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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  • Originally Posted by Love4land
    These are some of the measures implemented in China and Singapore. That the property prices still shot up despite of these measures is another story!


    Govt should not be involved in anything in my opinion, they mess up everything. You need to let the free market rule.

    What they can do is put a special tax on empty property or land, make sure it is used and not locked up. It should be 2-5% of the property value per year.
    They should also increase property tax to be used for area development.

    Prices will go up and down. Restrciting buying and selling is crazy.
    They are not able to implement the gas cylinder policy of 4 per household properly, do you think they can do something about RE.
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  • Yes, enforcing rules in India is close to impossible. However I don't agree that we should let everything to free market, it failed miserably in US. The Glass-Steagal act was introduced after great depression to regulate banking industry, it was slowly repealed during late 90s and early 2000s, as a result economy boomed and real estate prices shot up thanks to unregulated banking sector. I don't have to tell what happened after 2006.
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  • US market is different. The property tax in NY or Chicago is close to 4-5% of the home value per year. The municipality uses this money to fund schools, police, fire dept, etc.

    So even speculators would get burnt if you keep the property vacant as they would be bleeding every month.


    In India for a 2C apt, we get charged 50K. For land also it is extremely low.

    If they discourage people holding land and vacant flats, it should be more than enough to cool down property prices.

    Developers get cheaper land so that cheaper apts can be made. Atleast that will help outskirts habitable as many people will move in.
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  • Originally Posted by Love4land
    @defu,

    I've good news for you, Hindu property plus is dull these days, no 12-16 page editions or flamboyant full page ads for new projects. Your prayer may finally be answered.


    @Love4Land:
    :)Sorry to be extremely selfish. I am waiting for Property Plus to be turned like Oppurtunities(hope you remember how it was during 2003/2004).
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  • 2001 was the worst period that I can remember, our company was probably one of very few companies giving ads for hiring. I still remember the long queue of people in front of our office.

    The next worse was 2003/2004, not as bad as 2001 but much worsen than 2008-2009. Strange thing is, real estate boom started at the time. I realized real estate was not connected to job market.

    2008-2009 was bad, even though it didn't result in huge unemployment in India, it shattered investor confidence. People had lot of money but were scared to invest. The recovery was super fast as fundamentals were strong.

    There were other periods when analysts were predicting recession and nothing came.

    I've been through all these periods and have come out unscathed. IMHO, the current Euro crisis or poor performance of Indian economy is no where close to the above 3 periods in the last decade, but we never know!:bab (59):
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  • @FMIFMI
    You cannot expect things overnight. It's loser game there in RE hence it will not happen quickly.Imagine if you have invested 80 Lk on a property and you dont have many option when you want to sell it and if you get 60 Lk for same property what would be your option you will take time try to hold it waiting for right time etc etc.Ours is also going through it. Its a tough market and only tough people would get through.
    Best EG:) currently would be Spanish Banks
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  • Who cares if Spain sinks? I will be worried if another US bank like Lehman go belly up. Also no one will be shocked if Euro disintegrated as everyone is well prepared and just in wait mode unlike Lehman brother crisis when everyone was caught by surprise.

    Spain is just a speck of dust in the map of world economy. As long as there is no major crisis in US or China, we are safe.

    Don't underestimate the strength of people who can afford to wait. In truly crisis scenario, people don't have luxury to wait.
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  • Originally Posted by defu22
    @FMIFMI
    You cannot expect things overnight. It's loser game there in RE hence it will not happen quickly.Imagine if you have invested 80 Lk on a property and you dont have many option when you want to sell it and if you get 60 Lk for same property what would be your option you will take time try to hold it waiting for right time etc etc.Ours is also going through it. Its a tough market and only tough people would get through.
    Best EG:) currently would be Spanish Banks


    Only time will tell if yours is real hope or blind hope or desperation, but you have been waiting for a long time now without any concrete scenarios indicating that your hope is reasonably anywhere close. Due to factors like inflation, the fall has to be really big to justify your long waiting. Really eager to see how it ends up and will be happy for you if you manage to time the market successfully :)
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  • Originally Posted by Love4land
    Who cares if Spain sinks? I will be worried if another US bank like Lehman go belly up. .

    Will Credit Suisse,Barclays and Deustche bank be affected by this crisis(how badly?)? I guess these are big EU investment banks which have huge presence in US and hence could affect banks in US.
    Sorry, I'm pretty naive about these issues and hence I don't know if what I'm asking makes sense :)
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  • @Arian
    I dont try to time the market i know its extremely foolish because when i bought my home i litreally dont know anything about RE or investment but it just happened to be best as i was in need of it. To me currently it doesn't look attractive and the market is too crowded(hope its little relaxed) and i am currently in need of a good one.
    And at last "Hope" is the best thing to have in ones life.
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  • Originally Posted by randomguy
    Will Credit Suisse,Barclays and Deustche bank be affected by this crisis(how badly?)? I guess these are big EU investment banks which have huge presence in US and hence could affect banks in US.
    Sorry, I'm pretty naive about these issues and hence I don't know if what I'm asking makes sense :)


    It could and you may add to your list HSBC, Credit Agricole, Society Generale, RBS etc as well.

    The unfolding crisis exposes several "things" that these banks alledgedly paticipated in like money laundering, drug peddling, interst rate fixing, tax evasion etc, which currently authorities are looking into.

    I guess God only knows about its outcome..
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  • The price rise doesn't seem to be stopping. DLF has increased price of commander court to 16650, Arihant has increased North Town price to 5700, and every developer is increasing price every 2 months. Moreover, brokers are controlling the market as well. Brokers are asking us to buy for example Rs. 6000 per sq ft and they are guaranteeing to bring another buyer after few months for Rs. 7000 per sq ft. I am seeing all these dramas during my current stay in Chennai. I have another 1 week left in Chennai and still looking desperately to close my RE investment. This desperation is just to save my money without eaten away by inflation. Should I go ahead now or wait for next year during my next vacation/leave to Chennai ? Please guide me ...
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  • Originally Posted by fmifmi
    The price rise doesn't seem to be stopping. DLF has increased price of commander court to 16650, Arihant has increased North Town price to 5700, and every developer is increasing price every 2 months. Moreover, brokers are controlling the market as well. Brokers are asking us to buy for example Rs. 6000 per sq ft and they are guaranteeing to bring another buyer after few months for Rs. 7000 per sq ft. I am seeing all these dramas during my current stay in Chennai. I have another 1 week left in Chennai and still looking desperately to close my RE investment. This desperation is just to save my money without eaten away by inflation. Should I go ahead now or wait for next year during my next vacation/leave to Chennai ? Please guide me ...


    You are not alone and any such decision made in haste will only benefit those Brokers, if not you.

    Good luck.
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  • Originally Posted by fmifmi
    The price rise doesn't seem to be stopping. DLF has increased price of commander court to 16650, Arihant has increased North Town price to 5700, and every developer is increasing price every 2 months. Moreover, brokers are controlling the market as well. Brokers are asking us to buy for example Rs. 6000 per sq ft and they are guaranteeing to bring another buyer after few months for Rs. 7000 per sq ft. I am seeing all these dramas during my current stay in Chennai. I have another 1 week left in Chennai and still looking desperately to close my RE investment. This desperation is just to save my money without eaten away by inflation. Should I go ahead now or wait for next year during my next vacation/leave to Chennai ? Please guide me ...



    Unless you make a lot of money at working abroad, it better to take extra trips to buy property.

    For lot of NRIs, a 10-20% discount is a huge % of income. So you can always make an extra trip if you find the right one.

    If you are a senior level position then forget about making extra trip, the small discount will not anyway matter to you.

    Also if you are buying new property, waiting is useless. They are not going to give you a discount. Prices might stagnate but might not dip.
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  • Originally Posted by fmifmi
    . I am seeing all these dramas during my current stay in Chennai. I have another 1 week left in Chennai and still looking desperately to close my RE investment. This desperation is just to save my money without eaten away by inflation. Should I go ahead now or wait for next year during my next vacation/leave to Chennai ? Please guide me ...


    I have been in such situation many times in the past.

    I visit Chennai almost every year.

    My advice would be: If you like the property, If legals are good and it in good location, meets your needs and you can afford it then buy it even if you think it is over priced by 5 or 10%.

    As long as you intend to keep the property for 7 to 10 yrs you will be fine.

    Don't try to time the market or drop deals because your valuation is 5 or 10% lower. You will never buy at a price you are happy at the time of purchase.

    You have to take a plunge at some time are the other.
    Particularly not residing in chennai means the chance that you will end up buying a place is even harder.

    Real growth or not Inflation will keep moving the price upwards on the long run.
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