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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  • Ok..Sorry Septaa! Gave ur credit for the link to Raj001 I guess...Raj, was replying to earlier post by Septaa..the link, n my mindset after reading that..n how things r really up in air becos of elections...
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  • Wrong data wrt Chennai. Nowhere luxury apartments available in Chennai for that price. Not sure if this data comparing apple to apple. Entry level in Australia may exceed our highest luxury standards, while luxury in Nigeria may still be average for our standards. I haven't been in these places except one or two.
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  • They might consider some of the OMR flats as luxury and the regular GCs as standard.

    It is all relative difference. Luxury in one country might not be same in another.

    US $40K = 24L for a 2-BHK is kind of below the standard rates that we observe today.
    May be 35-40L might be closer to reality.

    On the higher end US $160K is 96L, close to a crore.
    I think there are not many 2-BHKs that go for a crore, maybe 70-75L might be more possible.
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  • Random googling brought me to this blog which has the price trends for some major places in the city as per 2007.
    Link: http://chennaiteblog.blogspot.in/2007/08/chennai-properties-rates.html

    My earlier Post about 2004 - Just to show how prices were at that time.
    https://www.indianrealestateforum.com/forum/other-forums/general-real-estate-discussion/474-property-maintenance-yet-to-come-in-real-estate?p=947#post474

    Note: I am only referring to the rates of fringe areas (at that time) like Velachery , Guindy, Valasaravakkam, Kodambakkam and even Thiruvanmiyur. I think rest of them have doubled and some more than that.

    The reason I want to post it here is because of the rates. They look pretty steep for 2007, because I always thought 2007 is 7 years back, so Velachery etc must have been 2500-3000, Porur must be 2000 etc.

    I remember reading lot of people saying in IREF that 2007 was the peak pricing period.

    So does this mean between 2007 - 2010, pricing sort of corrected and now post 2011 its again hitting high for places within city?

    Or is it that the blog writer might have conveniently picked only the pricing of some high priced projects?
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  • Originally Posted by vettipayyan
    Random googling brought me to this blog which has the price trends for some major places in the city as per 2007.
    Link: Chennai Realty News: Chennai Properties Rates

    My earlier Post about 2004 - Just to show how prices were at that time.
    https://www.indianrealestateforum.com/forum/other-forums/general-real-estate-discussion/474-property-maintenance-yet-to-come-in-real-estate?p=947#post474

    Note: I am only referring to the rates of fringe areas (at that time) like Velachery , Guindy, Valasaravakkam, Kodambakkam and even Thiruvanmiyur. I think rest of them have doubled and some more than that.

    The reason I want to post it here is because of the rates. They look pretty steep for 2007, because I always thought 2007 is 7 years back, so Velachery etc must have been 2500-3000, Porur must be 2000 etc.

    I remember reading lot of people saying in IREF that 2007 was the peak pricing period.

    So does this mean between 2007 - 2010, pricing sort of corrected and now post 2011 its again hitting high for places within city?

    Or is it that the blog writer might have conveniently picked only the pricing of some high priced projects?



    @Vetty,

    Your post will add value to this thread:

    https://www.indianrealestateforum.com/forum/city-forums/chennai-real-estate/58491-chennai-real-estate-market-historic-information?t=59946
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  • Please suggest latest price trend in and around Padappai, Vandalur, Perungalathur, gudvanchery, ponmar, kandigai, mambakkam...

    I am looking plots Ranging from Rs.400-700 Please let me know if you know anything in these areas. Specification
    Site should have atleast 24" road inside the layouts expected will 30"ft road.
    even offroad around 1 to 2Kms is fine from connecting road in these major area like vandalur, perungalathur, mambakkam, padappai
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  • Chennai amongst the top 12 in upcoming luxury real estate market globally

    As Per Servey :
    Chennai has been picked as one of the top 12 upcoming destinations for Luxury Real Estate, according to a report by Savills World Research, in cooperation with design firm Candy & Candy and Deutsche Asset and Wealth Management. The top cities includes Tel Aviv, Melbourne, Miami, Chicago, Dublin, Panama City, Beirut, Istanbul, Cape Town, Jakarta, Laos and Chennai in that order. Tel Aviv is the most expensive city where a 2 bedroom luxury apartments costs 1.45 million USD and Chennai is the least expensive luxury destination where a 2 bedroom costs 160,000 USD
    The report also highlights that cities like Chennai and Lagos might offer higher returns to investors but also have higher risk. All in All, it is a good time for investors to cheer and continue to invest in Chennai.
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  • Originally Posted by shilpa2014
    As Per Servey :
    ]The report also highlights that cities like Chennai and Lagos might offer higher returns to investors but also have higher risk. All in All, it is a good time for investors to cheer and continue to invest in Chennai.


    You are quoting a report commissioned by a company with a (financial) interest in Chennai, specifically about luxury flats. Not a particularly good indicator of the RE market people will be investing in. And asking a seller, if a property offers good value is not very wise.

    I have the cash available to buy such a luxury flat, but Chennai, for me personally, no longer offered value compared to other cities.
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  • Originally Posted by househero
    You are quoting a report commissioned by a company with a (financial) interest in Chennai, specifically about luxury flats. Not a particularly good indicator of the RE market people will be investing in. And asking a seller, if a property offers good value is not very wise.

    I have the cash available to buy such a luxury flat, but Chennai, for me personally, no longer offered value compared to other cities.


    I do not think we can classify a 2-Flat costing $160K (95L rupees) as luxury.
    95L for a 1200sqft flat is around 6-6.5K psft base price. It is kind of regular flat.

    For that much price you probably can get something in the suburbs only.
    Even in the edges of the city it probably will cost more. So technically it will not be in the city but might be in the metro region.

    In Indian RE market they call everything as luxury nowadays.
    Hard to see what is a real luxury. Everyone has different opinion including me.

    We do not have a lot of 2-BHKs in the nicer areas of the Indian cities, most are bigger.
    A good luxury flat in the center of city will cost 25K+ psft. Construction cost itself for any 'Luxury' flat would be in the range of 4-5K psft, anything under that would be barebone ordinary flat devoid of anything. Now you add the expensive land costs on top of it.

    I would say among the current project 4C is a good budget to a get a nice so called luxury flat. Maybe you can squeeze in at 3-3.5C, if they ever make smaller units.

    So if you calculating affordability in $, we are looking anywhere between $510-$675K.

    I do not think every other guy on the street will have that kind of money.
    It might be restricted to only top 5% or some smaller pocket of city's population. If everyone can have luxury, would it be luxury anymore. Our definition of luxury will have to get upgraded for sure.
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  • Originally Posted by k11
    I do not think we can classify a 2-Flat costing $160K (95L rupees) as luxury.

    So if you calculating affordability in $, we are looking anywhere between $510-$675K.

    I do not think every other guy on the street will have that kind of money.


    Its great to read an opinion from somebody who knows the Chennai market first hand.

    Please allow me to point out, the report quoted a luxury flat in Chennai as being $160,000, it was not my own assessment. The report states a 'normal 2 bhk flat' in Chennai as being valued at $40,000. Placing even more doubt on the facts that the report is even based.

    The report was commissioned by a UK based RE agent to sell Chennai property to Europeans. I also I don't think $160,000 would buy a European standard luxury flat in Chennai at all. (As they are selling these flats as luxury to Europeans, they would expect European standards of Luxury) Not as you point out, what a Chennai developer would describe as 'luxury'.

    The report is useless propaganda. And Chennai RE remains over valued.

    Many Europeans can afford $500k, but they are never going to invest in Chennai when they can invest in much more stable and attractive RE across Europe and the USA at half the price of Chennai, with greater potential gains (only 5 years ago the very same property would have sold for double) and European markets are rising once again. US property prices have reached 2004 levels once again. (Up from 2000 levels in the recession, 2007 being the peak)
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  • Originally Posted by househero
    Its great to read an opinion from somebody who knows the Chennai market first hand.

    Please allow me to point out, the report quoted a luxury flat in Chennai as being $160,000, it was not my own assessment. The report states a 'normal 2 bhk flat' in Chennai as being valued at $40,000. Placing even more doubt on the facts that the report is even based.

    The report was commissioned by a UK based RE agent to sell Chennai property to Europeans. I also I don't think $160,000 would buy a European standard luxury flat in Chennai at all. (As they are selling these flats as luxury to Europeans, they would expect European standards of Luxury) Not as you point out, what a Chennai developer would describe as 'luxury'.

    The report is useless propaganda. And Chennai RE remains over valued.

    Many Europeans can afford $500k, but they are never going to invest in Chennai when they can invest in much more stable and attractive RE across Europe and the USA at half the price of Chennai, with greater potential gains (only 5 years ago the very same property would have sold for double) and European markets are rising once again. US property prices have reached 2004 levels once again. (Up from 2000 levels in the recession, 2007 being the peak)


    Hi househero,

    I agree with you that Chennai RE is overvalued and makes no investment sense. But If I may so ask, How would you value if your need is to buy something where your native is? buy some place near where your family is? Can you put a price tag for it? Chennai price is high because of scarcity of good properties. When there is necessity to buy, it is not demand vs supply..none of the investment fundas apply..What happens is competitive bidding for good properties whose bar gets pushed higher and higher as supply of good properties go down. People pay higher price for RE in good location to out buy other potential buyers before it gets sold and not just because the asset is valued more and offers better quality or RoI. Hope you get this difference between Indian/Chennai RE and other world markets where RE is just another asset class.
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  • Originally Posted by nabishek
    Hi househero,

    I agree with you that Chennai RE is overvalued and makes no investment sense. But If I may so ask, How would you value if your need is to buy something where your native is? buy some place near where your family is? Can you put a price tag for it? Chennai price is high because of scarcity of good properties. When there is necessity to buy, it is not demand vs supply..none of the investment fundas apply..What happens is competitive bidding for good properties whose bar gets pushed higher and higher as supply of good properties go down. People pay higher price for RE in good location to out buy other potential buyers before it gets sold and not just because the asset is valued more and offers better quality or RoI. Hope you get this difference between Indian/Chennai RE and other world markets where RE is just another asset class.


    Do you believe all the families who were made homeless in the US and Europe by the Great Recession were investing in RE? or just living in a house they paid market price for?

    The answer?
    ...wise money rents until the crash ;)

    Indian RE market is determined by the exact same economic fundamentals of every other RE market. It is not special. Everybody needs a home to live, Indians and Europeans alike. Investors (speculators) are FAR more prevalent in Indian RE than US/Europe. Be warned, prices are artificially high and unsustainable without India hitting 8+ GDP figures and wages rising significantly to support current Indian RE prices (even then its not guaranteed to avert stagnation at the least).

    "People pay higher price for RE in good location to out buy other potential buyers before it gets sold and not just because the asset is valued more and offers better quality or RoI"

    You are describing the irrational actions of individuals in a bubble, all assets are rational in the Med/long term. Nobody has a divine right to own a property. There is nothing wrong with renting. The Indian RE market has been irrational for too long and the lowest common denominator has been exhausted, every* property owner in India thinks they are RE investors after seeing over a decade of increases. Only time will tell if holding on to Indian RE will result in a 45% gain over the next three years, or a 45% loss.

    Unfortunately losses don't care if you live in the property, or if its just an investment. Economics are indiscriminate and emotionless. Its sad and I truly hope that Indian families do not experience the trauma of loosing their homes like so many in the West.
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  • Originally Posted by househero
    The answer?
    ...wise money rents until the crash ;)


    I do not think you have ever rented house/flat in India.

    Renting in India is a pain. Similarly the renters/tenants also do not maintain the property well.
    It is a big effort for both tenant and house owner.
    Our rental markets are not mature.
    So for some this might be only a temporary option.
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