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
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


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


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.


Orchid - Palikkarnai - 3500/sqft
Palazzo - keelkattalai - 3700/sqft
Grandeur - Velappanchavadi(near saveetha dental college) - 3200/sqft


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


Harmony - Medavakkam - 3100/sqft

Rajarathnam Constructions

RC Prince Gardenia - Perambur redhill road,Kolathur - 3600/sqft


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.


Safaa - Urappakam - 3150/sqft


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


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
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 maverick007
    Let me take you to the investment fundamentals. Please say Agree/Disagree on below and no other explanations needed:

    1. Investment is not about what is the demand at the time you buy.

    Wrong. Investment is about demand when I am buying.
    My buying decision and pricing are based on demand.

    RE is a commodity, no value without demand.

    Originally Posted by maverick007
    2. Voting machine influenced by various other factors can slacken the interest. Lower demand at the entry rarely points to the investment potential of what it can be in future.

    If the project in the middle of nowhere has lower demand and you are the only one seeing potential, I see a problem.

    What do you know that market does not know.
    Why would it have less demand if there is lot of potential.

    Remember, market is smarter than you. I will side with market than my personal views.

    I totally agree with @manojb23. Higher priced projects, assuming means project with higher demand, it is common to see them outperform as the demand keeps increasing.

    Originally Posted by maverick007
    3. What really matters is what you realize at the time of selling. Price at which you bought helps to realize more.

    @sun2ri is right.
    Most people do not think of selling while buying, people make RE decisions for long term.
    This is not like stocks - not sure why you always pick that for comparison.

    It is all about paper value, rents, etc - that will make you comfortable knowing your asset has a good value on market, that's it.
  • Originally Posted by maverick007
    If there is no demand and price reflects that, it means nothing to what it can do in future as an investment.

    This my friends is called 'Speculation'.
    Throwing the dice to see if the demand increases in future.

    No demand means he is the only one seeing value.
    There is the problem here if you assume you are a 'Guru' and have a third eye to see what others cannot see.

    Market collectively is smarter than you, remember that.
  • This is public forum. If you want to take on particular person then do it with private msg.

    You keep posting your rants with half baked knowledge. Better complete your home work and your teacher may be asking that on Monday.

    This is forum meant for grown ups and you play around some where else relevant to your age group.

    Originally Posted by maverick007

    That was posed to k11.
  • Wrong. Investment is about demand when I am buying.

    I asked whether you agree or disagree. Not right or wrong. Context of the topic is on RE as investment. sunr2i is taking the route of buying RE for pleasure and you claim he is right. Focus on the topic - RE as investment. I asked about investment fundamentals as the context of what we are discussing is relevant.

    For any investment, ultimate goal is return. So, bringing the topic of people who do not think about selling at buying or it is not like stocks blah...blah, is pure nonsense and has no relevance to the topic. We are talking of RE as investment and hence stay with the topic.

    If investment is about returns, it is buy-low and sell-high. If you don't get this, I have to keep drilling in. Between buy-low and sell-high, there is something known as 'time'. Demand is a sum total of emotions driving the 'current price'. With 'time', there is no guarantee that the sum total will remain the same and there is a scope for change and that's what translates in to a 'return'. If you see, there is no correlation between the 'price' it command in future and what the 'demand' perceives now.

    To think that what Market prices in today is a function of its 'pricing' in future is the most ridiculous statement I have ever heard in the realm of anything to do with investment. Other wise, there is no multi-baggers or returns. Mis-pricing is what translates in to returns and superior returns.

    Your claim that 'Market is smarter than you' takes the cake because it shows that you have no clue on what you are talking about and you are missing the aspect called time. If Market is that smart, pricing in 2009 should not have been ridiculously low. Market is smart but it is often short sighted - it is the time, stupid, that allows you to see over the hump. If you don't get this, no amount of drilling can help.

    Coming to chasing demand: While it is your style, it is nothing to do with investment. Why? You could never quantify what is demand when I asked you to show in measurable term. When investment is about long term, you choosing an ingredient called 'demand' which is a function of short term sentiment is completely misplaced. What you are doing is momentum chasing - chase where there is a demand. When there is a demand - you pay higher price. You are taking the support of 'Market being smarter than you' as a stupid rationale and missing the point of what the Market is telling you - short term or long term.

    If you have substance, respond to the points raised by abishek which you evaded avoiding the crux and making up other idiotic rants.

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  • In our unregulated RE market where supply is artifically manipulated by government through slow approvals, no infrastructure and township planning, with greedy builders coterie who plan which area to pump and create speculation interest and increase price periodically to fool buyers into thinking there is so much demand that they increased price..One has to put extra effort to see whether one is buying at correct price or at forward/future price to be able to estimate the future returns. Buying a good property now doesnt guarentee future returns. Buying a property that will remain a good property in future is the key to protect the property value. Buying in good location is one such way, but when it is unaffordable to the majority of buyers they have to be aware of other strategies and the context where to apply which notion.

    High Prices means High Demand is a wrong notion. It can give confidence to buy now but does not guarentee higher returns. Which is why people look at over-capitalization, rental yield etc to stay away from such properties. For better returns, One has to look for value buy opportunities. Identify gap between potential and pricing, by putting in some effort to identify the various factors that affect property pricing and the trends of buyer sentiments. When one is leveraging to buy or sending money from abroad there are greater factors like interest costs, inflation, arbitrage risks etc to name a few.

    RE pricing has long ago stopped being a function of supply and demand. I have said many times before, In good locations people are paying more because one is paying to outbid the competing buyer not because it promises higher returns. When the target segment shrinks so does its potential for redevelopment/conversion to commercial etc. Peoples expectation keeps changing which also should be factored. Earlier we had local residents who were willing to travel from avadi to siruseri everyday, but now with many from outside chennai coming to work they see more value in buying near the place of work than staying within the city. It doesnt mean city properties have lost potential, it only means suburbs offers more value at lower prices.
  • The original purpose of the thread is to discuss price trends and help others to give some facts. Anyway RE trend is not that great due to previous govt mess. Given the prospects of healthy demand of Job prospects in US would lead increase in uptick in Fed rate sooner than what markets anticipates. India is not prepared well to absorb the shock from increase in fed rate and more probability of rupee depreciation. It positively impacts RE price and properties in city continue to attract decent momentum from the buyers.
  • Cement prices hiked to 320, 25% hike in 4 months.
  • if you are an outsider and wonder why there is so much hype around OMR....this video would help you...kudos to the team who came up with this...
    covers all the key ongoing projects along omr with cost...
    Destination OMR(Chennai) | Chennai OMR Real-Estate Aerial Video Directory - YouTube
  • Yes this is going rounds in SSI also. Very well made video.
  • As per ET news, Delhi RE prices corrected by 10%, Pune corrected by 25% in the past one year. Bangalore stagnated. Mumbai increased by 24% and Chennai increased by price increased 17%. Let's take the report as correct, no debate.

    Let's take a hypothetical situation: IF prices of Chennai RE correct by 10-20% what will happen to/impact the End user/investment:

    1. Plot layouts that was already promoted, waiting for sale?
    2. Plot layout that would be developed in near future?
    3. Plots just bought before price correction?
    4. Flats just bought before correction?
    5. Flats under development by the promoters?
    6. Land bought, flat promotion in near future?

    Please put forward brief views for each category.

    Housing prices drop as investors prefer equity over realty - The Economic Times
    "Prices of new residential projects in the National Capital Region, for instance, was down 10% in June this year compared to a year ago. In Pune, it was down 25%, while in Bangalore it remained stagnant. Only Mumbai and Chennai saw a rise in prices in new launches, 24% and 17%, respectively, according to property research firm Liases Foras"
  • property research firm Liases Foras data is fairly correct(this is personal opinion) and they are also non brokerage real estate research firm unlike cushman wakefield,jones lasalle etc.
  • Originally Posted by Haojin
    As per ET news, Delhi RE prices corrected by 10%, Pune corrected by 25% in the past one year. Bangalore stagnated. Mumbai increased by 24% and Chennai increased by price increased 17%. Let's take the report as correct, no debate.

    Let's take a hypothetical situation: IF prices of Chennai RE correct by 10-20% what will happen to/impact the End user/investment:

    >>> This was a real scenario in 2008-2009 , there were many who sat on sidelines and some who were aggressive and bought in those times.

    1. Plot layouts that was already promoted, waiting for sale?

    >> New layouts are stagnating already, mainroad access layouts, approved /dtcp , well known names such as BLB, ABI, VIP, VGP, Tellus, ATS, Ashok etc are moving plots with their current set of customer base -- new layout promoters are already struggling to move --

    2. Plot layout that would be developed in near future?

    >> Investors who have bought acres in hope of subdividing and converting into layouts and promotion are holding back, because no one wants to have a approval number thats 3-5 years old even before promoting --so the land bank will be held or will be tried to sell as acreage to larger companies - Recently one known layout promoter sold his layout to VIP properties in this fashion in MM nagar.

    3. Plots just bought before price correction?

    >> No option if you have sale deeded - you are going to have to hold - you cannot sell , if you are on loan there is very little choice, keep paying EMI or worst case turn over to bank --
    I have seen may 10 such deals in the several years i have been hunting plots.

    4. Flats just bought before correction?

    >> no comments - im not a flat investor - currently im going to invest in TNHB SHOLS but i dont really time market so i dont care that much...

    5. Flats under development by the promoters?

    >> again this is a very difficult scenario for small flat builders, a builder friend of mine - college classmate , has been doing flats in kolathur, korattur, padi area,
    Last JV he had to sell just 4 units, 3 were given to land owners, he sold 3, stuck with 1 -
    Just that one flat is eating all the profits he could make in the entire project
    Very bad situation to be in - its not easy - this situation is already now happening in chennai
    Large builders refinance their debts through various sources - REcentlly TVH refinanced such a debt of 60C at 12.35% interest.

    6. Land bought, flat promotion in near future?
    >> No choice than to hold back , pause, no point in spending money and promoting

    >>> THESE are my views only - and mostly these are happening in chennai currently
  • Originally Posted by SRaj001
    >>> THESE are my views only - and mostly these are happening in chennai currently

    If the quoted ET report is to be believed, there should be certain special feature in Chennai and Mumbai market, because it is traveling against the trend. Is it because of demand or over speculation investors or less quality supply or local economy reasons or any other?

    Number of New launches might have come down, but price at pre-launch, on launch increase to prevailing rate, on progress increase, on possession increase increase keep happening that we see in most of the project despite the fact sales is very slow. Either sellers have deep pocket or the land price that they got/get in acres might be still cheap for them to sustain or is there any other reason.

    Is there any great difference proportion (compare to other cities) on per ground price (this is only explicitly known to us) and price of big parcel of land in Chennai. If there is a great price between the two, then Builders sustainability in Chennai market (considering no variation in construction cost) is understandable compare to Bangalore/Pune. I am raising this question because Bangalore builders and Mumbai builders are exploring into Chennai and i don't think Chennai builders exploring into at least nearby known territory of Bangalore. Hence can we draw a line, there is something special feature on low price big parcel land availability in Chennai? If this is correct, looks like a different dimension to the trend.
  • Without economic fundamentals back with big push it would be really subjective to think Chennai is beating the trend. May be some low end segments witnessing some movements possibly with baits ! Economic recovery, manufacturing momentum, infrastructure development, offordable financing, consistent reduction in inflation, job creation, hike in salaries etc...determines. It is possible some NRIs buying plots or apartment as investment. But it would be difficult to think it is increasing. Few days back I got an offer from Purva RTM 3100! To me this does not indicate upward price though it is easy to dismiss it as project specific.