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.
Read more
Reply
2345 Replies
Sort by :Filter by :
  • @Rangadorai
    I have been in the market looking to buy for the past 2-3 yrs. Prices were flat or slowly trending down till Q4 last year. Since then theres been significant downward pressure. Sellers are holding unless they have a specific trigger event - marriage, college and so on. I personally know of deals in some of the hot areas that are 20-30% below last years prices. Builders going under, RERA rules, demonetization, TN politics, oversupply in certain sectors, economic uncertainty, etc. all add to it. As of now, upside seems rather limited.

    Some of the arguments for RE here seem to center on past performance. Thats only one of the data points to look at. Historic returns are not a predictor of future performance.
    Chennai in 2017 is dramatically different from 1997. Demographics, opportunities, resource availability - everything has changed.
    Depends on time horizon as well. With a carefully chosen time horizon any asset sector can be made to look good. Vis a vis what?
    I am not saying RE is dead. Just that we are in for a tumultuous few years with appropriate price correction.
    CommentQuote
  • I am sorry to state that you are just shooting in the air with no support.I proved what has happened between 2013 and present to that too a flat which has returned two times the original investment in four years time span .So what are we looking at.I feel sorry i missed the boat and do not want the Members of the IREF to do the same mistake.Price correction ahh thats a good one.we are not living in utopia,even when the price of oil is regulated one does not get the benefit,what ever goes up one can expect a minor adjustment not a miracle of 50 %down the price.Say the max is 5 -7 % if the seller is want of funds.so we need to be cautious when comes to investment or end use

    CommentQuote
    2 Comments
    • RE King11 months ago
      Apartment is Land + Building. Land appreciates, Building depreciates. Price of Apartments hardly grow especially if bought from big builders as they have robbed all the premium for years. So doubling of apartment in 5 years is too difficult. Apartments give you about 8% growth rate. Ofcourse you should count the rental value that you gained. Add this and 8% is quite likely the figure. For land the price appreciates at around 15 to 30% depending on the years.Last couple of years land price was stagnant but is picking up in the past 8 months or so.
  • I am sorry to state that you are just shooting in the air with no support.I proved what has happened between 2013 and present to that too a flat which has returned two times the original investment in four years time span


    How did the 'flats in general' did since 2013? Or you believe you have the secret sauce to identify that 'flat' which can defy the general trend is what IREF members want to know. Pl share.

    Harping on one instance when most who bought in 2013 are suffering, do not make a case. And to use that as a basis to suggest everyone not to wait - is even more ludicrous.
    CommentQuote
  • Doshi Risington was launched in Oct 2015.

    At Rs 4850 psft launch price, it was quoted as a great value - 25% discount to prevailing prices: Check here

    In today's property Plus - Doshi claims Price rose to Rs 5050 - whopping 4% in 19 months. Very tough to do a bar chart for Rs 100 rise and they managed to do it with four bars graphically - nice try to claim 'Rising Prices'. For observers, the only thing that is rising remarkably faster is the - ignorance of the gullibles.

    All the floors structure seem complete from the images - so, 60-70% of the total price may have been taken by the builder. Yikes!
    CommentQuote
  • Any members have info to share on the ongoing rate per ground (2400 sq ft) in Padmanabhanagar, Adyar. Even with old house is fine. Pl share - prefer 5th street, however happy to look at options
    CommentQuote
  • RERA, GST to escalate price of houses by Rs 500 a square foot


    Published: Apr 20,201705:45 AM

    Chennai:
    Confederation of Real Estate Developers’ Association of India (CREDAI) members told DTNext that the cost factor would considerably go up with the implementation of RERA as the builder must bear 70 per cent of the project cost till the time the property is handed over to the buyer. This could be again bad news, both for the buyer and the builder, as the real estate business has been badly hit for the last two and half years.

    “Definitely, there is going to be a huge increase, post RERA and GST. We are yet to exactly quantify the increase but sure, it is going to be huge. We are eagerly awaiting the GST tax bracket that the real estate segment is going to be factored in,” Suresh Krishnan, president of CREDAI, Chennai told this newspaper.

    http://www.dtnext.in/News/City/2017/...vpf?TId=112131
    CommentQuote
  • “Definitely, there is going to be a huge increase, post RERA and GST. We are yet to exactly quantify the increase but sure, it is going to be huge. We are eagerly awaiting the GST tax bracket that the real estate segment is going to be factored in,” Suresh Krishnan, president of CREDAI, Chennai told this newspaper.


    Credibility of CREDAI is well known. Above is a scare-mongering tactic to make the buyers bite before June 30th. Why are buyers not biting today? Prices. If you raise it by Rs 500 psft, will they buy? Affordability do not care much about whether RERA or not.

    RERA needs to come from FAT margins of the builder. Builders need to use scale and engineering to eke out efficiency and absorb the hit. If one doesn't, those who 'engineer' and 'manage' projects with scale will take market share. Those who are small will suffer as they can't pass on.

    Bulk of the medium and small scale builders can rarely spell Civil Engineering right. They need to exit their business and better ones will gain scale and size at their expense. Builders margin needs to come from 20-30% savings over what it would cost for an individual to construct himself. Today, retail pays 20-30% more in land cost by buying 1G/2G. Similarly, the construction cost is exorbitantly higher as everyone in the chain squeezes/fleeces them - contractor/material vendor/plumber etc. Honest builders can create tremendous value to the consumers even after they comply with RERA. Instead, bulk of these morons have poor practices, lack of process, poor understanding of cash flow or rather they are poorly qualified to be in the business.

    RERA and GST is a huge positive for organized builders like Prestige/Sobha/Brigade/Kolte Patil etc.

    Read this article: No RERA for you: Chennai home buyers in limbo after Tamil Nadu fails to ratify act before deadline
    CommentQuote
    1 Comments
    • Ramchi1 years ago
      Cash mismanagement is not by accident, it is by choice and well thought out! Hope RERA State Bill does not dilute escrow provisions (related to withdrawal) which would enable builders to divert funds of one project to another, buyers face long drawn litigation process
  • Originally Posted by maverick007


    Credibility of CREDAI is well known. Above is a scare-mongering tactic to make the buyers bite before June 30th. Why are buyers not biting today? Prices. If you raise it by Rs 500 psft, will they buy? Affordability do not care much about whether RERA or not.

    RERA needs to come from FAT margins of the builder. Builders need to use scale and engineering to eke out efficiency and absorb the hit. If one doesn't, those who 'engineer' and 'manage' projects with scale will take market share. Those who are small will suffer as they can't pass on.

    Bulk of the medium and small scale builders can rarely spell Civil Engineering right. They need to exit their business and better ones will gain scale and size at their expense. Builders margin needs to come from 20-30% savings over what it would cost for an individual to construct himself. Today, retail pays 20-30% more in land cost by buying 1G/2G. Similarly, the construction cost is exorbitantly higher as everyone in the chain squeezes/fleeces them - contractor/material vendor/plumber etc. Honest builders can create tremendous value to the consumers even after they comply with RERA. Instead, bulk of these morons have poor practices, lack of process, poor understanding of cash flow or rather they are poorly qualified to be in the business.

    RERA and GST is a huge positive for organized builders like Prestige/Sobha/Brigade/Kolte Patil etc.

    Read this article: No RERA for you: Chennai home buyers in limbo after Tamil Nadu fails to ratify act before deadline


    cant agree more. credai is a cartel, they would say anything to favour their business. this price hike threat is to lure buyers to sell maximum inventories possible before RERA, once RERA is implemented they are going to struggle to meet the delivery deadlines. TN not implementing RERA yet, all it tells me is Credai Lobbying TN Ministers. we all know whom the ministers would favour.
    CommentQuote
  • I remember few years back credit chitti babu saying if corruption can be reduced the project cost can be reduced 30 to 40%.Credai kind of association cannot fight corruption for its members then who will fight the individual who need to pay up for bad links...they all will find their own grave soon if they don't raise up to the change..
    CommentQuote
  • Originally Posted by defu22
    I remember few years back credit chitti babu saying if corruption can be reduced the project cost can be reduced 30 to 40%.Credai kind of association cannot fight corruption for its members then who will fight the individual who need to pay up for bad links...they all will find their own grave soon if they don't raise up to the change..


    Chiitibabu himself is cheating his customers by delaying all his ( Akshaya) projects for several years and not paying enough compensation
    CommentQuote
  • I agreed that real estate market is going down and this is the right time to invest the money for buying property. Other investment is good but now a days if you have property or apartment you can give it in rent which also is good investment for a long time. Property price trends in Chennai is not that much high comparison to Delhi/NCR.
    CommentQuote
  • If Reliance fund value has gone up 100 times in 22 years and that means about 20% CAGR should we call it as luck? I used to hold TVS Srichakra Tyres and Eicher Motors. They yield in the 20-30% range. I sold them 10 years ago. So it means bad luck? I just did not want to hold shares, as I trade. I dont trade in RE so I hold property. Simple. Ofcourse I know how to invest, but well if my investment grows it is luck, if it falls then I did not consult Veteran members on this board! Right? LOL!
    CommentQuote
  • @RE King , 'Of course I know how to invest' - Fantastic!
    'if it falls then I did not consult Veteran members on this board' - Did anyone ask you to consult this board?
    CommentQuote
    1 Comments
    • RE King10 months ago
      Consult veteran members on this board!? You have no idea about anything!
  • Originally Posted by RE King
    If Reliance fund value has gone up 100 times in 22 years and that means about 20% CAGR should we call it as luck? I used to hold TVS Srichakra Tyres and Eicher Motors. They yield in the 20-30% range. I sold them 10 years ago. So it means bad luck? I just did not want to hold shares, as I trade. I dont trade in RE so I hold property. Simple. Ofcourse I know how to invest, but well if my investment grows it is luck, if it falls then I did not consult Veteran members on this board! Right? LOL!


    Above reeks of vacuousness and meaningful rationale.

    Reliance Fund value went up because underlying earnings grew over 22 years and the cos had healthy RoEs and RoCEs. Forget the CAGR.

    Now, you are holding the property for ever - why will it go up 20% CAGR and what are the intrinsic characteristics for it to grow? You have evaded answering this from the beginning completely oblivious to 'cash' and 'unaccounted money' playing a huge role.

    If you don't know the answer, knowing protocol stack rarely helps - apply what you learnt in protocol stacks. If you don't, admit that it is all prayers and hope and been in the right place and right time. Many do it but simply don;t realize or admit it.
    CommentQuote
    1 Comments
    • RE King11 months ago
      Your survival on this board seems to be by criticizing anything I write here. Kudos! If Srichakra Tyres grows at 20% CAGR then is that wrong to hold? What are your saying? Other than of course trying to keep yourself criticizing me? I pity the board and the moderator for allowing you to write worthlessly!
  • Please check the data here... The Real Returns from Real Estate
    https://teekhapan.wordpress.com/2017/07/17/the-real-returns-from-real-estate-have-been-very-low/
    CommentQuote