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Property Price Trends in Chennai

Last updated: May 20 2021
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  • Re : Property Price Trends in Chennai

    Originally posted by nabishek View Post

    Regarding buying patterns, have anyone of you identified where the local IAS/IPS/Politicians/government officers are buying in layouts? Looks they have totally boycotted it and started focussing on buying acres of patta/agricultural land..in chennai they are confining themselves to some extent in ECR. Primary reason is colored money, but I am trying to figure out which area can become posh in future?have not got any clear indication yet.
    There is difference in area preference between Corporate /Business leaders, Movie Fraternity elites and IAS/IPS/Judges.

    1. Cashed up Business/Corporate leaders & Flim stars - Prefer ECR Beach bungalows or Inner city elite areas such as Boat Club, Poes Garden etc.
    Movie fraternity, The Low,Mid -level and some elite level members are mainly located in Kodambakkam,Valsarvakkam and Saligramam.

    ECR - Kamal, Vijay(Also Saligramam),Illayaraja,Nagma,Ramya Krishnan.
    T-Nagar -Surya & Shankar
    Annanagar – Arya, Vishal
    Poes Garden – Bala & Rajini


    2. Politicians are different altogether, there residence is usually in there constitution (except for few seniors) their monetary reserves are unmatched – Their residence or RE holdings does not relay matter as they have “everything is everywhere” – Therefore we can Ignore politicians for this analysis.

    3. IAS/IPS/Judges are elite bureaucrats with power and influence however many of them cannot match the monetary reserves of Politicians, Business leaders or Elites movie personalities.

    The areas occupied by IAS/IPS/Judges are not super posh, they move in a developing area and there has precedence and pattern for that area to become a good upper middle class area. What is the reason?

    The main reason is - their default choice of Developer and to a some extent their position (you do get water 365 days, electricity more consistent, Road works acted upon, Traffic issues clear).

    Imagine living in the same area of MD of CMWSSB and Principle secretary of TNEB – No current cut, No water cut, All Utilities capital works, maintenance and repair work will be done and supply grid/networks assets will be in good nick.

    I also see a clear pattern of gentle urban sprawl in their residential choice (naturally, just like everyone else)

    The 60s batch (All retired) - residing in Kilpauk, Mylapore, Gandhi Nagar, Alwarpet surroundings.
    The 70s and early 80’s batch (Some in service, most retired) - in Annanagar, KK Nagar, Besant Nagar.
    Late 80s and early 90’s batch (In-service) - In Mugaperu, Nolambur, Manapakkam (River View)
    Late 90s to Mid 2000s batch (In-service) In - Karrapakkam (River View), Nerkundram, Ambathur & Perungudi

    Some retired members do serve in boards of major Government organisations.


    We can analyse the choices of residential locations of some currently serving top brass (In the levels of Special Secretary, Cabinet secretary, ADGP Level)

    Serving – DG and ADGP Level:

    • Muthukarupan - Thiruvanmayur
    • T Rajendran - Besant Nagar
    • Sekar – (Former Commissioner) Annanagar
    • Dongra - Nolumbur
    • Dr Radhakrishnan – Manapakkam
    • Mahendran - Nolambur
    • George – (Commissioner, Mtec – IIT Delhi & MBA NYU Brookline) Nolambur
    • TK Rajendran- Mugaperu
    • Sanga - Mugaperu
    • Trrupathi – (Former Commissioner) Mugaperu
    • Dr Gandhirajan -Mugaperu
    • Shukla - Mugaperu
    • Jangid – Manapakkam (River view)
    • Tamilselvan- Manapakkam & Neelangarai (STF Reward- Operation Cacoon)
    • Sylendrababu – Mugaperu & Nolambur (STF Reward -Operation Cacoon)
    • Arora – Karapakkam (River View)


    Some Serving Administrative Service officers –equal and above Special Secretary level.

    1. Sheela Balakrishnan - Annanagar
    2. Sridhar - Annanagar
    3. Sheela Rani -Besant Nagar.
    4. Kutralalingam- Indranagar
    5. Chukanth – Besant Nagar
    6. Rajagopal – Thorapakkam
    7. Bhuruli – Mugaperu
    8. Ganadesikan – Mugaperu
    9. Somnath – Shastri Nagar
    10. Chandramouli – Shastri Nagar
    11. Prabakar - Mugaperu
    12. Ananth – Annanagar
    13. Ranjan - Mugaperu


    Note:
    There is a IAS/IPS society that has a small Layout in Karrapakkam & Manapakkam both called River view, some have also invested there. That is why you see Karapakkam & Manapakkam represented.


    Outcome:

    1. Only a handful of still serving officers are residing in Annanagar, Besant Nagar, Shastri Nagar, Indhra Nagar etc.
    2. Majority of Current top brass is based out of Mugaperu/Nolambur area.
    3. Most IAS/IPS do not live in posh areas like Poes Garden, Boat Club etc.


    Mugaperu, Nolambur, Ambathur, Nerkundram, Maduravoyal, Mannapakkam & Karapakkam are the hot bed of these officials.
    Last edited July 5 2013, 09:02 PM.

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    • Re : Property Price Trends in Chennai

      @Eco, is there any reasons you left out the gr8 intel officer of previous govt? If I remember correctly he did some gr8 adventures along with some 2G famous journalist in the field of RE. Also here is the list of IAS/IPS officers who got allotment in TNHB Nerkundram. இன்னும் எவ்வளவுதான் வேண்டும் ?

      Comment


      • Re : Property Price Trends in Chennai

        Eco/nabhishek/others,

        Don't you think the Civil Services has lost its sheen in the last decade or so.
        I mean in olden days that was the one of the best options for people for employment. But after the IT Boom, nowadays most public in S India are moving to IT MNCs, managment consulting firms after MBAs or abroad. We still see a lot of people writing the exams but it is not as big as before. The cream of the crop in S India generally do not sit for the exams, while in north it is not that bad (majority of candidates come from UP/Bihar) - there are exceptions I am talking about general population. Civil services rank last in any IIT-ians goal. Even the kids of ranked Govt officers or Armed Forces folks do not try attempting these. Policitians have got one up on most areas making some of these jobs even tougher. They have not been attractive any more. Private sector in India and abroad jobs are very cushy, so many do not even think about civil services.

        Taking all of these into account, do you guys think the upcoming officers would come from the same background as the previous batches. I am not referring to intelligence, academic profile, etc but the family background.
        Last edited July 5 2013, 09:12 PM.

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        • Re : Property Price Trends in Chennai

          Thank you very much for the plethora of information Eco. This is really insightful, Even local chennaites dont have this much data..this shows how much attached you are to chennai.you really should spend your later part of life here I pray and wish that it all works out for you.

          One interesting thing I notice is none of them are residing outside city limits. One reason could be the adminstrative offices are all located in and around CBD and in government allotted locality. My interest in IAS/IPS investments is as you mentioned, basic infrastructure develops quickly..We get good schools. It gives guarenteed stable appreciation.

          The other day I was talking with a person who works in CMDA..I got to know that thirumazhisai township is facing some resistance and mostly is going to be only flats..the next huge layout will be maraimalai nagar phase II..Amma also wants to restart the Thiruporur project. Huge area is being earmarked right now..We can expect a announcement soon. Many officials in the previous government who were involved in giving allotments are facing charges so things are moving very slow.

          Comment


          • Re : Property Price Trends in Chennai

            In India, the civil administrative folks are the one who wield power next to PM, PMO, CMs and central ministers. If they are tech savy and really intelligent then they will be coming in the fourth place even beating up central ministers. Wielding power is kinda having a weapon. Whether you want a weapon or comfort is one's preference. More than that the amount of Job security, financial security after retirement for you and your spouse can not be matched by any other job at least with in the country. If you are IAS/IPS the legal benefits you receive from govt is also not small.

            FYI: Current Chennai City Commisioner is an IITian and did his masters in US (not sure what field and which Univ)

            Comment


            • Re : Property Price Trends in Chennai

              Originally posted by nabishek View Post
              .

              One interesting thing I notice is none of them are residing outside city limits. One reason could be the adminstrative offices are all located in and around CBD and in government allotted locality. My interest in IAS/IPS investments is as you mentioned, basic infrastructure develops quickly..We get good schools. It gives guarenteed stable appreciation.
              May be I did not communicate one of my message effectively in the last post .

              I wanted to highlight the generational (or Batch) move of these guys.

              Most of the above are senior most bunch, The will be in their mid 50s now and would be retiring in the next 5-7 years.

              When they moved into Mugaperu & Nolambur in the mid 90s , The area was outside city limit.

              When they moved in, Mogaperu & Nolambur was barren land next to Coovam banks.

              They were in their mid 30s to early 40s.

              Mogaperu Eri Scheme (where most of them now live) was a low lying monsoonal water body that drained in to Coovam river.

              In the mid 90s there was no water, sewage service and no roads, Underground water was yellow and unusable.

              About 8-10 years after the layouts formed every thing changed, Even before it became city limit they had most of the utilities plus other growth.

              Nolambur was about 5 years behind Mogaperu.

              I know the area well, we sold some of our plots in Mid 90s for dead cheap I think 1.5 Lakhs per ground only to buy back in the same area 5 years later with much high price.

              People used to buy, own or sell 3 or 4 grounds parcels in the early/mid 90 around 1.5L to 2.5L depending on location.

              In early 2000 it was 20L - 25L
              --------------------------------------------------------

              Now what are the guys in their 30s and 40s doing? where are they moving?
              Last edited July 6 2013, 06:43 AM.

              Comment


              • Re : Property Price Trends in Chennai

                Originally posted by k11 View Post
                Eco/nabhishek/others,

                Don't you think the Civil Services has lost its sheen in the last decade or so.
                I mean in olden days that was the one of the best options for people for employment. But after the IT Boom, nowadays most public in S India are moving to IT MNCs, managment consulting firms after MBAs or abroad. We still see a lot of people writing the exams but it is not as big as before. The cream of the crop in S India generally do not sit for the exams, while in north it is not that bad (majority of candidates come from UP/Bihar) - there are exceptions I am talking about general population. Civil services rank last in any IIT-ians goal. Even the kids of ranked Govt officers or Armed Forces folks do not try attempting these. Policitians have got one up on most areas making some of these jobs even tougher. They have not been attractive any more. Private sector in India and abroad jobs are very cushy, so many do not even think about civil services.

                Taking all of these into account, do you guys think the upcoming officers would come from the same background as the previous batches. I am not referring to intelligence, academic profile, etc but the family background.
                Mediocracy has entered everywhere..Our IT engineers are only doing low end support/maintainence jobs..none of the big IT companies want to bid a development project or develop a product..school children are not being taught that multiplication is repeated addition..you ask them what is 15*22? they say they know and were taught only till 15*20..thats the sorry state of affairs in education..so IPS/IAS people are no exception..

                I will agree to one point, the adminstrative environment is not conducive to thrive only based on performance so you generally see people who are tough, shameless and more reselient..There are lots of undercurrents and camps and the reservation system and minority commisions have impacted the environment a lot in government offices. Public banks are also not spared.

                Bureaucrats are the real policy makers and implementors of the country..the ministers just take the name and credit for their juniors works. For ex: Lalu as railway minister.
                That is why we have exams for these adminstrative positions but a politician can be illiterate. I would any day trust a mediocre bureaucrat who is there to stay and serve than a highly intelligent opportunist who will leave the country if opportunity abroad is lucrative. The power these people wield is tremendous..some are unassuming..but most flaunt it..Thats how it has always been since age of kings..saying they get salary from tax money is good only for debate..Governement spends for themselves first and then only for its people..in my opinion they will continue to demand the respect because of our huge populous and demand for their services..They are less corrupt than their politician counterpart as they are more accountable and dont disappear and appear every 5 years.

                I believe the few benefits we see happening despite the corruption in the country is because of them..I would go ahead and say..Development of Chennai RE is going to depend on what these people are going to do for infrastructure, development, maintaining peace and order in the state. Without them none of the auxiliary industries will prosper. Even if the current generation is only 50% as effecient as the old ones..I would rate them higher than the crap politicians we are seeing in the fray and average engineers we are producing.

                Comment


                • Re : Property Price Trends in Chennai

                  Originally posted by Economist View Post
                  Now what are the guys in their 30s and 40s doing? where are they moving?
                  Thats exactly what I am trying to figure out..looks they are more intrested in buying in Tier II cities..In chennai..If it all they move..it must be first TNHB sholinganallur.

                  Comment


                  • Re : Property Price Trends in Chennai

                    Originally posted by k11 View Post
                    Eco/nabhishek/others,

                    Don't you think the Civil Services has lost its sheen in the last decade or so.
                    Private sector in India and abroad jobs are very cushy, so many do not even think about civil services.

                    Taking all of these into account, do you guys think the upcoming officers would come from the same background as the previous batches. I am not referring to intelligence, academic profile, etc but the family background.
                    One thing I agree the job is not that interesting as there are too many of them, Too many moves, Unstable, Political harassment etc.

                    20yrs ago
                    No dozens of Additional secretaries, Deputy secretaries, Joint Secretaries. No dozens of MDs, Chairman's and boards.

                    There was one DGP for the state, 1 commissionerate in the state, handful of IGs and DIGs .No ADGPS,JC, Additional commissioners ets etc.

                    Once posted they served uninterrupted for at least 3 years in one place.

                    One gets lost in the power corridors these days.

                    But the demand for the service has jumped 100s of folds.
                    Every tom dick and harry is training or running a coaching centre and creaming.

                    The demand and applicants have increased but quality of the applicants has not increased. Just the rejection rate has become much much higher.

                    The son of the officers are not even trying they are all leaving overseas if they have not left already.

                    Comment


                    • Re : Property Price Trends in Chennai

                      Originally posted by nabishek View Post
                      Thats exactly what I am trying to figure out..looks they are more intrested in buying in Tier II cities..In chennai..If it all they move..it must be first TNHB sholinganallur.
                      For plots:
                      1st is Manapakkam
                      2nd is Karapakkam
                      3rd is Ambathur & Sholinganallur equal I feel.
                      The Judiciary has some exposure in shols.
                      The transformation will not be as big as Mugaperu but may be like Nolumbur.

                      Vellachery scheme too expensive.

                      For Flats:
                      1st Nerkundram .
                      2nd Any scheme inside city limit.
                      with flats the young one move out when they get a bit older and experienced

                      Tier II
                      They all like to buy in Tier II city near their native village.

                      They tend to avoid buying in serving rural districts as the news spreads too fast in small towns.
                      Last edited July 5 2013, 11:14 PM.

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