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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  • Modi and BJP Govt in Central -
    What does this mean to the RE market
    Speculation is that market will see a modest uptick due to potential business friendly climate enticing foreign investment coming in.
    Also speculation / rumor is that RE will opened up for more FDI players.
    Any truth, or pure speculation ?
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  • CommentQuote
  • Originally Posted by Economist
    Modi strongly opposed TDS on property transactions.

    I hope he will stop that practice.

    Withdraw TDS on property transfer: Modi writes to PM - Indian Express

    Revoke TDS on property transfer, Modi urges PM - Hindustan Times


    I support Modi on this matter it is so hard to calculate and builder have no idea every payment u make to builder it is ur duty to deduct to much paper work it is alright for land and full payment part payment needs some change
    I would like to see some kind of digital documentation like demat will go long way in accounting and accountability.
    Like if I have buy a property I need to open a property demat account maybe need a white paper on this
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  • The rationale for the move— collection of tax at the earliest and have a reporting mechanism of transactions in the real estate sector.


    The TDS is a good move, no reason to remove it. May be they can make it easier, like online filing or something. I think filing is an issue and prob is more tedious and time consuming.
    Every person selling property needs to have PAN number. PAN number is used for everything, why not in property transactions. I think it is also useful if something goes wrong for the buyer, it is an additional source of verification of seller.

    People cry about Central Govt not collecting proper data and publishing it in NHB Residex, now they want to remove a good source of transaction data.

    1% is not a big amount, insignificant I think. People pay brokers the same amount or more in property transactions.

    States have stamp duty as one of their top sources of revenues. State can always increase stamp duty/VAT/adjust GV/etc if they need more money. States still collect the entire loot from property transactions. It has gotten to a point that the heavy transaction charges are killing the entire RE investor market.

    Short term Land investments have become very expensive, so did resale apt investment. More risky POA is being used by some.
    Only remaining option is investing in new apt building either on financing or from prelaunch to end user.

    Income Tax (CG) makes sure that people pay proper cap gains with this TDS.
    Not sure what Modi means, does he mean states collect cap gains. Election stunt - they would not remove this, infact they might even increase the TDS%.
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  • If BJP wins TDS will be repealed and it is pathetic decision by govt to impose on seller to be responsible for that. It makes as if though IT has incapacity to do the same.
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  • Originally Posted by sunr2i
    If BJP wins TDS will be repealed and it is pathetic decision by govt to impose on seller to be responsible for that. It makes as if though IT has incapacity to do the same.


    IT Dept lacking ability to detect such revenue leak is well known.

    Wealth Tax - one is supposed to pay 1% on land holdings exceeding 30L (besides keeping one lot for self use). How many pay? Look at the barren layouts and just if IT Dept has a way to aggregate based on PAN or any other means, a big part of the land buyers won't be in the market today. Pricing will get rational based on standard norms and less on 'parking' attribute thinking of it as a Swiss Account.

    I agree with Septaa that they should apply this to wholesome transaction and not for new building under construction, where it is getting te-di-ous :). They should definitely apply this to empty land(unproductive) transactions and it is a good way to curb 'color' money in RE. 50L is way too high and they should keep the threshold at 25L and can net significant transactions in land deals. Buyers with color money are hesitant to do transactions involving TDS, not because of 1% hassle but more because of getting in to the system where they would be tracked and asked for source for the remaining 99%. Good restraint, I would say. Prices will get more rational as a mindless, competing forces will recede in an attempt towards making it a level paying field in bidding war. Legal, tax-paid, hard-earned money will get better mileage and should rightfully so.

    While it may not eradicate black money completely, it is a good start to place a restraint and check on free rein that exist today.
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  • If Modi wins or Rahul Ji wins, real estate will flourish in India. We just need to pick right.

    Sent from my Nexus 4 using Tapatalk
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  • Originally Posted by SRaj001
    Modi and BJP Govt in Central -
    What does this mean to the RE market
    Speculation is that market will see a modest uptick due to potential business friendly climate enticing foreign investment coming in.
    Also speculation / rumor is that RE will opened up for more FDI players.
    Any truth, or pure speculation ?


    I was thinking to wait till the election results to start this topic. I am not sure if you all have been reading my rants under off topic section politics threads. I had touched upon many times the possible effects of the next government on corruption and real estate.

    Coming to chennai real estate, I see an eerie striking similarity and feel a sense of deja vu with year 2009. The wind was towards a NDA led government and many of us here were hoping that the stagnation of prices that extended from one year before the election would lead to significant correction in prices post election..but congress came back with a bang and prices continued to remain inflated making 2009 price look like a bargain today. Old members like Eco, Mav, Wiseman etc will recollect this.

    This time around, because of formidable allies and better planning by BJP well ahead of the election, they would very well be forming the next government - with or without Modi. Will that affect Chennai Real estate? I would say..not at micro market level but will surely see fluctuations due to the macro economic policies of the central government. Most of the power lies with the state..and whoever becomes the prime minister cannot change anything overnight and without the state government's co-operation. Only If AIADMK allies with BJP, tamilnadu will see the benefits of Modi's vision otherwise we all know JJ's Ego..she will not do anything and dole out more freebies to the public.

    From several Modi's speech and the vision document its clear that BJP wants to focus on infrastructure and manufacturing sector..This both has huge potential to create jobs and growth in the country..To implement it, the government needs a solid land acquisation policy..I anticipate Real estate industry to see lot of computerization, focus on revenue generation from land registration, re-zoning, possible RE regulator and creation of specific industry zones, creation of roads, river canals etc to be set into motion. It will surely stabilize the real estate market.

    Because of BJP's focus on domestic development, we can expect rupee to appreciate and hover around 55 for the tenure..this would surely affect Exporters/NRI's and extent of foreign investment into india..but it would augur well for local people. I hope BJP when they come to power abolish unnecessary taxes and focus on creating more savings in people hands, encourage them to spend more and recover through indirect taxes..If they can bring GST and DTC it will be a great achievement..I even liked the idea of abolishing income tax..In my opinion policies should encourage rotation of money within domestic market to create more businesses and jobs. Interest rate can be lowered and any effect on inflation can be countered by focussing and ramping up the supply side. For this to happen we need good governance. If this happens in real estate too where buyers get loans at cheap rate, transparent RE dealings, houses at reasonable price, guaranteed above inflation appreciation in prices, it will be a Perfect symbiotic demand-supply controlled RE market. That will be like a dream come true.
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  • //
    Only If AIADMK allies with BJP, tamilnadu will see the benefits of Modi's vision otherwise we all know JJ's Ego..she will not do anything and dole out more freebies to the public.
    //

    Although it is too early to predict post poll developments. But if we election speeches (see below) are indicators of future signs, the signs are omnious and does not give good feeling regarding TN (post the elections).

    Qte
    Thu, 17 Apr 2014 14:00:00 GMT | By PTI
    Jaya makes blistering attack on Gujarat model
    Jayalalithaa also said that Tamil Nadu was ahead of Gujarat in various sectors including social indicators and industry

    Reuters
    Krishnagiri(TN): Taking Narendra Modi head on for the first time, Tamil Nadu Chief Minister J Jayalalithaa today dismissed as a "myth" the Gujarat model of development and said her state was placed far better in various sectors.

    In a strong rebuttal to the BJP's Prime Ministerial nominee on his charge that her party was not concerned about people's welfare, she said Tamil Nadu was ahead of Gujarat in various sectors including social indicators and industry.

    "A myth has been created that Gujarat is No.1 in India. But that is not true. The fact of the matter is that Gujarat is keen to market itself, but Tamil Nadu, under my leadership, is focussed not in making empty claims, but more determined to deliver," she told an election rally here, a day after Modi campaigned for NDA in the town in western Tamil Nadu.

    Stepping up attack on AIADMK and DMK, Modi had accused the two parties of being interested only in settling personal scores rather than working for poeple whenever they came to power.

    Reeling out statistics to repudiate the Gujarat development model, the main plank of Modi, Jayalalithaa said Below Poverty Rate (BPL) rate was 16.9 per cent in Gujarat while it was only 11.3 per cent in her state which was also better placed in terms of Infant Mortality Rate, at 21 per 1000 as against Gujarat's 38.

    So was the case with Maternal Mortality Rate, with Gujarat accounting for 122 as against Tamil Nadu's 90, she said.

    Tamil Nadu was ahead of Gujarat in other indicators like number of graduates in the manufacturing sector, better coverage of PDS even as it was ranked third in terms of Gross State Domestic Product (GSDP), two places ahead of Modi's state.

    "Tamil Nadu attracted Rs 15,252 crore of foreign investments in 2012-13. During the same period, Gujarat received Rs 2,676 crore. You should ponder over where is Rs 15,252 crore and where is Rs 2676 crore? In software exports, Tamil Nadu is ranked fourth while Gujarat is at 11th place," she said.

    Number of industries in Tamil Nadu outnumber Gujarat even as the state's foodgrains production touched 101.51 lakh tonnes in 2011-12, even as Gujarat produced only 88.74 lakh tonnes, she said adding her state was way ahead of Gujarat in many sectors, she noted.

    Jayalalithaa also listed out various welfare schemes of her government including marriage assistance to poor women, free bicycles and laptops to students and the flagship free mixer-grinder-fan scheme.

    Holding that she had launched the low-cost 'Amma' canteens besides a slew of social security schemes, she asked, "Aren't these schemes designed with the aim of benefiting the poor?"

    This is the first direct attack on Modi by Jayalalithaa, considered a potential post-poll ally given her cordial ties with him. Both leaders had attended the swearing-in ceremonies of each other as Chief Minister in the past.

    Incidentally, the AIADMK supremo had refrained from any reference to BJP in her over a month-long campaign till she criticised it last week over the Cauvery issue.

    Unqte
    -------
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  • http://www.marketoracle.co.uk/Article43745.html
    Great article on where to invest in India in 2014 and winner is debt fund
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  • Thanks for sharing this informative article link..helping me snap out of seeing Real estate market with rose tinted glasses..I might reconsider buying in Golden Opulence in Poonamallee..that sort of market correction is above the reason for investing in real estate..and yes, overheated markets in the US caused a mega crash in 2008/2009.. And the analogy with it is a good eye opener...I think homes have become unaffordable for middle class people in India..such high inventory is not healthy...We all know Mumbai market crashed over last several years..one thing in Chennai that it may not completely bottom out is, there has been massive population migration given recent growth..and the new migrants need houses to stay..so certain pockets in fringes are seeing good growth and dissociated from macroeconomy..but eventually the bigger picture catches up..great share..thanks
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  • Originally Posted by aptfinder
    Thanks for sharing this informative article link..helping me snap out of seeing Real estate market with rose tinted glasses..I might reconsider buying in Golden Opulence in Poonamallee..that sort of market correction is above the reason for investing in real estate..and yes, overheated markets in the US caused a mega crash in 2008/2009.. And the analogy with it is a good eye opener...I think homes have become unaffordable for middle class people in India..such high inventory is not healthy...We all know Mumbai market crashed over last several years..one thing in Chennai that it may not completely bottom out is, there has been massive population migration given recent growth..and the new migrants need houses to stay..so certain pockets in fringes are seeing good growth and dissociated from macroeconomy..but eventually the bigger picture catches up..great share..thanks


    If it is end use I will for sure suggest go ahead and buy however if RE is just as a investment I am not that bullish the afforditiblty graph is eye opener. Even if it is end use I will stick to RTM units or older units I am worried abt developers completing the project given the debt trap these builder r in technically they r bankrupt IMO.
    All that loan on land at high interest rate is not good for the bottomline of the developers
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  • Actually was thinking of it as a longterm investment only..since I don't own any modern flat in the city:) renting was what I had in mind n check out the gym n clubhouse during my annual trip to Chennai:) it does satisfy a part of us who migrated in the late 90s out of India to know that all amenities can now be enjoyed in Chennai, by middle class families..and reasonable rent income pays a part of the EMI, so after 10 years, when we don't know how much more pricey things would be, at least have a good apartment space...but it does not make any sense to pay 25% premium for that??I think if market crashes! builders will take a hit on their profit of 25 % and sell! like they are in Mumbai...there is acute scarcity of sand in. Chennai, even in black markets:) so people are hunting for alternate building materials...so it is not easy for the builders either..there r big names which are building without loans, and some are hoarding/ stalling, just to sell post elections, when some predict prices will go up..I don't think that can last long however..if BJP govt cuts out tariffs on gold import, real estate will lose some hefty investors, it is being touted...so things are totally up in air...only those who don't mind losing 20% investment should even proceed??although there could be an upside for stong risk takers:)..
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  • Apt finder what are you trying to imply or just some random thought
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  • Was trying to reply to your good advice of buying golden opulence apartment..if end user...I wanted to buy it as an investment and can use it after a few years.....to have a flat with modern amenities..but with link u shared ,I finally was convinced not to buy apartment now for investment..shall wait till elections r over..
    But also read that the intake for commercial real estate has increased for the next 2 years..IT sector, banking are hiring half a million new folks..so I wonder where they r going to live:) likely in OMR..for Chennai..
    Bengaluru, Delhi n Mumbai have the highest exposure to these jobs, since office spaces in those areas r the ones which increased..
    Well there I go again:) presenting the other aspect too:) more confusing now???:)
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