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Property Price Trends in Chennai

Last updated: July 14 2020
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  • Re : Property Price Trends in Chennai

    Originally posted by SRajagopalan View Post
    K11 with your standards in view, do you consider Olympia Opaline High End
    Street view is pretty much a POS
    High end is a very relative word. It is hard to correctly use it.

    Olympia Opaline SkyVilla and Panache are nice projects and are definitely high end.
    SkyVilla has plunge pool in every apt with sea view, decent kitchen, automated windows, seperate clubhouse, separate building manager, etc. Panache is the best Villa project on whole of OMR.
    Both are around or above 5C I think. I do not even know the prices now.
    SkyVilla got launched at 2.6C I think, Panache 2.9C back in 2009-2010.
    The regular Opaline buildings are just mid grade.

    But compared to the regular Artha, Jones, etc the TVH Ouranya Bay and regular Opalaine are much better, 20+ storeys, sea view, amenities, etc.
    Last edited June 5 2013, 01:29 AM.

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    • Re : Property Price Trends in Chennai

      Originally posted by kannan1 View Post
      Yes true, whatever i mentioned it is mid range not high end. But this mid range projects also are not happening in ponmar now.

      I need suggestion on buying a plot near thalambur ( near Grand ellora project ). I have also seen the video which is showing the route to grand ellora place. I just want to know will it be ok if we buy land near to that.
      do you have any price range details in that area?
      L4L posted that Video.

      Yes, it is scary to think people buy Villas for crores in interior areas.
      But that is the market, most Villa projects are in interior areas, the ones on Main road are expensive. Developers put apt projects on main road and do Villas on backside or interior portions.

      I do not know the prices, may be some one else can answer that,

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      • Re : Property Price Trends in Chennai

        Originally posted by k11 View Post
        L4L posted that Video.

        Yes, it is scary to think people buy Villas for crores in interior areas.
        But that is the market, most Villa projects are in interior areas, the ones on Main road are expensive. Developers put apt projects on main road and do Villas on backside or interior portions.

        I do not know the prices, may be some one else can answer that,
        Can anybody gives the price for this location ( near grand ellora )?

        Yes, It is really scary and the price also too much for that area. It is really good video to understand the real situation. I think the original video is taken by one of the sales guy in VIP ( May be on the site visit trip ). But whoever saw the video will have negative effect on that project.

        As you said most of the villa projects are interiors area only not on the main area.

        But one practical point is even though if one project is good how much i can able to afford? If i am not able to afford the best project then i need to find the place where i can afford.

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        • Re : Property Price Trends in Chennai

          Residential prices in Chennai fall for first time in 3 years

          CHENNAI: Stubbornly high mortgage rates coupled with high real estate prices pushed down NHB Residex - an index used to track the movement of prices in the residential housing segment, for Chennai during the March quarter.


          The Residex, developed by the National Housing Bank with inputs from RBI and CSO tracks the movement in prices of residential properties on a quarterly basis since 2007. [COLOR=#0000ff !important]Chennai's index[/COLOR] for the JanuaryŚMarch quarter was 310 as against 314 during October--December 2012. The base year for the calculation of the index is 2007 and the base is 100.

          Of the 10 residential zones in the city as computed by NHB, in 6 zones real estate values fell while in one it was unchanged and in three there was an increase. Prices dropped the most in [COLOR=#0000ff !important]Mylapore[/COLOR], Adyar, Velachery and [COLOR=#0000ff !important]Thiruvanmiyur[/COLOR] by nearly 11% between October-December quarter and JanuaryŚMarch quarter.

          "Prices were tepid earlier this year. High interest rates forced buyers to hold back purchases. But overall there is a recovery in the markets in the past few weeks as buyers expect a cut in lending rates for home loans," said managing director of Isha Homes Suresh Krishn.

          Residential prices witnessed a rise in Mumbai, Bangalore and Delhi while it dropped in Chennai and Kolkata. "We are witnessing slowdown in sales. This has resulted in developers dropping prices. The Residex was rising for 11 quarters and has dropped for the first time since then," said the zonal head at mortgage lender HDFC Mathew Joseph.

          "Smaller real estate players are in a trap as there isn't enough bank funding for projects which were linked to cash flows from sales, therefore delaying project completion ," [COLOR=#0000ff !important]a real estate consultant[/COLOR] said.

          Residential prices in Chennai fall for first time in 3 years - The Times of India

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          • Re : Property Price Trends in Chennai

            Not surprising but hoarders will not allow the descend to strengthen further...with speculators are pretty much nailed with 20% TDS, you wont see fake transaction that much going forward, will spiral down the demand further.

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            • Re : Property Price Trends in Chennai

              We are reaching a point now where first time buyers are looking at a minimum 4000/sqft for buying a flat at more than 50 Lakhs. The big township residential projects were supposed to cater to this demand..but instead we find because of the lack in infrastructure development and distance people are preferring localities like say medavakkam/selaiyur instead of a gated township in padur/siruseri. Inside the city we are finding two extremes, one the large 4C+ flats or tiny pigeon hole apartments for 1C. The sweet spot of 40-60 lakhs is the only area which is seeing conversions. With the investors/speculators being put away..I think its a nice time for genuine buyers to look for a good deal. Re-sale will begin to look attractive this year IMO.

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              • Re : Property Price Trends in Chennai

                Resale units in city are always attractive.
                This period until 2013-14 is a good time to buy, it is a slow market and there could be some deals available.

                I think, with the new units slowing down in suburbs, the resale activity in suburb might also pick up.

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                • Re : Property Price Trends in Chennai

                  New apartment cost will stay the same due to high material and labor costs. Resale apartments may have to price competitively to sell in not so hot areas.

                  It is the plots that will take a hit. End user related plot purchase has gone down dramatically and will continue to do so. Speculative plot purchasing can only go so far beyond a price point.

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                  • Re : Property Price Trends in Chennai

                    Conflicting theories

                    Now comes the contradictions

                    All along many members claimed that RE pricing will not go down because of increasing raw material, labor shortage,inflation, devaluing INR
                    But suddenly after seeing the NHB index read out, the market read is changing now towards possible deals on the horizon.

                    Supply / Demand will dictate, Flat supply seems to high over demand and have been voicing this since January after my last chennai visit. I still hold my views that good Villa projects will have a steady demand.
                    Land prices at north of 2000-2500 will see stagnation , all unapproved patta lands will see stagnation, speculative investor markets will see less vyabari transactions. again this is my opinions
                    NRI transactions will be steady with appreciating currencies and prospective deals in the market as expected.

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                    • Re : Property Price Trends in Chennai

                      Originally posted by SRajagopalan View Post
                      Now comes the contradictions

                      All along many members claimed that RE pricing will not go down because of increasing raw material, labor shortage,inflation, devaluing INR
                      But suddenly after seeing the NHB index read out, the market read is changing now towards possible deals on the horizon.

                      Supply / Demand will dictate, Flat supply seems to high over demand and have been voicing this since January after my last chennai visit. I still hold my views that good Villa projects will have a steady demand.
                      Land prices at north of 2000-2500 will see stagnation , all unapproved patta lands will see stagnation, speculative investor markets will see less vyabari transactions. again this is my opinions
                      NRI transactions will be steady with appreciating currencies and prospective deals in the market as expected.
                      The contradiction is more of a paradox. Its like how one expects RE prices to go down while hoping their affordability increases with promotion/hike so that they can buy their dream house. But long term, the person buying would also want the RE price to go up..

                      One has to be clear against which benchmark they are going to compare to arrive at a buying decision. The choice is relative to each inidvidual and cannot be generalized. In a location, when a new project is selling at 10K..a 2-3 years old flat at 7K is a good buy. For a person who is not worried about the location, buying a bigger new flat at 7K/sqft 2-3 kms away is a value buy. Similarly the base price we compare also gives a different picture, a higher priced project will give slower appreciation but maybe well planned and specced. ROI will not give true picture of value. Getting attractive/value deals and getting cheap deals are not the same.

                      Sentiments are very important for any investments, when the mood is dull the spotlight is away and people are hesitant to take any decision. How many can confidently put their money knowing its going to get hard to make profit? Only people who have vested interest like family in location, wealth for heirs and genuine necessity will venture. Speculation will come down. I am sure it applies to people sitting on appreciating currency and huge money also. RE is highly illiquid asset and one could be forced to sell at half the price if in distress to find buyers. A slow market is the time we will have genuine buyers/sellers with whom its easier to make a hassle-free deal.
                      Last edited June 7 2013, 03:58 AM.

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