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.
Read more
Reply
2345 Replies
Sort by :Filter by :
  • Is really the residential projects are sluggish now?

    Am planning to buy a flat for my end use in the suburban areas 3 to 5kms around Guindy(Ramapuram, Manapakkam, Alandur, Adambakkam,Nanganallur etc). Many flats I have enquired regarding the cost for a 2/3 BHK are any where ranging between 80lakhs to 150lakhs and some are even more. Regarding the availability of the flats some builders says all 2BHK are booked and very few 3BHK are left.
    Some of the builders I have enquired are Lancor, Green Peace, Sumanth & CO, KG Builders and many others.

    I have gone through few articles published in news papers, some internet materials and even in some discussion in this forum all are figuring a like current residential market as slow.

    Whether my enquiry and assumptions are wrong or any thoughts?

    Any suggestions whether we can wait and buy a property in this area or we can go ahead now.
    CommentQuote
  • Shan,
    Irrespective of the market conditions, 2 BHK will sell like hot cakes on most projects. Most preferred option both for end-use (affordability) and investment (easy to rent and resale). If it is for end use, i don think timing is very important. If it is affordable and ur happy with the location, builder, amenities provided etc., you should go for it. i dont expect to see a big correction in chennai RE going fwd except in few suburb areas like OMR etc.,where supply surpass demand. On the areas you have mentioned there is big difference in price between new and resale apartments. You can look at resale options as well.
    CommentQuote
  • Thanks for your suggestion Sundar, Thought i could save some bit if i hold my plan that could help because am going for an larger loan.
    CommentQuote
  • Originally Posted by shan2j
    Is really the residential projects are sluggish now?

    Am planning to buy a flat for my end use in the suburban areas 3 to 5kms around Guindy(Ramapuram, Manapakkam, Alandur, Adambakkam,Nanganallur etc). Many flats I have enquired regarding the cost for a 2/3 BHK are any where ranging between 80lakhs to 150lakhs and some are even more. Regarding the availability of the flats some builders says all 2BHK are booked and very few 3BHK are left.
    Some of the builders I have enquired are Lancor, Green Peace, Sumanth & CO, KG Builders and many others.

    I have gone through few articles published in news papers, some internet materials and even in some discussion in this forum all are figuring a like current residential market as slow.

    Whether my enquiry and assumptions are wrong or any thoughts?

    Any suggestions whether we can wait and buy a property in this area or we can go ahead now.

    Sir, as per your budget, you can buy a 800 sqft land with independent house in anna nagar west and villivakkam areas like agathiyar nagar, thiru nagar, vasantham colony and so on. These colonies are located opposite to anna nagar west depot, which is less than a km only. Due to metro rail, the prices will go up surely. Currently a 800 sqft land with house of G+1 built up house will costs around 125 lakhs to 175 lakhs depending upon the strengthness of the house. It is advisable to buy in this area because mono rail terminal is proposed near nathamuni theatre in villivakkam.
    Currently this a hidden gem inside the city. These houses yield high rentals when compared to other areas due to strategic location.
    Last but not least, it is a TNHB CMDA Approved area.
    Thank you.
    CommentQuote
  • I lived in Villivakkam , Sidco Nagar for the past 20+ years. Development wise not much is happening in this area. The rental yield is also low. There is no proper hotel in this area. For everything need to go to Anna Nagar.
    CommentQuote
  • Originally Posted by karmaker
    I lived in Villivakkam , Sidco Nagar for the past 20+ years. Development wise not much is happening in this area. The rental yield is also low. There is no proper hotel in this area. For everything need to go to Anna Nagar.


    Sir, Sidco Nagar is not preferred by most people, when compared to areas like agathiyar nagar and thiru nagar. One of the reason is that, the road width is very very low, that is, even a car cannot enter a street. As u lived for more than 20years, you also know the reason. Likewise, many reasons are there, so property price and rental yield is very low in this area.
    CommentQuote
  • Price comparison with Mumbai

    I was looking at apartment prices in Mumbai. Here is how it looks.
    Parel - 50K per SQFT,
    Tardeo - 60K
    Colaba, 46K
    Worli Hill 43K
    Kemps Corner - 65K
    Shivaji Park 37K
    Prabhadevi - 40K
    Andheri - 22K to 30K
    Bandra - 37K+
    Mahalakshmi, Powai, - 35K

    Chennai projects with HIGHEST price tag (projects in Nungambakkam/Poes Garden pale in front of above prices. Do we foresee Chennai price hitting 50K range... If yes by when.
    CommentQuote
  • Chennai is not Bombay/Delhi. They are in completely different segment with big cities, big economy, lot of people with money.

    Chennai is in the next segment. But I feel we are the leader in this segment.

    For me,
    Tier 1 - Bombay/Delhi
    Tier 2 - Chennai, Kolkata, Bangalore, Pune, Ahmedabad, Hyderabad, Satellite Cities(Gurgaon, Noida, Navi Mumbai,etc)
    Tier 3 - In no particular order,Vizag, Jaipur, Gwalior, Kochi, Trivandrum, Coimbatore, Nagpur, Vijaywada, Lucknow, Surat, Chandigarh, etc.

    Kolkata prices are also pretty high in some high end streets though very few people realise it.
    But I think Chennai city (old limits 174sqkm) has much higher prices. Extended suburbs pull down the avg prices in Chennai, make it look artificially lower than Blore, Kolkata, Gurgaon or even Pune.
    CommentQuote
  • I find some of the analysis overly ornate in chennai forum and even downright funny
    Chennai only boomed (talking disproportionate price increase vs actual infrastructure development) because of innovative government money pilfering schemes by Dmk thugs such as sethusamudran canal where dredging happens and sea washes it away on same day
    CommentQuote
  • FYI, biggest reason why economy boomed is becasue of Port and the manufacturing base.
    Having port with largest coal imports help to get electricity needed to run the economy. Rains has been good down in the southern region in the last few years.

    I do agree politics do contribute, the dravidian two party system take turns in getting a bulk of the seats. If Nitish Kumar with paltry 20 odd seats does so much drama, then imgaine how much power Jaya with projected 35+ seats hold. Way to CG does go through Chennai.
    CommentQuote
  • Originally Posted by blogger


    Chennai projects with HIGHEST price tag (projects in Nungambakkam/Poes Garden pale in front of above prices. Do we foresee Chennai price hitting 50K range... If yes by when.


    I suggest you head to Pandiyan Lodge near Egmore Railway station to see Kumaraguru Jhodida Maharaj and pay him Rs 300 and ask the above question.

    He will answer with exact date and time when chennai RE price will hit 50K psqft.
    CommentQuote
  • Now we know where most of your advice in this forum come from :-)

    Originally Posted by Economist
    I suggest you head to Pandiyan Lodge near Egmore Railway station to see Kumaraguru Jhodida Maharaj and pay him Rs 300 and ask the above question.

    He will answer with exact date and time when chennai RE price will hit 50K psqft.
    CommentQuote
  • Wise points.

    I always looked at Bombay when I felt RE price in Chennai is exorbitant. It might sound funny but just 10 years ago I found it hard to accept Rs 25K/Yr as apartment maintenance charges. I couldn't accept 35L price tag for an apartment in Alwarpet when I can buy one ground land for 40-50L around Kilpauk and build a bungalow later. I laughed at apartments priced at 1Crore in Bangalore wondering who will pay 1C for an apartment and how will they find buyers when they decide to dispose it with a profit. Hope I was not the lone person with such thoughts 10 years ago.

    What gave me a better perspective at that time was the pricing in Bombay and how this city was holding much higher price tag for years. Bombay has since then been my benchmark when I looked at headroom for Chennai RE.

    3 Years later I was stunned when Vijayshanthi carried a first page ad for apartments priced at 4.5C @10K/SQFT at Nungambakkam and the VERY NEXT day thanked buyers on the 1st page again for the overwhelming response! Whole project was sold out in 24 hours! I begun to understand the reality slowly...

    Now we are seeing 15C+ projects 32K/SQFT.

    Not saying Chennai is Bombay/Delhi but with current Bombay pricing as benchmark, Chennai with a diversified industries, port, ever growing population/rich people, black money, I wouldn't be surprised to see 50K/SQFT mark. Let us see how many years it takes to hit it from here.


    Originally Posted by k11
    Chennai is not Bombay/Delhi. They are in completely different segment with big cities, big economy, lot of people with money.

    Chennai is in the next segment. But I feel we are the leader in this segment.

    For me,
    Tier 1 - Bombay/Delhi
    Tier 2 - Chennai, Kolkata, Bangalore, Pune, Ahmedabad, Hyderabad, Satellite Cities(Gurgaon, Noida, Navi Mumbai,etc)
    Tier 3 - In no particular order,Vizag, Jaipur, Gwalior, Kochi, Trivandrum, Coimbatore, Nagpur, Vijaywada, Lucknow, Surat, Chandigarh, etc.

    Kolkata prices are also pretty high in some high end streets though very few people realise it.
    But I think Chennai city (old limits 174sqkm) has much higher prices. Extended suburbs pull down the avg prices in Chennai, make it look artificially lower than Blore, Kolkata, Gurgaon or even Pune.
    CommentQuote
  • Originally Posted by blogger
    I was looking at apartment prices in Mumbai. Here is how it looks.
    Parel - 50K per SQFT,
    Tardeo - 60K
    Colaba, 46K
    Worli Hill 43K
    Kemps Corner - 65K
    Shivaji Park 37K
    Prabhadevi - 40K
    Andheri - 22K to 30K
    Bandra - 37K+
    Mahalakshmi, Powai, - 35K

    Chennai projects with HIGHEST price tag (projects in Nungambakkam/Poes Garden pale in front of above prices. Do we foresee Chennai price hitting 50K range... If yes by when.


    Few small areas can hit in 10 years time but even for some other posh areas like Adyar since the area is big for median price to hit around 45-50 it will take about 3 decades even with a growth of avg 6% for next two decades. If you look at big areas like Andheri or Greater kailesh in Delhi it is only around 20K even some south delhi areas are hitting 80K.
    CommentQuote
  • Originally Posted by blogger
    Wise points.

    I always looked at Bombay when I felt RE price in Chennai is exorbitant. It might sound funny but just 10 years ago I found it hard to accept Rs 25K/Yr as apartment maintenance charges. I couldn't accept 35L price tag for an apartment in Alwarpet when I can buy one ground land for 40-50L around Kilpauk and build a bungalow later. I laughed at apartments priced at 1Crore in Bangalore wondering who will pay 1C for an apartment and how will they find buyers when they decide to dispose it with a profit. Hope I was not the lone person with such thoughts 10 years ago.

    What gave me a better perspective at that time was the pricing in Bombay and how this city was holding much higher price tag for years. Bombay has since then been my benchmark when I looked at headroom for Chennai RE.

    3 Years later I was stunned when Vijayshanthi carried a first page ad for apartments priced at 4.5C @10K/SQFT at Nungambakkam and the VERY NEXT day thanked buyers on the 1st page again for the overwhelming response! Whole project was sold out in 24 hours! I begun to understand the reality slowly...

    Now we are seeing 15C+ projects 32K/SQFT.

    Not saying Chennai is Bombay/Delhi but with current Bombay pricing as benchmark, Chennai with a diversified industries, port, ever growing population/rich people, black money, I wouldn't be surprised to see 50K/SQFT mark. Let us see how many years it takes to hit it from here.


    Chennai city prices were relatively undervalued compared to overall suburbs until three years ago. From 07-10 prices in city were very low, while projects in OMR were going strong at 3-4K psft.

    Demand just took the prices up in the city. That is why certain areas such as Nungambakkam and all went up 6+ times from 2007 (NHB data). Kilpauk, Egmore, etc shot up from 2011 or so.

    By the way you are not alone, all the guys looking at buying land and building have missed getting the cheaper flats.

    Also you missed one important point, 50K was a lot of money back in 2004 but now 50K cannot even get you a month's expense. Market is slow now, but if it picks up after election we might see it sooner than later.
    CommentQuote