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Property Price Trends in Chennai

Last updated: July 14 2020
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  • Re : Property Price Trends in Chennai

    this actually comes on the kundrathur main road only..not sure how exactly wide it is tho'..
    yes..carpet area would be around 78% or so..

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    • Re : Property Price Trends in Chennai

      Originally posted by newbie101 View Post
      this actually comes on the kundrathur main road only..not sure how exactly wide it is tho'..
      yes..carpet area would be around 78% or so..
      Road width has to be 80-100ft to get 2.5 FSI and multistoreyed approval.

      Else it is 1.5FSI with S+7 floors max.

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      • Re : Property Price Trends in Chennai

        FYI - Kovur is my native so I know this place well for last 3 decades.

        Price of a ground of land in Kovur is around 60 lakhs. I am a sort of person who advocate for a individual house if you can afford it. For 50 lakhs, you can get a half ground land at a nice place in Kovur and build a good 2 BHK and rent it out if it is only for investment purpose. However, you need a lot of time and effort to get a trouble-free property and build a house. If you don't have the time and energy, your decision was right(to go for a flat in Kovur).

        Navins's project is near Gerugambakkam junction and I think its nearing completion but it still has leftover flats to be sold out. It's priced high as Navins is known to charge a premium for their construction quality and timely delivery. But, its nearer to the cluster of good schools that Gerugambakkam has. I would rate Akshaya a bit lower than Navins.

        Siddharth Upscale is even nearer to good schools but not sure if construction is on schedule and its nearer to Porur junction. Prestige is nearest to Porur Junction.

        IMO, your investment is not bad but at the same time not a great one as well. So, I have mixed feelings.

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        • Re : Property Price Trends in Chennai

          And thr is some talk of road widening? Whats the plan? Is it really happening?

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          • Re : Property Price Trends in Chennai

            Plus my thinking was lot less supply compared to gst or omr..wbich are also way off corporation limits..does gst/ omr still .ake sense from an investment point of view

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            • Re : Property Price Trends in Chennai

              Originally posted by newbie101 View Post
              Plus my thinking was lot less supply compared to gst or omr..wbich are also way off corporation limits..does gst/ omr still .ake sense from an investment point of view
              Very Very Valid question. Any Investment cycle is just an hope of generation profit and not an guarantee. There is no straight answer to your question but just an belief by people that investment might turn fruitful. Infact none of the RE investments is guaranteed to return profit in short term as all apartment are priced atleast 3 years forward.

              Does it make sense from investment point of you?. Depends on your duration and your belief towards the location is the answer.

              Berkshire Hathway share trading at $167,050 per share (Rs. 1.09 crore per share). Is it worth an investment?. The price may look high but getting into the fundamentals might give you an different perception.

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              • Re : Property Price Trends in Chennai

                Originally posted by newbie101 View Post
                Plus my thinking was lot less supply compared to gst or omr..wbich are also way off corporation limits..does gst/ omr still .ake sense from an investment point of view
                GST and OMR have poor prospects of appreciations, especially in areas that are already flooded with apartments and are going to be flooded with more apartments (Shols to Thiruporur on OMR & beyond Tambaram on GST). Porur is relatively much better at the moment.

                Some interesting data:

                Olympia Grande Pallavaram - Launch rate 4800 (Jan'12), current rate 6600
                Prestige Bella Vista - Launch rate 4200 (Jan'12), current rate 6000
                Sobha Serene, off Porur - Launch rate 4600 (Jan'12), Current rate 5500 psf

                Other apartment projects with excellent returns in the past year:
                Ruby Paradise, Selaiyur
                Vishwakarma skypark, Pallavaram

                Let us compare with low growth area:
                Appaswamy Greenville - Launch rate 4900 psf (Jan'12), current rate 5200 psf!!

                Some may give following lame excuses:
                -Resale prices will be lower than launch price for both Prestige Bella Vista and Olympia Grande.
                -Prestige launched interior blocks for lower rates, blocks closer to main road for higher price.

                These are just sour grape syndromes of people who booked in other projects. They refuse to think rationally. Logic dictates that when there are buyers desperate enough to buy new apartments for 6000 psf, won't the same buyers be willing to pay atleast 5750 psf when existing owner puts out for resale? There are already resale units available in Prestige Bella Vista for 5750 psf. I would prefer those if I intend to buy a unit there.

                I feel your decision is much safer than those who booked in OMR or GST based on available data of appreciation figures in the past 1 yr.
                Last edited September 2 2013, 05:05 AM.

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                • Re : Property Price Trends in Chennai

                  Originally posted by Love4land View Post
                  GST and OMR have poor prospects of appreciations, especially in areas that are already flooded with apartments and are going to be flooded with more apartments (Shols to Thiruporur on OMR & beyond Tambaram on GST). Porur is relatively much better at the moment.

                  Some interesting data:

                  Olympia Grande Pallavaram - Launch rate 4800 (Jan'12), current rate 6600
                  Prestige Bella Vista - Launch rate 4200 (Jan'12), current rate 6000
                  Sobha Serene, off Porur - Launch rate 4600 (Jan'12), Current rate 5500 psf

                  Other apartment projects with excellent returns in the past year:
                  Ruby Paradise, Selaiyur
                  Vishwakarma skypark, Pallavaram

                  Let us compare with low growth area:
                  Appaswamy Greenville - Launch rate 4900 psf (Jan'12), current rate 5200 psf!!

                  Some may give following lame excuses:
                  -Resale prices will be lower than launch price for both Prestige Bella Vista and Olympia Grande.
                  -Prestige launched interior blocks for lower rates, blocks closer to main road for higher price.

                  These are just sour grape syndromes of people who booked in other projects. They refuse to think rationally. Logic dictates that when there are buyers desperate enough to buy new apartments for 6000 psf, won't the same buyers be willing to pay atleast 5750 psf when existing owner puts out for resale? There are already resale units available in Prestige Bella Vista for 5750 psf. I would prefer those if I intend to buy a unit there.

                  I feel your decision is much safer than those who booked in OMR or GST based on available data of appreciation figures in the past 1 yr.[/B]
                  L4L, Agree to your point. Olympia grande was my favorite from its launch. It is a very much matured locality and cannot be compared to post shols or post tambaram which are still struggling with infrastructure basics.

                  So let me just compare with sobha serene as you mentioned - Launch rate 4600 (Jan'12), Current rate 5500 psf

                  On OMR

                  TVH Taus (Apr' 11) - Launch 2999/- Current 4400/- Only few penthouse available
                  Ivy Terrace (Aug'11) - Launch 3250/- Last sold price 4200/- Sold out
                  Indus Anantya (Feb'11) - Phase 2- Launch 2800/- current 3800/- only last floor few flats available
                  Sobha Merrita (June 12) 3860 to 4472 - Since advertised as OMR

                  On GST

                  Natwest aura Jan'12 - 3000 to current I think 3800 or 3900 - 80+% sold out
                  SIS, Fatherlite have shown appreciation and booking have also been strong

                  If you do the math the appreciation in some cases have been higher then serene.

                  But past performance does not guarantee future appreciation is my disclaimer also will resale market support this cost with added other cost is a big doubt.
                  Last edited September 2 2013, 07:34 AM.

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                  • Re : Property Price Trends in Chennai

                    Past performance is not indicative of future returns. However 2012 data is better than 2011 data, that is why I picked projects launched in 2012.

                    Radiance IVY terrace is one of underdog in OMR that performed quite well. I agree with that.

                    Rupee has fallen more than 20% and FD will fetch 10%, people invest in real estate with faith that returns will beat FD and inflation.
                    Projects that don't beat these percentages certainly let down their buyers.

                    Some buyers may console themselves that we should wait until 5 yrs, 10 yrs, 20 yrs, etc.. to see actual returns.
                    I like to take bull by its horns. I categorize a project as a success or failure based on data available at that point.

                    The fact that Akshaya priced their Kovur project 4200 psf while they priced their Kelambakkam project 3000 psf shows their lack of faith in OMR and potential/demand in Porur extended region.
                    Last edited September 2 2013, 07:41 AM.

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                    • Re : Property Price Trends in Chennai

                      Originally posted by Love4land View Post
                      Past performance is not indicative of future returns. However 2012 data is better than 2011 data, that is why I picked projects launched in 2012.


                      The fact that Akshaya priced their Kovur project 4200 psf while they priced their Kelambakkam project 3000 psf shows their lack of faith in OMR and potential/demand in Porur extended region.
                      OMG!!!!!

                      Where is Kovur?

                      Where is Kelambakkam??

                      This is what we say comparing orange with Jackfruit.

                      Kovur is approximately 18 kms to Gemini Flyover.

                      Kovur is like a stone thow from the Airport.

                      Back to basics rule no:1 in Real estate - Location, Location and Location.
                      Last edited September 2 2013, 08:37 AM.

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