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 ks2071746
    Dear friend,

    IT guys are afraid of buying flats now as their jobs ae in jeopardy and salaries are coming down. Only guys with their parents supporting them can continue with their EMI on house loan already taken. Now a days, the IT guys seldom go to big hotels for party or even for normal food. They start cooking themsleves or go to medium class hotels for their food. Even in their Food Courts in their companies, they opt for medium or low priced food items. Some guys who have been going in for I class railway season ticket are switching to II class season ticket. They are now realising the need and necessity of saving for future which they were not doing earlier when their jobs were not that much in danger. (Incidentally, my son is a software engineer in a reputed IT company- not in Satyam))

    ks2071746

    :)

    KS, in a lighter vein. Your last line (not in Satyam) seems to be a Madrasi feeling! You want to say as if we are all acquainted so much and you should not jearpardize others views of you and as if being in Satyam is a bad thing. Just my view. No fights.
    (Madrasis tend to think too conservative!)
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  • Originally Posted by sethugm
    This 60000 Cr is not Black/Corrupt Money suddenly pumped into the RE market .Its the possible loss for the Govt and this figure is an exaggerated figure by the opposition.

    Few crores would have been transferred as a bribe to get the contract.Given the volatile nature of the political power & threat that next Govt will initiate legal action as revenge (not for the benefit for the Govt), the corrupt beneficiary would not park these money into RE.

    The businessmen have the power to get back the money back when the underlying business does not fair well from these politicians.

    Am sure that the entire bribe will not be transacted as hot cash & major portion of it will be share in the business or that will be paid in future.

    When the future of the business itself is seen as bleak due to recession neither Black nor Corrupt Money can save the RE.

    We could understand the desperation to hold up the RE prices. But

    Which businessman has got back his money from Politicians in case of a loss? Sethugm you are a super hallucinator!
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  • Originally Posted by gone_mad
    read somewhere that the Marans are in the RE business too (land transacting). Not sure about the authenticity of the news, but the tough Chennai RE market despite the global / national slowdown makes me to wonder if that could be true as well

    Do you think these Bear writers on this board are paid by Maran? Wiseman may be on their paylist. Beware Land owners, prices are not falling, just that some big hands want to buy them cheap!
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  • Originally Posted by gone_mad
    read somewhere that the Marans are in the RE business too (land transacting). Not sure about the authenticity of the news, but the tough Chennai RE market despite the global / national slowdown makes me to wonder if that could be true as well


    Dear friend,

    I heard from one guy, Marans have purchased a many acres of land in parivakkam near Poonamalli - avadi High road.

    I believe this property is worth of (may be hundreds) crores rupees.

    thanks

    chataara
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  • Originally Posted by chataara
    Dear friend,

    I heard from one guy, Marans have purchased a many acres of land in parivakkam near Poonamalli - avadi High road.

    I believe this property is worth of (may be hundreds) crores rupees.

    thanks

    chataara


    Dear friend,

    People with hundreds of crores of money will put their money in RE to reap thousands of crores when the RE boom cycles comes again, may be after 5 years or so. It is natural for them to invest in bad times to reap very high profits, after all so much of idle money available with them which are to be put in somewhere.

    ks2071746:D
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  • Normal RE bear market usually takes 3-4 years to turn around.Considering we are in a once in a life time financial crisis analysts are expecting a long bear market.People who bought stock at sensex level of 12000
    thinking it as a bottom had easlily lost 25% of the value .So you can lose considearble money if you buy RE now thinkingbottom has come.

    Since RE falls and rises slower than stock it will take atleast 5 years to reach your purchase price.Keep your money safely in a public bank FD and enter once distress sale starts kiicking in.
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  • Originally Posted by ks2071746
    Dear friend,

    People with hundreds of crores of money will put their money in RE to reap thousands of crores when the RE boom cycles comes again, may be after 5 years or so. It is natural for them to invest in bad times to reap very high profits, after all so much of idle money available with them which are to be put in somewhere.

    ks2071746:D


    Dear friend

    Those who have accumulated enormous money can do anything.

    They have the potentiality to invest and wait to reap the seeds.

    Thanks

    chataara
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  • Originally Posted by nabishek
    Wont the black money also get eroded in the recession?

    Though majority portion of the money would be still in cash,under benami account/trust or in some swiss bank.

    A huge chunk of black money is routed out through Hawala and brought back using means such as participatory notes etc.

    Most of these investments were done in stock markets and Real estate.

    Was just wondering how much black money would go into thin air when the scotland banks go bankrupt???when RE and Stock market crashes.


    Abishek,

    Nicely written.

    Yes .Majority of these black money have been sent out and coming back using Hawala and deployed in Stocks and RE .

    The former beaten down to earth and and the later being crushed down , do you think RE can hold up the inflated price ?

    I hope the only beneficiaries would be the FIIs who got into Indian soil bwn 2002-07 and withdrawn during the peak Jan-Mar 2008 .

    I think the FIIs are those really benefitted(looted from BM) of these corrupt Indian BM guys and the B@ Broker acronymed 'BR' in another thread 'dirty modus operendi' .
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  • Originally Posted by Natarajg007
    Do you think these Bear writers on this board are paid by Maran? Wiseman may be on their paylist. Beware Land owners, prices are not falling, just that some big hands want to buy them cheap!



    Do you really think that Wiseman, with the help of a few posts on a quiet website like this, can actually bring the prices down? Or you, with your passionate defense, can keep the prices up?

    Dude, it's not about wiseman or you. Look around. The realty stocks have crashed 90% (stock price is almost always is based on the short to mid-term outlook). The sales have dried up. The biggest realty players are declaring mammoth losses. The Realty companies are reeling under debt. There is no effing demand since 12 months at least. So, how on earth could you continue with your monotonous rant about the realty market still being healthy and strong? Trust me, it has started sounding stupid now.

    Do you at least acknowledge that the state of RE is not what it was back in mid-2007? Or would you disagree there as well?
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  • I wish I was being paid as Nats suggests ...

    Originally Posted by Natarajg007
    Do you think these Bear writers on this board are paid by Maran? Wiseman may be on their paylist. Beware Land owners, prices are not falling, just that some big hands want to buy them cheap!


    Folks,

    I wish what Nats is saying is true and I was being paid by the Marans - though whether I'd like to touch their money is another matter! :D

    That was, not only will I get rich. I will also gain fame as someone who got rich correctly predicting the giant fall in the markets.

    I just have to settle for one of them I suppose!!!:(

    And Warning! Beware Landowners, prices are not falling. Wait till after they fall to make sure you lose your shirt and other clothing on you!!! :D

    cheers
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  • Originally Posted by sethugm


    I hope the only beneficiaries would be the FIIs who got into Indian soil bwn 2002-07 and withdrawn during the peak Jan-Mar 2008 .



    Dear friend

    Not only them... As far as chennai is concerned, the farmers who had
    owned many acres of land turned to be crorepathis in a single transactions.

    Their waste land fetched them as far as 10 c per acre. In the normal

    situation ie., some 4 years back it was going for few lakhs per acre.

    I read in Deccan chronicle that these sellers demanded hot cash ... no
    cheque.

    Now, the owner of Ambattur clothing factory is willing to sell his ECR road property of 21 acres.

    His quote is just 4.75 C per acre. But very experienced consultants in this field says that it is very difficult (Source : Times of india)

    This same person wants to sell his boat club road property (9 grounds) for 80 crores. But so far no buyer...

    Those who says RE is not crashing has to answer regarding this.

    Thanks

    chataara
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  • Originally Posted by chataara
    Dear friend

    Not only them... As far as chennai is concerned, the farmers who had
    owned many acres of land turned to be crorepathis in a single transactions.

    Their waste land fetched them as far as 10 c per acre. In the normal

    situation ie., some 4 years back it was going for few lakhs per acre.

    I read in Deccan chronicle that these sellers demanded hot cash ... no
    cheque.

    Now, the owner of Ambattur clothing factory is willing to sell his ECR road property of 21 acres.

    His quote is just 4.75 C per acre. But very experienced consultants in this field says that it is very difficult (Source : Times of india)

    This same person wants to sell his boat club road property (9 grounds) for 80 crores. But so far no buyer...

    Those who says RE is not crashing has to answer regarding this.

    Thanks

    chataara


    Cheers Guys Good News

    DLF revising the Garden City Price ....(Appreciate DLF...Not Appreciation in RE)

    Early bird offer of Rs 2,650 a sq.ft up to May 31.(which was priced @ Rs 3200 / SQFT)

    http://thehindubusinessline.com/2009/02/24/stories/2009022451031300.htm

    According to officials, DLF is “readjusting to market realities.”

    When the 53.5-acre project was launched on Old Mahabalipuram Road, about 20 km south of Chennai, a year ago the economic scene and the sentiment in the market were radically different, apart from the costs involved. But now with the slowdown, along with the drop in the cost of construction following the drop in commodity prices, the company is passing on the benefit to the buyers and doing its bit to stimulate the market.

    Cheers Guys , Dont fall prey . Be patient & you will be rewarded & you will have ample choice.

    Kudos DLF Customers & Thanks DLF for realising the market & caring for your customers.

    Sorry Admins to post this again . As there are lot of threads on the same subject & lot of arguments and counter arguments , I had to post it again .
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  • Dear friend

    The owner of Ambattur clothing factory is selling his properties under

    frustration. He needs money urgently to complete his another project at

    guindy. As wiseman has already told, this is the beginning. We can hear

    lot of news like this in the near future.

    Those who wants to buy property... just watch and wait... c

    Certainly your turn will come to grab your dream land for a song...

    Thanks

    chataara
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  • Dear friends

    Here is the news of another price slash in chennai

    http://economictimes.indiatimes.com/Markets/Real_Estate/Chennai_realtors_in_race_for_Rattha_Groups_9-ground_property/rssarticleshow/4025860.cms

    Just read and see that there is some 25% slash in price in velacherry


    thanks

    chataara
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  • http://www.rediff.com/money/2009/feb/24bcrisis-pune-developers-to-pay-emi.htm

    Crook builders know once the buyers back out from the deal bcoz of job there will be no new buyers for those flats.
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