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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 maverick007 View Post
    I was referring to the class that Ceebros is targeting and every project has its pluses and minuses.
    Ceebros target market strategy is also flawed. Though it is 8 apts only and they are all sold.

    I do not think anyone in this forum would get into this project. Nor the yield chasers or IT/NRI middle class people. 3C is not a small amount for most folks for an apt here.

    There was only one guy as far as I know in Chennai section who booked a luxury apt at that type of price range.


    Originally posted by maverick007 View Post
    We can only assess the current pricing based on what is prevalently available - the likes of 14-16k available in the market today, most of it are crappy valuation wise.
    Below Avg apts like Kairali cost 3C - 800sqft carpet and 500sqft UDS in avg street with 8 units.
    Can that be considered as norm for market segment and average price.

    What about 100 apts VGN is launching.
    Vijayshanthi/Akshaya/Amara/Adroit/.... are all much bigger. Ceebros is not even 1% of the inventory in the area. Should we even look at the market segment of at least 60%+ of the new apt inventory and come to conclusion.


    Originally posted by maverick007 View Post
    prudent for overall financial health - especially for the middle class and upper middle class.
    Again I feel, this area is not for them.

    5 years ago or even 3 years, there was some opportunity, still at the higher end of the range. Now it costs close to 4-5C for a decent new apt.

    The area is gentrified. There is no place for middle class here.


    By the way let me know if the definition of middle class changes according to you guys.
    If middle class guys start considering VGN or Akshaya project then I am totally wrong and living in an alternate universe.
    Last edited March 31 2014, 09:03 AM.

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    • Re : Property Price Trends in Chennai

      Luxury projects set to come up in Chennai


      Chennai’s real estate market has all along been viewed as conservative and predominantly driven by end users. But the recent developments where prime land parcels in city’s strategic locations have been transacted only go to prove that the traditional perception is no longer valid.

      Leading builders in Chennai are now gearing up to develop luxury units across city’s prime locations like Nungambakkam, Egmore, MRC Nagar, Adyar, Poonamallee High road and Mount Road. About 800-1000 residential units in the price range of Rs 5 crore – Rs 15 crore are in various stages for launching in the coming months.

      According to property consultants, it is a moot point to predict how Chennai will respond to the multiple options in luxury categories as and when they are launched in the market. While a few projects are already seeing limited demand for prelaunch offers, others are awaiting an opportune moment to launch the projects.

      This is apart from a few landowners who are also gearing up to develop their properties. Among the leading developers who are gearing up for city project launches include VGN Developers, Vijay Shanthi Builders, Ceebros, TVH, Akshaya, Prince Foundations, BBCL and Khivaraj Estates.

      In a significant development, most of the projects are bought upfront with debt or equity stake in the ventures. Traditionally, Chennai developers have been laying much emphasis on joint venture development with minimal capital outflow but the recent developments have startled market observers when the stake involved is substantial for some of the developers.

      Even individuals who own prime land parcels are now developing on their own by using the services of project management groups and extending lucrative proposals with a hefty prelaunch discount to cover the initial working capital cost. The response to a few projects in city’s prime locations like T Nagar has been encouraging for the landlords to venture into real estate development.

      At a time when hospitality sector occupancy levels are not encouraging, a few hotels have paved way for residential development. The challenges in marketing luxury units are mounting even with high end specifications, involvement of international architects, imported sanitary wares and fittings and ultra modern smart home features.

      What is interesting is that the demand comes not from NRIs/PIOs but from residents, HNIs, senior executives, celebrities and businessmen. But this does not prevent marketing firms to interact with select investor groups in countries like US, Gulf, Hong Kong, Singapore, etc.

      V Nagarajan, Bureau
      RE overpriced still fancy then 4% yield is must anything less is overpriced

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      • Re : Property Price Trends in Chennai

        I think Chennai is well behind in terms of high end buildings and branded residences.
        Not only behind Mumbai and Delhi, but cities like Bangalore, Gurgaon and Pune have better choices.

        We do not have Trump, Bulgari, Ritz Carlton, 4 Seasons, W, Virgin, Versace or any such branded residences.
        Nor we have truly high end buildings that developers like Lodha, Oberoi, DLF, etc put together.

        Demand is the biggest question.
        People buy these for end use and how would a propective buyer value such property if he himself has never stayed in one.

        Most NRIs would not buy these, as this might not fit in their lifestyle.
        How many times have we got 'Maintainance charge too high' discussion.

        Most people from southern TN are not even used to living on tall buildings or experience the facilities. I do not think there is even a 20 storey building in TN outside of Chennai.

        Then the remaining city population who have lived in other bigger cosmopolitan cities like Mumbai, Delhi, etc would be right target.
        Mostly they would be some execs, businessmen, etc.
        There might be some companies and embassies buying some units for their employees.
        Last edited April 4 2014, 12:29 AM.

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        • Re : Property Price Trends in Chennai

          Can change in FSI bring this high unaffordable real estate price down . Going my Hyderabad FSI rule change we have seen property price crash Jayalalita could do this this way bring more supply to the market
          RE overpriced still fancy then 4% yield is must anything less is overpriced

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          • Re : Property Price Trends in Chennai

            Looking at the data from NHB one market which needs to be avoided is chennai given its phenomenal growth in 7 years the index says 300% however in real term it is more like 600% take Anna nagar price per ground in 2007 was less then 60 lakhs today it is close to 6 cr which IMO is too high needs to come to level of 3.6 cr or still less


            RE overpriced still fancy then 4% yield is must anything less is overpriced

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            • Re : Property Price Trends in Chennai

              Originally posted by Septaa View Post
              Looking at the data from NHB one market which needs to be avoided is chennai given its phenomenal growth in 7 years the index says 300% however in real term it is more like 600% take Anna nagar price per ground in 2007 was less then 60 lakhs today it is close to 6 cr which IMO is too high needs to come to level of 3.6 cr or still less
              Actually many areas including CBD went up by 600%, you should look into details.
              Attached Files

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              • Re : Property Price Trends in Chennai

                Originally posted by k11 View Post
                Actually many areas including CBD went up by 600%, you should look into details.
                In that above 10 Zones which is CBD?

                It will be great to know where is Chenna CBD.
                Last edited April 5 2014, 11:55 AM.

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                • Re : Property Price Trends in Chennai

                  ZONE 9 is the ultimate comedy
                  Kodambakkam Guindy Chrompet -
                  eanna logical grouping sir idhu /

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                  • Re : Property Price Trends in Chennai

                    Hello All ,
                    I am new to this forum and trying to buy a 3BHK apartment in a gated community (new/resale).house in adambakkam/ Nanganallur.. Could you please suggest the current prices in this area . I see the rates are varying a lot .

                    Appreciate your response in this regards

                    thanks
                    Senthil

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                    • Re : Property Price Trends in Chennai

                      Originally posted by Septaa View Post
                      Looking at the data from NHB one market which needs to be avoided is chennai given its phenomenal growth in 7 years the index says 300% however in real term it is more like 600% take Anna nagar price per ground in 2007 was less then 60 lakhs today it is close to 6 cr which IMO is too high needs to come to level of 3.6 cr or still less
                      I recall sales in Annanagar in early 2007 at over 2.5 crore per ground. Not on main avenue, but in good area. I have no idea where you get the 60 lakh number.

                      I also think the 6 crore number for today in Annanagar is incorrect -- unless it is in prime avenue location, or very large parcel. Of course anyone can ask any amount, only actual sales matters.

                      I think the NHB residex data is deeply flawed because of odd groupings, registration not in full white money, etc???
                      Last edited April 9 2014, 11:54 PM.

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