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Property Price Trends in Chennai

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

    Originally posted by randomguy View Post
    I see what you mean. I do share a similar concern. But you can't always look at this way, since you have picked a wrong time where Re is at its lowest. What if the NRI has realized the sale last year when exchange rate was in low 50s or 2 years back when it was close to 45. Also the rupee depreciation will only help the NRI with the loan interests. Also property doubling in the last 5 years is modest. An average area should have appreciated more than that.



    Lack of infrastructure will actually cause property price to rise within the city, right? This is turn would allow suburbs to expand and cause a rise there too.
    Your optimism on rupee is highly appreciated. but with increasing oil prices and our increasing dependency on oil ( and of course our obsession on Gold) will always pull rupee to a new low in a consistent frequency. what i mean is there wont be any good time or a very less good time for an NRI to exit!

    RE is not so liquid to make use of the very less good time.

    unless we have attractive and competitive exports i don't see we can make our currency stronger. our leaders are more interested in freebies and corruption..with that the possibility of exports looks remote for me. all this FDI in retail, RE, aviation etc are short term solution like they came in they will go out as well.

    can you please add more details to the claim that lack of infra will rise property prices within city..IMO Chennai lacks infra very badly.. that is one of the reason even announcement or start of a new flyover is increasing prices in a locality..

    i understand that i am sounding very negative on RE, but in reality i am struggling to find grounds on the RE hike in last 5 years and wondering how such a hike will sustain or further increase in next 5 years to come..

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    • Re : Property Price Trends in Chennai

      Couple of friends of mine who in to RE development & RE tradeing tell me that the market is very bad now for sellers.

      They tell me price are going backwards currently and they are struggling to sell over the past 3-6 months.

      Is this true?

      Anyone close to field reality please advise if the above anecdotal info is correct.

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      • Re : Property Price Trends in Chennai

        Personally, we've been struggling to sell our property in kk nagar for more than 6 months and we don't even get enough inquires when we post advertisements on all available channels.. things are even more difficult when the ticket size is large as was in our case..

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        • Re : Property Price Trends in Chennai

          Originally posted by iceemani View Post
          Your optimism on rupee is highly appreciated. but with increasing oil prices and our increasing dependency on oil ( and of course our obsession on Gold) will always pull rupee to a new low in a consistent frequency. what i mean is there wont be any good time or a very less good time for an NRI to exit!

          RE is not so liquid to make use of the very less good time.

          unless we have attractive and competitive exports i don't see we can make our currency stronger. our leaders are more interested in freebies and corruption..with that the possibility of exports looks remote for me. all this FDI in retail, RE, aviation etc are short term solution like they came in they will go out as well.

          can you please add more details to the claim that lack of infra will rise property prices within city..IMO Chennai lacks infra very badly.. that is one of the reason even announcement or start of a new flyover is increasing prices in a locality..

          i understand that i am sounding very negative on RE, but in reality i am struggling to find grounds on the RE hike in last 5 years and wondering how such a hike will sustain or further increase in next 5 years to come..

          Rupee strength is affected by national and international matters, monsoon, curtailing imports (already expected), steady exports, etc. Printing more dollars increases rupee strength vs dollar. RBI has its tools as well. If a desi or NRI has cash on hand in rupees (not tied in real estate), I think they will do OK. For NRIs, the interest rate in banks are quite high compared to western countries.

          Real estate is more local. The boom has already occurred. In the past, missed the boat was related to buying. In my opinion, the next few years, missed the boat might mean whether a person took profit. To live in India, one needs rupees. Not so much for real estate (as there are rental options).

          Edit/add: I think randomguy is saying that lack of infrastructure in many parts of the area, makes it attractive to buy in city / areas where there is infra.
          Last edited September 25 2013, 09:36 PM.

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          • Re : Property Price Trends in Chennai

            Originally posted by silpong View Post
            Personally, we've been struggling to sell our property in kk nagar for more than 6 months and we don't even get enough inquires when we post advertisements on all available channels.. things are even more difficult when the ticket size is large as was in our case..
            Not even builders? I am seeing soldout boards everywhere in KK nagar by builders like greenpeace. (possibly to create hype)

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            • Re : Property Price Trends in Chennai

              i was there in chennai in august... wanted to buy some property in suburbs.. i found there is no drop in prices atleast for the properties i saw...sellers not ready to come down on prices
              was there in velachery reg office for some work the reg office was crowded as ever before.
              with new projects being launched every week with higher and higher prices i dont see any decline in real estate market atleast in chennai.
              may be big land parcels in city are finding difficult to move.

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              • Re : Property Price Trends in Chennai

                True -

                Originally posted by Economist View Post
                Couple of friends of mine who in to RE development & RE tradeing tell me that the market is very bad now for sellers.

                They tell me price are going backwards currently and they are struggling to sell over the past 3-6 months.

                Is this true?

                Anyone close to field reality please advise if the above anecdotal info is correct.

                Eco -- the statement is true, i have been very busy traveling and passively watching , but all around taking a huge hit, pockets already are seeing 10-20% drops
                some more patience and cash position will give good entries -- im looking around for deals but no rush to close on any , just playing hard bargains but not closing any

                Comment


                • Re : Property Price Trends in Chennai

                  While it is undeniable that there is a real estate downturn, some recent ads in Hindu habitat suggests sellers are still unaware of market situation. A seller was quoting 5000 psf for a barren layout which is not worth more than 3000 psf.

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                  • Re : Property Price Trends in Chennai

                    Welcome back! Back here, there were wild conjectures on what led to this...please do the favor for those curious minds!!

                    If builders can put lipstick on the UDS pig and sell at premium, and when people wonder as a million dollar question rather than admitting the loot(and get a slice of it!), why not individual sellers who quote a high premium for all of the land? At least it did not go to "Prabha"
                    Last edited September 26 2013, 11:30 PM.

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                    • Re : Property Price Trends in Chennai

                      Originally posted by SRaj001 View Post
                      Eco -- the statement is true, i have been very busy traveling and passively watching , but all around taking a huge hit, pockets already are seeing 10-20% drops
                      some more patience and cash position will give good entries -- im looking around for deals but no rush to close on any , just playing hard bargains but not closing any
                      I am looking for buying opportunities after Diwali.

                      If the market is slowing, we may get decent properties.

                      Let us hope the market slowsdown.

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