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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2346 Replies
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  • why is there is bigg defference betwee Velachery and Madipakkam though they are seperated only by a bridge? all facilities are also coming to madipakkam now.
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  • Chennai property developers are chickens, they don't have guts to think big and beyond. Look at Gurgaon and Bangalore, so many malls and commercial complexes in suburbs, not to worry, developers from North and Bangalore are slowly but surely coming and will drive local developers out of business, just matter of time.
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  • Originally Posted by lovebirds43k
    Once Royapuram was considered more costly than T.Nagar. But now we know it.

    Centre of the city keeps on changing.

    People comment just based on their live experience but on the past history


    I agree but we cannot compare the city from 1950's to now.

    For the last 30 yrs, Gemini has been the center of city.
    It will remain so for few more decades.
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  • I think the problem in Chennai Suburbs is low social infrastructure.

    No upper middle class/rich people move to suburbs. It is mostly lower middle class folks. Add to this Govt is relocating slums.

    IT companies are moved because of cheap land closest to the city. Nobody want to be in OMR, they are there because it is cheap.

    How can they build fancy mall in OMR when there are no buyers.

    Do you think EA (or a mall of similar stature) would come up in OMR.
    Same goes with restaurants.

    When social infrastructure is bad, it is not possible for developers to take development on themselves without proper planning by Govt.
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  • Originally Posted by k11
    I think the problem in Chennai Suburbs is low social infrastructure.

    No upper middle class/rich people move to suburbs. It is mostly lower middle class folks. Add to this Govt is relocating slums.

    IT companies are moved because of cheap land closest to the city. Nobody want to be in OMR, they are there because it is cheap.

    How can they build fancy mall in OMR when there are no buyers.

    Do you think EA (or a mall of similar stature) would come up in OMR.
    Same goes with restaurants.

    When social infrastructure is bad, it is not possible for developers to take development on themselves without proper planning by Govt.


    I'm questioning the mindset of local retailers, let them not expand to suburbs they can atleast expand to other areas of chennai. Look at T.Nagar, all these retail chains like Saravana, GRT, Jayachandran and Chennai silks are continuing to acquire more and more land in Usman road and Ranganathan street even though these places are bursting on their seams. Why are they not opening branches in other parts of Chennai? Kishore Biyani learnt and copied Saravana store business model and his retail chain is now biggest in India while Saravana stores is still scouting for more land in Ranganathan street.

    It is time someone teaches them a lesson or two just like how Puthiya thalaimurai and Vijay TV gave sub-standard Sun TV a run for money.
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  • Ranganathan St is where people all over TN Villages & towns come to shop.
    They target lower middle class people and price conscious customers. Location is important. Most of their customers do not have car to drive around from one end of the city to another.

    Same thing with Jewelry stores, Panagal park is the Jewelery (Gold) capital of the country literally. When people go to Lalitha, they check out GRT and Prince when they are nearby. There are many Jewelry stores outside of PP, but noone does even half the amount of business.

    Big Bazaar in the malls, target upper middle class people. They are completely different business model.

    People buying in Saravana stores will not move to Big Bazaar.


    By the way, Panagal Park is a much better place now. It is cleaner as they became pedestrian only zone.
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  • Originally Posted by k11
    When social infrastructure is bad, it is not possible for developers to take development on themselves without proper planning by Govt.


    This is lame excuse, Hiranandani demonstrated it is possible to construct skyscrapers, now suddenly local builders like Akshaya and TVH have their asses on fire.

    All it takes is Hiranandani or DLF to start a super mall in Siruseri, local retailers need to face some heat. Unfortunately the time is not ripe now as big players are themselves struggling with mounting debt and inventory overhang, but this is just a momentary situation, things will brighten up in a year and two and chennai will soon catch up with other cities like Delhi, Mumbai, Bangalore, Chandigarh, Ahmedabad, etc..
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  • Originally Posted by k11
    I think the problem in Chennai Suburbs is low social infrastructure.

    No upper middle class/rich people move to suburbs. It is mostly lower middle class folks. Add to this Govt is relocating slums.

    IT companies are moved because of cheap land closest to the city. Nobody want to be in OMR, they are there because it is cheap.

    How can they build fancy mall in OMR when there are no buyers.

    Do you think EA (or a mall of similar stature) would come up in OMR.
    Same goes with restaurants.

    When social infrastructure is bad, it is not possible for developers to take development on themselves without proper planning by Govt.


    I do not agree with you.

    The city will evolve swiftly.

    Posh Suburbs,Hot spots, epi centre, CBDs, comercial centers will shift,move,increase etc.

    5 million people are packed in such a small area called Chennai.
    8 million people are packed in a small area called Greated metropolitan Chennai.

    In global standard, geographically Chennai is small for the number of people who call it home.

    To top it all we have high rural migration in to Chennai.

    Your T nagars,Purasi,Nungambakkam,Annanagar,Boat club,poes,EA,Satyam etc is not sufficient to cater the needs of 8 million that is growing rapidly.

    One doesnt need a degree in Macro Economics,If you have lived in Chennai for over 35 yrs, traveled a bit (domestically & International) you will know it.

    I have seen no social Infra in Anna Nagar,thiruvanmayur,velachery, Neelankarai, RA puram (I grew up there and played Cricket where Sun Tv, leela etc is located)

    Historically in Chennai Social Infra is the last to follow, it is nothing new.

    Where the finance hub of Chennai?
    North Beach, Parys,Broadway?

    In the 80's every major Indian corporate wanted latest 1000sqft office there.

    Up until 90's it was the commerce, Transport,Trade hub.

    Now?

    Tharamani, velachery was a no go zone.

    My father had 3 ground land on LB road and he used feel shy to say the location name Tiruvanmayur.

    He would refer it as Adayar to avoid emmbarisment.

    Later he sold the 3 ground for 2 Lakhs for my sis marraige and he was happy to get rid of it.
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  • Retail solutions can develop only when the area get prospective customers.
    Time is not right for glitzy malls now.

    Lets say I get you a franchise for Chanel store.

    Would you spend 2C to set up a retail outlet in OMR.

    Even if you set one up, you need to do a business of 20L a month to keep it alive, atleast 250 buyers a month. Now can you do that in OMR.

    It is possible in Nungambakkam or in a EA mall, rents probably costs bit more, but still a small amount relative to sales.
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  • Originally Posted by k11
    Retail solutions can develop only when the area get prospective customers.
    Time is not right for glitzy malls now.

    Lets say I get you a franchise for Chanel store.

    Would you spend 2C to set up a retail outlet in OMR.

    Even if you set one up, you need to do a business of 20L a month to keep it alive, atleast 250 buyers a month. Now can you do that in OMR.

    It is possible in Nungambakkam or in a EA mall, rents probably costs bit more, but still a small amount relative to sales.


    People of Chennai suburbs are not asking for Chanel store or Tag Heuer show room, they want big bazaar or GRT or Saravana stores, unfortunately they are being let down by local retailers.

    There is huge pent up demand, no one is willing to take up the challenge. It is like Ap-ple saying there is not enough margin in India.
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  • Originally Posted by Economist
    I do not agree with you.

    The city will evolve swiftly.

    Posh Suburbs,Hot spots, epi centre, CBDs, comercial centers will shift,move,increase etc.

    5 million people are packed in such a small area called Chennai.
    8 million people are packed in a small area called Greated metropolitan Chennai.

    In global standard, geographically Chennai is small for the number of people who call it home.

    To top it all we have high rural migration in to Chennai.

    Your T nagars,Purasi,Nungambakkam,Annanagar,Boat club,poes,EA,Satyam etc is not sufficient to cater the needs of 8 million that is growing rapidly.

    One doesnt need a degree in Macro Economics,If you have lived in Chennai for over 35 yrs, traveled a bit (domestically & International) you will know it.

    I have seen no social Infra in Anna Nagar,thiruvanmayur,velachery, Neelankarai, RA puram (I grew up there and played Cricket where Sun Tv, leela etc is located)

    Historically in Chennai Social Infra is the last to follow, it is nothing new.

    Where the finance hub of Chennai?
    North Beach, Parys,Broadway?

    Up until 90's it was the commerce, Transport,Trade hub.

    Now?



    Please do not compare the city from 1960s.

    Things have changed a lot.
    You cannot play cricket in Mount Rd anymore.

    Finance hub is now Nungmabakkam. SBI has already moved its office.
    They still have one in Parrys.
    Indian Bank built a posh building in Royapettah High Rd.
    That will be their HQ. ICICI & IDBI has offices in Nungmabakkam too.
    ICICI is building an development center in Ambattur, it might be complete now.

    However Parrys is still the B to B capital of S India. Most of the trade is still done there. People working there live in N Madras, some well to do folks in Kilpauk and Purasawakkam.
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  • Originally Posted by Love4land
    People of Chennai suburbs are not asking for Chanel store or Tag Heuer show room, they want big bazaar or GRT or Saravana stores, unfortunately they are being let down by local retailers.

    There is huge pent up demand, no one is willing to take up the challenge. It is like saying there is not enough margin in India.


    I agree we need more options.
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  • Originally Posted by k11
    However Parrys is still the B to B capital of S India. Most of the trade is still done there. People working there live in N Madras, some well to do folks in Kilpauk and Purasawakkam.


    Ashok Leyland shifted part of corporate functions from Parrys to Nandanam (not sure when, think during 80s) but the Parrys office continued to be their nerve center until few years back. Now they have shifted their headquarter to Guindy. Nothing is written on stone.
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  • Originally Posted by Economist

    Your T nagars,Purasi,Nungambakkam,Annanagar,Boat club,poes,EA,Satyam etc is not sufficient to cater the needs of 8 million that is growing rapidly.


    By the way, 8MM people do not need EA.

    Only 5% of that 8MM truly shop for something in EA.

    I agree they need basic necessities and retail stores, but does not mean you can make money by setting up posh malls in middle of nowhere.
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  • Originally Posted by Love4land
    Ashok Leyland shifted part of corporate functions from Parrys to Nandanam (not sure when, think during 80s) but the Parrys office continued to be their nerve center until few years back. Now they have shifted their headquarter to Guindy. Nothing is written on stone.


    Agree, Guindy is fast developing as an office hub.

    Porur being nearby should have a lot easier time attracting IT too. Not sure whether it will happen. DLF IT park is critical to RE over there.
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