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Property Price Trends in Chennai

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

    Superb question which only Chennaites can understand! If I bought a flat for 10L in 1999 and you bought a similar flat for 1C in 2009 can you have a higher ego! It is the same silly flat. I was smart to buy it in 1999 and I own 1C worth of flat in 2009. You were just able to buy it in 2009 and that is it. Where is the ego?
    While I dont think your question is incorrect in the Chennai social sphere that is the shame about things there. I dont find such feelings in Bangalore. That explains why the Mylapore slumdogs yet feel they are richer than the 4C villa valahs down the OMR. So much for mentality but well whether I bought a flat for 1L or 1C it is the same raw flat that I can enjoy. As a corollary whether I sold my 1L bought flat for 1C or 1C bought flat for 1C the amount of money is the same.
    Only real issue is, very often the guy who bought in 1999 will have no loans and is settled; the guy who bought in 2009 is most likely in a position to lose his flat in the next 10 years if the economy nose dives as many bears on the forum WANT it to happen.
    Have a great day with your ego! ROTFL.

    Originally posted by sunr2i View Post
    The price situation in CBD is steady. In areas like Alwarpet, RA Puram, Numgampakkam, the old apartments with lift and decent car parking selling not less than 11K/sq.ft. The newer one starts from 15K.

    I do not see any correction in price at all. Though slowdown persists it does not bring down the price. Also finding decent apartment complex within CBD is daunting task.

    Have you ever into resale apartment complex where some buyers paid in crores recently where as others are owners who bought it at meager price 10 yrs ago? How these 2 types mix and mingle? will there be ego clash? or is this become new normal?

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    • Re : Property Price Trends in Chennai

      Originally posted by sunr2i View Post
      The price situation in CBD is steady. In areas like Alwarpet, RA Puram, Numgampakkam, the old apartments with lift and decent car parking selling not less than 11K/sq.ft. The newer one starts from 15K.

      I do not see any correction in price at all. Though slowdown persists it does not bring down the price. Also finding decent apartment complex within CBD is daunting task.

      Have you ever into resale apartment complex where some buyers paid in crores recently where as others are owners who bought it at meager price 10 yrs ago? How these 2 types mix and mingle? will there be ego clash? or is this become new normal?
      A few clarifications hereon ego issue. 1 Rupee of 2002 is not same as 1 rupee of 2012, and if one takes price of gold as an index, it takes 7 to 8 rupees of 2012 to buy what one rupee in 2002 bought.
      Still there are some ego issues. I remember reading some time back some thing on this in TOI Or Hindu (dont remember). In our own Chennai's most sought after RE, that is IT highway/OMR we have some families doing traditional occupations (cow herding etc) owning land for generations. Now some of them have sold some of their lands at high prices and still living in simple houses on rest. And needless to say their lifestyle is at odds with the FB/Twitter generation living in the OMR apartments paying five digit EMIs !! But this is not unique to Chennai, it happens everywhere (in Gurgaon etc).


      Otherwise I agree. For someone with 50K monthly Income or a 50L budget it is getting impossible to find a decent apartment within old city limits. Which Is why i predict that there will be a migration to the so called old suburbs/newly added areas to city corporation and that will change the game entirely !!

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      • Re : Property Price Trends in Chennai

        Originally posted by ramki830 View Post
        . Which Is why i predict that there will be a migration to the so called old suburbs/newly added areas to city corporation and that will change the game entirely !!
        True. With the govt sanctioning the amt for infra development (water, drainage,roads etc) in the newly added areas as per yesterday's announcement, these areas will be come more costly

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        • Re : Property Price Trends in Chennai

          Friends, is there some way to make this thread "STICKY"? I consider this thread to be most important of all !!

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          • Re : Property Price Trends in Chennai

            Mylapore SLumdog!

            Strongly object to use of 'slumdog' in connection with Mylapore - being a mylaporean myself!
            If it is question of CBD vs new locality let us stick to that!
            Dont add unnecessary adjectives!

            Originally posted by ZeeEnn View Post
            Superb question which only Chennaites can understand! If I bought a flat for 10L in 1999 and you bought a similar flat for 1C in 2009 can you have a higher ego! It is the same silly flat. I was smart to buy it in 1999 and I own 1C worth of flat in 2009. You were just able to buy it in 2009 and that is it. Where is the ego?
            While I dont think your question is incorrect in the Chennai social sphere that is the shame about things there. I dont find such feelings in Bangalore. That explains why the Mylapore slumdogs yet feel they are richer than the 4C villa valahs down the OMR. So much for mentality but well whether I bought a flat for 1L or 1C it is the same raw flat that I can enjoy. As a corollary whether I sold my 1L bought flat for 1C or 1C bought flat for 1C the amount of money is the same.
            Only real issue is, very often the guy who bought in 1999 will have no loans and is settled; the guy who bought in 2009 is most likely in a position to lose his flat in the next 10 years if the economy nose dives as many bears on the forum WANT it to happen.
            Have a great day with your ego! ROTFL.

            Comment


            • Re : Property Price Trends in Chennai

              Also having 4cr villa in OMR one must know swimming so that during monsoon season he can reach the villa!
              Last edited October 25 2012, 02:55 PM.

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              • Re : Property Price Trends in Chennai

                There can only be endless futile arguments when it comes to the debate of merits/demerits of CBD/suburbs. Every place has its own importance in the city. What is available in Mylapore is available in all parts of Chennai. The landmarks in each place like Kapaleeswarar temple, parthasarathy temple, Dhenupureswarar temple, mangadu temple etc.... etc... makes the place unique. In commercial terms if Mylapore lands have grown to crores, it has to definitely stop at a place beyond which no movement take place..... this give room for other places like porur, poonamalle, sriperumbudur, navalur, kelambakkam, maraimalainagar .... to grow. Who is intelligent... a guy who bought land in Mylapore or one who bought in porur... It is for you to guess.....

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                • Re : Property Price Trends in Chennai

                  Originally posted by JAYASARATHI View Post
                  There can only be endless futile arguments when it comes to the debate of merits/demerits of CBD/suburbs. Every place has its own importance in the city.
                  Agree with you on importance.

                  Nobody is smarter or dumber when they are buying for end use.

                  Most people buy in CBD for end use. Most people buy in Suburbs like Sriperambadur for speculation. There are few exceptions however.

                  If you take out the money part, best place to buy land for building a home is Boat Club. Affordability and getting one available is a different question.
                  We need to separate them. But lets say I have the money, why would I want to live in Maraimalai Nagar instead of Boat Club.

                  When it comes to VFM, then maybe Sripermabadur might be good. CBD might have more increase. Who knows what the situation will be in future.

                  Conservative investor (and folks who can afford) takes bet on CBD, speculative investors buys in Wallajahbad.

                  It is not right to call all CBD locations as bad places. Everyone likes their area, if I grew up Mylapore, I would like the place. Does not mean we degrade other areas. Also in every area, even in Mylapore there are good location and there are crummy locations.

                  Let's not misguide people, especially ousiders and NRIs. Let them make a visit and then decide.

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                  • Re : Property Price Trends in Chennai

                    Can't resist going back to gutter language! Old habits die hard

                    Originally posted by ramkshan View Post
                    Strongly object to use of 'slumdog' in connection with Mylapore - being a mylaporean myself!
                    If it is question of CBD vs new locality let us stick to that!
                    Dont add unnecessary adjectives!

                    Ramkshan,

                    ZeeEnn has a long and not too good experience on this forum. Basically, every now and then he gets an itch in an unreachable location of his anatomy and shoots off at a tangent to get some relief!

                    This is a Jekyll & Hyde kind of personality.

                    At times he will be sweeter than syrup. Then suddenly, when the itch starts, he'll go off at a tangent and froth at the mouth!!!

                    In his old avatar of Natarajg, he got so obnoxious that he was banned and cooled off gor a long time before returning as Allmighty.

                    Now he's back as ZeeEnn and though he professed good behavior, he's sliding in these pinpicks and soon it will get worse.

                    Claims to be an IIt'ian but his general behavior shames all IIT-ians!
                    No problem. Just ignore him since he seems to be having an inferiority complex that he does not have property in Mylapore!

                    If you didn't realise, his Mylapore dig was a dig at me. Ignore and get on with life. Best way to handle ZeeEnn is to make him irrelevant when he behaves badly!

                    cheers
                    Last edited October 25 2012, 11:32 PM.

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                    • Re : Property Price Trends in Chennai

                      Sorry no intention of hurting your feelings. All I want to insist is that
                      a. There are too many slums in and around Mylapore eventhough the locals try to behave as if it is the end of the world. Almost every alternate street is a slum.
                      b. The alternate street to the slum in Mylapore is a bungalowed street.
                      c. I used slumdog to refer to folks who live in the slum. If that is incorrect as an adjective I withdraw it and you can substitute accordingly.
                      Cheers.
                      Originally posted by ramkshan View Post
                      Strongly object to use of 'slumdog' in connection with Mylapore - being a mylaporean myself!
                      If it is question of CBD vs new locality let us stick to that!
                      Dont add unnecessary adjectives!

                      Comment

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