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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  • The real estate market in Chennai is heading for a revival due to the political stability there. Along with Bengaluru and Pune, Chennai is also a major beneficiary of the flooding e-commerce investments. Just like other cities, it is the affordable segment that is generating customer demand while the mid and luxury segments are getting only lukewarm response. Though the investors can stay away for the time being because the expected return is below the cost of funds, end users should not delay ..

    Read more at:
    Will the real estate bubble burst due to falling sales & rising inventories? - The Economic Times
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  • Lat Fri,Sat,Sun Jain properties gave full page ads for "SALE" at Chennai Trade Center in most newspapers

    Did anyone participate ? Any idea if were able to attract inquires/sale?
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  • Thanks for the list of projects and price details....Is there any ready to move projects in this list...
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  • What is the State of Chennai Real Estate Market?

    What are the risks of investing in this market? Will land prices stay put, increase or decrease in value?
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  • In RE investment either you need to pick up emerging properties (Plot, House, Apartment) at a very low entry cost and try to sell it when it is spiking....In Chennai, this trend more or less over except for few Prime Properties which runs into tens (in some cases hundreds) of crores which are not for common buyers with monthly income as the source of funding. In the current situation, the entire RE market itself seems to be at risk with very high pricing, very high levels of inventory (don't ask me for numbers on any of these), very low volume of transaction, very low rental yield (again, except few exceptions are there), very high cost of capital, high cost of maintenance, very low quality of deliverables, delayed possession, risk of regulatory compliance in case of plots and high raise......But you may get lucky if you could find a good property like for example, Ceebros Belvedere for attractive pricing which in terms of quality of construction, location other social eco-system etc....are very well placed. Depends on one's ability to bring tons of cash and negotiate with buyers in prime locations (DLF Egmore, Vishranthi, KGS, Ramaniyam,Appasami etc..)
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  • Originally Posted by Ramchi
    very high levels of inventory , very low rental yield


    Both of these are good in my view.
    RE Markets are good, nothing wrong with them.

    High levels of inventory makes it a buyer's market.
    Competition will ensure prices are still reasonable.

    Today's construction and development costs for high rise are well above 2500psft. When you add interest, marketing, overhead and other costs, it might even cross 3-4K. I am not even including the land cost. There are many apartments at this price available in good locations including OMR.
    Prices are still affordable for middle class. You can still get sub 50L for new 2-BHKs Apts.
    Lower rates for loans would be good in this environment and make it even more affordable.

    Low rental yields - It is good for renters, people who cannot afford houses.
    This would tilt the supply towards end users, than investors.
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  • When supply dwindle rental yield go up. The current low yield is not sustainable and it is not good for growth aspiring state such as TN anyway. Some outskirts have less than 1% yield for some time.
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  • I do not think supply will go down anytime in suburbs. There is lot of undeveloped land waiting to be monetized.

    Well the current rental yield might be the new normal. People have already adjusted to it nowadays. I see more and more people buying property to keep as rental.

    For end users, I still think the prices are not bad.
    People are now paying close to development cost in many projects.

    They do not need to worry too much on prices going down - Land cost can go down, but material, labor and development cost might not go down significantly.

    Home loan rates are a bit high, I expect to to come down after RBI comes to its senses.
    Tax adjusted rates are closer to 6% for many people.

    Even in other cities in south like Bangalore and Hyderabad, it is a similar situation. I feel their prices coupled with better infra is bit ahead.
    Good job growth coupled with affordable rental and nominal purchase prices.

    Renting is still smarter as the rents are dead cheap in almost all places.
    Buying is also not bad with current prices.
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  • Can someone help me find the guideline value in Kanathur / Muthukaadu..? I am unable to find in tnreginet.net... I tried going thru every SRO under Chennai zone and found nothing.. I am looking for guideline value in PA Road (opposite to Mayajal), AMC Ave Road, Karikattukuppam Road (both are near Lydie's restaurant) on ECR...

    Any help is appreciated !!
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  • Which project in OMR reduced price from 6500 tp 5000 psft?

    Which project in OMR reduced price from 6500 to 5000 psft?

    It

    Builders too are offering lucrative deals for the festival season to fast-track sales

    The festival season has begun and already, the fast-moving consumer goods market is full of offers, discounts, freebies and goodies.

    Builders constructing massive residential projects are also following the trend with irresistible discounts and special offers. Be it slashing the base price of apartments or offering plenty of free add-ons, developers are coming up with plenty of incentives, not just to fast-track the sale of unsold housing units in Chennai – reported to be nearly 40,000 — but also to sell homes of their newly-launched projects.

    However, most of the offers come with a common rider – they are on a ‘first-come, first-served’ basis or for a specific number of initial bookings, promoters say. For instance, a leading promoter slashed the base price of a residential project on Rajiv Gandhi Salai from the prevailing rate of about Rs. 6,500 to Rs. 5,000 per square foot, but only for the first 100 bookings.

    At Oragadam, the new industrial hub near Chennai, a promoter has promised a rental compensation of Rs. 20,000 a month for one year for the first 20 bookings.

    Do such offers result in significant savings to investors? “Yes,” says Kanchana Krishnan, Director, Knight Frank India, Chennai. “It definitely does. Unlike the last couple of years where the festive season marked dull sales, there is some cheer this year as the Reserve Bank of India cut the repo rates by 50 basis points. Developers cash in on the positive sentiments by way of offering discounts and freebies to accelerate sales,” she explains.

    Sources in the industry also say that they come up with offers to give a much-needed boost to the sector that has been under some pressure now and that this is a step in the right direction. Ajit Chordia, president of Confederation of Real Estate Developers Association of India, Chennai, says the demand or investments on new homes during the festival beginning now till the end of Deepavali is low in Chennai, unlike in other cities such as New Delhi and Ahmedabad.
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  • If these reduction in prices are for new RTM (not Phase I, Phase II types) including all aspects then it must a steal! But I know few cases where sellers near Sholinganallur area offering rates at 2008 levels for a completed 3-4 years old apartments.

    If Rs 5000 psqft is a pre-launch then buyer must be ready to add another Rs 1500 in many forms until he/she gets the apartment and project in full shape, not to mention many years (if not decade) of delays into account and other eventualities like builders going bust as in Bangalore and Mumbai !!!
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  • Originally Posted by Franke
    Which project in OMR reduced price from 6500 to 5000 psft?


    AFAIK there has been no slashing in prices. Rates have stagnated for the past year. RTM property from smaller builders are available at good discounts in karapakkam, inner thoraipakkam. Most likely this article is referring to Doshi risington project. Couple of weeks back Doshi and Casa Grande were competing each other to orchestrate a "price-war" with funny ads like - OMR is now OMG and Thank God for better choices kind of phrase lines.
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  • Yes, there is no reduction in price at least in the areas up to Shol..

    White Rose builder's RTM apartment price at Thoraipakkam is Rs 6250 per sqft.
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  • Originally Posted by nabishek
    AFAIK there has been no slashing in prices. Rates have stagnated for the past year. RTM property from smaller builders are available at good discounts in karapakkam, inner thoraipakkam. Most likely this article is referring to Doshi risington project. Couple of weeks back Doshi and Casa Grande were competing each other to orchestrate a "price-war" with funny ads like - OMR is now OMG and Thank God for better choices kind of phrase lines.


    You may be right, but this article says, this price for first 100 bookings, it means, not RTM, not a small GC project.

    I don't know why the article did not mention the builder name. Could be a price reduction hype.
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  • Originally Posted by Franke
    You may be right, but this article says, this price for first 100 bookings, it means, not RTM, not a small GC project.

    I don't know why the article did not mention the builder name. Could be a price reduction hype.


    Doshi | Risington | Karappakam

    Doshi Housing launches Mega project

    This is a premium FSI High rise project. Its a pre-launch price. The final cost considering floor rise/PLC and additional overhead due to high loading in terms of super built up would take the actual cost above 6K+. Not sure how feasible is their "investment protection guarantee". In most likeliness they will deny every claim saying its not a similar project. Location is very good with the only worry being marshland behind the project. Buyers have to ensure the land can sustain high rises. The price is good If the payment plan is staggered with a hand over date before 2018.
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