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 ferret
    Thanks K11 for your prompt response. Any idea what the latest market value of land in this area is?


    That will not be easy, varies street by street and depends on many factors. Check out ads and contact brokers saying you want to buy to get an understanding of list prices.
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  • I need advice on how best to avail of the quoted rates. Ours is an apartment complex (G+4, plot size 3 grounds) of 15 flats of various sizes and a few garages, bang on the convergence of Adyar, Santhome, Mandaveli, off Greenways Road, on a 30' road. It is over 25 years old and some of the residents want to sell if they get real good rates and some want to rebuild considering the worth of a new apartment here.

    1. How much can we expect to get per apartment (GV of land here is Rs.16000) if we sell?


    Why sell the raw material when the final produce is so easy to sell and not too difficult to make?

    For the size of 3 grounds, there are too many residents which can prevent maximizing the value. With premium FSI(20%), 15000-16000 sqft of total saleable area is doable. Can make it in to 10 3BHKs of size 1500 sft or 7-8 large size units depending on how you want to position based on the locality. Anything less than 1500 sqft to remain equitable to existing owners can prove to be a value killer and few will have to give up. You need to compensate them adequately to give up.

    This has the potential to realize total sale value of 30-35 C. 2C is what is needed to pay for premium FSI (assuming 20%). Even at Rs 3000 psft construction cost, building cost cannot exceed 5C.

    Selling the land is the easiest and quicker option which needs to be resisted. Do the eval on how much money will be left on the table before you decide.
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  • Originally Posted by maverick007
    Selling the land is the easiest and quicker option which needs to be resisted.


    I think otherwise. Selling should be high on the list.

    If you look at what @ferret as said.

    3 Grounds - 7200sqft land - @1.5 FSI the existing structure is 10,800sqft has 15 flats - flat size is 720sqft.

    The flat sizes are small, not all might be in upper middle class. I am not sure if all the residents can cough up the money for construction itself. Even if they all build they will again get only a 2-bhk, with not much increase in size.

    If the building has illegal units and units with lesser UDS or no UDS, it is a lot of headache to deal with the residents. I feel this is a high probability.

    I do not think this building is a easy case for redevelopment.
    If the number of residents (shares) reduces then it might be easier. For that atleast 5 owners should sell and the remaining should have the money to pay them off.

    I kind of advise selling it off to avoid the hassles.

    The plot should go for 14-15C if the new flat rates in the area are 20K psft.
    If the new flat rates are 15Kpqsft, the land will go for 10C.
    Each owner will get 65L-90L approx depending on the sale price.
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  • The point of the discussion is on how to maximize value. Not on whether they come together for a consensus. Assuming they come together, what options give them the best bang for the land.

    3 Grounds - 7200sqft land - @1.5 FSI the existing structure is 10,800sqft has 15 flats - flat size is 720sqft.

    The flat sizes are small, not all might be in upper middle class. I am not sure if all the residents can cough up the money for construction itself. Even if they all build they will again get only a 2-bhk, with not much increase in size.


    You missed his point on 15 flats of various sizes. Let us not preclude and rule out certain options with out knowing their financial position. For good decisions, key is to explore all the options and shoot them down in the order of least viable and get to the best one.

    I do not think this building is a easy case for redevelopment.


    Let us not question the premise and ferret has not shared all the details to make such inference.
    I kind of advise selling it off to avoid the hassles.


    It is better to know what the hassles are, before trying to take a easy route of selling it. You are making too many presumptions with ferret not having shared many details.
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  • Maverick 007 and K11, thank you both very much for your suggestions and for pointing out the pros and cons of various options open to us. Yes, the flats are of various sizes. Speaking for me personally, I would like nothing better than to continue to have a house in this area and would go in for reconstruction (unless I get a better and bigger apartment even if the location is a bit farther away), but getting people on board one way or the other is going to be a Herculean task. As for the land price, our building is close to Real Value Czar’s. Only 5C max per ground for this area? Correct me if I am wrong, but even Anna nagar, I understand, commands this price?
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  • CMDA deadline

    for the 200 + plots planned to be sold by CMDA ththere were over 2 lakh applications that came in
    Maraiamalai nagar was not cheap 726 rs a sqft
    still applications poured in, should be a decent indicator of demand
    1000rs NON refundable application fee was charged
    CommentQuote
  • Apartment sales dip 33% in Chennai

    ToI news 10/01/14

    Negative sentiments prevailing.

    Inventory of unsolds hit 40%

    35% drop in new launches.

    33% drop in sales

    Central Chennai maximum fall of 49%
    West Chennai 38% fall in sales.
    South Chennai 25% fall in Sales.

    Suburbs offer highest potential for asset appreciation.

    Current rates:

    Pallavaram - Thoraipakkam = 5500 to 6000

    Porur = 4700 - 6000

    Sholinganallur = 4700 - 5250

    Nolambur = 6200 - 6400
    CommentQuote
  • Real estate in 2014: Will the asset bubble inflate further or will it burst? | Firstpost

    Chennai, though touted as one of the best performing markets today, has inherent issues of its own. The improvement in performance stems from the fact that the city is expanding at a fast pace. When one sees the market from an efficiency point of view, there are various lacunae: The month’s inventory still remains quite high and the prices have surged over the last couple of quarters. However, the secondary market correction has already begun in Chennai since the past two quarters.

    Read more at: Real estate in 2014: Will the asset bubble inflate further or will it burst? | Firstpost


    I say Govt should increase property taxes.
    That will automatically start bringing down the prices or keep demand in check with supply. This will also bring much needed revenue to Govt. Stamp duty is one time fee, they need to get recurring income out of this demand.
    CommentQuote
  • Originally Posted by Economist
    ToI news 10/01/14

    Negative sentiments prevailing.

    Inventory of unsolds hit 40%

    35% drop in new launches.

    33% drop in sales

    Central Chennai maximum fall of 49%
    West Chennai 38% fall in sales.
    South Chennai 25% fall in Sales.

    Suburbs offer highest potential for asset appreciation.

    Current rates:

    Pallavaram - Thoraipakkam = 5500 to 6000

    Porur = 4700 - 6000

    Sholinganallur = 4700 - 5250

    Nolambur = 6200 - 6400


    Eco/Sraj/Others who have checked the market recently..do you find sellers willing to negotiate? I dont find anyone coming down from their high pedestal though there has been no sales at all in the past 6 months or so.
    CommentQuote
  • Originally Posted by k11
    Real estate in 2014: Will the asset bubble inflate further or will it burst? | Firstpost



    I say Govt should increase property taxes.
    That will automatically start bringing down the prices or keep demand in check with supply. This will also bring much needed revenue to Govt. Stamp duty is one time fee, they need to get recurring income out of this demand.



    Governments are now competing with each other to give subsidies and abolish taxes..I dont think they will increase it though I feel that's the fair option to deter rich from hoarding properties.

    Here's a post I wrote on another thread in off-topics section regarding the Radical idea of BJP abolishing taxes and our current system..Though it seems they wont do away with it completely..I am hopeful taxes will be simplified if they come to power. welcome your comments.

    https://www.indianrealestateforum.com/forum/other-forums/general-real-estate-discussion/178-indian-real-estate-to-witness-15-20-price-correction?p=3#post178

    Sometime later I want to also bring up what would be the effect of such a move on the Real Estate market.
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  • I am not in favour of abolishing income taxes. But I do like lowering of taxes and getting more people to pay them.
    Taxation at higher bands should reduce to reduce black money. Our current income taxes are decent, but there is room for improvement. at the higher end.

    Property taxes are integral part of the taxation system. Road, power connectivity, bus, metro, fire, police, essential services, etc all need more money to see improvements.

    Stamp duty and guideline value revision was excellent idea to make more transactions white and earn revenue from property transactions. I heard this contributes 4000cr a year to the city. But I feel they are too high. Duty needs to be around 5%.

    Sales taxes are also very high. They need to reduce them and enfore collection from more businesses.
    Tax on so called luxury items like AC Restraunts should also reduce. They are more of a necessity in hot places like Chennai.

    Taxes on fuel need to reduced. VAT on petrol is crazy.
    Instead they should charge a user fee for every private personal vehicle on the road. Diesel cars can be charged twice or more as they run on govt subsidized fuel. Make this yearly fee the new road tax. The revenue from this can be used to develop roads, improve transport and subsidize public transport. That will reduce fuel charges for food supply, agriculture, trade, etc.

    I think we need lower taxe rates everywhere but increase the number of taxpayers and bring more things under taxation, thereby increasing revenue collection.

    Higher rates give more incentive for people to game and try to avoid them. So lower rates are needed in most places.
    CommentQuote
  • Originally Posted by nabishek
    Eco/Sraj/Others who have checked the market recently..do you find sellers willing to negotiate? I dont find anyone coming down from their high pedestal though there has been no sales at all in the past 6 months or so.



    Chennai sellers are on high pedestal always because they are clueless of the market where they hold a property
    They will sit in Anna nagar and hold a land in red hills quote exorbitant price and say the outer ring road second phase is awarded
    You get my point
    Serious sellers Are making deals many places I have seen props selling below GV
    Kolathur on GST road an example
    Some pockets are super hot --- Ecr upto toll booth is very hot no good land available and no one willing to budge on price
    One area that i saw last year hot but slow now is 400 feet corridor near west tambaram kishkinda varadarajapuram etc
    Prices,are,stagnant no movement some layouts have dropped
    Will post more later today


    Sent from my iPad using Tapatalk
    CommentQuote
  • Chennai Suburbs offer buyers highest potential for asset appreciation

    Chennai Suburbs offer buyers highest potential for asset appreciation | Chennai Properties
    Attachments:
    CommentQuote
  • I still dont get why the areas around the 400ft road starting point is pretty dead from an activity stand point
    Any one following that area ?
    CommentQuote
  • Ceebros The Atlantic

    Originally Posted by Septaa
    I was at Ceebros office to enquire about Ceebros Atlantic in egmore the base price is 17000 psqt the ticket size for smallest apartment 1250 soft is 2.5 cr I reckon DLF is a safer bet


    Hello i am a first time buyer and looking to get an apartment within the city , one of the projects that came to my attention was the The Atlantic by Ceebros .

    Believe the prices are still to be finalized , from what i hear the company seems to deliver on time , what should i expect in terms of price also given their recent article with regards to reducing price would they be selling this as well at the reduced price compared to rest in that area . given that i am hoping it would be more realistically priced around 16,000 or lower per sq ft .what do you guys think

    Appreciate any help on this
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