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Property Price Trends in Chennai

Last updated: 4 weeks ago
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  • Re : Property Price Trends in Chennai

    Originally posted by nabishek View Post
    UDS becomes insignificant as it comes into play only if you are going to redevelop.If you stop comparing both UDS and plot land as same and consider UDS as leasehold and plot as freehold, It will be help understand what I am trying to say.
    That is right.

    Originally posted by nabishek View Post
    iIf the trend of MSB and gated communities catches up we will be seeing huge demand for living space in select communities with pricing that has no linking to land price.
    This I dont agree.

    May be one or two rare ones like Hira type in good location with views or Beach front or City Center (DLF Egmore)

    Even in those Location (land cost) will be the key - Sea front, City Center etc.


    GC failur due to location - Good examples are Marg Swarnabhoomi, WMC flats, Hirco - Oragadam etc.
    Last edited June 12 2013, 10:17 AM.

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    • Re : Property Price Trends in Chennai

      @SR & Mav,

      Leaving emotions aside, it is fact that plots are not best suited for non-chennaiites, NRIs who can't spend more time in India for property hunting or NRIs who don't have people in India to search for property.

      Flats are best suited in such situations. Unfortunately, this is the reality.

      Even our own parents and people who were in their 20s & 30s during 1980s will acknowledge that current generation are under greater pressure than they were. I'm not insulting them, I'm just stating facts.

      If you are one of those pre-soodhu kavvum era folk who believe that most govt servants are sincere and honest, then I can't help it.

      Comment


      • Re : Property Price Trends in Chennai

        @L4L
        What you said is true, for those who dont want to put the time behind plot purchase its not the game
        its better to follow the herd and buy in a MSB/GC and wish the association will take caer of every thing and keep the community value
        I have skepticism in our social ability to collectively work together and acheive in property owner associations
        Again this is not the Anjali movie HOA / POA meeting trying to curtail kids screaming,
        My friend was the President at SOBHA in Outer ring road / salapuria complex vicinity ,its a nightmare to run it. on the same token if a president wants to be dishonest he could make money.
        You do understand that some of these large MSBs association revenue top 1 t 1.5 crores, when you see so much money floating there will be mishandling, corruption, kickbacks etc.
        It will create its own issues, trust, factionism, south north tamil telugu hindi all this will come to existence.
        So while we are in the Honey moon period of GC / MSB in chennai we will live to watch how poeple behave in these associations going forward

        Comment


        • Re : Property Price Trends in Chennai

          For someone who has never lived in apartment, it might appear insurmountable. I'm used to apartment functioning. My father is very active in our apartment association and does lot of book keeping. We have dedicated gardener to take care of lawns, dedicated electrician, plumber, contractor, etc... If any resident face any issue like burnt fuse or ceiling leakage or broken tiles or terminates, solution is hassle free.

          Imagine the same in individual house. You need to spend a lot of time for it and it will definitely affect your work schedule.

          Comment


          • Re : Property Price Trends in Chennai

            Originally posted by Love4land
            Leaving emotions aside, it is fact that plots are not best suited for non-chennaiites, NRIs who can't spend more time in India for property hunting or NRIs who don't have people in India to search for property.
            I never refuted this. I don't think SR did neither. Why bring in new piece of info when our point of contention is specific ?

            Even our own parents and people who were in their 20s & 30s during 1980s will acknowledge that current generation are under greater pressure than they were. I'm not insulting them, I'm just stating facts.
            Please focus on contention. Modern day youth may be under pressure. Many spend time on distractions which did not exist in 80s and it is not only about managing time well but prioritizing and spending on productive pursuits. Parents go by the total time spent during the week days and weekends and not by the quality time what is needed to get the work done and how well their kids are managing the free time.

            If you are one of those pre-soodhu kavvum era folk who believe that most govt servants are sincere and honest, then I can't help it.
            You are digressing as usual and bringing an another tangent which was never stated or touched. Where did we say that Govt servants are sincere and honest? What has this got to do with our point of contention?

            Mav

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            • Re : Property Price Trends in Chennai

              Originally posted by SRajagopalan View Post
              @L4L
              What you said is true, for those who dont want to put the time behind plot purchase its not the game
              its better to follow the herd and buy in a MSB/GC and wish the association will take caer of every thing and keep the community value
              I have skepticism in our social ability to collectively work together and acheive in property owner associations
              Again this is not the Anjali movie HOA / POA meeting trying to curtail kids screaming,
              My friend was the President at SOBHA in Outer ring road / salapuria complex vicinity ,its a nightmare to run it. on the same token if a president wants to be dishonest he could make money.
              You do understand that some of these large MSBs association revenue top 1 t 1.5 crores, when you see so much money floating there will be mishandling, corruption, kickbacks etc.
              It will create its own issues, trust, factionism, south north tamil telugu hindi all this will come to existence.
              So while we are in the Honey moon period of GC / MSB in chennai we will live to watch how poeple behave in these associations going forward
              I am currently entertaining a Bangalore relative who has come to Sydney on work matter.

              He lives in a house in Basavangudi and he has bought an investment flat for 1.2 in Whitefeild area couple of years ago.

              He was discussing how couple of guys who run the association are extreemly corrupt and stealing money openly. Apparently they get kick back from eveything like New Papper Delivery to lift maintenance.

              The worst thing if any one questions them they trouble them. This man questioned them so thet get rid of every tenant he puts there by troubleing tenants and cutting supplies often for repairs.

              The worst part is vacant flats and furnished NRI flats are used without owners knowledge as "Love nest" (bringing in call girls or co-workers) for few local friends of the Association President.

              I was shocked to hear this last evening.

              Comment


              • Re : Property Price Trends in Chennai

                If such things are happening the residents have to raise their voices and take control.

                Comment


                • Re : Property Price Trends in Chennai

                  Originally posted by Economist View Post
                  I am currently entertaining a Bangalore relative who has come to Sydney on work matter.

                  He lives in a house in Basavangudi and he has bought an investment flat for 1.2 in Whitefeild area couple of years ago.

                  He was discussing how couple of guys who run the association are extreemly corrupt and stealing money openly. Apparently they get kick back from eveything like New Papper Delivery to lift maintenance.

                  The worst thing if any one questions them they trouble them. This man questioned them so thet get rid of every tenant he puts there by troubleing tenants and cutting supplies often for repairs.

                  The worst part is vacant flats and furnished NRI flats are used without owners knowledge as "Love nest" (bringing in call girls or co-workers) for few local friends of the Association President.

                  I was shocked to hear this last evening.
                  Im surprised you are shocked to hear this, its been going on for years, first time i heard was in Springfield-Sharjapur Rd, Sadly the most exploitation is done by HOA/Presidents from TN, like it or not.
                  Its a clear path, when the project is announced -early entry,form a google/yahoo grp, become active make site visits post updates, engage with builders and all along keep the group updated
                  these folks move in first have edge over others, so in a better position to run for the post and get elected.
                  they get so many inkind help from security firms doing the watchman contracts, electrical service contracts every where.
                  now lets talk about numbers
                  take prestige BV in chennai as an example -- rough numbers
                  # of units = 2400 - appx
                  Total sqft sold = avg it out = 800sqft per unit = 1920000Sqft total
                  At 3Rs per sqft Monthly revenue = 57.6Lakhs
                  Yearly revenue = 7C appx
                  You be the judge now,
                  I know folks who literally cover more than 50% of their monthly EMI through their post some even at 100% yet thats drop in bucket when you see 25 to 30K in a 58L revenue.
                  We all are good in accounting boss, its nothing to hide in line items.
                  But the real shock is there is a system of practice that goes behind in securing such positions
                  L4L's example of his dad and yes my dad lives in an apartment and runs all maintenace work, electrical, motor, sump pump etc is good for smaller developments with # of units in 100s ,
                  but when we talk about 1000unit+ MSB the old retired thaathas are not going to cut it

                  Comment


                  • Re : Property Price Trends in Chennai

                    Originally posted by Love4land View Post
                    For someone who has never lived in apartment, it might appear insurmountable. I'm used to apartment functioning. My father is very active in our apartment association and does lot of book keeping. We have dedicated gardener to take care of lawns, dedicated electrician, plumber, contractor, etc... If any resident face any issue like burnt fuse or ceiling leakage or broken tiles or terminates, solution is hassle free.

                    Imagine the same in individual house. You need to spend a lot of time for it and it will definitely affect your work schedule.
                    My friend, I have argued all along that Investing in Flats == Time Saving, Convienient and works well for those who dont want to dirty their hands while investing in plots == Lot of spending time, and lot of dirtying hands.

                    It is obvious that anything that gives superior ROI takes more time . Anything that allows you to have greater control of things will obviously need dirtying of your hands. So what you said is just plain commonsense. Plots and individual houses are not for all.

                    Would even say that - Buying a flat == driving in a share auto , buying plot/individual house == owning your own vehicle.

                    There is nothing that is absolutely good or bad, it depends on what you want to consider as priority in life.

                    Comment


                    • Re : Property Price Trends in Chennai

                      Originally posted by lovebirds43k View Post
                      If such things are happening the residents have to raise their voices and take control.
                      If majority (i mean a vast majority, say 80% or more) of GC residents are owners who have vested interest in making that GC a good place to live, they will protest.

                      However, if the GC is dominated by tenants from outside Chennai, whose interest is only to live it with ease for few years (before they migrate elsewhere or buy their own roof to live), they would be least bothered.

                      This is the fact of life... How much do we care about cleanliness of the City Buses or share autos we travel? Whereas, we spend a lot to water wash and spray paint our own vehicles...

                      THis is the reality of life.. GCs are built for convienience and not for consensus.

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