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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  • Originally Posted by rg9274
    i am :D:D:D:D:D as expected.

    just look at the crap list of reasons for a property to be quoted 1.5 crores per ground.

    the reasons u have quoted r there in every city and every village in the nook and corner of our country. does it mean that they can be quoted 1.5cr per ground ?
    its absolutely ridiculous or shameless to give reasons for such skewed valuations.
    hope u r not a RE broker having huge unsold land banks in south chennai.

    u have not given any of the areas specific reasons.

    who is opposing city hunter's analysis. just that many areas have been overvalued is being highlighted.


    If dead end of chrompet goes for 1C i cant aruge that prime location in tambaram should be lower than 1 C quoting that chrompet is near to City.

    i cant argue that maruti should sell a 20 lakh car kizashi lesser quoting maruti as a affordable brand.

    Variations between prices calculated by our friend can be 10 percent lower or may be above the ongoing price.

    but no one is here to inflate and earn earnings from your referrals.

    accept the reality or keep or aruging...by the time the plot would be in other hands...

    i have seen a old man seeing a area by coming through bicylce enquiring land prices.

    every times he quotes it it overpriced and leave.

    still after 4 years he is searching in the same place quoting its overpriced.

    wat the man felt overpriced has gone 4 times up in these 4 years.


    but no one is here to inflate and earn earnings from your referrals.

    accept the reality or keep or aruging...by the time the plot would be in other hands...
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  • Originally Posted by subramania

    i have seen a old man seeing a area by coming through bicylce enquiring land prices.

    every times he quotes it it overpriced and leave.

    still after 4 years he is searching in the same place quoting its overpriced.

    wat the man felt overpriced has gone 4 times up in these 4 years.




    Good atleast someone is the same page as me. :) . Not ready to pay inflated market price and derives value on investment.

    The old experienced man would have definitely thought

    What is this generation about ready to pay any price for any location in any corner where land is arakonam and chengalpattu are called off chennai.

    He would have thought that today generation is paying unimaginable price and making property prices unaffordable for many.

    At the end he would be happy as he did not lose mental agony by paying high prices but also cycling around places for 4 years he has kept himself healthy.

    A quote which I remember "The value of experience is not in seeing much, but in seeing wisely." - which the old man did.

    Maybe he missed the boat, bus, train whatever we call but he sticked on to his value investing principle.
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  • Originally Posted by subramania
    If dead end of chrompet goes for 1C i cant aruge that prime location in tambaram should be lower than 1 C quoting that chrompet is near to City.

    i cant argue that maruti should sell a 20 lakh car kizashi lesser quoting maruti as a affordable brand.

    Variations between prices calculated by our friend can be 10 percent lower or may be above the ongoing price.

    but no one is here to inflate and earn earnings from your referrals.

    accept the reality or keep or aruging...by the time the plot would be in other hands...

    i have seen a old man seeing a area by coming through bicylce enquiring land prices.

    every times he quotes it it overpriced and leave.

    still after 4 years he is searching in the same place quoting its overpriced.

    wat the man felt overpriced has gone 4 times up in these 4 years.


    but no one is here to inflate and earn earnings from your referrals.

    accept the reality or keep or aruging...by the time the plot would be in other hands...


    with so much unaccounted black money flowing thru RE and huge no of speculators (few in this forum as well), nothing is impossible in RE.

    i am not a speculator like u. i am a LT investor who looks for reasonale pricing along with LT growth potentials.

    just look at the areas u have quoted 1c or 1.5c. even RE builders/promoters will laugh.

    just because a person in cycle feels that an area is costly, does not mean that the area is developed or he is wrong. he is right in his own ways.

    why the hell shud i buy plots in crooked areas when i can buy it in anna nagar, NM road.
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  • Originally Posted by srivat
    Good atleast someone is the same page as me. :) . Not ready to pay inflated market price and derives value on investment.

    The old experienced man would have definitely thought

    What is this generation about ready to pay any price for any location in any corner where land is arakonam and chengalpattu are called off chennai.

    He would have thought that today generation is paying unimaginable price and making property prices unaffordable for many.

    At the end he would be happy as he did not lose mental agony by paying high prices but also cycling around places for 4 years he has kept himself healthy.

    A quote which I remember "The value of experience is not in seeing much, but in seeing wisely." - which the old man did.

    Maybe he missed the boat, bus, train whatever we call but he sticked on to his value investing principle.


    bang on.

    many of today's investors (in RE/stock) dont know the basics of investing. they just think about the price which is the only parameter they look into.
    they dont formulate proper entry/exit strategies. they blindly invest based on the recommendations made by RE speculators who are all around hunting for 1-2% margins.
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  • Originally Posted by randomguy
    I see what you mean. I do share a similar concern. But you can't always look at this way, since you have picked a wrong time where Re is at its lowest. What if the NRI has realized the sale last year when exchange rate was in low 50s or 2 years back when it was close to 45. Also the rupee depreciation will only help the NRI with the loan interests. Also property doubling in the last 5 years is modest. An average area should have appreciated more than that.



    Lack of infrastructure will actually cause property price to rise within the city, right? This is turn would allow suburbs to expand and cause a rise there too.


    Your optimism on rupee is highly appreciated. but with increasing oil prices and our increasing dependency on oil ( and of course our obsession on Gold) will always pull rupee to a new low in a consistent frequency. what i mean is there wont be any good time or a very less good time for an NRI to exit!

    RE is not so liquid to make use of the very less good time.

    unless we have attractive and competitive exports i don't see we can make our currency stronger. our leaders are more interested in freebies and corruption..with that the possibility of exports looks remote for me. all this FDI in retail, RE, aviation etc are short term solution like they came in they will go out as well.

    can you please add more details to the claim that lack of infra will rise property prices within city..IMO Chennai lacks infra very badly.. that is one of the reason even announcement or start of a new flyover is increasing prices in a locality..

    i understand that i am sounding very negative on RE, but in reality i am struggling to find grounds on the RE hike in last 5 years and wondering how such a hike will sustain or further increase in next 5 years to come..
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  • Couple of friends of mine who in to RE development & RE tradeing tell me that the market is very bad now for sellers.

    They tell me price are going backwards currently and they are struggling to sell over the past 3-6 months.

    Is this true?

    Anyone close to field reality please advise if the above anecdotal info is correct.
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  • Personally, we've been struggling to sell our property in kk nagar for more than 6 months and we don't even get enough inquires when we post advertisements on all available channels.. things are even more difficult when the ticket size is large as was in our case..
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  • Originally Posted by iceemani
    Your optimism on rupee is highly appreciated. but with increasing oil prices and our increasing dependency on oil ( and of course our obsession on Gold) will always pull rupee to a new low in a consistent frequency. what i mean is there wont be any good time or a very less good time for an NRI to exit!

    RE is not so liquid to make use of the very less good time.

    unless we have attractive and competitive exports i don't see we can make our currency stronger. our leaders are more interested in freebies and corruption..with that the possibility of exports looks remote for me. all this FDI in retail, RE, aviation etc are short term solution like they came in they will go out as well.

    can you please add more details to the claim that lack of infra will rise property prices within city..IMO Chennai lacks infra very badly.. that is one of the reason even announcement or start of a new flyover is increasing prices in a locality..

    i understand that i am sounding very negative on RE, but in reality i am struggling to find grounds on the RE hike in last 5 years and wondering how such a hike will sustain or further increase in next 5 years to come..



    Rupee strength is affected by national and international matters, monsoon, curtailing imports (already expected), steady exports, etc. Printing more dollars increases rupee strength vs dollar. RBI has its tools as well. If a desi or NRI has cash on hand in rupees (not tied in real estate), I think they will do OK. For NRIs, the interest rate in banks are quite high compared to western countries.

    Real estate is more local. The boom has already occurred. In the past, missed the boat was related to buying. In my opinion, the next few years, missed the boat might mean whether a person took profit. To live in India, one needs rupees. Not so much for real estate (as there are rental options).

    Edit/add: I think randomguy is saying that lack of infrastructure in many parts of the area, makes it attractive to buy in city / areas where there is infra.
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  • Originally Posted by silpong
    Personally, we've been struggling to sell our property in kk nagar for more than 6 months and we don't even get enough inquires when we post advertisements on all available channels.. things are even more difficult when the ticket size is large as was in our case..


    Not even builders? I am seeing soldout boards everywhere in KK nagar by builders like greenpeace. (possibly to create hype)
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  • i was there in chennai in august... wanted to buy some property in suburbs.. i found there is no drop in prices atleast for the properties i saw...sellers not ready to come down on prices
    was there in velachery reg office for some work the reg office was crowded as ever before.
    with new projects being launched every week with higher and higher prices i dont see any decline in real estate market atleast in chennai.
    may be big land parcels in city are finding difficult to move.
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  • True -

    Originally Posted by Economist
    Couple of friends of mine who in to RE development & RE tradeing tell me that the market is very bad now for sellers.

    They tell me price are going backwards currently and they are struggling to sell over the past 3-6 months.

    Is this true?

    Anyone close to field reality please advise if the above anecdotal info is correct.



    Eco -- the statement is true, i have been very busy traveling and passively watching , but all around taking a huge hit, pockets already are seeing 10-20% drops
    some more patience and cash position will give good entries -- im looking around for deals but no rush to close on any , just playing hard bargains but not closing any
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  • While it is undeniable that there is a real estate downturn, some recent ads in Hindu habitat suggests sellers are still unaware of market situation. A seller was quoting 5000 psf for a barren layout which is not worth more than 3000 psf.
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  • Welcome back! Back here, there were wild conjectures on what led to this...please do the favor for those curious minds!!

    If builders can put lipstick on the UDS pig and sell at premium, and when people wonder as a million dollar question rather than admitting the loot(and get a slice of it!), why not individual sellers who quote a high premium for all of the land? At least it did not go to "Prabha" :)
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  • Originally Posted by SRaj001
    Eco -- the statement is true, i have been very busy traveling and passively watching , but all around taking a huge hit, pockets already are seeing 10-20% drops
    some more patience and cash position will give good entries -- im looking around for deals but no rush to close on any , just playing hard bargains but not closing any


    I am looking for buying opportunities after Diwali.

    If the market is slowing, we may get decent properties.

    Let us hope the market slowsdown.
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