Hi Friends,

I had been to the FAIRPRO '09 Fair.My Impression after seeing, is that prices are stagnating for all ongoing projects and builders are trying hard to hold them up.

Prices are 10-20% lower for new projects in the pipeline and for ready to occupy flats.

The discount offered at the stall was very less and were in the range 150-500 Rs/sqft max.

For the benefit of fellow members I am posting the project/price details of some of the properties.



Akshaya Foundations

Adora - OMR - 3750/sqft
Aikya - Adyar - 12500/sqft

Alliance Group - Orchid Springs - 3199/sqft

Arihant Foundations

Heirloom - Thalumbur - 2499/sqft
Escapade - Thoraipakkam - 4150/sqft
Villa Viviana - Maramalai nagar - starting from 1 Crore

Asvini Foundations

Amarisa-phase1 - Ramapuram - 4500/sqft
Amarisa-phase2 - Ramapuram - 4250/sqft
Akshita - Madipakkam - 3800/sqft

Casa Grande

Riveira - Palikkarnai - 3450/sqft - before discount 3600/sqft
Silver Oak - Perungudi - 4300/sqft - before discount 4500/sqft
Madhuban - Madipakkam - 3300 /sqft - before discount 3500/sqft
Mylapore - R.K.salai - 12500/sqft
Plots
Ponmar -785/sqft - before discount 825/sqft
Maraimalainagar - 790/sqft - before discount 825/sqft

CeeDeeyes - Chenni Pattinam

Basic Rate - 1600/sqft All Inclusive - 2075/sqft

Chaitanya shanthiniketan

Sunnyvale - Ayanavaram - 4850/sqft
Serena - Rajkilpakkam - 2550/sqft
Gardenia - OMR - 1900/sqft
Green Park - Chitlapakkam - 3300/sqft

DLF

Gardencity - 3200/sqft - was told slash in prices expected in coming weeks.

Doshi Housing

Etopia I and II - Perungudi - 3895/sqft
Nakshatra - Tambaram - 2995/sqft - Completion May 2010
Tranquil - Velachery - 5500/sqft - Completion February 2010
Trinity park - Santhoshpuram,Vengaivasal - 3195/sqft - Completion April 2009
Serene Couny-Villas - Santhoshpuram,Vengaivasal - 2200,2600/sqft
LlanStephan - Chetpet - 9000/sqft - Completion May 2009
Sri Mahalakshmi - Ayanavaram - 4495/sqft - Ready to Occupy

ETA

Rosedale - OMR - 3100/sqft
Le Chalet - Villas - Sriperambudhur - 26 Lakhs - 37 Lakhs

Hiranandani Upscale - 4200/sqft

Hiranandani Palace Gardens - 3475/sqft

Indus Housing

anantya - Navalur,OMR - 2299/sqft + 400(other charges)
riviera villa - Navalur,OMR - 90 Lakhs onwards
habittera - urapakkam,GST - 2399/sqft + 400(other charges)
amber - Saidapet - 4750/sqft

Jain Housing

Ankush Prakas - Kilpauk - 7500/sqft - Ready to occupy
Amrit Kailash - Strahns Road - 4500/sqft - Ready to occupy
La Gardenia - Nungabakkam - 7500/sqft - Ready to occupy
Ansruta - Valluvarkottam, nungabakkam - 10000/sqft - Ready to occupy
Antariska - Kodambakkam - 4500/sqft - Ready to occupy
Eiffel Garden - Vadapalani - 4250/sqft - Ready to occupy
Saagarika - M.R.C Nagar, sea facing - 10000/12500 - Ready to occupy
Green acres - Pallavaram - 3900/sqft - Ready to occupy
Abhishek - Selaiyur - 3500/sqft - Ready to occupy.

Jamals

Orchid - Palikkarnai - 3500/sqft
Palazzo - keelkattalai - 3700/sqft
Grandeur - Velappanchavadi(near saveetha dental college) - 3200/sqft

KGEYES

3 Projects on L.B.Road, Thiruvanmiyur - 6650/sqft
Delmare - Beach road,Thiruvanmiyur - 7000/sqft
Carolina - Velachery,Taramani - 4500/sqft
Swathi - Sastri Nagar,Adyar - 8500/sqft
Kalakshetra - 8000/sqft

Landmark Constructions

Tiara - Perungudi - 4000/sqft - Completion on August 2009
Aston Ville - Vadapalani - 5500 sqft - Completion on July 2009
Tudors Place - K.K.Nagar - 6500/sqft
The Address - Adyar - 11500/sqft
The Grange - Palavakkam - 7500/sqft
Cenralia - Chrompet - 2950/sqft - prelaunch
Gem Towers - AnnaNagar - To be launched.
Mahalakshmi Heights - Ashok Nagar - To be launched

L&T Estancia
Construction in Progress
1st-3rd Floor - 3950/sqft
4th -12 floor - floor rise charge of 20/sqft for each floor
13th - 17th - 4450/qft

L&T Eden Park - 3600/sqft

Mantri Synergy - OMR
2800/sqft - with 20/floor rise
Special offer - First Floor - all inclusive
1140 sqft - 33,67,000
870 sqft - 28,50,000

Navin Housing

Dayton Heights - Nelson Manickam road - 6500/sqft + 30/sqft floor rise from 2nd floor
Subha Mangala - Ramapuram - 4200/sqft
Brookfield - Nanmangalam - 3500/sqft
Merrylands - Medavakkam - 3500/sqft

Olympia Opaline - 3441/sqft - spl budget flats available

PACE Builders

Anna nagar west - 4195/sqft - before discount 4495/sqft
Selaiyur - 3195/sqft - before discount 3495/sqft
Valasarvakkam - 2795/sqft - before discount 3295/sqft

PS Srijan

The Grand - Velachery - 5250 sqft - before discount 5500/sqft - Floor Rise applicable from 4th floor

Rajparis

Harmony - Medavakkam - 3100/sqft

Rajarathnam Constructions

RC Prince Gardenia - Perambur redhill road,Kolathur - 3600/sqft

Rajkham

Independant houses - Ayyapathangal - 2600/sqft

Real Value

Sai Skanda - Velachery - 4200/sqft
Sai Surya - Palikaranai - 3800/sqft
OMR opp SIPCOT - 13.20 Lakhs onwards

Shriram Properties

Trishakti - SIPCOT - 2750/sqft
Shankari - 1990/sqft

Sidharth foundations

Tulip - k.k.nagar west - 4800/sqft - completion march 2009
Natura - medavakkam - 3100 /sqft - completion july 2009
Visvaleela - Annanagar - 8500 /sqft - to be launched
Dakshin - Urapakkam - price TBD - to be launched
upcoming projects in porur, thoraipakkam, rajkeelpakkam, mogappair.

SIS

Safaa - Urappakam - 3150/sqft

SSPDL

Crescent - Kelambakkam - Vandalur Road - 2500/sqft
Upcoming 2 villa project one in OMR and one in Sriperambathur.

Sumanth & Co

Thiruvanmiyur - 6000/sqft
Besant Nagar - 11500/sqft

TVH

Lumbini square - Pursaiwalkam - 5500/sqft + 30/sqft floor rise from 5th floor
Ouranya Bay(Premium) - OMR,Padur - 3100,3200 + 25/sqft floor rise from 5th floor
Ouranya Bay(Budget) - 2bhk - 20 Lakhs
3bhk - 30 Lakhs
Ekanta - Coimbatore - 3100/sqft
Revata - Mogappair east - 4500/sqft
Kamya - K.K,Nagar - 7000/sqft
Metro Golden Nest - Sriperambathur - 1bhk - 15 Lakhs
2bhk - 22 Lakhs
3bhk - 28 Lakhs

VGN Group

Minerva - Mogappair,Nolumbur - 2975/sqft
3 in 1, 4 in 1 - 3800/sqft
Mahalakshmi Nagar,Thiruverkadu - 3500/sqft
Plots
Mugalivakkam - 52 Lakhs/grnd
Selaiyur - 50 Lakhs/grnd
SPKoil - 34 Lakhs/grnd
Katankulathur - 22-27 Lakhs/grnd

Yuga Homes

Shem Park - chemmenachery - 3300/sqft
Upcoming in Koyambedu, R.A.Puram(8000/sqft)



There are lots of properties and also lots of potential buyers.There is sure a sense of uncertainity among the builders and also the buyers on when to make the next move.It was evident that correction in RE prices have started to happen.

Requesting members to respond with their thoughts on the current trend.
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  • I do not get any feeling of prices falling down after seeing these absurd rates. We can only say they have stopped behaving like stock market. Otherwise even if I see prices falling 50% from this level still prices are absurd. I booked a flat in Velacherry at 2400/sft in December 2005 which was already a jump of 50% from 2003/2004 rate at that time. Now it is being quoted 6000/sft. Even considering end 2005 as base rate, even after adjusting for inflation at an average 10% p.a. the price can go to upto a maximum of 3200 /sft now. Unless we get less than this rate do not even think of buying. If everyone will be patient for another 3 years you can get at around 4200 levels which may be fair consideting next 3 years inflation in year 2012. Forget house byuing for sometime and concentrate on other investments or bank FD so that your today's 3200 becomes 4000 or so and RE price will come down from 5250 to 4200.
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  • Abishek,

    Thanks for your efforts to compile and post for the benefit of all.

    The building raw material prices have been corrected.

    Stocks have underwent dramatic corrections which reflects the industry growth for the next 9-12 months.

    Job prospects/Salary trends are seeing downwards.

    GDP/Export growth rate has been rederived and appears bleak.

    The project completion dates have seen indefinite corrections.

    The margin (buyer component /loan be approved by banks) have seen changes.

    The only thing which do not see any correction is Infrastructure and RE Land/Apartment prices priced during the boom time.

    Prices displayed above clearly indicates the builders unwillingness to understand the reality and it needs correction in the mind .More the delay more they will be in trouble.

    Buyers should do a thorough financial planning before you commit yourself into an long-term debt. Find an ET article. Six home loan mistakes to avoid.

    http://www.economictimes.indiatimes.com/quickiearticleshow/4109679.cms

    Appears that builders and promoters still trying hard to see prey in vain.
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  • Thanks for price post
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  • But it seems that you are paying more than Bangalore.
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  • Thank you !

    Good effort ! Thanks for taking the pain to key in these prices !

    For the start, builders have started cutting down the prices. This recession is going nowhere for the time being. RE prices in Bangalore has corrected faster and is wise thing to do. Chennai builders couldn't eat their pride and cut down the prices. Instead, taking private equity route to finance is dangerous and will get them in more trouble in future. Many builders will learn some hard lessons this year.

    I am not convinced yet to buy flat in Chennai around OMR. It is still pricey and has to come down further. I am waiting to watch distress sale after this diwali, or may be early. I am prepared to wait.

    The builders may think otherwise, but I am walking away for the moment.

    Thanks
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  • Thank you !

    Here is the original link :

    http://www.financegurukul.com/2009/02/14/chennai-february-2009-house-prices/

    Thanks for taking the pain to copy the prices from the above link ! But more importantly, thanks for sharing !

    For the start, builders have started cutting down the prices. This recession is going nowhere for the time being. The prices in Bangalore has corrected faster and is wise thing to do. Chennai builders couldn't eat their pride and cut down the prices. Instead, taking private equity route to finance will cost them more and will get them in more trouble in future. Many builders are about to learn some hard lessons this year.

    I am not convinced yet to buy a flat in Chennai around OMR. It is still pricey and has to come down further. I am waiting to see distress sale by this diwali or may be early, when the shareholders will ask serious questions about builders remaining solvent. I am prepared to watch it unfold.

    Builders may think otherwise, but I am willing to take a dive this time.

    Thanks
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  • Good, informative thread to all.
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  • The best thing to do ...

    This is a good beginning.

    Te best thing to do will be for us to figure out the list of builders who form the bulk of developments in Chennai (or any other city). Then we can list developments for each of the builders locality wise.

    If we can get data for these every month (or even once a quarter on a designated date), it will provide us all a perspective of how prices have moved over the years location wise and will sharply reduce the controversies on prices we seem to be having due to lack of data.

    Developed countries first create these systems which allow for people to analyse exactly where they are and take precautionary steps. Countries like ours deliberately do not collect data so that politicians, bureaucrats and corporates can play all sorts games and rake in the profits.

    cheers
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  • Thanks for posting the rates in chennai. Rates are still at their peak I feel.

    It seems the prices have not come down.

    If everyone who gets the rate posts then we can have clear Idea of RE.
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  • Originally Posted by nabishek

    ETA

    Rosedale - OMR - 3100/sqft
    Le Chalet - Villas - Sriperambudhur - 26 Lakhs - 37 Lakhs


    ETA was quoting Rs 3500 SQFT when they were marketing Rosedale in Singapore.

    Am not sure whether this revised rate is applicable for those booked in 2008.

    Looks early bird gets into soup.
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  • Originally Posted by wiseman

    If we can get data for these every month (or even once a quarter on a designated date), it will provide us all a perspective of how prices have moved over the years location wise and will sharply reduce the controversies on prices we seem to be having due to lack of data.


    This is a good idea. A sort of trend analysis technique, huh?
    Wiseman, you are clever. While others are busy appreciating nabishek's efforts, you're already into what-next-with-this. Nice :)

    @nabishek - Thanks for the information!
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  • Originally Posted by nabishek
    Hi Friends,

    I had been to the FAIRPRO '09 Fair.My Impression after seeing, is that prices are stagnating for all ongoing projects and builders are trying hard to hold them up.

    Prices are 10-20% lower for new projects in the pipeline and for ready to occupy flats.

    The discount offered at the stall was very less and were in the range 150-500 Rs/sqft max.

    For the benefit of fellow members I am posting the project/price details of some of the properties.



    There are lots of properties and also lots of potential buyers.There is sure a sense of uncertainity among the builders and also the buyers on when to make the next move.It was evident that correction in RE prices have started to happen.

    Requesting members to respond with their thoughts on the current trend.


    Dear friend,

    You have taken so much of efforts to tell us about the current rates of various builders. Thank you very much. I do not think, the rates have come down any thing appreciably. Very small discounts are given. The Chennai RE is controlled by politicians and those with Black Money. I think, they will hold on for very long and will not go in for any distress sale. It is not loss for them on their investment but loss of profit which they would like to get back even after a longer time as they have been tasting it till some months go.They will rather hold on to their prices for more time till they taste huge margins. If the built up area as a ratio of the land area is increased like Bangalore, to say 2 or 2.5, then there is possibility for some good reduction in the flat prices. TN Govt. will not do it due to various reasons.

    ks2071746

    ks2071746:D
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  • Originally Posted by ks2071746
    Dear friend,

    You have taken so much of efforts to tell us about the current rates of various builders. Thank you very much. I do not think, the rates have come down any thing appreciably. Very small discounts are given. The Chennai RE is controlled by politicians and those with Black Money. I think, they will hold on for very long and will not go in for any distress sale. It is not loss for them on their investment but loss of profit which they would like to get back even after a longer time as they have been tasting it till some months go.They will rather hold on to their prices for more time till they taste huge margins. If the built up area as a ratio of the land area is increased like Bangalore, to say 2 or 2.5, then there is possibility for some good reduction in the flat prices. TN Govt. will not do it due to various reasons.

    ks2071746

    ks2071746:D


    Dear KS many here do not under stand that leaving few big names which hardly constitute less than 10%of builders(in terms of sq ft for sale).the majority of builders were never given project loans by banks.they used to limit themselves to their capacity or go for Jvs or get money from politicians and other lenders.if you see many builders still have only few projects with liabilities they can withstand(they have made their money)

    they can get their working capital even by selling 20-50% of area as per price.then they will hold to it.they are not in dire straits.yes their demand has reduced but they are not broke.they can withstand even 2-3 years with just 20%of sales.
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  • Originally Posted by nabishek
    Hi Friends,

    I had been to the FAIRPRO '09 Fair.My Impression after seeing, is that prices are stagnating for all ongoing projects and builders are trying hard to hold them up.

    Prices are 10-20% lower for new projects in the pipeline and for ready to occupy flats.

    The discount offered at the stall was very less and were in the range 150-500 Rs/sqft max.

    For the benefit of fellow members I am posting the project/price details of some of the properties.



    There are lots of properties and also lots of potential buyers.There is sure a sense of uncertainity among the builders and also the buyers on when to make the next move.It was evident that correction in RE prices have started to happen.

    Requesting members to respond with their thoughts on the current trend.



    Thanks for the price list. Very informative.
    I also visited FAIRPRO. Found good crowd milling around as if there’s no tomorrow. Also saw today’s post-fair ad by FAIRPRO which claimed they did a brisk business of Rs. 200 crore with over 1 lakh visitors. That would mean about 500 bookings. Better than their last year’s claim. I wonder what’s happening. Are people crazy enough to believe CREDAI’s “never before, never again” offer of discounts at the fair that they should rush in to book apts no matter if the real discount was nothing but 10-15% eye wash? Or CREDAI is lying through their teeth by exaggerating real bookings? Chennai seems to be more intimidating and complex compared to my experience in Bangalore and elsewhere. Some sense of reality has already arrived in Bangalore. People don’t fall for fake discounts anymore. Are people in Chennai really rich enough to buy properties at any rate? As most members said before me, I found the prices at FAIRPRO still at boom time rates. Not many willing to offer real discounts. Most developers and their sales team at the fair also looked indifferent..not making efforts to follow on enquiries. Wonder what Wiseman has to say on FAIRPRO. Anyway, I have decided to wait till year end. Unless I find some realistic prices, will not go for property. Will be happy to live on in my rented house which is quite inexpensive.
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  • Its my pleasure to be part of this forum and be amongst many knowledgable people who bring in loads of experience and very valuable thoughts from different perspectives.

    In the RE industry, various cartel's are working together.Each coterie is heavily backed by Banks.

    In fact, The builders are selling prospective buyers a loan rather than the property.Real Estate has become a joint venture between the builder and bank i would say.

    The property fair's organised by SBI,HDFC,LIC,IDBI etc all feature only builders who bank with them or to whom they have financed.

    The FairPro was heavily sponsored by HDFC,SBI and LIC.I could see representatives before each stall offering attractive loan rates.They were calculating and convincing me how affordable these homes are through home loans given my current salary and years till retirement.

    The builders who participated would amount to just 5-10% of the overall builders in chennai.But,the point is they are the popular ones and strong hands who over the years have created a image for themselves as reputed.

    It is their consortium of builders,politicians,government officers,bank officers,corporates,speculators,brokers etc etc who get finances from Foreign Investment/Public money through stocks/Black Money and decide where there should be demand and where there should be supply.They would gain knowledge beforehand where infrastruture development is planned and buy large land banks near airport,SEZ,township,outer/inner ring road,metro rail etc and fix the price stating the proposed development.

    They promoted IT and Electronic corridor, It was not End users who saw development,infrastructure and personal need that created demand.

    They fuelled the speculation and capitalized on the buyer's sentiment of owning a home (even if its on mortgage).They created a sense of panic among buyers by hiking rates meaninglessly.

    The remaining small builders who use their own money and in joint ventures are stuck having invested huge amount in land at a time when construction cost was high.I came across many such properties in prime localities which are at ready to occupy/nearing completion stage for 1500-3000 rs/sqft less than the prevailing market rate.They are more willing to accomadate buyers interest and negotiate further and provide a better deal.

    This Trend would change only if the buyers insist on value for money and are aware what they are getting into and more importantly know exactly what is that they really want.

    "One should'nt bite more than what they can chew"
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