Bank of India says his bank has seen a rise of Rs 70 crore in bad home loans since September, 2008. "Till September, the figure (of bad loans) was merely Rs18 crore, but by February, 2009, it had shot up to around Rs90 crore," said the official, part of the bank's special asset recovery cell.


    Legal the banks may have to wait for 18 - 24 months of default for seizure/auction. If this is the case either these reports has to talk about default that might be normally occur or ???
    CommentQuote
  • Originally Posted by BigBear
    From DnaIndia

    In Mumbai and its suburbs, an estimated 12,000-20,000 flats and homes are in the process of being notified, seized and auctioned off as home loan borrowers stop paying their monthly EMIs in a downturn. Dreams of owning a home have gone sour for thousands of families.

    A senior official from Bank of India says his bank has seen a rise of Rs 70 crore in bad home loans since September, 2008. "Till September, the figure (of bad loans) was merely Rs18 crore, but by February, 2009, it had shot up to around Rs90 crore," said the official, part of the bank's special asset recovery cell.

    I thought Mumbai is not in Chennai!!?
    CommentQuote
  • Source: Economic Times

    Satyam defers joining date of freshers
    23 Mar 2009, 2037 hrs IST, PTI


    NEW DELHI: Satyam Computer has deferred the joining dates of freshers, citing the global economic slowdown and the turn of events in the once

    iconic firm, while stopping short of asking them to look for jobs elsewhere.

    "Accordingly, it has been decided to defer the joining dates for the campus hires, until further intimation. We expect and recognise that this will cause a disruption in your plans and do sincerely regret the inconvenience caused.

    "We would like you to know that this decision was made after careful deliberations and only after all other practical options were exhausted. While unfortunate, it has also been unavoidable. Added to this, was an unprecedented set of events in the organisation, over the past few weeks, which has been most unfortunate", said company HR head of S V Krishnan in an email to all the freshers.

    The company is in the process of restating its accounts, which is crucial to determining the future of its over 50,000 employees.

    "This scenario combined with the continuing volatility in the business environment, necessitates that we optimise... and critically re-examine additional requirements (for new-hires) on an ongoing, quarterly basis", he said.

    "The IT services industry in India and around the world has been observing the impact of the unfolding global economic crisis. The rate of growth, is half of what it used to be at around 40 per cent Y-o-Y," he sai

    =======================================

    Two years ago such freshers used to take shared rental flats in IT areas which lead to increase in demand of flats. Now this market is gone

    No wonder RE is falling
    CommentQuote
  • Dear friend,

    This is why the property value in OMR region is falling more than other areas. IT may look up only after another 2 years or so. Till such time it will be difficult period. May be if some one who can manage to pay EMI, if he buys his own flat for even future living, may be in another 6 to 12 months time, he may reap the benefit of fast escalating RE prices after 3 years.

    ks2071746
    CommentQuote
  • Originally Posted by Nataraajg007
    Source: Economic Times

    Satyam defers joining date of freshers
    23 Mar 2009, 2037 hrs IST, PTI


    NEW DELHI: Satyam Computer has deferred the joining dates of freshers, citing the global economic slowdown and the turn of events in the once

    iconic firm, while stopping short of asking them to look for jobs elsewhere.

    "Accordingly, it has been decided to defer the joining dates for the campus hires, until further intimation. We expect and recognise that this will cause a disruption in your plans and do sincerely regret the inconvenience caused.

    "We would like you to know that this decision was made after careful deliberations and only after all other practical options were exhausted. While unfortunate, it has also been unavoidable. Added to this, was an unprecedented set of events in the organisation, over the past few weeks, which has been most unfortunate", said company HR head of S V Krishnan in an email to all the freshers.

    The company is in the process of restating its accounts, which is crucial to determining the future of its over 50,000 employees.

    "This scenario combined with the continuing volatility in the business environment, necessitates that we optimise... and critically re-examine additional requirements (for new-hires) on an ongoing, quarterly basis", he said.

    "The IT services industry in India and around the world has been observing the impact of the unfolding global economic crisis. The rate of growth, is half of what it used to be at around 40 per cent Y-o-Y," he sai

    =======================================

    Two years ago such freshers used to take shared rental flats in IT areas which lead to increase in demand of flats. Now this market is gone

    No wonder RE is falling



    when satyam fiasco came you were shouting 55000 jobs lost and the consequential job losses and RE will fall .
    against that this is a huge relief and growth that 55000 people did not lose jobs can be thougth as 55000 jobs created if satyam had failed.
    and now you are jumping on 'no new recruitment'.
    This has proved you absolutely wrong where are the 55000 jobs lost in satyam.many here were doing the same.
    ATLEAST ONE THING YOU AND CO. PREDICTED HAS NOT HAPPENED YET
    SATYAM HAS NOT FIRED 55000 PEOPLE AND THE 3 DEPENDENT JOBS I.E 150000 JOBS ARE STILL NOT LOST.

    I AM NOT SAYING RE WILL GROW OR THERE WILL BE NO CORRECTION BUT CRASH IN CHENNAI WILL NOT HAPPEN(CLEVER YOU GUYS HAVE TAKEN A 15 MONTHS (LAG) BUFFER) SORRY CAPS KEY LOCKED
    CommentQuote