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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  • Eitherway, Chennai RE will have only one direction! We have seen it, the prices have raised sharply after dull moments in 2009! According to Times of India, RE is the top Investment destination in 2014! I agree with Mavs.



    Originally Posted by maverick007
    Mood then was world coming to an end and doom all around. Nowhere near that now (may be more so for India alone) and other part of the world is flourishing and flush with wealth creation. There was a sense of "value" in those prices then than now. Reason why it got there was people were reluctant to commit with apocalypse stories abound.

    Now, there is no sense of such panic and the mood seems to be, worst is behind us or here to stay for little longer. Must have made people to believe there must be light at the end of the tunnel even though it is still dark - light can show up anytime. There is a sense of stability despite mood being sombre. Rarely a set up like this can make prices attractive. I think people may be feeling unwilling to commit because they do not see prices attractive enough. Further, money from the other part of the world may have realized absolute returns on INR means nothing if it is meant for investment.

    For 2009 to happen, one needs to feel the earth under the foot to crater and now, there are enough counter forces to make that very unlikely in the short term. Even if election results throw a spanner dousing all the optimism, RE still would not get to those 2009 level(not in absolute numbers) attractiveness and it is likely to kill by being where it is much longer.
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  • I have been hunting for next investment but got aback as none of the Top builders which i chose from 1-5 in come to the request level of customer .

    Hung Parliament is the most likely outcome and RE is the one along with Stock Market with fund outflow would get affected

    But Construction cost has gone up with shortage of skilled man power in this Digital Era and not definitely get corrected like share price per se.

    It remains to be seen what is the election outcome but RE market is steady as Builders are basically bound to make money out of Customers as usual than putting their own money

    Because builders are always smart and hence we are customers always for them .
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  • Few weeks back had a visit in a luxury apartment in Adyar just after globus in Adyar it is top end builder just 30 apartment in a acre block all are identical floor plan 2 apartment the building is complete 4000 sqft is the size of flat
    The landowner has few apartment r sale the landowner his offer is 19000 net 7.6 cr however broker said 6 cr would be be his final offer Uds is around 1452 I am thinking of offering 1452*20k 2.9 cr plus 4000* 3000 1.2 plus 10 lakhs for three car park total 4.2 cr is right price but I think landowner will not take the offer however I think 6 cr is seller price 4.2 cr is the buyer price expert in IRSF what ur take on this and price is a investment apartment I am expecting rent of 120k to 150k per month if I invest another 25 Lakh on furniture may be 250k fully furnished
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  • You do the math and find out if it really makes sense to invest 4-6 crores with the returns not matching your investment on the long run, unless you expect this apartment goes for Rs 12-15 Crores in the next 5-10 years....if you think so, you may go ahead....If you have that much money, without sweating you can invest in Bank and take peacefully!!!! Now you need to pay registration charges, sales tax, property tax, maintenance (of course you will give it for rent but rent need not be long term, hence maintenance headache is there).....
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  • @Septaa,
    I am not sure if new apts at this range and size makes a good investment unless it is under a good staggered payment plan.
    Also I am not sure if the seller will accept a 4.2C offer, they would like to see 5C atleast, even 5.5C might be his minimum.
    Also 2.5L rents are not easy to get. There is a market at 1-1.5L but that is it. Anything beyond is very hard or rare to even hear.

    If I was you, I would look for resale units in better location.
    Check out Venus Colony, Pycrofts Garden, Rutland Gate, Binny/KR Rd, Kothari Rd, etc.
    Adyar has only couple of pockets that are good and get premium rents, but most of the area you will struggle as there is too much housing. If you have the budget, Alwarpet, Nungambakkam, parts of RA Puram, etc are better for high ticket rentals anyday.

    Also remember in a 4000sqft new flat you might get only 3000-3200sqft becasue of loading.
    You can get a 2500-3000sqft resale flat and still you would not lose a lot.

    Well you can also look at 2 smaller resale apts of 1800-2000sqft, one in a upscale area and one in a middle class area with higher yeilds.
    Or you can get one new apt under staggered payment and one older apt.
    or just get side by side 2000sqft new flats which could be combined or seperated easily.

    For end use, this does not matter, bigger is better.

    The bigger the apt goes you need to be conscious of the surroundings. I left out some deals like that because I felt the apt is too upscale for the area. Chennai is a very location specific place, rates in both rentals and capital value are determined by this.
    If you go to suburbs, it is a different story, some GCs are better than others and you can see that in the pricing.
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  • Originally Posted by Septaa
    Few weeks back had a visit in a luxury apartment in Adyar just after globus in Adyar it is top end builder just 30 apartment in a acre block all are identical floor plan 2 apartment the building is complete 4000 sqft is the size of flat
    The landowner has few apartment r sale the landowner his offer is 19000 net 7.6 cr however broker said 6 cr would be be his final offer Uds is around 1452 I am thinking of offering 1452*20k 2.9 cr plus 4000* 3000 1.2 plus 10 lakhs for three car park total 4.2 cr is right price but I think landowner will not take the offer however I think 6 cr is seller price 4.2 cr is the buyer price expert in IRSF what ur take on this and price is a investment apartment I am expecting rent of 120k to 150k per month if I invest another 25 Lakh on furniture may be 250k fully furnished


    If your total portfolio is 100C + research to see if this game is worth = spend your time and also expend IREF members time ..
    if your total portfolio is 50C + there are many options for 10% of your total portfolio
    20C or less - dont play this game -- just look for other options

    my 2 cents
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  • Septa potalum potaaru oru matteraaaa ,,, alwarpet to adayar options abound .... enjoy pannu .....nalla enjoy pannnu........
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  • Originally Posted by maverick007
    Mood then was world coming to an end and doom all around. Nowhere near that now (may be more so for India alone) and other part of the world is flourishing and flush with wealth creation. There was a sense of "value" in those prices then than now. Reason why it got there was people were reluctant to commit with apocalypse stories abound.

    Now, there is no sense of such panic and the mood seems to be, worst is behind us or here to stay for little longer. Must have made people to believe there must be light at the end of the tunnel even though it is still dark - light can show up anytime. There is a sense of stability despite mood being sombre. Rarely a set up like this can make prices attractive. I think people may be feeling unwilling to commit because they do not see prices attractive enough. Further, money from the other part of the world may have realized absolute returns on INR means nothing if it is meant for investment.

    For 2009 to happen, one needs to feel the earth under the foot to crater and now, there are enough counter forces to make that very unlikely in the short term. Even if election results throw a spanner dousing all the optimism, RE still would not get to those 2009 level(not in absolute numbers) attractiveness and it is likely to kill by being where it is much longer.


    Thanks Ramchi, Mav, rockeyireb, REC2013 for your comments.

    Mav- There is a certain bearish tone in the market..regarding the global optimism you are pointing out..I dont deny it, but however we cannot overlook the fact..that is laced with cautiousness..We all know the original issue of 2008/2009 sub prime issue was never addressed..The current green shoots are due to quantitive easing and not recovery of fundamentals..the dirt was pushed down the road..We dont know if we turned the corner as yet. Even today bigger instituitions are cannibalising the smaller ones to paint a healthy outlook..Banks in US are continously getting bankrupt..Indian Banks NPA are at all time high, People are still losing jobs, business are contracting..but they all dont make mainstream news. With the US Fed Tapering this year a withdrawal of $75 billion per month, we never know..the old ghosts may come back to haunt..The situation in EU isnt rosy either..One instance like Lehmann can bring all hell loose..and this time we stand totally exposed and the impact will be real.

    In RE too we witness the smaller players being unable to sustain themselves..we are seeing so many projects and layout being taken over by bigger builders/brands either just for marketing or as joint-venture..This certainly shows the operation cost to remain in business is very high and is not a indicator of healthy industry.

    Having said that, I am bullish about India..a stable government is what we need..Lets compare two likely policy outcomes

    BJP-NDA - A focus on domestic economy, stengthening rupee, lowering inflation, lower interest rates, lower taxes, stable salaries/jobs, building local infrastructure
    vs
    Congress-UPA - Opening the market for foreign investment, weakening rupee, controlling inflation, higher interest rates, higher subsidies, increasing job opportunities, more public-private partnership.
    vs
    Third front - Cant even imagine..it would be catastrophic as our president says.

    In both scenario, RE is going to play a huge role..there is going to be heavy clamor for land..which is a sure shot recipe for value appreciation. While the first would be value addition due to creation of satellite cities, new roads, infrastructure etc, the second would see demand from new segment of buyers with increased affordability.

    Also, If RE regulator is in place and there are stringent rules on black money..I expect price to be increased sharply..good clean properties will demand huge premiums and builders and promoters will charge more for the increasing operational overhead. The competition would keep the prices in check, but I expect the market to certainly suffocate due to mismatch in expectations of the buyers and sellers. The contrast of demand vs supply will come to the fore. This provides an opportunity for buyers to act amidst a slow market, where the choices are more..pressure is less and its easier to value pick the property they want.
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  • Differences in our views are narrowing...the only difference between now and 2009 is the synchronized fall of many, if not all legs, at the same time...it could happen again if several of your premonitions come true..I see less odds, though.

    The current green shoots are due to quantitive easing and not recovery of fundamentals..


    To an extent, yes and balance sheet of the country(US) as a whole, can agree too. But, the corporate balance sheet is in the healthiest shape one could have seen in a long time. Significantly better in shape than in 2008 as they are still not yet out of cautious optimism carrying the skepticism and not willing to spend the cash on their balance sheet. Innovation and productivity levels enhancement as a consequence of that will give a tremendous long term edge. Even if tapering and resultant mayhem causes an havoc(more on outside than on self), on a relative basis, this pillar will be a show of a relative strength. I am a believer in strong becoming stronger after every boom-bust cycle. It is this aspect, I feel, gives me a low odds on 2009 repeating itself. Europe is a mess I am not counting on to provide any strength.


    In both scenario, RE is going to play a huge role..there is going to be heavy clamor for land..which is a sure shot recipe for value appreciation. While the first would be value addition due to creation of satellite cities, new roads, infrastructure etc, the second would see demand from new segment of buyers with increased affordability.


    Above is the segment, I am bullish on and have no time set for it...that's the type/nature of the investment that is abound today...all easy money (3-5 year) opportunities are taken or discounted enough to leave very little..also have my concern when the above shapes up as the rest of the prices have premium built in betting against the same and they could come off over time...
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  • It is all like this .

    Modi may have seats in MP,GU,RJ .None of the CMs in state would support his elevation .

    Congress may have in their belts with regional tie ups

    State Govt like Bihar,Ch,Uth,UP,TN,KL,KA,AP,WB may have their own stand

    NE states seats are negligible to get compared .

    *Currency withdrawal by March will have adverse effect to tame and contain inflation and stop M3 in toto .

    RE will really get affected when * it happens along with hung Parliament .

    Stock market will be Shock Market from Monday onwards and only hope is to have 25 bps interest cut from RBI on Tuesday to revive that or else, it will have deep cut in coming weeks
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  • Rumor I am hearing from my grapevine - Guideline value is being revised effective April 1st, 2014 and its being reduced in many places. confirmed news anyone?
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  • I also heard that guideline value is going to be changed. I heard that, prices are increased in main areas and decreased in outer areas. Not sure about this.
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  • Same here I'm hearing GV revision sure but unfortunately for some areas I'm looking seems to be upward trend heard SRO and vao are asked some reports need to probe will post findings ...


    Sent from my iPad using Tapatalk
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  • Originally Posted by SRaj001
    Same here I'm hearing GV revision sure but unfortunately for some areas I'm looking seems to be upward trend heard SRO and vao are asked some reports need to probe will post findings ...


    Sent from my iPad using Tapatalk


    I heard that value is increased nearly 2 times in many cities.
    Chennai values are incresed nearly 3 times.
    In some areas only values are maintained.
    I think they dont have idea of reducing the rates.
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  • Does anyone think there will be revival in Indian Realty in another 10 Years... It looks to be very bleak( i just go by my sixth sense :-) )
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