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 k11
    Actually many areas including CBD went up by 600%, you should look into details.


    In that above 10 Zones which is CBD?

    It will be great to know where is Chenna CBD.
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  • ZONE 9 is the ultimate comedy
    Kodambakkam Guindy Chrompet -
    eanna logical grouping sir idhu /
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  • Hello All ,
    I am new to this forum and trying to buy a 3BHK apartment in a gated community (new/resale).house in adambakkam/ Nanganallur.. Could you please suggest the current prices in this area . I see the rates are varying a lot .

    Appreciate your response in this regards

    thanks
    Senthil
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  • Originally Posted by Septaa
    Looking at the data from NHB one market which needs to be avoided is chennai given its phenomenal growth in 7 years the index says 300% however in real term it is more like 600% take Anna nagar price per ground in 2007 was less then 60 lakhs today it is close to 6 cr which IMO is too high needs to come to level of 3.6 cr or still less


    I recall sales in Annanagar in early 2007 at over 2.5 crore per ground. Not on main avenue, but in good area. I have no idea where you get the 60 lakh number.

    I also think the 6 crore number for today in Annanagar is incorrect -- unless it is in prime avenue location, or very large parcel. Of course anyone can ask any amount, only actual sales matters.

    I think the NHB residex data is deeply flawed because of odd groupings, registration not in full white money, etc???
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  • Originally Posted by chennaidude
    I think the NHB residex data is deeply flawed because of odd groupings, registration not in full white money, etc???


    Let me tell you this, NHB data is much better than other indexes that Makaan, India Property, 99 Acres and other sites put in, most of them using list prices on their website.
    Some companies take avg price of new flat and index it, they forget about resale market and focus only on suburbs where most transactions take place.

    There is no perfect data source to track to proper details. Please post if you see a good data source.

    By the way, I do not think NHB tracks suburbs. Their definition of Chennai is different from what people know of Chennai. Old city limits, it ends with Guindy and Thiruvamyur. So it excludes the entire OMR region.

    Registration data might be off, but you cannot register the property under guideline value.
    So the gap between guideline value and Market value (white to black money%) becomes critical. If the gap is stable, then the trend still holds, if the gap changes and % of white or black increase/decrease you will see bigger variations.

    By excluding suburbs, the NHB data might not have a lot of variation or transactions with biggest white to black variation. But this also means underperformance or overperformance of suburbs is hidden.

    Coming to grouping, yes it is not geography or demography based. Maybe they do not have enough data and probably there are bigger variations due to sparse data and they smoothed out the curve using these groups.

    Anyway I applaud the govt for doing this - however good or bad.
    There is no incentive for anyone to do such excercise and publish it for free of cost.
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  • Nevertheless, the couple purchased a plot. They paid Rs.10, 000 for one ground in `D' block. Today, even by conservative estimates the land is worth more than Rs.50 lakhs. At a recent meeting of welfare associations, speakers joked that no landowner in Anna Nagar could consider himself middle-class anymore. Upper middle-class? Yes.


    Hindu article dated 25/03/2005

    The Hindu : Metro Plus Chennai : Boomtown
    BTW even boat club or pose garden did not command that price in 2007 at 2.5 per ground
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  • DLF surprised chennai the market in early 2007 by buying a prime land in Egmore for 8000 sqft lot have rewritten abt this purchase
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  • Septaa, I agree that early to mid 2007 was (to my recollection) the start of huge upside in real estate in Chennai. First time that people probably heard of such high valuations. Other than areas like Poes Garden and Boat Club (which are pretty small areas), other areas like Egmore and Annanagar are very vast, and price varies a lot with location.

    It would be interesting to hear members views on when Poes Garden and Boat Club touched the over 2 crore mark.

    My understanding is that 2007/2008 had huge gains in Chennai, and then brief slowdown in 2008/2009 (at time of US downturn), followed by good gains in 2009/2010/11. I think 2007/2008 was probably the biggest percentage increase overall.
    CommentQuote
  • Originally Posted by k11
    Let me tell you this, NHB data is much better than other indexes that Makaan, India Property, 99 Acres and other sites put in, most of them using list prices on their website.
    Some companies take avg price of new flat and index it, they forget about resale market and focus only on suburbs where most transactions take place.

    There is no perfect data source to track to proper details. Please post if you see a good data source.

    By the way, I do not think NHB tracks suburbs. Their definition of Chennai is different from what people know of Chennai. Old city limits, it ends with Guindy and Thiruvamyur. So it excludes the entire OMR region.

    Registration data might be off, but you cannot register the property under guideline value.
    So the gap between guideline value and Market value (white to black money%) becomes critical. If the gap is stable, then the trend still holds, if the gap changes and % of white or black increase/decrease you will see bigger variations.

    By excluding suburbs, the NHB data might not have a lot of variation or transactions with biggest white to black variation. But this also means underperformance or overperformance of suburbs is hidden.

    Coming to grouping, yes it is not geography or demography based. Maybe they do not have enough data and probably there are bigger variations due to sparse data and they smoothed out the curve using these groups.

    Anyway I applaud the govt for doing this - however good or bad.
    There is no incentive for anyone to do such excercise and publish it for free of cost.


    Agree that it is a valuable effort. New thing that I learned today -- NHB is owned by RBI. Only thing I meant to say was that when common man tries to make decisions or form opinion, some of these things have to be taken with a grain of salt.
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  • Originally Posted by Septaa
    BTW even boat club or pose garden did not command that price in 2007 at 2.5 per ground


    I hope you meant 'Poes' not 'Pose'.

    I think it was beyond 2.5C in 2007. I do not know of transactions, you are talking about few streets, they are more like a colony not an area by itself if you look at size and number of homes.

    New Apts were above 10K at that time, so land might be definitiely above 2.5C if you could ever find one.

    I do not live in PG, but I have a couple of family members and even some of our neighbours moved there. It was big in late 90's itself. I know of a late 90's transaction of a flat at 5K psft. Another one happened in mid 90's at 2-2.5K I think for a RAMS building.

    2007-10 was a good time to buy in the city.
    Price did not go down during recession time, but inventory went up. Easier to find deals.

    I was looking in PG for old apts during recession time, even came across couple of deals. Asking was 15K, 12K was possible for older units. Hard to find the units even during that time in this area.
    Nowadays it is close to impossible. Same units are listed for 30-35K or more.
    I was looking at new units in DLF vs older units in better streets. PG was one of my favorites.
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  • Agree that it is a valuable effort. New thing that I learned today -- NHB is owned by RBI.


    When one is attempting to collect transaction data and project as an index to study the trends, it is a very responsible role. While highest level of accurate projection is impossible, the quality of error or quantum of deviation one sees determines how good the rest of the data can be and what to make of it. It is common in statistics, where data do have anomalies which can be asterisk'ed and deviation explained to some extent.

    If one takes a look at Bangalore data, it moved from 100 to 111 in 7 years. If one digs deeper, one can see that Zone E comprising of established/well developed areas have underperformed in 7 years (100 to 87). No amount of data skew in collection can possibly explain this - either there was a methodology change or assumptions change during the period or something more significant. At least some explanation was in order. By letting out a data like this, their entire credibility of the rest of the data gets undermined. I can understand the level of oversight or lack of attention in explaining the anomaly if it is from 99acres or makaan, but not from RBI brain child which also claims the below:
    Actual transactions prices considered for the study in order to arrive at an Index which will reflect the market trends.

    Primary data on housing prices is being collected from real estate agents by commissioning the services of private consultancy/research organisatons of national repute; in addition data on housing prices is also being collected from the housing finance companies and bank, which is based on housing loans contracted by these institutions.
    When the attempt is to project an index which serves as a barometer of trend in rising/falling prices, there is a minimum level of credibility one should have from the data and that too in a system which is up for 7 years. Projection can either be useful, credible and be trusted with some minimal acceptable standards or it is useless. It is more or less binary.

    Something is better than nothing do not work in projecting indices that has a potential to mislead and plain wrong when it is so apparent even for commoners. How can anyone explain Zone E in Bangalore to move from 100 to 87 in 7 years?
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  • Originally Posted by chennaidude
    I recall sales in Annanagar in early 2007 at over 2.5 crore per ground. Not on main avenue, but in good area. I have no idea where you get the 60 lakh number.

    I also think the 6 crore number for today in Annanagar is incorrect -- unless it is in prime avenue location, or very large parcel. Of course anyone can ask any amount, only actual sales matters.

    I think the NHB residex data is deeply flawed because of odd groupings, registration not in full white money, etc???


    I think septa is correct (even without the news article)

    This is what I stated for 2grounds in Annanagar East.

    https://www.indianrealestateforum.com/forum/other-forums/general-real-estate-discussion/205-taking-indian-real-estate-to-the-next-level?p=171#post205

    2006 Annanagar was around 75L for 1G plot. 2G plot on wider roads or corner were about 25% -30% more due to development potential.
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  • Perhaps NHB Residex could provide some kind of raw data. Number of transactions, are they relying on new home data as well or resales only, etc. Do they provide methodology? If they are not providing this information, it is an opportunity for someone (academic institution?) to do this, and shine. Example: Case-Shiller index in the US, I believe it was started by Professors by that name.
    CommentQuote
  • Originally Posted by chennaidude
    Perhaps NHB Residex could provide some kind of raw data. Number of transactions, are they relying on new home data as well or resales only, etc. Do they provide methodology? If they are not providing this information, it is an opportunity for someone (academic institution?) to do this, and shine. Example: Case-Shiller index in the US, I believe it was started by Professors by that name.


    Too much effort involved in collecting, maintaining and publishing free of charge by any private institution or individual.

    AFAIK, NHB data includes resales and new home prices, it is indexed and weighted. They do not report smaller micro markets if the do not have enough data.

    Some big RE companies like DLF are collecting data in major cities. They get the data from Registration, RE brokers and other sources. Though they do not share it in public space. They use for internal reporting.

    Actually even Banks collect such data. But I doubt they go to registration data and all.
    They get it from major brokers who do have data mostly on new apt list prices only, thus it is kind of focused on certain major suburban areas, that too list prices could be way off of closing price and thus is not a good barometer to measure trends.

    State Govts also use various data sources to set their guideline value. Stamp duty is a main source of revenue for State Govt, they have a huge incentive to keep increasing the GVs.

    So State Govt has to make effort to maintain these than the Central Govt.
    SG runs the SRO offices, they can get the data if their systems are computerized. CG can aggregate all this info from SG and present it to general public.

    Anyway Residex is only standard report published free of charge. It is heavily used by Media.
    Every other article in Newpapers, TV and Internet metions these numbers in one form or another.
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  • We CA love numbers to analysis business this is two year old data clearing showing slowdown started 2 years back and worst to come. One thing is clear ticket size has increased maybe Booz of big increase in circle rate or guideline value

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