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 Natarajg007
    Heccchhh EYE Kay EEEEE ... HIKE. So ABK, you are getting taught English on this board. Looks like many here seem to say they know English BETTER than others, especially given the pathetic English knowledge in TN.


    Dear Nataraj

    thanks for pronouncing "Hike" like "Echakkai" :D

    Thanks

    chataara
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  • Dear friends

    Have a look at the news extracts of TOI

    "MS, believed to use somewhere between 40,000 and 60,000 contract workers worldwide, is slashing overtime, hours and pay.
    It’s official now. TCS may freeze variable pay and it has also decided to increase employee working hours to 45 hours per week.
    Wipro Technologies, the country's third largest IT services exporter, has decided not to hire fresh recruits till demand picks up.
    Employees of Infosys Technologies may get pay hikes below 10 per cent this year, the company's CFO S D Shibu Lal said.
    Infosys Technologies vice-chairman Nandan Nilekani admitted that the global economic meltdown has affected hiring in India's IT industry.
    IT companies now have decided to undertake recruitment only when a batch is about to pass out of college.
    Software firm Sapient has laid off 300 employees at its offices in Bangalore, Noida and Gurgaon as a result of the global economic downturn.
    IT services company HCL Technologies has asked 450 employees at its Delhi and Bangalore offices to leave, a majority of those were on the bench"
    I feel very sorry for the fate of the guys who were instrumental in driving
    RE sector upward.

    Thanks

    chataara
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  • Why you dont drive the crow with an Echhakai? U r such a kanjoos guy eh? I can see that! LOL!
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  • Previous post is for Chatara!
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  • Originally Posted by Natarajg007
    Previous post is for Chatara!


    Mr. Nataraj

    You seem to be more hasty while replying.

    Quite abnormal nowadays....?

    Take care

    thanks

    chataara
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  • Originally Posted by chataara
    Mr. Nataraj

    You seem to be more hasty while replying.

    Quite abnormal nowadays....?

    Take care

    thanks

    chataara


    Dear friend,

    Coming back to the subject of " Is the Chennai real estate collapsing" I am now coming to the position that the prices are coming down but the stage of collapse is still some months away, if the banks do not reduce the ROI and the builders/owners of land do not reduce the prices to a reasonable/affordable level.

    ks2071746
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  • Real collapse is expected in few months.
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  • Longer the time taken for reducing price greater will be the impact.
    Remember how Lehman collapsed trying to value their mortage securities way above the market price and ending up in not disposing of them earlier.
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  • Originally Posted by BigBear
    Longer the time taken for reducing price greater will be the impact.
    Remember how Lehman collapsed trying to value their mortage securities way above the market price and ending up in not disposing of them earlier.


    Dear friend,

    US situation may not apply to that extent here. It may be to a much lower extent here in India due to a variety of reasons, some like being BM ( black money ) and lack of transperancy in RE deals, hide and seek etc.

    ks2071746
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  • Originally Posted by BigBear
    Longer the time taken for reducing price greater will be the impact.
    Remember how Lehman collapsed trying to value their mortage securities way above the market price and ending up in not disposing of them earlier.



    Dear friend

    I agree with U

    The RE owners may be well positioned now.

    But when years running out... and sudden urgent need arises that time they have to sell it in mad rush.

    That time they cannot wait for a prosperous buyer

    Anything they buyer quotes will become the rate then

    thanks

    chataara
    CommentQuote
  • Originally Posted by chataara
    Dear friend

    I agree with U

    The RE owners may be well positioned now.

    But when years running out... and sudden urgent need arises that time they have to sell it in mad rush.

    That time they cannot wait for a prosperous buyer

    Anything they buyer quotes will become the rate then

    thanks/chataara

    Dear friend,

    I wish, this should happen soon for the benefit of the buyers.

    ks2071746:)Dear friend

    I agree with U

    The RE owners may be well positioned now.

    But when years running out... and sudden urgent need arises that time they have to sell it in mad rush.

    That time they cannot wait for a prosperous buyer

    Anything they buyer quotes will become the rate then

    thanks/chataara

    Dear friend,

    I wish, this should happen soon for the benefit of the buyers.

    ks2071746:)
    CommentQuote
  • Originally Posted by ks2071746
    Originally Posted by chataara
    Dear friend

    I agree with U

    The RE owners may be well positioned now.

    But when years running out... and sudden urgent need arises that time they have to sell it in mad rush.

    That time they cannot wait for a prosperous buyer

    Anything they buyer quotes will become the rate then

    thanks/chataara

    Dear friend,

    I wish, this should happen soon for the benefit of the buyers.

    ks2071746:)



    Dear friend

    It will differ depending upon the sellers personal wealth and health.

    But, in the long run, the rate in every particular area will become more or less same.

    Because the buyers will come to know the sold out price and they will demand at lesser price

    thanks

    chataara


    Dear friend

    It will differ depending upon the sellers personal wealth and health.

    But, in the long run, the rate in every particular area will become more or less same.

    Because the buyers will come to know the sold out price and they will demand at lesser price

    thanks

    chataara
    CommentQuote
  • Many seem to be imagining RE is collapsing in Chennai and are behaving like the fox looking at the grapes. Once the price goes up they will call it sour and leave the board!
    Reality is.
    a. Even today a contact called me asking if he should buy a land in Chennai. He felt it seems to be right time to invest especially as he is cash rich come back with his funds from US some months ago. I bet there are many like that waiting to catch the stable market. AND HIS COMMENT WAS, Everybody is expecting market to fall, BUT I DONT SEE IT FALL ONE BIT!!
    b. What forced me to visit this board today (certainly not to deal with the idiot who calls himself wise!) was the advertisement of Tamilnadu housing board.
    They are charging for a 563sqft flat in Vyasarpadi some 16.5lakhs. ON seeing this advt. I tend to think that if I sell a flat in Saligramam of 563sqft for 32 lakhs even a idiot should buy it! And at that price I will make more than what I quoted in "Dont Sell Your Land for a Song". And we are talking about HOUSING BOARD FLAT. And we are talking about Vyasarpadi, not Chennai.
    Obviously those who are imagining that RE price will fall might be having a rude shock in the future. To me if flat is 2930psft in Vyasarpadi, then even in Urapakkam I should get more and in Mylapore I can quote 20K and I dont find a reason to be wrong.
    So those who are imagining that price will fall on this board are as I clearly called, PITCHAI KARANS or BEGGARS.
    WHy am I using such a derogatory word? Certainly not to insult them due to some superiority complex of mine.
    It is because they are folks who cant afford the RIGHT PRICE of these RE in Chennai and like the fox they are asking the price (Grape) to fall down by itself. Once their dreams go crashing they just disappear and will go and buy resale flats of TNHB in Vyasapadi not for 2930psft but 5000psft.
    FIRST GO AND ASK TNHB HOW THEY GOT T
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  • Contd from previous post
    FIRST GO AND ASK TNHB HOW THEY GOT THAT EXOTIC PRICE AND THEN TALK ABOUT FALLING PRICES.
    Even after this if prices are talking about falling prices then even Sarawathi cant educate them.
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  • People amy quote any price. What is the final selling price?

    Govt will not give ad taking into the current situation. They still live in the past
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