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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  • Originally Posted by RE King
    It is actually interesting that folks are selling such interesting data. Are the weak hands being forced to sell for a song? I dont know but let me state an example. I have a plot in Palavakkam and I was trying to find its price. I noticed a sale at a terribly low price of 2Cr for 3000sqft there in an approved layout and I was stunned if it was really the 48% drop like above and I realised after multiple checks that the person selling had the following problem
    a. His land was being acquired for road widening. So in effect the land being sold was probably much lesser.
    b. He did not want to suffer future issues and hence had pawned it off to an intermediatary and that person was reselling for this price.
    So the actual size would be not 3000sqft but about 1500sqft plus what will be left of the second half after acquisition. This was sold off for 2C and the new buyer was trying to sell the piece for 2.5C after failing at 2.75C. In this area there is a plot that has abutted 10ft into the 20ft road. So such a plot might sell for a song; does it mean prices have gone down 48% in palavakkam or chennai.
    If you want good stuff pay for it. Dont listen to the broker. He has no interest in the buyer or seller. Just wants to rotate money. So if you buy at 5 or 10 he cares not as it is just his commission. Ofcourse his money depends on the rotation and so he will give me the feel that prices are down if I am a seller and it is good time to buy if you are a buyer.
    TOI knows not of chennai and for that matter all papers including Hindu give their own views. The truth is that foolish purchases have reduced as there is not a great hike. That means there are not enough fools to buy apartments that are being sold in INHOSPITABLE areas at HEFTY prices. However well documented lands in liveable areas (not those from new promoters...keep away from them!) and apartments that are close to completion are certainly being bought.
    Anyway let the bears sell their views. They have told this for past 8years on this board and this board is a BEAR BOARD. However market wont correct and if you miss this year you will certainly repent it in 2016. Buy well documented land in liveable areas for even above so called broker prices. Make sure that the document is correct. Dont believe brokers and use direct buying channels online.
    Imagining that Boatclub price will fall by 80% is something that you wont get even in your dreams!

    JLL said in next 3 to 5 years u can expect. Not more then 5% pa increase if luck.... Any way I see deep discount in all project even big players like Ceebros have slashed price by 2000 on it marque project in chennai CBD in Egmore....
    Even in land front price is seeing big drop. A property which was quoting 13 cr in 2013 not negoiable is not quoting 8 cr nego. Do not get me wrong I luv RE I have made good money in RE in last 20 years plus. However I do not see the next 20 years will see big gains in property.... Since economy need to create wealth so people can afford if price has to increase people also need to make big money.
    20 years back what people get paid and what people get now has jumped on average 10 to 15 times which reflected in big jump in property..... So if price does not fall it will not increase.

    On macro level things r not that roses too NPA r at all time..... Business is slow manufacturing is not so good most important on 3% people pay tax..... Also saving is at lowest level....
    With regards to ECR I think all know abt road widening not only that all property in chennai CBD main roads have the same issue
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  • Yes. Sky is falling. I have heard that the property quoted 15 crs in Boat club in 2012 is now getting quoted 2 crs that too with negotiable!

    Now I have lot of loose changes in my pocket and hope to grab these deals as much as possible!!
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  • Hi, I have finalised a property near Krishna Nagar, Mudichur Road at West Tambaram. The guideline value is 1200/psf and its a CMDA approved plot (individual approval). However, the owner is asking for 2800/psf. Is it worth going for? It's a ready to construct plot. What would be price/sq.ft in those areas and it is around 0.5 km from Tambaram-Mudichur main Road and around 3 kms from Tambaram railway station... Please advice at the earliest.
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  • Mebalaji, If its 24 ft road and has closed drainage, it sounds good
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  • Good deal for Krishna nagar....even mudichur costs this value
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  • Originally Posted by sunr2i
    Yes. Sky is falling. I have heard that the property quoted 15 crs in Boat club in 2012 is now getting quoted 2 crs that too with negotiable!

    Now I have lot of loose changes in my pocket and hope to grab these deals as much as possible!!


    U could be dramatic but the fact is RE in chennai is doldrums Motcham Theatre is in market for three years price has come down from 80 cr to 55cr however the best offer it got was 45cr from one top t nagar retailer..... Now even they r not interested now one hospital group is interested at 40 cr..... This is fact not ur wild imagination.

    Just another grapevine is that other big theatre cum shopping complex in same area in market because of low patronage and debt issue is also in market
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  • I am neither bull nor bear when comes to RE. Here comes to zip code 18 and 33, there is no new project available less than 20K and avg is 25K. This is the fact which you may not like it!!

    I do not think price is the only factor that determines the sale unlike location & legality issues. So stop whining and market takes its own course.


    Originally Posted by Septaa
    U could be dramatic but the fact is RE in chennai is doldrums Motcham Theatre is in market for three years price has come down from 80 cr to 55cr however the best offer it got was 45cr from one top t nagar retailer..... Now even they r not interested now one hospital group is interested at 40 cr..... This is fact not ur wild imagination.

    Just another grapevine is that other big theatre cum shopping complex in same area in market because of low patronage and debt issue is also in market
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  • RE investment is for long time horizon.

    Don't try to time the market or follow the price movements on a daily basis/ monthly basis.

    One member was quoting FD is retiring 9%pa whereas Sholinganallur is returning 7% etc etc.

    The RE market boom & bust cycle happens in a flash, usually people waiting for the RE to turn to boom cycle for investing are caught as it is too late already by the time they arrange the funds, find appropriate property etc etc.

    The price moves up or down 30% - 40% in a flash in a boom or bust cycle and all the plan falls flat on the face.

    Some get caught in a false start (boom or burst)

    RE is not like stocks where you can enter & exit much swiftly.


    For many years now, I have been advocating RE investors to invest when they are ready and when they find good property in good location with potential.

    Stepta, you would have never entered in to Marricville if you tried to time the market. You bought at Marrickville when you were ready and when you could.

    That is what I did when I bought by first home in Randwick.

    No one had succeeded in RE trying to time, although they may brag many years later that they bought it cheap (in fact that was pure co-incidence). The ones who stuffed up badly trying to time the market never open their mouth about their misadventure.
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  • Yes timming the market is tough .. in 1996 when I am working in sholinganallur ( behind TCS ..in fact I was there when TCS laid its first pile ) we fear to go inside street after 9 pm.. it all dark and very narrow ..too much dogs .. so we used to sleep in the near by busstop .. buses are very few and stops at sholinganallur junction itself .. ....that time one can buy in acres for few lakhs ..

    Originally Posted by Economist
    RE investment is for long time horizon.

    Don't try to time the market or follow the price movements on a daily basis/ monthly basis.

    One member was quoting FD is retiring 9%pa whereas Sholinganallur is returning 7% etc etc.

    The RE market boom & bust cycle happens in a flash, usually people waiting for the RE to turn to boom cycle for investing are caught as it is too late already by the time they arrange the funds, find appropriate property etc etc.

    The price moves up or down 30% - 40% in a flash in a boom or bust cycle and all the plan falls flat on the face.

    Some get caught in a false start (boom or burst)

    RE is not like stocks where you can enter & exit much swiftly.


    For many years now, I have been advocating RE investors to invest when they are ready and when they find good property in good location with potential.

    Stepta, you would have never entered in to Marricville if you tried to time the market. You bought at Marrickville when you were ready and when you could.

    That is what I did when I bought by first home in Randwick.

    No one had succeeded in RE trying to time, although they may brag many years later that they bought it cheap (in fact that was pure co-incidence). The ones who stuffed up badly trying to time the market never open their mouth about their misadventure.
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  • Originally Posted by Economist
    RE investment is for long time horizon.

    Don't try to time the market or follow the price movements on a daily basis/ monthly basis.

    One member was quoting FD is retiring 9%pa whereas Sholinganallur is returning 7% etc etc.

    The RE market boom & bust cycle happens in a flash, usually people waiting for the RE to turn to boom cycle for investing are caught as it is too late already by the time they arrange the funds, find appropriate property etc etc.

    The price moves up or down 30% - 40% in a flash in a boom or bust cycle and all the plan falls flat on the face.

    Some get caught in a false start (boom or burst)

    RE is not like stocks where you can enter & exit much swiftly.


    For many years now, I have been advocating RE investors to invest when they are ready and when they find good property in good location with potential.

    Stepta, you would have never entered in to Marricville if you tried to time the market. You bought at Marrickville when you were ready and when you could.

    That is what I did when I bought by first home in Randwick.

    No one had succeeded in RE trying to time, although they may brag many years later that they bought it cheap (in fact that was pure co-incidence). The ones who stuffed up badly trying to time the market never open their mouth about their misadventure.


    Agree 100% for first home no issue but if it is investment then I would avoide time being or hut for bargain so u R not that far from me I live in South Coogee PM me we could meet over a coffee......
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  • Hey, thanks for the price post. I have been following the price since a year and its been a dramatic changes happened across Tamil Nadu. I think an apartment in Chennai would be an asset for the lifetime.
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  • RE investment. Keep it very simple. Every pair want one house for them. For example 130 crore is population of india now. OK by 2035, after 20 years, will it be 260 crore? No chance. If happened, 90 % of population will be below poverty, since no natural resources available and can't be created to maintain the equilibrium. OK, I will make it simple, if you pay rent of 15k in a area, you can look at property at budget of 30 L max in that area or near by. If you plan for 60 L investment, do you think it will go up to 1.2 C by 5/10 or 20 years? Just do simple calculation, how many of them eligible to buy property worth above 1 C for now? Don't include ones who sell his main property for 2 C due to debts and buying those 1 C property after settling debts. I guess, the number can be hardly 10000 and may increase to max max max 500000 by 2035. How many properties are sold at 60 L today assuming buyer will be millionaire after 5/10/20 year. I hope I answered, what's real estate investment. To be honest RE is just another MLM. :-) :-) :-) :-) :-) :-) "Just buy what you want after calculating what you spend for it now"
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  • Any one visited Fair Pro 2015?
    Heard around 150 bookings in 3 Days.
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  • Originally Posted by sunr2i
    Yes. Sky is falling. I have heard that the property quoted 15 crs in Boat club in 2012 is now getting quoted 2 crs that too with negotiable!

    Now I have lot of loose changes in my pocket and hope to grab these deals as much as possible!!


    How about property details? Land size, built up area size. If somebody quoted 15cr for fun does not mean that it has fallen to 2cr. That is a good joke at best. Maybe I will quote 100cr for 10sqft of land in Mount road for fun and then you will say it fell by 1000times. You need to talk with more concrete data.

    Most bears on this forum keep cribbing until others dont care about their cribs. I dont find a fall, just that builders who have unsold inventory might want to get a discount at times. Builders have huge profit margins hidden, so if they sell at a 5% discount their profit might fall by hardly anything. You never know!
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  • Plot at Krishna Nagar

    Sorry for this late reply. I was not in town. This property is on a 30 feet road and the drainage is open, but I expect it to be closed going forward. Is it still good buy to go for or shall I wait for the prices to come down further, as some people say in this forum (am a RE novice) so I dont have a clue whether prices will fall or rise.:)

    Please suggest.
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