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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  • Dear RE King,I like the way you have presented and for sure it is the mentality of our people being pessimistic rather than optimistic or rather force the sellers to go for the final bottom.but unfortunately it will not happen as no one will sell below his cost plus financing plus a marginal profit.people who think that they can purchase rock bottom due to the various misfortune factors like demonitization and the new rules are in for shock when they approach the market.Having said that there may be few handful who are in dire need to sell for various extigencies and emergencies but even they wont just sell it for a song.It is better for those in need to pledge the property and secure a bank loan to meet the financial need then to lower the price and sell it for a song.
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    • RE King10 months ago
      Actually markets move up suddenly and in 6 months the same bears talk bull. The 4 year or so of consolidation is almost over and another bull phase is on the wind. Once that begins the bears will start talking even more about affordability since they have not only been proved wrong but have been left behind. In 2006 a guy came to buy a land of mine in Urapakkam for 485psft and I was sitting on 500psft. In 2011 the price was at 2400-2500 and it is almost there for past 4 years. It might suddenly shoot upto 10K psft in another 2 years, I dont know but then that is the market. This cycle has happened in the 80s. A plot of land bought in Nandanam for 60K in 1980s was sold by us in another 2 years for 1.8L. Three times in 2 years. RE cycles are sudden, and just spike the bear out of control. A relative of mine sold land in 2005 in Ayanavaram for a song and now their 75L land is worth 8 Crores atleast. These mistakes do happen but then necessities are more important that logic. Anyway the bears are having their final days in RE, they are in for a big surprise I bet.
  • Originally Posted by RE King
    Amazing how this board has been hijacked by bears! So RE is only to park black money...so say my friends here! You dont buy RE to live, only for it to appreciate...haha what a good joke. In a city like Chennai which is filled to its brim where people earn money and are asking for more money, where silly engineers are paid by the dozen, do we think they dont need a roof to live in. We are today importing huge crowd from Rest of India (cricketing parlance!?) to South India and Chennai, Bangalore and Hyderabad are getting choked. Add to this Chennai is choked with the entire TN crowd. So why will RE fall? Only that our friends typical Madrasis, want the seller to sell desperately so that they can buy for a song. The hearing is that there is a big bang rise poised to happen in the next few months, probably it has started already. Let us take Aug 2018 and you wont get the same rate you get now, it will be quite high by then.Anyway listen to the bears if you dont have the dough, after all you can atleast dream that RE will crash to zero.


    At last RE King brought some anecdotal theory - although dated and thrashed in every form and forum - urbanization. People are moving to Chennai in hordes from villages. May even use anecdotal crowd indicator seen in Central Station, Koyambedu as the driver for RE demand. His theory of price rise is predicated on people will pile on no matter what the prices are - such snake oil theories had few takers.

    Where he misses the plot is:

    A-F-F-O-R-D-A-B-L-I-T-Y

    Otherwise, why is that residential apartments (less scope for black) in city and brim since 2010 did not even earn its cost of capital?


    A taxi driver few years ago explained that in his village somewhere in Tuticorin was filled only with old ladies and all the younger generation was making a living in Chennai. They only return to celebrate functions.What does this mean?
    Simple, scope for new building in the congested concrete jungle. That means competition for land and buildings.


    Wow. What a scuttle-butt method to validate RE demand. Boss, let's relegate the old ladies left alone anecdotes to the 'Thinnai talks'.

    Bring some data - relevant and meaningful data - for 15-20% CAGR you have been predicting for long. You have been evading the question where do those returns come from and how can it sustain. You are bringing so much of other drivel leaving this pertinent point on where the imaginary 15-20% CAGR is rooted at.

    In God we trust, everyone else bring data - even if you are an RE King :)

    PS: I never said RE will crash but what do you call those who avoided buying in 2014 and avoided the loss on cost of capital of 30%, while RE preserved the capital intact :)



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    • RE King10 months ago
      Some folks never understand since that is what God trusted them with! No problem.
      If I cant afford food then I wont buy it...I will just let myself die...right? So say these brilliant folks and will chat on the thinnai about US economy and extend it to India...sheer brilliance.
      As for CAGR what has happened has happened and if one wants to cry about the truth you may do so. All my investments are giving me close to 20% CAGR and they are lands in Chennai. Full stop.
      As far as the future is concerned! In simple another boom is waiting to happen in RE. If flats dont appreciate you must remember building is for living, please count the rent saved and the foolishness in paying the builder for your laziness in not buying land and building it for half the price.
      Anyway I am annoyed when I see "You have been quoted by maverick007 on IREF" because it means I have to repeat the same stuff to this guy who JUST CANT THINK OR UNDERSTAND. I give up.
      Maverick you are right...RE will collapse and EXACTLY at the rate you think it will. Just GIMME A BREAK. I am not writing here to educate you or contradict you. I am writing here so that those who can think can do what is right. As for you please write whatever you want...just dont get me one more waste mail into my box with "quoted by Maverick".Hope you are happy and wont waste my time.
      PS. If you are really good guy then you wont waste your time nor that of others by writing bear thinnai talks. Since they just dont matter. Between 2013-17 market has consolidated and it is time for a big upsurge. In 2020 the prices might have gone up even 5 times from now and you will not believe. That is what happened between 2003 and 2008 and I am talking about Land, not silly apartment from some silly builder who tops up the land price with 10 times the cost of building and gives you a 2metre circular Swimming pool and makes you think you will qualify for the next olympics! LOL!
  • There is no data to prove that the RE price appreciated well in the past 4 years ('Location' based appreciations exempted... like due to sudden developments in the infra of the location).

    It will not 'crash' as mentioned here.... But, where is the appreciation ?

    Please check the link for the Jobs data pointed out by Chief Economic Adviser.

    http://economictimes.indiatimes.com/jobs/arvind-subramanian-has-just-pointed-out-biggest-roadblock-to-narendra-modis-2019-win/articleshow/60054170.cms
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  • http://economictimes.indiatimes.com/news/economy/policy/nclt-must-treat-homebuyers-at-par-with-banks-assocham/articleshow/60143176.cms This is the trust level for person who want to invest in Real estate... Real Estate is in deep shit because of the attitude of the Builders and Agents... Now they are getting their due..

    When NPA raised 3% the Bank lobby was saying just 3 % we are ok. Not sure what level they are currently in.
    http://economictimes.indiatimes.com/industry/banking/finance/banking/defaulters-owe-27-of-total-amount-to-sbi-alone-pnb-next/articleshow/60142914.cms

    and it is bound to increase further... We have larger problem to tackle... If RE is doing so well.. go around chennai and see how many projects have unsold flats after 3- 5 years
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  • Urapakkam for 485psft and I was sitting on 500psft. In 2011 the price was at 2400-2500 and it is almost there for past 4 years.
    (you meant the RE price stagnation for more than 4 years).

    All my investments are giving me close to 20% CAGR and they are lands in Chennai.
    (If the RE price stagnates for more than 4 years then how can it give 20% CAGR ? ).


    Between 2013-17 market has consolidated and it is time for a big upsurge. In 2020 the prices might have gone up even 5 times from now and you will not believe.
    (any data ? Even the RE experts expect another stagnation for the next 3 years).

    That is what happened between 2003 and 2008.
    (and, what happened between 2009 and 2013).


    Why the RE price stagnation between 2013 2017 (as you mentioned here) ?
    What is the reason for the stagnation ?

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  • The 4 year or so of consolidation is almost over and another bull phase is on the wind.


    Yet another Tarot reading. Most sensible RE investors knows why a bull phase will start and reason and will never predicts when. With RE King, it is the reverse. Seems to possess the clock for RE cycle. With auto drivers pep talks as anecdotes, that is where one ends up with.

    Some folks never understand since that is what God trusted them with! No problem.


    Even broken clock is right twice in a day. Bring the data and reason with us on why the consolidation will end in 4 years and why bull phase will begin. Enough of Parrot Josiyams.

    All my investments are giving me close to 20% CAGR and they are lands in Chennai. Full stop.


    We are not born yesterday. At 20%, investments double in 3.75 years. Such claims rest in grave. Period.

    I give up.


    Reason with us on your bull crap and give up. You are yet to explain the magical 20% CAGR BS (Bull story :)) and why.

    In 2020 the prices might have gone up even 5 times from now and you will not believe.


    AiyoyO! This is getting to be too delusional. Pl give up as your previous statement claims. I rest my case.
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    • RE King10 months ago
      Is BULL CRAP a permitted usage on this board? Can the Moderator help? I certainly wont waste time, throwing stones at Bull crap! LOL!
  • With an aim of helping Maverick write "something" on the board, I write the following. Maverick has nothing new to write so he needs cut and paste from other's views and then crib about it in his pitiable language.
    Anyway the problem today in the market is that there are many beggars disguised as buyers in the market. Let us say I place an advt. for a property in place X for price P. The guy will call you and drop the call and expect you to call back. He will then bore you and then ask for info. Once the info is sent he will go and visit the place. So far tolerable.
    Then he will state that the price is only P/2 (50% off) and will explain brilliantly, saying that guideline value is down by 33% and it is a buyer's market. Nobody knows why the guideline value was reduced. Is it linked to black money? I am not going to discuss that here, but the truth is that a buyer who just cant afford something will call for the property. Let us assume I agree to P/2, then the beggar buyer is confused. He is a beggar and not the kind in films with bank accounts, he is penniless but tries to buy something for a song, so he tries to reduce the price further by giving the most brilliant stupid arguments. Let us say I keep reducing further ... what will happen. In summary the deal never goes through.
    This sort of behaviour happened in 1998-2002.
    In 1996 in Mylapore the price of a house was 60L and in 2002 it was being asked for 35L, then lo and behold in 2006 it was in crores. Now it is probably 6 to 8C. In Malleswaram (Bangalore) land was being quoted at 3K psft in 1996 and in 2002 fellows were asking for 1700psft and in 2004 (exactly in 1 year) it was at 10K psft. Today it is 25K psft! In Bangalore price shot up 10 times between 2003 Jan and 2004 Jan (approx) while the rise happened more slowly until 2007 in Madras. A fellow who wanted land in 2006 in Madras was trying to argue that the price I bought it way back in 1988 was small so why should it rise up? This is the question that the folks are missing today. If they had sense they will yet pick up the stuff, but since they have nothing to pay they just keep asking for lower and lower prices ad infinitum.
    Where does it bring us to...Either we have NO Transactions like today or we have COSTLY Transactions like it was say in 1980s, 2003 to 2008 etc. The worst part of intelligence is that folks are confused about price rise of apartments, which is actually a topped up commodity. Price of land goes up in bursts and then stops oscillates in a band and then rises up. Well it can fall and that is what the bears on this forum are hoping endlessly, right from Wiseman in 2006-10 to Mavericks of today. The truth is those who buy land have financial muscles to hold it unless something went wrong in their specific case. Buildings depreciate so the initial rise in flat prices dont continue endlessly. Finally price of DLF shares or any Housing company does not reflect RE. On this board Brilliant folks like Maverick make a Kichdi of all these stuffs and then come up with some Brilliant answers. Well those who read it and follow it are doomed? They will end up with no transactions and no wealth increase. However if you are clever and read Maverick's comment for getting a good night's sleep then Maverick is honoured the board is successful and you dont lose anything.




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  • Originally Posted by maverick007

    We are not born yesterday. At 20%, investments double in 3.75 years. Such claims rest in grave. Period.


    Brains cant be bought in the mutton shop, so some folks cant become intelligent. 20% CAGR does not mean a continuous 20% growth. Ofcourse many who use words like CAGR will not know how to take Logarithms! So for such folks let me give one example. A land I bought in 1988 for 1.1L is today worth 2.8C as per some broker (I ask for more!). In 29 years this gives a CAGR of 1.21. If Maverick wont understand maths, let him take a Scientific calculator (does he know Science?) and do 1.21^29 and multiply by 1.1L. (^ means power...do you understand such mathematical operations dear Maverick or you need a quick course on that!).
    The above does not mean that in 2006 the CAGR was 1.21 it was actually higher and even higher around 2011-12 if I remember right. In 2001 it was around 1.21 I think. In other words in long periods of time, prices reach a steady state CAGR which ofcourse is dependent on the Interest regime but is fairly explainable in the Indian context. This does not mean that in 1994 the price was 1.21^5 times 1.1L because prices rise in bursts and very often go through a Initial, Growth, Maturiy phases and certainly we are not in the Decline phase.
    If we are in the Decline phase then I will expect atleast 2L SW employees retrenched tomorrow and that will lead to another 40L jobs go in related activities. The plumber will charge Rs2 to do a job and Maverick will not have time to look at any monitor! Hope my point is understood.
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  • Let us assume I agree to P/2, then the beggar buyer is confused.

    ??? Pl anyone who followed this gibberish, pl send me a PM.
    He is a beggar and not the kind in films with bank accounts, he is penniless but tries to buy something for a song, so he tries to reduce the price further by giving the most brilliant stupid arguments.

    ???? Beggars are penniless - what do you mean by he is penniless?

    Let us say I keep reducing further ... what will happen. In summary the deal never goes through.
    This sort of behaviour happened in 1998-2002.


    Complete inanity. Is that English? Fail to comprehend. Looks like your investments must be in Royapuram Seaside :)

    Pl share what the 'lonely' people share in villages - Cushman is waiting to take their research inputs. :)
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  • His Villa in 3rd main road P block built in One ground with 3.5K sqft builtup area has no takers for 4.5C as he wanted to sell and consolidate his properties in Annanagar.

    Resale Properties of Big value transactions say above 2C are not moving fast. Villas which have value of 4/5C finding difficulty in getting buyer and hence such transactions are now rare.


    @RE King; Above is the on-the-ground scenario in Anna Nagar. Wake up and smell the coffee.Why aren't the Villagers moving in to the city with alliance with Auto Drivers storm these properties take the bargains....Just asking...
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  • Excellent summary and it really helps the buyers...Thanks for the details and summary...
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  • I-T department using data analytics in order to catch tax evaders

    http://discountwalas.com/i-t-department-using-data-analytics-in-order-to-catch-tax-evaders/
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  • God Save the King.Whom to and whom not to believe.Just today I saw an advert in media advertising a flat costing Rs.10,000 plus in Nanganallur which I believe used to be in the 7-8 K prior to demonster
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  • Originally Posted by Rangadorai
    God Save the King.Whom to and whom not to believe.Just today I saw an advert in media advertising a flat costing Rs.10,000 plus in Nanganallur which I believe used to be in the 7-8 K prior to demonster


    I think you must be referring to Lancor Courtyard. Other than Courtyard, for others to have a 5 digit price in Nanganallur for resale should be nuts. Or a King :)

    But, even that 5 digit psft of Courtyard is unlikely to be a pretty story. IREF has a thread on that project opened in 2012. Read the first post and you will know the pain if anyone ever bought it at that price. It is a learning to look back on such crazy pricing and how the premium was justified by Lancor then - pl do search that thread, locate and introspect on how our mind works to get justified on pricing (or retrospect!). We need bulls from Spain to lift the current price !!

    I had a chance to speak to the COO of Lancor and these are some of the factors listed by him to justify the pricing:

    1) First of its kind premium project in Nanganallur
    2) Materials sourced from all over the world. He repeatedly mentioned that they use tiles imported from Spain for Bathroom and Kitchen.
    3) All apartments come fully air conditioned.
    4) The project maintenance is undertaken by their own subsidiary Lancor Holdings.

    He was of the opinion that not many builders use this kind of architecture or detailing in any project be it inside or outside the city
    .
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  • https://timesofindia.indiatimes.com/city/chennai/chennai-no-more-among-countrys-top-realty-hotspots/articleshow/60932531.cms
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