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.
Read more
Reply
2357 Replies
Sort by :Filter by :
  • Majority of people buying in chennai are not investors. They are either first time buyers or people who attach too much emotion into their purchase which makes them to not care whether it makes sense to buy now? to look how other markets are performing etc. This was one of the reason why Chennai held up even while other markets were underperforming.

    Recently I have been hearing that Real estate is very dull in the smaller towns of tamilnadu. The transactions have reduced considerably and there is absolutely no speculation. I believe we can expect the same for chennai also, Speculation will end but the healthy demand from buyers will continue.
    CommentQuote
  • Chennai RE almost in icu ....next travel is on a ...,,.,..,...........,.but pretends to be healthy because of wealthy and greedy NRI population...
    CommentQuote
  • I am planning to buy a villa in thoraipakkam in casa grande builder. I heard that there is a pallikaranai marsh land behind this project. Will it affect anyway and what is the going rate in that area for other villa projects. Please guide me. Thanks
    CommentQuote
  • Thanks for posting real estate rates in chennai...
    CommentQuote
  • Originally Posted by smk1965
    I am planning to buy a villa in thoraipakkam in casa grande builder. I heard that there is a pallikaranai marsh land behind this project. Will it affect anyway and what is the going rate in that area for other villa projects. Please guide me. Thanks


    There is no good ground water. You should buy and fill it in the sump.

    One of my friends are staying there. I got this info from them.

    If you want good ground water without salt, you should look at Anna Nagar West and Villivakkam Areas.

    Especially pure ground water is available in 10 Feet in Agathiyar Nagar near Anna Nagar Railway Station.
    CommentQuote
  • Originally Posted by HARISHG6
    There is no good ground water. You should buy and fill it in the sump.

    One of my friends are staying there. I got this info from them.

    If you want good ground water without salt, you should look at Anna Nagar West and Villivakkam Areas.

    Especially pure ground water is available in 10 Feet in Agathiyar Nagar near Anna Nagar Railway Station.


    For still a better quality water, places along the river Cauvery will do
    CommentQuote
  • Originally Posted by lovebirds43k
    For still a better quality water, places along the river Cauvery will do


    Could you pls mention a place, where River Cauvery is running in which area.

    Because i am replying to smk1965 regarding a chennai property.
    CommentQuote
  • chennai real estate current trend

    hw is the real estate market now. Hw good it is in city center like tnagar adyar mylapore and hw good it is in omr gst ecr
    CommentQuote
  • Originally Posted by sreejay
    hw is the real estate market now. Hw good it is in city center like tnagar adyar mylapore and hw good it is in omr gst ecr


    One panchayat NOC layout was launched in OMR before Payyanur (before Japanase city location), about 750m from OMR on the left hand side when we go from Sholinganallur.

    Price was Rs 500 per sqft and guide line value is 650.

    Totally 62 plots. It was launched 2 weeks ago on a saturday. On the first day of visits at site (about 10 vans brought the people). 57 plots were booked within hours of visiting the layout at site itself. Half of the registration was done the following friday.

    Promoter did not expect such a response. This is their first layout in OMR.They did some layouts near padappai and GST which they say that normally takes about 4 weeks for selling the layout in these areas.

    In the dull market, people are ready to buy if they like the location
    CommentQuote
  • Location and rightly priced is key I have seen similar movements in sriperumbudur oragadam area and gst road perumattunallur area
    In both examples selling price less than guideline value
    GV hike is destroying the transaction rates
    CommentQuote
  • You are here: Home » Panorama » US real estate draws Indians in hordes
    US real estate draws Indians in hordes

    Dionne Searcey, Oct 7, 2014, INYT:
    For Indians, who trusted in gold to protect their wealth, US real estate offers a very attractive destination
    Arun Kumar owns three apartments in New Delhi, where he has carved out a comfortable life as part of India’s rapidly expanding middle class. Not long ago, he also became a global landlord, picking up an inexpensive three-bedroom house and a duplex nearly 8,000 miles away, in St Louis.

    For Kumar and other affluent Indians, US real estate is a security blanket. Faced with what some have considered a bubble in real estate prices in major Indian cities and a sometimes jittery Bombay Stock Exchange, they are joining a wave of buyers from other countries who see the recovering US housing market as one of the best places to put their money these days.

    The wealthy elite from China, Latin America and elsewhere have bought pieds-à-terre in glassy towers in Manhattan, luxury condos in Miami and homes along the West Coast. Law enforcement investigations have found that some foreign investors are using US real estate holdings, at least in part, to hide cash and other assets from authorities in their home country.


    But many less-than-superrich foreign investors just want a safe place to put extra savings, and their investments tend to be much less grandiose than the trophy properties that have drawn most of the attention. And for Indians in particular, who long trusted in gold to protect their wealth, US real estate offers a “very, very attractive destination,” said Subir Gokarn, director of research at Brookings India in New Delhi.

    Jed Kolko, chief economist at Trulia, an online marketplace for residential real estate, said the most popular property searches for people from India were in and around Silicon Valley, where technology firms heavily recruit from India; in the Boston and Philadelphia areas near universities that have numerous students from India; and in suburban areas of New Jersey and in Queens, where there are established Indian-American communities.

    In an echo of the late 1980s, foreign investment in US real estate has taken off again. A survey from the National Association of Realtors estimates that from April 2013 to March of this year, total sales to international clients were about $92.2 billion, a 35 per cent increase over the previous 12 months. The figure includes purchases by recent immigrants.

    Foreign buyers now make up 7 per cent of total existing-home sales of $1.2 trillion, according to the survey. Of those, Indians represent 6 per cent of the purchases, spending $5.8 billion, up from $3.9 billion over the same period a year ago and on par with buyers from Britain.

    Canadians have long bought US property and still do so in big numbers, with purchases centred for the most part in Arizona, Florida and more recently in Las Vegas.

    And Chinese buyers are bigger spenders. Their real estate purchases in the US nearly doubled from last April to last March, increasing to $22 billion from the previous period. They accounted for nearly a quarter of all international sales in the current period.

    In contrast, buyers from India are a more eclectic group. These include parents living in India who buy apartments for students attending college, making sure the units have concierge service and an extra bedroom so they can visit for extended periods, several real estate agents said.

    After the students leave college, the parents often keep the apartment and rent it out. “It’s a good investment in their eyes, and it can be a better deal instead of them paying dorm costs or renting somewhere else,” said Michael DiMella, a managing partner with the Charlesgate Realty Group in Boston whose Indian clients have bought near Northeastern University.

    At the same time, the riverfront Newport area of Jersey City has emerged as popular with Indian buyers. On a recent evening, commuters returning home from Manhattan wove between the high-rises, passing advertisements for Jhalak Dikhhla Jaa, an Indian reality dance TV show, and Raaz Specialty Indian Cuisine. A poster in the nearby train station for an Indian news website featured a riff about pani puri, a popular Indian street snack.

    A cluster of mothers who had recently arrived from India gathered outside a playground with their toddlers. For now, they were renting apartments with their husbands, but said they hoped to buy condos in the area soon, citing conveniences for young mothers like a grocery store within walking distance, gym and parks, and a fast commute to the city.

    Irene Barnaby, a broker with Weichert Realtors in Jersey City, said her Indian clients generally spent about $600,000 to $800,000 on condos. Some buyers pay cash because traditional banks won’t give them mortgages without a credit history in the United States. But she has also created relationships with smaller banks that will lend money to her clientele. “They can get exactly what they want in this area,” Barnaby said.

    Padmanabhan Palani, president of the condo association board at the 443-unit James Monroe tower, said the area is comfortable for many people just arriving from India or elsewhere in Asia because it resembles the high-rise districts of Mumbai and Hong Kong. Plus, he said, his building is close to the train station.

    “In a snowstorm, 100 meters is very important in how far you walk,” said Palani, who came to the United States 12 years ago on a work visa for a technology job and is now a permanent resident. Some U.S.-based brokers are capitalising on the growing interest from Indians.

    Astute realtors


    Myron Von Raesfeld, a real estate agent in the heart of Silicon Valley, said his firm started working with technology companies in 1999 to offer seminars teaching immigrants with H-1B work visas the intricacies of the US real estate market. He now offers the seminar at 80 companies, in part to keep ahead of the competition. “Realtors are becoming very astute at this foreign wave,” he said.

    Indian real estate agents are also getting in on the action. Vikram Somani, owner of Property Hunters in Mumbai, has turned to the U.S. market, noting that title insurance is available and the buying process is far more organised.

    Rohit Prakash, president of American Full House in Austin, Texas, is recruiting brokers like Somani to round up Indian clients. His firm, created four years ago, arranges limited liability partnerships helping his clients overcome tax issues and red tape that otherwise would apply to foreign investors.

    “There’s a sexiness to say I own property in the US, a little bit of bragging rights,” Prakash said. “But for them to know how to go about how to do this, they were clueless.” One of his clients is Kumar, who bought his St Louis properties sight unseen, spending about $100,000 for a three-bedroom single-family home and a two-unit house.

    So far the investment hasn’t been as good as Kumar had hoped. One of the units sat empty for longer than expected, and a roof had a problem that needed to be fixed.

    “I’m hopeful this year it will be better,” said Kumar, who is considering buying property in Silicon Valley in the future. “In any case, I was looking at investment in the USA for the
    long term.”
    CommentQuote
  • Non-popular mid-western cities or southern cities are really good places for buying rental units.
    Constant rental flow, flat property taxes, lower prices and positive cashflow makes it pretty attractive.
    Coastal cities / East /West are pretty expensive now
    market in general is slowing after August 15th in the East Coast
    CommentQuote
  • Is Amma's absence going to take Realty in chennai further down any opinions on this. Hope Metro gets operational as expected
    CommentQuote
  • Originally Posted by defu22
    Is Amma's absence going to take Realty in chennai further down any opinions on this. Hope Metro gets operational as expected


    Presently I find FD attractive in India or keep my money invested here in Australia and UAE with very very good rent yield even USA and Canada looks attractive. I took a road trip in four state started in chennai first few cities in AP then Karnataka then Kerala and back to TN covered in total 3000 kms covered 15 cities and town other then Kerala I found all big empty space.
    CommentQuote
  • FD Are never attractive tax adjusted returns is 6% bat best and if that's the return you expect then yes
    Factoring inflation at 6 % I think you would loose money in india
    6% on a foreign currency with currency advantage is good but in INR. 6 % is really not that much
    CommentQuote