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Property Price Trends in Chennai

Last updated: May 20 2021
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  • Re : Property Price Trends in Chennai

    Originally posted by visanj View Post
    After 3 yrs I am hunting for new project (selling my old one) and I can clearly see the difference. Earlier I had to run behind every builder asking for their future projects as most of their current projects would have been sold out but now the situation is completely changed. I can see builders approaching me and I really have lot of choices

    But still projects inside city are in high demand (eg: Alwarpet, Mandaveli, Adyar, Ashok Nager etc)
    Pretty easy to understand. In core city areas you mentioned, supply is highly restrained, so even old flats (with no parking) built 20 + years ago go Rs 8K per sqft or even 5 digits..

    Whereas there is a deluge of supply in the new Burbs - Beyond the Old corporation limits...

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    • Re : Property Price Trends in Chennai

      The pace at which real estate development is going on, infrastructure is not growing that much. In fact Infrastructure is not at all happening

      If govt would have planned areas like KK Nagar or Anna Nagar in suburbs, we would have been benefited a lot. Chennai seriously lacks planned areas.

      Even now govt can come up with planned areas atleast in areas like thiruporur-guduvanchery belt

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      • Re : Property Price Trends in Chennai

        Visanj, how about demand in Velachery - Medavakkam areas.

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        • Re : Property Price Trends in Chennai

          Originally posted by chennaidesi View Post
          Visanj, how about demand in Velachery - Medavakkam areas.
          It varies depend on the builder and location but overall on the negative side. There was a project Baba Homes by Indu Housing near vijaya nagar bus terminus on velachery taramani main road. Project looks really good but my parents didn't like it as they prefer near nanganallur, adambakkam area. Indu Housing is calling me every 2 days and trying to convince me. Once he started calling me again and again even I started thinking if there is anything wrong in the project as such a good project don't need follow up. Either market is not good in that area or something wrong in the project

          Similarly there are many projects in Medavakkam particularly small builders keeping on calling me again and again. But Malles Altius seems to be good in terms of demand (my personal opinion), similarly there is another project coming up near Altius from Sreenivas Housing, even he is not responding properly as he is yet to launch the project but 6500/sq.ft which looks very high but he is estimating the demand I guess

          One project I really feel I missed is Navin's Srishti Keelkattalai, only 2 flats are left but not our preferred floor plan. But project looks really good

          Projects inside city like Alwarpet, Mandaveli, Adyar are selling like hot cakes. Really wondering how come 3 to 4 crore project has more demand whereas 50lakh project has very less demand

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          • Re : Property Price Trends in Chennai

            Yes Baba Homes by Indu Housing location is very good. But not sure about the project.

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            • Re : Property Price Trends in Chennai

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              • Re : Property Price Trends in Chennai

                IMHO there's some serious dis-connect between some posts and ground reality on price trends. The difference is quite stark esp. within Chennai city limits. I have listed some of the projects, quoted prices I received in last 30 days:

                1. Isha Homes had few projects in Alwarpet (launched in end of 2012)- the latest I heard all the flats were sold-off exc. one which is 3300+ sq ft. They launched at base price of 14000/sq ft and price now is 17,500/-

                2. Appasamy Mandarina- launched last year is quoting 15,500/ sq ft

                3. Crest Velachey- launched at base price of 9000/sq ft- I understand from this forum is quoting 14k/sq ft

                4. TVH Quadrant- launched 13,500/sq ft (2012) is quoting Rs 22,500/- (Nov, 2013)

                Even the re-sale rates are pretty high. When media and some posters screaming the impact of slow down- How can the builders quote such high price? Wouldn't interest cost eat up their margins- even if they hold it for long?

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                • Re : Property Price Trends in Chennai

                  Originally posted by Clairvoyant View Post
                  IMHO there's some serious dis-connect between some posts and ground reality on price trends. The difference is quite stark esp. within Chennai city limits. I have listed some of the projects, quoted prices I received in last 30 days:

                  1. Isha Homes had few projects in Alwarpet (launched in end of 2012)- the latest I heard all the flats were sold-off exc. one which is 3300+ sq ft. They launched at base price of 14000/sq ft and price now is 17,500/-

                  2. Appasamy Mandarina- launched last year is quoting 15,500/ sq ft

                  3. Crest Velachey- launched at base price of 9000/sq ft- I understand from this forum is quoting 14k/sq ft

                  4. TVH Quadrant- launched 13,500/sq ft (2012) is quoting Rs 22,500/- (Nov, 2013)

                  Even the re-sale rates are pretty high. When media and some posters screaming the impact of slow down- How can the builders quote such high price? Wouldn't interest cost eat up their margins- even if they hold it for long?
                  Already discussed that projects inside city are still in high demand thereby raising prices whereas projects in suburban are not doing well when compared to 2010

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                  • Re : Property Price Trends in Chennai

                    Originally posted by Clairvoyant View Post
                    IMHO there's some serious dis-connect between some posts and ground reality on price trends.

                    Even the re-sale rates are pretty high. When media and some posters screaming the impact of slow down- How can the builders quote such high price? Wouldn't interest cost eat up their margins- even if they hold it for long?
                    When it comes to Indian real estate, NRIs take centre-stage when the rupee depreciates : Reuters

                    Some observations related to NRI investments in India:

                    • Most NRIs based out from countries like Malaysia have shown their preference towards southern cities
                    • NRIs from Canada show interest in places like Delhi, Chandigarh and other northern parts
                    • Out of the 2.5 million NRIs in the US, most of them invest in Bangalore, Chennai and Hyderabad
                    • The NRIs belong to the middle and high income group seek to invest in properties ranging from Rs 50 lakh to Rs 1 crore and beyond.
                    • While the largest markets for affordable housing in the price range of Rs 15-25 lakh are from the Gulf region
                    • 2/3/4 BHK configurations are most popular amongst NRIs
                    • Tying up with financial institutions and banks, fully licensed projects, original allotment documents on the day of booking are the main attractions for NRIs that developers offer

                    Link

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                    • Re : Property Price Trends in Chennai

                      Originally posted by Clairvoyant View Post
                      IMHO there's some serious dis-connect between some posts and ground reality on price trends. The difference is quite stark esp. within Chennai city limits. I have listed some of the projects, quoted prices I received in last 30 days:

                      1. Isha Homes had few projects in Alwarpet (launched in end of 2012)- the latest I heard all the flats were sold-off exc. one which is 3300+ sq ft. They launched at base price of 14000/sq ft and price now is 17,500/-

                      2. Appasamy Mandarina- launched last year is quoting 15,500/ sq ft

                      3. Crest Velachey- launched at base price of 9000/sq ft- I understand from this forum is quoting 14k/sq ft

                      4. TVH Quadrant- launched 13,500/sq ft (2012) is quoting Rs 22,500/- (Nov, 2013)

                      Even the re-sale rates are pretty high. When media and some posters screaming the impact of slow down- How can the builders quote such high price? Wouldn't interest cost eat up their margins- even if they hold it for long?

                      Clairvoyant, can you please tell me the going price of land in Kamakoti Nagar Pallikaranai which is only about 4km from Velachery?

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