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Property Price Trends in Chennai

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

    Was a little perturbed about all the talks about next boom in the corner and that the market has bottomed out etc.So, decided to have a field day yesterday focussing predominantly on South Madras, to find out whats the reality.

    Most properties still are remaining unsold.Was shown the same ones that I had seen before.Price now around 10-15% less now compared to then.

    For land, supply still blocked, no direct sellers.Most properties advertised when contacted were brokers holding power of attorney.Large plots being subdivided and sold, brokers assuring they will get patta registered seperately.

    For flats, availability is there in all current new projects.Builders sounded that price was negotiable for projects that's recently completed or just launched, maybe due to need of cash.Under construction project builders are not willing to negotiate, maybe hoping price would increase in the future.

    As per the hearsay, There has been fresh interest in enquiries, and the sales have picked up, but only when 10-30% less than market price and when within the budget 25-50 lakhs due to attractive interest schemes from various banks for sub 30 lakhs loan.So was told to sit negotiate and buy now as this is the best time to buy.

    Bottomline, Nothing has changed.People are trying to talk the market up and palm of worthless properties a little cheaper.

    Better properties are yet to come on block at better prices.Seeing the number of underconstruction projects,I didnt feel the need to rush now or compromise.Didnt come across anything suiting my preference, so passed it all.

    Hope the post was useful, requesting everyone to share their thoughts.
    Last edited July 21 2009, 01:05 AM.

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    • Re : Property Price Trends in Chennai

      Hey Things have slowed down

      Hi all,

      If any one have seen my previous post i was looking for a flat in Ram nagar north near velachery MRTS (medavakkam in actual) 1 km from MRTS, i was not able to reduce more than 3300/sqft then, now i got a bigger flat for a lesser price 2900/sqft , so it saved me 6 lakhs buying it now and also the interest rate of LIC was 10.25 then and now 8.5, so things have changed a lot in last 4 months, just negotiate becos people are not buying, i booked it because it was a ready to occupy flat and we also liked the flat.

      so my summary

      Price in Ramnagar north - medavakkam

      DEC 2008 FEB 2009 JULY 2009
      3500/ sqft 3300 sqft/ not neg 2900 /sqft
      10.25% 10.25% 8.5% (floating LIC)

      this is my report as i booked it for this price, there are also flats for 2600 or 2700/sqft but the construction is very poor as i have seen.
      Thanks
      Krish

      Comment


      • Re : Property Price Trends in Chennai

        I accept your views

        HI,

        I accept your views. The flat price with the range of Rs 25 - 30 are selling fastly and above Rs 35 are failed to attract the buyers.

        And the rich are going for Rs 3 - 4 crore flats. !!!!!!

        Comment


        • Re : Property Price Trends in Chennai

          Friends,

          Some of our members have shared the transactions that they have personally known and we can see that buying/selling activities have increased significantly in the last few months.

          Thanks all of you and congratulations on your purchase.

          Sales are happening only at 20-30% less than the peak price and mostly only within the budget of 25-50 Lakhs.

          T.Nagar at 7000/sqft
          Madipakkam at 2900/sqft
          Velachery at 3600-4200/sqft
          Adambakkam at 3000-3400/sqft
          Medavakkam(villa) - 3200/sqft

          I see all this as beginning in acceptance of the phase 2 correction. i.e. correcting to 2007 price.I expect to see this reduction also reflect in the listing of prices in coming months.

          Requesting more people to come forward with such numbers, its very useful in understanding the trend.

          Comment


          • Re : Property Price Trends in Chennai

            Originally posted by nabishek View Post
            Friends,

            Some of our members have shared the transactions that they have personally known and we can see that buying/selling activities have increased significantly in the last few months.

            Thanks all of you and congratulations on your purchase.

            Sales are happening only at 20-30% less than the peak price and mostly only within the budget of 25-50 Lakhs.

            T.Nagar at 7000/sqft
            Madipakkam at 2900/sqft
            Velachery at 3600-4200/sqft
            Adambakkam at 3000-3400/sqft
            Medavakkam(villa) - 3200/sqft

            I see all this as beginning in acceptance of the phase 2 correction. i.e. correcting to 2007 price.I expect to see this reduction also reflect in the listing of prices in coming months.

            Requesting more people to come forward with such numbers, its very useful in understanding the trend.
            Are these resale property values? I suspect 7K in TNagar is of old flats, 15 to 20 years old. There the land value is there, but almost zero building value!

            Comment


            • Re : Property Price Trends in Chennai

              Friends,

              Oflate, We all are hearing news about increase in sales, loan sanctions etc.

              I am sure many of you would be wondering whether the trend has changed.

              It is true that people have started to consider taking buying decision and Chennai RE market is seeing increased activity.

              Flats are getting sold within the budget of 25-40 lakhs.Land transactions still seem to be muted.

              But, this time around the buying is primarily because of

              1.Frustration of people not seeing price come to their expected level and increasing desperation to get settled soon.
              2.Necessity to save on rent to cut down on expense,and thinking paying that amount saved on rent as EMI is investment.
              3.Lucrative home loan offers from various banks for smaller loans.People more willing to take small ticket loans, as even in case of unforeseen crisis, the risk is less and they can tap on other money sources and manage them.
              4.Senior citizens,PSU employees having surplus from retirement benefit/salary revision are showing confidence towards RE which they have always thought was safe.

              There could be other reasons also, but the point to note is no one is buying because price is going to increase 100% next year.They are buying only because they are able to find better affordable deals, which was not offered to them couple of months back.

              "Budget Homes" and "Affordable Homes" have become the new mantra that builders are now using to fool the gullible.They are targetting people on the sidelines who are waiting and watching to take the bait.

              For people who are seriously considering buying and dont have patience to wait longer for better deals, It would be safe to look only for ready to occupy or nearing completion projects and bargain good discounts on the market rate.

              If you ask me whether it is time to buy?I would say "not yet".

              But with the supply slowly opening up and better deals being offered in new and resale markets, the ensuing months would be ideal to scout for worthy properties.You never know when you would find your dream home.

              Comment


              • Re : Property Price Trends in Chennai

                Originally posted by nabishek View Post
                Friends,

                Oflate, We all are hearing news about increase in sales, loan sanctions etc.

                I am sure many of you would be wondering whether the trend has changed.

                It is true that people have started to consider taking buying decision and Chennai RE market is seeing increased activity.

                Flats are getting sold within the budget of 25-40 lakhs.Land transactions still seem to be muted.

                But, this time around the buying is primarily because of

                1.Frustration of people not seeing price come to their expected level and increasing desperation to get settled soon.
                2.Necessity to save on rent to cut down on expense,and thinking paying that amount saved on rent as EMI is investment.
                3.Lucrative home loan offers from various banks for smaller loans.People more willing to take small ticket loans, as even in case of unforeseen crisis, the risk is less and they can tap on other money sources and manage them.
                4.Senior citizens,PSU employees having surplus from retirement benefit/salary revision are showing confidence towards RE which they have always thought was safe.

                There could be other reasons also, but the point to note is no one is buying because price is going to increase 100% next year.They are buying only because they are able to find better affordable deals, which was not offered to them couple of months back.

                "Budget Homes" and "Affordable Homes" have become the new mantra that builders are now using to fool the gullible.They are targetting people on the sidelines who are waiting and watching to take the bait.

                For people who are seriously considering buying and dont have patience to wait longer for better deals, It would be safe to look only for ready to occupy or nearing completion projects and bargain good discounts on the market rate.

                If you ask me whether it is time to buy?I would say "not yet".

                But with the supply slowly opening up and better deals being offered in new and resale markets, the ensuing months would be ideal to scout for worthy properties.You never know when you would find your dream home.
                Nabhishek wrote it truly but his bearishness is making the reasoning incorrect. One point to note is that prices wont shoot up next weekend. After a consolidation, prices will move up slowly for a while and then shoot up.
                To put it in a comparitive parlance today is like 2003 in Bangalore RE and 2005 in Chennai RE. Prices are just becoming attractive for deals to begin. So to reach the Bangalore crescendo of 2006-7 or Chennai's 2007-8 will take a couple of years.
                Fools will listen to "not yet" and miss the bus and buy during the crescendo. The intelligent enter when the trend has reversed from consolidation to upmove. Ofcourse whether buying is because of frustration or planning is immaterial. Markets dont go up because of planning. If Nabhishek expects that then he is assuming markets are controlled which is not true in this free market situation. In simple this is Entry time. I hope Nabhishek realises it and buys his dream home.

                Comment


                • Re : Property Price Trends in Chennai

                  Friends,

                  List of Projects from Budget Homes 2009 fair.


                  AA Construction

                  Ekkattuthangal - 4200/sqft

                  Assettree Homes

                  Sri Balaji Abode - Ankapathur - 2925/sqft

                  Plots - Padappai - 449/sqft,Acharapakam - 99/sqft

                  Avenue Builders

                  Avenue Rajam - perumbakkam - 18.5 lakhs onwards
                  Avenue Anu - Rajakilpakkam - 11.5 lakhs onwards
                  Avenue Aishwaryam - Nanganallur - 17.5 lakhs onwards
                  Avenue Alankar - Tambaram - 15.5 lakhs onwards
                  Avenue Ramaniam - Choolai - 25 lakhs
                  Avenue Pushpam - Pallikarnai - 19.5 lakhs onwards
                  Avenue Diamond - Kolathur - 14.5 lakhs onwards
                  Avenue Aster - Kolathur - 15 lakhs onwards
                  Avenue Manor - kambar nagar - 17.5 lakhs onwards
                  Avenue Gem - Kambar Nagar - 15.1 lakhs onwards
                  Avenue Gold - Periyar nagar extn - 17.5 lakhs onwards

                  Chandra Flat Promoters

                  Villivakkam - 4500/sqft
                  Kolathur - 3700/sqft
                  Pattravakkam - 3300/sqft

                  Dhanishkha

                  Allegria - Vandalur-kelambakkam road - 2500/sqft

                  Harini Builders

                  Kattupakkam - 2650/sqft

                  Himayam engineers and builders

                  T.Nagar - 6250/sqft
                  Velachery - 3600/sqft
                  Kodambakkam - 5800/sqft
                  Perambur - 3250/sqft
                  West Mambalam - 4500/sqft
                  Kolathur - 2850/sqft
                  Pallavaram - 3250/sqft

                  Jai Varsha Homes

                  Madipakkam - 2900/sqft
                  Mannivakkam - 20 lakhs
                  Egmore(pudupet) - 5400/sqft
                  Urapakkam - 2400/sqft
                  Madambakkam - 3300/sqft
                  Saligramam - 4200/sqft

                  Sarvajith Royal Shelters

                  Avadi - 2450/sqft

                  Shyams (S.P. Homes)

                  Radhae Shyam - Vanagram - 3295/sqft
                  Shyams Rivieraa - Thirumullaivoyal - 2495/sqft
                  Shyams Chitra - Thoraipakkam - 3950/sqft
                  Any comments?

                  Comment


                  • Re : Property Price Trends in Chennai

                    Depends on what was your tone!

                    Originally posted by nabishek View Post
                    Friends,

                    List of Projects from Budget Homes 2009 fair.

                    Any comments?
                    Abishek,

                    Did you write this with bearish tone or bullish tone.

                    If you wrote the figure 3000/SFt with bearish tone your views are all incorrect!

                    If you wrote the figure 3000/SFt with bullish tone your views are completely correct!

                    According to one Kilpaukian, the correctness of your reasoning depends fully on your tone!!! That is the funniest thing I've heard so far!

                    cheers

                    Comment


                    • Re : Property Price Trends in Chennai

                      Originally posted by wiseman View Post

                      Did you write this with bearish tone or bullish tone.

                      If you wrote the figure 3000/SFt with bearish tone your views are all incorrect!

                      If you wrote the figure 3000/SFt with bullish tone your views are completely correct!

                      According to one Kilpaukian, the correctness of your reasoning depends fully on your tone!!! That is the funniest thing I've heard so far!

                      cheers
                      Wiseman,

                      That kilpaukian is after all a ordinary guy...a empty vessal making noises.

                      He is jealous of north indian kids who drive Honda city.....because he couldn't own one at that age.

                      Don't waste your analysis and knowledge with this nondescript guy natraaj.

                      He could be some wine shop guy owning some bisathu natraaja wine store and talking like big shot. In the end he himself said his only acheivement was middle class to upper middle class. Oh, i thought he was some Real Estate Tycoon looking at his noises.
                      Last edited August 7 2009, 11:05 PM.

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