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Property Price Trends in Chennai

Last updated: July 14 2020
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  • Property Price Trends in Chennai

    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.
    Last edited August 20 2012, 04:07 PM.
  • #2

    #2

    Re : Property Price Trends in Chennai

    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.

    Comment


    • RE King
      RE King commented
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      Last edited December 19 2017, 04:15 PM.
  • #3

    #3

    Re : Property Price Trends in Chennai

    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....ow/4109679.cms

    Appears that builders and promoters still trying hard to see prey in vain.
    Last edited February 15 2009, 12:30 PM.

    Comment

    • #4

      #4

      Re : Property Price Trends in Chennai

      Thanks for price post

      Comment

      • #5

        #5

        Re : Property Price Trends in Chennai

        But it seems that you are paying more than Bangalore.
        Either land or AIR and FOOD. Choice is yours.

        Comment

        • #6

          #6

          Re : Property Price Trends in Chennai

          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
          Last edited July 31 2015, 04:00 PM. Reason: Original Name Mentioned

          Comment

          • #7

            #7

            Re : Property Price Trends in Chennai

            Thank you !

            Here is the original link :

            http://www.financegurukul.com/2009/0...-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
            Last edited July 31 2015, 04:12 PM. Reason: Original Name Mentioned

            Comment

            • #8

              #8

              Re : Property Price Trends in Chennai

              Good, informative thread to all.

              Comment

              • #9

                #9

                Re : Property Price Trends in Chennai

                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

                Comment

                • #10

                  #10

                  Re : Property Price Trends in Chennai

                  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.
                  Last edited February 3 2016, 05:16 PM. Reason: Text formatting.

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