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Property Price Trends in Chennai

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

    how true the water is absolutely untouchable in OMR region, dont know how much the WTP can take up the workload. plus sewage clearance and diesel cost - minimum u need 10K for maintainance. Hira or other biggies who has the right to maintain for lifetime might charge 7-10 persq ft in future (u cant ask them why becaz), plus club house charges. Seems opaline charges 1500 per couple and 1500 for a bachelor tenant as club house charges per month- so u will have all the facilities not for u. EMI around 40k, maintainance 10 k, school fee per month 5 k -10 k per kid, car cost 10-20 k (mostly u have to depend on it since no proper transportation yet) mmm? feasible???!!

    Comment


    • Re : Property Price Trends in Chennai

      Ramchi:
      Your generalization and broad brush painting sees no end. Some of your generalization 'gems':

      1. Builder's close affiliates become buyers to prop up the demand. Do you think this is sustainable even in a short term?
      2. Millions thriving in Chennai with out choice. Really?
      3. Chennai as a capital failed so far. What is your definition of failure?
      4. No quality space, infrastructure, public mindset available in Chennai. ???
      5. MGR indeed tried this approach but RE Wallas (outside interest groups) in Chennai opposed this vehemently even in 80s when Chennai witnessed water scarcity even with 1/10 of the current population. Can anyone help me understand what that means please? Who is this outside interest group???
      6. Hira charges Rs 5 psft for maintenance. You make this statement after being aware that it was for the *first initial 5 families*. Isn't there something known as critical mass for prices to settle down when the steady state is reached?

      Maverick

      Comment


      • Re : Property Price Trends in Chennai

        Originally posted by snt2011 View Post
        how true the water is absolutely untouchable in OMR region, dont know how much the WTP can take up the workload. plus sewage clearance and diesel cost - minimum u need 10K for maintainance. Hira or other biggies who has the right to maintain for lifetime might charge 7-10 persq ft in future (u cant ask them why becaz), plus club house charges. Seems opaline charges 1500 per couple and 1500 for a bachelor tenant as club house charges per month- so u will have all the facilities not for u. EMI around 40k, maintainance 10 k, school fee per month 5 k -10 k per kid, car cost 10-20 k (mostly u have to depend on it since no proper transportation yet) mmm? feasible???!!
        If you stay in so called city limits, EMI will be 80K-90K that too for much lower amenities provided. Still car cost will be high at 3K-6K (10K is exaggeration) because most while collared IT jobs and even blue collared automobile jobs are 30-40 kms from so called city limits. Still school fees will be high, city schools will not charge cheap because they are located in Mount Road etc. Still maintenance cost of at least Rs. 3000 will be there inside so called city limits also if its a good apartment.

        Work out the Maths? anybody will. The answer is there is no difference.

        In fact good gated townships in suburbs like OMR, GST and Oragadam (after few years) will work out much cheaper because of lower EMI compared to apartments in so called inside city limits. Forget other items in the monthly household accounting - just base EMI of 80K-90K minimum for so called city properties will be much higher then entire monthly household budget if living in gated townships in suburbs like OMR etc.

        Also in long term, appreciation will be higher in gated townships along OMR, GST, Oragadam because this is where all jobs will be eventually. Big governments, major companies like L&T etc are not fools to promote suburbs like OMR, GST, Oragadam etc. without any reason. In fact I like Oragadam when some members here are still debating about OMR Yes or No?

        In US, educated tax paying white people live in suburbs and not inside big cities, migration to suburbs started happening over last 80 years in all big cities take LA, San Francisco etc. However US is different, people don't hesitate to drive long hours for commute - living in suburbs and working in cities. Some suburbs have themselves becomes major jobs creation centers, example: Irvine in orange county, which was considered suburb of LA.

        But in Chennai, to overcome this problem even thousands of jobs are mainly getting created in suburbs only like OMR, GST, Oragadam etc.
        Last edited November 20 2012, 09:45 PM. Reason: grammer

        Comment


        • Re : Property Price Trends in Chennai

          It is not true that all rich whites guys live in suburbs in US. NYC where I lived mostly populated by rich whites and it is costly to live in. Middle class folks live in suburbs and try to save pennies by commuting long hrs to City. Whoever traveled NJ transit/path trains from NJ to NYC know how pain in neck it was.

          Also it is not true that thousands of jobs created in Suburbs. In fact lacks of people are gainfully employed in Villages by Agri and Industries power houses. City is the next place where lacks are employed. TNagar alone provides direct and indirect employment of thousands of people.

          Overall the subject keep steered into comparing more of Tata vehicles with Benz/BMWs.

          Also in NYC y-o-y RE appreciated 10% in sharp contrast to NJ suburbs which are in deep ***t!

          Originally posted by trk2012 View Post
          If you stay in so called city limits, EMI will be 80K-90K that too for much lower amenities provided. Still car cost will be high at 3K-6K (10K is exaggeration) because most while collared IT jobs and even blue collared automobile jobs are 30-40 kms from so called city limits. Still school fees will be high, city schools will not charge cheap because they are located in Mount Road etc. Still maintenance cost of at least Rs. 3000 will be there inside so called city limits also if its a good apartment.

          Work out the Maths? anybody will. The answer is there is no difference.

          In fact good gated townships in suburbs like OMR, GST and Oragadam (after few years) will work out much cheaper because of lower EMI compared to apartments in so called inside city limits. Forget other items in the monthly household accounting - just base EMI of 80K-90K minimum for so called city properties will be much higher then entire monthly household budget if living in gated townships in suburbs like OMR etc.

          Also in long term, appreciation will be higher in gated townships along OMR, GST, Oragadam because this is where all jobs will be eventually. Big governments, major companies like L&T etc are not fools to promote suburbs like OMR, GST, Oragadam etc. without any reason. In fact I like Oragadam when some members here are still debating about OMR Yes or No?

          In US, educated tax paying white people live in suburbs and not inside big cities, migration to suburbs started happening over last 80 years in all big cities take LA, San Francisco etc. However US is different, people don't hesitate to drive long hours for commute - living in suburbs and working in cities. Some suburbs have themselves becomes major jobs creation centers, example: Irvine in orange county, which was considered suburb of LA.

          But in Chennai, to overcome this problem even thousands of jobs are mainly getting created in suburbs only like OMR, GST, Oragadam etc.

          Comment


          • Re : Property Price Trends in Chennai

            Originally posted by maverick007 View Post
            Ramchi:
            Your generalization and broad brush painting sees no end. Some of your generalization 'gems':

            1. Builder's close affiliates become buyers to prop up the demand. Do you think this is sustainable even in a short term?
            2. Millions thriving in Chennai with out choice. Really?
            3. Chennai as a capital failed so far. What is your definition of failure?
            4. No quality space, infrastructure, public mindset available in Chennai. ???
            5. MGR indeed tried this approach but RE Wallas (outside interest groups) in Chennai opposed this vehemently even in 80s when Chennai witnessed water scarcity even with 1/10 of the current population. Can anyone help me understand what that means please? Who is this outside interest group???
            6. Hira charges Rs 5 psft for maintenance. You make this statement after being aware that it was for the *first initial 5 families*. Isn't there something known as critical mass for prices to settle down when the steady state is reached?

            Maverick
            You can quote your gems and let everyone decides which one suits them most let them wear it!


            Sent from my iPad using Tapatalk HD

            Comment


            • Re : Property Price Trends in Chennai

              Originally posted by sunr2i View Post
              It is not true that all rich whites guys live in suburbs in US. NYC where I lived mostly populated by rich whites and it is costly to live in. Middle class folks live in suburbs and try to save pennies by commuting long hrs to City. Whoever traveled NJ transit/path trains from NJ to NYC know how pain in neck it was.

              Also it is not true that thousands of jobs created in Suburbs. In fact lacks of people are gainfully employed in Villages by Agri and Industries power houses. City is the next place where lacks are employed. TNagar alone provides direct and indirect employment of thousands of people.

              Overall the subject keep steered into comparing more of Tata vehicles with Benz/BMWs.

              Also in NYC y-o-y RE appreciated 10% in sharp contrast to NJ suburbs which are in deep ***t!
              IMO, NYC is an exception.
              Sub urbs are usually preferred in rest of the US from what I have seen and heard from friends - because you can usually get big houses, commuting by car is usually not a problem(both in terms of time and money) and most of the sub urbs have excellent school districts. In SF bay area, the best schools are in sub urbs and not in the city and many sub urbs are costlier than city but more peaceful to live.

              Comment


              • Re : Property Price Trends in Chennai

                I do not think Chennai suburbs can be compared in any way or form to US suburbs.

                Cars are expensive in India, Petrol is 75rs inching ever higher.
                Driving is a very expensive affair. Toll roads for pathetic roads. Lack of enough AC buses. Govt will not put metros in suburbs for now.

                Chennai suburbs severely lags behind Blr suburbs or Hyd suburbs forget about foreign countries.
                OMR at least shows some signs, but rest of them are unlivable. They are better left to speculators.
                Last edited November 21 2012, 12:49 AM.

                Comment


                • Re : Property Price Trends in Chennai

                  Originally posted by maverick007 View Post
                  Ramchi:
                  Your generalization and broad brush painting sees no end. Some of your generalization 'gems':

                  1. Builder's close affiliates become buyers to prop up the demand. Do you think this is sustainable even in a short term?
                  2. Millions thriving in Chennai with out choice. Really?
                  3. Chennai as a capital failed so far. What is your definition of failure?
                  4. No quality space, infrastructure, public mindset available in Chennai. ???
                  5. MGR indeed tried this approach but RE Wallas (outside interest groups) in Chennai opposed this vehemently even in 80s when Chennai witnessed water scarcity even with 1/10 of the current population. Can anyone help me understand what that means please? Who is this outside interest group???
                  6. Hira charges Rs 5 psft for maintenance. You make this statement after being aware that it was for the *first initial 5 families*. Isn't there something known as critical mass for prices to settle down when the steady state is reached?

                  Maverick
                  Well said.

                  I was about raise the same things.

                  I think lot of frustration is the reason for such senseless talk and conspiracy theories.
                  .
                  Last edited November 21 2012, 02:45 AM.

                  Comment


                  • Re : Property Price Trends in Chennai

                    Originally posted by k11 View Post
                    I do not think Chennai suburbs can be compared in any way or form to US suburbs.

                    Cars are expensive in India, Petrol is 75rs inching ever higher.
                    Driving is a very expensive affair. Toll roads for pathetic roads. Lack of enough AC buses. Govt will not put metros in suburbs for now.

                    Chennai suburbs severely lags behind Blr suburbs or Hyd suburbs forget about foreign countries.
                    OMR at least shows some signs, but rest of them are unlivable. They are better left to speculators.
                    K11

                    Affordability is the bottom line.

                    Affordability is what pushing lot and lots of people and once such large population settles in such outer suburs infra usually follow them (albeit few years later) then City limit gets extended to them a decade or two later.

                    Kalam kalama ithu thana nadakuthu.

                    Natural, i suppose.

                    Comment


                    • Re : Property Price Trends in Chennai

                      k11, Concept of suburb in chennai is different frm say New Jersey as a suburb of New York. Its live cheap in NJ and travel to NY. OMR is not like that. OMR has IT offices, employees dont need to travel to CBD once social infra develops. This will take time, but that is the idea. Even now, someone working in TCS Siruseri and living in the area needs to travel to CBD may be only once a week or so. Same for GST also.

                      TN is following a mixed-use development model. people live and work in the respective areas.

                      Mixed-use development - Wikipedia, the free encyclopedia

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