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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  • Friends,

    With the change in power, land war has started between political parties once again.Our politicians are just modern manifestation of erstwhile rulers.They realize, To be able to wield authority on people living in state and constituency they should own more wealth and more real estate.Already we are seeing signs where ruling party members have started to involve themselves in all high ticket RE transactions demanding commissions.Our politicians still resort to territorial and caste politics in the name of democracy to divide and conquer.

    As people interested in RE, we cannot overlook the latest developments that is happening.We all stand to gain or lose depending on the positions we take now adapting to changing circumstances.One thing that has become evident in the last months is that, the current ruling party also realizes RE is a golden egg laying duck and is looking to take steps to generate revenue from every RE transaction in the state.This is good news to RE stakeholders for future appreciation and at the same time poses a threat to new entrants as they may have to wait for some more years for their dream home to become affordable.

    I would like to share some of the info I am getting to hear from the circle of people with whom I interact regularly on RE developments.Request all to believe them with a pinch of salt, I cannot vouch for authenticity of the news/rumours.

    1.The guideline value is about to be revised soon and can be expected to be doubled as compared to 2007 price.

    2. Ban to be imposed for converting any more agricultural lands to other zones like residential/commercial.

    3. Increase of FSI to 2 within the city and launch of a new regularization scheme for existing violations and panchayat approvals.

    4. Government seems to be planning to put all existing infrastructure development plans on the back burner and announce new plans focussing on the masses.Some may include announcing township in suburbs, concentrating more on development of town and cities like Trichy, Salem, Madurai, Coimbatore etc.

    5. Groundwork has began to target parcels of lands belonging to previous ruling party members and planning to confiscate them by legal and other means.One can expect several land conversions, Big RE township projects,Land allocation to third parties etc to be termed illegal and cases filed in court.

    Simply put, the focus of current government seems to be more on cleaning and strengthening existing infrastructure while dealing with development and new plans later in a phased manner.

    Revising of FSI and guideline value will have huge impact on prices.It may result in sharp increase of price depending on then affordability and economic scenario.

    Speculation aside, The current mood and sentiment is low again in Chennai RE.It appears demand has again dried up in last few months and there is a sense of nervousness among the builders.The exact reason is not known.One can only guess it could be because of cash crunch or change in government etc.

    If the last two years that we followed in this thread were to present a trend, we have always seen that the time between August-October is the right time to get good value deals.With the interest rates,steep increase in cost of living,uncertain global economic scenario, I expect the low sentiments to reflect as 10-20% correction on current price this year too.

    I expect the correction in posh land deals and ready-to-occupy apartment deals.Several 3-4 years old resale flats which were never/sparingly occupied are also coming on block at 30% less than price of new flat in posh locations.It is a good deal too. I expect the ongoing projects in affordable category and suburbs to have prices stagnant for now. In my opinion price will be revised and increased keeping up with inflation the next time when new launches and supply is announced.

    Considering that stagflation seems a certainity now in India and value of rupee is likely to be further eroded due to possible depreciation of rupee and further stimulus, I believe such an opportunity is a good time to buy when price point comes near to inflation adjusted 2007/2008 +/- 10-15% price for the year 2011.

    However, I would advise first time buyers to refrain from buying under construction property without pre-emi unless they are ok to get possession in 2+ years timeframe or later.Most of the new projects announced this year are plagued with problems and many even havent got approval yet. In my opinion meanwhile making land investments in suburbs and tier III cities seems to be the safest bet now considering both extreme cases for long term.

    Requesting members to share their views.
    CommentQuote
  • Caution ahead!!

    Yes that was a great futuristic perspective of RE and beware of investing in high-ticket transaction hoping for bumper returns and it might backfire.

    Yes we need to invest in RE but at the correct price and place which are vital. If you are planning to get a house for ur need it's okay, but those want to invest for a lottery returns henceforth it might be little difficult at least for sometime

    Those who have agricultural land by plot promoters get it approved and also a building plan approval also would be good.

    FSI to become 2 and revision of the Guideline value is already factored in the present price and only will be of use for those who go for a loan.

    Keep posted.
    CommentQuote
  • Caution ahead!!

    good futuristic guidance.

    Yes if u want to buy it for ur own use just go ahead may be little later or now if the place and price is correct. but investment in big ticket RE deals are dangerous, beware it might back fire. Prefer tier 2 cities like coimbatore, trichy

    FSI becoming 2 and the Guideline value increase is already factored in the present prices, but may be of use for those who go for loan option

    yes the political war might be both positive and negative, becaz those invested in the past thro black money will be worried of the consequences and many cases are getting filed, wait for many arrests.

    keep posted
    CommentQuote
  • I found this in a response to article on Maran's exit!

    Abishek, where have you been! :D

    Folks, Check the piece below. I'm quoting verbatim from a response by someone to a recent article by MSN (I think). Can anyone verify if all of this is correct?

    The size and scope of looting boggles the mind. The big ones have been highlighted.

    No wonder JJs Land Grab Complaint cell is so popular. Of course do not forget that the very same JJ was grabbing prime property in Chennai in her past avatar as CM via her "partner"!

    *************************************************
    KK assets
    1. Karunanidhi’s House in Gopalapuram –6124 sq.ft. in area—value Rs.5 crores.
    2. The House of Murasoli Maran in Gopalapuram—value Rs. 5 crores
    3. The House of Murasoli Selvam in Gopalapuram—1200 sq.ft. in area—value Rs.2 crores
    4. The House of Sornam in Gopalapuram—value 4 crores.
    5. The House of Mu Ka Muthu in Gopalapuram—value Rs.2 crores
    6. The House of Amritham in Gopalapuram—value Rs.5 crores
    7. The House of daughter Selvi Ezhilarasi in Gopalapuram—value Rs.2 crores
    8. The House of wife Rajathiammal in CIT Colony—extent of Land 9494 sq.ft.—area of the house 3500 sq.ft—value Rs.12 crores
    9. The extent of land owned by Rajathiammal andKanimozhi in Mannivakkam village—300 acres—value Rs.4.5 crores
    10. A Shopping Establishment called Royal Furnitures owned by Rajathi Ammal—value Rs.10 crores.
    11. The house owned by Mu Ka Stalin at Velacheri---extent of land 2687 sq.ft.—area of the house 2917 sq.ft.—value Rs.2 crores
    12. Udyanidhi’s Snow Bowling Alley at Nungumbakkam—value Rs.2 crores
    13. Kalanidhi Maran’s palatial House on Boat Club Road in Chennai—16 grounds of land—value Rs.100 crores
    14. Farm House owned by Maran Brothers in Kottivakam—value Rs.10 crores
    15. MM Industries near Ramachandra Medical College at Porur—value Rs.2 crores.
    16. Murasoli office building at Kodambakkam—6 grounds of private patta land and 1472 sq.ft. of Public and Government owned Poromboke Land—value Rs.20 crore.
    17. Sun Cable Vision property at Mahalingapuram in Kodambakkam—2 grounds of land and other TV Equipments—value Rs.5 crores.
    18. Sun TV’s Lands at MRC Nagar—32 grounds in extent –value Rs.100 crores.
    19. Value of 11% shares in Coromandel Cements Ltd. Rs.50 crores
    20. 4-bedroomed flat owned by Selvam in Bangalore—value Rs.4 crores
    21. Landed property of Selvi on Bangalore-Mysore Highway—a farmhouse eon 1 acre—value Rs.80 crores.
    22. A Farm House owned by Maran Brothers on 1.84 acres of land---value Rs120 crores.
    23. The office of Udaya TV in Bangalore—10 grounds of land—value Rs.108 crores.
    24. Mu Ka Tamilarasu’s Rainbow Industries on Peters Road---value Rs.48 crores.
    25. Mu Ka Tamilarasu’s farmlands at Andiyur---13 grounds in extent— value Rs.30 lakhs
    26. Sun TV’s Office in New Delhi—value Rs.50 crores.
    27. Share value in Express Estates—value unknown
    28. Dinakaran Publications—value unknown
    29. Sumangali publications—value unknown
    30. Murasoli Trust—value unknown
    31. 37% share holding in Spice Jet Airways—Rs.48 was paid per share at the time of purchase –purchased through Wilbur Ross and Royal Holdings Services in USA from Kansakra---Kalanidhi Maran himself had declared the value at the time of purchase of these holdings as Rs.13, 384 crores.
    32. Lands owned by Dayalu Ammal Trust at Madakulam Village in Madurai District—21 cents.—value unknown
    33. Extent of land owned by Karunanidhi at Agarathirunnallur Village in Thanjavur District—21.30 acres—value unknown
    34. Extent of land owned by Dayalu Ammal in Tiruvallur District—3.84 acres-value Rs.1 crore
    35. Lands owned by Durga Stalin in Tiruvallur District---3680 sq.ft. of land—value 60 lakhs.
    36. 2.56 acres of land owned by Azagiri at Uthangudi village in Madurai North Taluk—value Rs.2 crores
    37. 7.53 acres of land owned by Azagiri at Kallathiri Village in Madurai North taluk—value 2 crores.
    38. 1.5 acres of land owned by Azagiri at Madurai Tallakulam—value Rs.5 crores.
    39. 1.54 acres of land owned by Azagiri at Chinnapatti Village in Madurai North taluk—Rs.40 lakhs.
    40) 12 cents of land owned by Azagiri in Madurai Tirupparankundram--- value Rs.50 lakhs
    41. 36 cents of land owned by Azagiri at Maddakulam Village in Madurai South Taluk—value Rs.1 crore
    42. 18,535 sq.ft. of land owned by Azagiri at Punmeni Village in Madurai South –value Rs.2 crores
    43. House owned by Azagiri on 21 cents of land at Sathya Sai Nagar in Madurai city---value Rs.2 crores.
    ***************************************************
    CommentQuote
  • Wiseman:

    I personally feel Learning from Mistakes is what i see in JJ and thats wat has brought her back to power but not in the opposite camp. Infact given the responsibility CM first time and people around you to loot any amount anyone will make mistakes becoz ultimately the blame goes on Leader.But in the second term she came of well but failed in some..This is a third time..lets see

    But for RE its going to be long term bearish trend...
    CommentQuote
  • Originally Posted by wiseman
    Abishek, where have you been! :D

    Can anyone verify if all of this is correct?

    *************************************************
    KK assets
    1. Karunanidhi’s House in Gopalapuram –6124 sq.ft. in area—value Rs.5 crores.
    2. The House of Murasoli Maran in Gopalapuram—value Rs. 5 crores
    3. The House of Murasoli Selvam in Gopalapuram—1200 sq.ft. in area—value Rs.2 crores
    4. The House of Sornam in Gopalapuram—value 4 crores.
    5. The House of Mu Ka Muthu in Gopalapuram—value Rs.2 crores
    6. The House of Amritham in Gopalapuram—value Rs.5 crores
    7. The House of daughter Selvi Ezhilarasi in Gopalapuram—value Rs.2 crores
    8. The House of wife Rajathiammal in CIT Colony—extent of Land 9494 sq.ft.—area of the house 3500 sq.ft—value Rs.12 crores
    9. The extent of land owned by Rajathiammal andKanimozhi in Mannivakkam village—300 acres—value Rs.4.5 crores
    10. A Shopping Establishment called Royal Furnitures owned by Rajathi Ammal—value Rs.10 crores.
    11. The house owned by Mu Ka Stalin at Velacheri---extent of land 2687 sq.ft.—area of the house 2917 sq.ft.—value Rs.2 crores
    12. Udyanidhi’s Snow Bowling Alley at Nungumbakkam—value Rs.2 crores
    13. Kalanidhi Maran’s palatial House on Boat Club Road in Chennai—16 grounds of land—value Rs.100 crores
    14. Farm House owned by Maran Brothers in Kottivakam—value Rs.10 crores
    15. MM Industries near Ramachandra Medical College at Porur—value Rs.2 crores.
    16. Murasoli office building at Kodambakkam—6 grounds of private patta land and 1472 sq.ft. of Public and Government owned Poromboke Land—value Rs.20 crore.
    17. Sun Cable Vision property at Mahalingapuram in Kodambakkam—2 grounds of land and other TV Equipments—value Rs.5 crores.
    18. Sun TV’s Lands at MRC Nagar—32 grounds in extent –value Rs.100 crores.
    19. Value of 11% shares in Coromandel Cements Ltd. Rs.50 crores
    20. 4-bedroomed flat owned by Selvam in Bangalore—value Rs.4 crores
    21. Landed property of Selvi on Bangalore-Mysore Highway—a farmhouse eon 1 acre—value Rs.80 crores.
    22. A Farm House owned by Maran Brothers on 1.84 acres of land---value Rs120 crores.
    23. The office of Udaya TV in Bangalore—10 grounds of land—value Rs.108 crores.
    24. Mu Ka Tamilarasu’s Rainbow Industries on Peters Road---value Rs.48 crores.
    25. Mu Ka Tamilarasu’s farmlands at Andiyur---13 grounds in extent— value Rs.30 lakhs
    26. Sun TV’s Office in New Delhi—value Rs.50 crores.
    27. Share value in Express Estates—value unknown
    28. Dinakaran Publications—value unknown
    29. Sumangali publications—value unknown
    30. Murasoli Trust—value unknown
    31. 37% share holding in Spice Jet Airways—Rs.48 was paid per share at the time of purchase –purchased through Wilbur Ross and Royal Holdings Services in USA from Kansakra---Kalanidhi Maran himself had declared the value at the time of purchase of these holdings as Rs.13, 384 crores.
    32. Lands owned by Dayalu Ammal Trust at Madakulam Village in Madurai District—21 cents.—value unknown
    33. Extent of land owned by Karunanidhi at Agarathirunnallur Village in Thanjavur District—21.30 acres—value unknown
    34. Extent of land owned by Dayalu Ammal in Tiruvallur District—3.84 acres-value Rs.1 crore
    35. Lands owned by Durga Stalin in Tiruvallur District---3680 sq.ft. of land—value 60 lakhs.
    36. 2.56 acres of land owned by Azagiri at Uthangudi village in Madurai North Taluk—value Rs.2 crores
    37. 7.53 acres of land owned by Azagiri at Kallathiri Village in Madurai North taluk—value 2 crores.
    38. 1.5 acres of land owned by Azagiri at Madurai Tallakulam—value Rs.5 crores.
    39. 1.54 acres of land owned by Azagiri at Chinnapatti Village in Madurai North taluk—Rs.40 lakhs.
    40) 12 cents of land owned by Azagiri in Madurai Tirupparankundram--- value Rs.50 lakhs
    41. 36 cents of land owned by Azagiri at Maddakulam Village in Madurai South Taluk—value Rs.1 crore
    42. 18,535 sq.ft. of land owned by Azagiri at Punmeni Village in Madurai South –value Rs.2 crores
    43. House owned by Azagiri on 21 cents of land at Sathya Sai Nagar in Madurai city---value Rs.2 crores.
    ***************************************************


    The list is mostly correct but the mistakes are:

    1. They have excluded many other prime assets in the list (the families extensive holdings like 526 acers in Ooty, Mount Rd Voltas Building, acers and plots in Sholinganallur junction, large plots Thiruvanmayur,acers in Sriperamputhur,Amabathur etc are omitted)

    2. The valuation of many assets are on the lowerside paticularly the rural acerages on the list.

    Some list of other assets can be seen in the attached link:

    இன்று தயாநிதி… நாளை அழகிரி…. ?

    தொழில் அதிபர் ராசாத்தி அம்மாள்.

    கேடி சகோதரர்களின் முடிவின் ஆரம்பம் ?

    ஊட்டி எஸ்டேட் யாருடையது ? ஜெயலலிதா கேள்வி
    CommentQuote
  • Originally Posted by defu22
    Wiseman:

    From what I hear, Mannarkudi camp is very disappointed with itself for lacking behind in wealth when compared to DMK.

    I hear that they need large amount of funds to run the party machine and lubricate the party board members (Mannarkudi Board members) before the next central election. I hear Natrajan is preparing large scale wealth generation strategy for the 5 next year that is divided in to 2 phases.

    Phase 1:
    The Immediate tactical wealth creation strategy -Local wealth generation with in TN to commence shortly via state gov Contracts and procurements.

    Phase 2:

    Post next Central election, They want to take wealth generation to the national level like DMK did previously with National Cement Cartel (Maran Senior).

    But I doubt they will ever outsmart DMK in Scientific corruption.

    Anyhow the Investment in RE by both party will continue, where else can you wash black money in such a large scale.

    Anyhow the Investment in RE by both party will continue, where else can you wash black money in such a large scale.
    CommentQuote
  • From tepid 2008, Chennai's property market turns red hot

    Business line says, Chennai Property market has produced best returns in India in last 3 years.

    Business Line : Industry & Economy News : From tepid 2008, Chennai's property market turns red hot
    CommentQuote
  • Asking for some help!

    Folks,

    If anyone can point me to a good broker who deals in prime properties in Central Chennai around Mylapore, Radhakrishnan Salai area, I would be much obliged.

    This is a little urgent and you can drop in the details to my mail on this forum?

    Thank you very much!

    cheers
    CommentQuote
  • Originally Posted by wiseman
    Folks,

    If anyone can point me to a good broker who deals in prime properties in Central Chennai around Mylapore, Radhakrishnan Salai area, I would be much obliged.

    This is a little urgent and you can drop in the details to my mail on this forum?

    Thank you very much!

    cheers


    Wiseman,

    Looks you have concluded the RE Bubble is finally going to burst..and want to cash out.You are seeing any black swan event coming up?Please illuminate us also.

    Since you are not residing in Chennai, I suggest you dont deal with brokers for such prime properties.You will be directly exposed to the broker-politicos nexus and would be attracting unwarranted attention towards your property which is not safe at all. Most brokers will only bring buyers posing as a HNI/NRI whose background, source of money and business will be dubious. They will try to coerce you to close the deal quickly by not offering a fair value and try intimidating bringing high profile references on behalf of the buyer. With Tamilnadu politics taking a dirty turn, I wish you to stay out of any potential future problems like money trail of politicians and their benami etc.

    As an alternative I suggest, you approach reputed builders inviting them for outright sale or Joint venture for your property.I am sure many of them will be interested and will provide immediate settlement. Even in last week Hindu-Property plus there were many invitation from builders.It would be more easier for you to justify the transaction for tax purposes and invest the proceedings in other business/RE purchase.

    You can also try approaching banks for loan against property if the cash requirement is only temporary.

    Instead of wanting to sell out completely, I suggest you also explore options where you can liquidate partially and continue holding your stake in the property and milk it for as long as you can.

    One should be extremely lucky to get a buyer who is ready for a complete white transaction offering the correct price in this market.We faced this problem when we wanted to sell our ancestral land in one of the poshest location in chennai.We were in distress then because the partition of land was breaking the family and we wanted to sell it and divide the money.We were able to thwart all the external problems from brokers/politicians because we had some contacts of our own.We finally built 6 flats ourselves using a building contractor, sold 2 for cash flows and divided rest among heirs.The dispute over partition got solved amicably giving huge relief to everyone.Now, every family is earning handsome monthly rentals from it.The capital value of the proprty also has appreciated multifold beyond anyone could have anticipated then.
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  • Test post in Chennai Forum
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  • Dear All,

    I am glad to be in this Chennai Forum, i have been watching this for quite some time, but decided now to start posting. I want to send an email to Wiseman but how can i see his email id in this forum. Please guide me ?
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  • Here's how!

    Originally Posted by shaikindia
    Dear All,

    I am glad to be in this Chennai Forum, i have been watching this for quite some time, but decided now to start posting. I want to send an email to Wiseman but how can i see his email id in this forum. Please guide me ?



    Its funny, but I found out how to get a member's internal mail ID trying to get across to Abishek; but later abandoned it!:D Then Abishek posts a reply as though I had mailed him!!!

    Okay. Click on Notifications and navigate down to Send Mail. Once your cursor is in the address textbox, start typing my name "wiseman". An autoselector will place the ID and you can then tab out and get on with completing the mail and sending it across.

    Otherwise, I will send you a mail shortly and you could simply reply!

    cheers
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  • Thanks Abishek. Mail you separately!

    Originally Posted by nabishek
    Wiseman,

    Looks you have concluded the RE Bubble is finally going to burst..and want to cash out.You are seeing any black swan event coming up?Please illuminate us also.

    Since you are not residing in Chennai, I suggest you dont deal with brokers for such prime properties.You will be directly exposed to the broker-politicos nexus and would be attracting unwarranted attention towards your property which is not safe at all. Most brokers will only bring buyers posing as a HNI/NRI whose background, source of money and business will be dubious. They will try to coerce you to close the deal quickly by not offering a fair value and try intimidating bringing high profile references on behalf of the buyer. With Tamilnadu politics taking a dirty turn, I wish you to stay out of any potential future problems like money trail of politicians and their benami etc.

    As an alternative I suggest, you approach reputed builders inviting them for outright sale or Joint venture for your property.I am sure many of them will be interested and will provide immediate settlement. Even in last week Hindu-Property plus there were many invitation from builders.It would be more easier for you to justify the transaction for tax purposes and invest the proceedings in other business/RE purchase.

    You can also try approaching banks for loan against property if the cash requirement is only temporary.

    Instead of wanting to sell out completely, I suggest you also explore options where you can liquidate partially and continue holding your stake in the property and milk it for as long as you can.

    One should be extremely lucky to get a buyer who is ready for a complete white transaction offering the correct price in this market.We faced this problem when we wanted to sell our ancestral land in one of the poshest location in chennai.We were in distress then because the partition of land was breaking the family and we wanted to sell it and divide the money.We were able to thwart all the external problems from brokers/politicians because we had some contacts of our own.We finally built 6 flats ourselves using a building contractor, sold 2 for cash flows and divided rest among heirs.The dispute over partition got solved amicably giving huge relief to everyone.Now, every family is earning handsome monthly rentals from it.The capital value of the proprty also has appreciated multifold beyond anyone could have anticipated then.


    Abishek,

    Thank you for your response.

    My case is similar to yours and I'm mailing to you separately.

    As of now, markets all over are crashing (DOW down 105 points within 15 mins of opening, CAC, DAX, all down) because I think neither Obama nor Reid nor Boehner are coming up with anything credible to raise the Debt Ceiling.

    While the US may have a few more days before defaulting, its getting to be a very, very tight situation. Couple more days and it will be practically a default, though they will paper over it with technical explanations and maybe even threaten Moody's, S&P, etc to shut up for a while.

    I think, given the situation, though its not an unknown situation, it can be termed a Grey Swan (at least) because, even now, most people simply do not believe that the "strongest", "most prosperous", most powerful" nation in the world is about to declare Bankruptcy - though its been insolvent for quite a while!!!

    I think this month's F&O settlement is going to be an extremely painful one for a lot of people who were long 5600 upward and will be taken to the cleaners tomorrow!

    cheers
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  • Finally, RE is coming to it's terms

    RE Volcano's steam was building up since 2009, gathered most pace in 2010 and in finally about to burst out in the next 6 months to 1 year period (max), as I expected.(My prediction was start of 2012, missed by 5 Months)

    Dated : 24-05-10: From 2012-13, the salary rise will start stagnating.
    Also, the effect of teaser rate will start to show from that year.

    To me 2012-2013, will be critical year to Indian Economy.


    Adding more petrol to the fire.

    1. Cases against the Land Grabbing.
    2. Lack of Liquidity
    3. Scanty FI & possible reversal of FI in the coming months.
    4. Tight hold of Black Money and lack of Transfer-ability.
    5. Rising Interest Rates
    6. Lack of Confidence among buyers.
    7. Tax Havens will start declaring the Black Money holder list
    8. Possible steps(crack down) against Corruption ( My Wish)
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