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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  • The era of Pallavaram, Pammal and Chromepet has just begun. In a few year we can see more land parcels being released by industries in these areas and big builders competing with each other to build luxury apartments.

    There are acres and acres of lands stuck up due to litigation, I remember few years back a news of Unitech trying to purchase 90 acres land from Gordon woodroffe close to GST road in Pallavaram . The deal is stuck in litigation, if it goes through we are going to see a huge township that is going to give Siruseri and Sholinganallur a run for money.

    http://www.thehindubusinessline.in/2005/05/02/stories/2005050201690500.htm

    When Nallambakkam issue can be overcome, Pallavaram issue is nothing:

    http://www.hindu.com/2004/12/07/stories/2004120712420600.htm
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  • Originally Posted by lovebirds43k
    The difference is areas like Pallavaram/Alandur do not offer much job opportunities. People from GST every day have to come to city/OMR for offices and return back. whereas OMR offer jobs at its location itself


    True! Also the fact that places like Pallavaram/Pammal/Chromepet have been traditionally a breeding place of Tanneries and other industries, and has had a history of issues related to water contamination and high presence of effluents, is also a reason people will be hesitant to move to these places. In earlier days, residents were typically blue collar people who worked in these industries. Also I am used to reading news of how people near these areas suffer from skin problems, asthma etc.

    Even now some independent studies on this area still show high levels of contamination in these areas, altho rainwater harvesting and other efforts might have helped in improving the water quality a little bit!

    Projects like Olympia Grande do not suffer as they are on Road and hence people might overlook these issues for the project's location!
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  • As Vettipaiyan has correctly pointed out, buyers of Olympia Grande have ignore tanneries or industrial pollution and are rushing to buy such high priced units purely because of location advantage. I totally agree with him. Such a thing was unimaginable just 3 yrs back.

    It is Olympia Grande today, it will be Landmark Centralia tomorrow and it will be Appaswamy Brooksdale day after.

    If you had asked a hardcore Chennaiite 15 yrs back if it is worthwhile to buy property in Perungudi or Pallikaranai, he would have straightway said no and recommended Tambaram or Urapakkam. Who would have imagined a locality in the middle of garbage dumping area would have turned into a real estate gold mine?
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  • Originally Posted by Love4land
    Who would have imagined a locality in the middle of garbage dumping area would have turned into a real estate gold mine?


    True! You can also include the huge slum/dumpyard area near Vishwakarma Skypark. I would like to know how these places looked 15 yrs back. Should have looked pretty shabby! Do u have any links with pics of these areas 15 yrs back or so?
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  • Also I feel that comparing OMR to GST is not proper at this point since GST has had such a long run and was primarly, i guess, the supply road for such industries and also was one of the properly maintained roads in Chennai primarily due to the Airport.

    I feel SIPCOT's (Siruseri) growth has the capability to decide the future of OMR's infra growth. Altho many interior areas of both OMR and GST don't look that great now!
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  • Originally Posted by vettipayyan

    I feel SIPCOT's (Siruseri) growth has the capability to decide the future of OMR's infra growth. Altho many interior areas of both OMR and GST don't look that great now!


    The interior areas were never good.
    So much supply coming out now, it is a dog eat dog world for developers in OMR/GST.

    There is also a clear price differenciation. Look at Velachery and areas next to it. OMR vs GST debate will be settled only when one of the areas break the price ceiling. They cannot beat the prices in the outskirts of city (Velachery, Gunidy,etc), but atleast they should come within 20% of the price. Right now Pallavaram, Perungudi/Thoraipakkam are 4-5K prices (60-70% cheaper than Velachery).

    I think Porur might have the opportunity to move up once Mogappair/Anna Nagar W develops. Couple of big projects including Ozone will give the area an uplift. I like the new developments in Porur. New breed of IT companies might find a new home here in the newer IT parks, prob an alternative to OMR. Porur region might trump GST/OMR areas.

    Comments?
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  • Originally Posted by vettipayyan
    True! You can also include the huge slum/dumpyard area near Vishwakarma Skypark. I would like to know how these places looked 15 yrs back. Should have looked pretty shabby! Do u have any links with pics of these areas 15 yrs back or so?


    Lol! Why this kolaveri? I never said it is a great residential area, we are talking about future investment potential.

    Someone who bought apartment in Perungudi a year back won't have seen good appreciation while someone who bought apartment in Pallavaram for say 3500 psf 2 yrs back is gonna make huge profit in a few years. I remember Jain green acres project when it was launched in 2006 or 2007.

    Lot of people were surprised why anyone would launch a lifestyle project in a godforsaken place like Zamin pallavaram. I think the launch price was 2500 psf, the cheapest lifestyle apartment at that time. Lot of IT folks bough units in that project. In OMR prices were not less than 4000 psf all the way upto Navalur. After 2008, OMR saw a huge correction when DLF slashed prices to 2700 psf, who would have made wise decision? Someone who bought green acres or someone who bought apartment in Sholinganallur during same time?
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  • Originally Posted by k11
    The interior areas were never good.
    So much supply coming out now, it is a dog eat dog world for developers in OMR/GST.

    There is also a clear price differenciation. Look at Velachery and areas next to it. OMR vs GST debate will be settled only when one of the areas break the price ceiling. They cannot beat the prices in the outskirts of city (Velachery, Gunidy,etc), but atleast they should come within 20% of the price. Right now Pallavaram, Perungudi/Thoraipakkam are 4-5K prices (60-70% cheaper than Velachery).

    I think Porur might have the opportunity to move up once Mogappair/Anna Nagar W develops. Couple of big projects including Ozone will give the area an uplift. I like the new developments in Porur. New breed of IT companies might find a new home here in the newer IT parks, prob an alternative to OMR. Porur region might trump GST/OMR areas.

    Comments?


    OMR/GST arguments will never settle down anytime in near future as they constitue the lion share of residential development in whole of Chennai. I'm talking in terms of volume. Buyers in these areas are spoilt for choices and this will ensure prices remain low and appreciation if any will always be within a bandwidth.

    Just to gauge buyers' interest in various parts of Chennai, just see how regions of Chennai are classified in other forum: OMR/GST/Chennai west and Chennai south.
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  • Originally Posted by Love4land
    Lol! Why this kolaveri? I never said it is a great residential area, we are talking about future investment potential.


    There was no pun intended. I was just curious to know if any old pics existed. I used to cycle upto Madhya kailash in 1990s and used to return back as I used to be scared that some deer from IIT going to the forests in the now OMR area wud knock me. But now I dont have any rememberance of how this road looked then!
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  • Originally Posted by k11

    I think Porur might have the opportunity to move up once Mogappair/Anna Nagar W develops.
    Comments?


    True! some places of Porur, Mogappair, Nolambur, Ambatur industrial estate look gud and people will prefer to settle down there! I liked some areas near Mogappair. These area has places, that look better than OMR and GST , but the rich neighbour Annanagar is make these places costly too.

    Altho Porur has its share of bad interior areas like Mugalivakkam, CRR Puram, just being around DLF is making prices soar.

    Funny that once upon a time I used to see people settle around a temple. Now its around IT parks :-)
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  • In Porur there are two big projects going on called Prestige Bella Vista and Osian Chlorophyll. But we have to wait for handover till 2015. Any comments on these projects and is investment recommended in one of them ?
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  • Originally Posted by fmifmi
    In Porur there are two big projects going on called Prestige Bella Vista and Osian Chlorophyll. But we have to wait for handover till 2015. Any comments on these projects and is investment recommended in one of them ?



    I do not know if they can be called proper Porur.

    I like the Prestige project. It is in Iyyapanthangal actually.
    This area is better than the nearby areas, but I am not sure if this is better than proper Porur.
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  • Originally Posted by k11
    The interior areas were never good.

    I think Porur might have the opportunity to move up once Mogappair/Anna Nagar W develops. Couple of big projects including Ozone will give the area an uplift. I like the new developments in Porur. New breed of IT companies might find a new home here in the newer IT parks, prob an alternative to OMR. Porur region might trump GST/OMR areas.

    Comments?


    I am not sure if Porur and OMR/GST are comparable . Porur is a proper residential area, has seen residential development even 20 years back. Now part of City, Porur is the New Ashok Nagar, helped with excellent road connectivity plus good water. Also a lot of workforce who work Sriperumbudur belt would settle in this area. Porur will be the Velachery of Western Chennai.

    But I dont think there is scope for OMR style big IT parks. DLF IT City is an exception and infact is a very big one employing tens of thousands. With looming oversupply of commercial/IT office space in OMR, dont see any reason for more such projects. Any IT Player who wants office space would rather bargain to get cheap leases in OMR or in M City instead.

    Porur is still investment worthy, if one wants an excellent residential locality. As i said, Porur is the New KK Nagar/New Ashok Nagar .
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  • Originally Posted by ramki830
    I am not sure if Porur and OMR/GST are comparable .

    Rates are similar thats why I compared it.
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  • Originally Posted by vettipayyan
    True! some places of Porur, Mogappair, Nolambur, Ambatur industrial estate look gud and people will prefer to settle down there! I liked some areas near Mogappair. These area has places, that look better than OMR and GST , but the rich neighbour Annanagar is make these places costly too.

    l
    While you are right, we all tend to forget that the OMR/IT Highway areas were just a series of underdeveloped villages till 2003 AD.

    People used to live in Ambattur even in 1980s.. Mogappair was developed in early 1990s and so was Porur. All these places are better because of years of development and investment. Mogappair was a horrible place before that.

    Till late 1990s, OMR was all about one narrow two way lane to Mahabalipuram, an industrial estate (with lots of sick industrial units) in Perungudi, a few engineering colleges , few other factories (Dollar biscut factory) Aaavin Milk Processing unit. There was no meaningful population till Jayalalitha launched the IT highway project. Land prices in OMR were cheaper than GST, Porur, Ambattur etc till 2002. 2002-2007 period saw unprecedented 10-25 fold increase in prices (The kind of appreciation in such short term had never happened in any part of chennai). Usually in any investment, prices rise ahead of actual development. The OMR road itself saw some shape only in 2008. Now of course there is huge supply of Residential and Commercial units coming up and prices should sharply correct.. but that is how development happens.

    That OMR lacks infrastructure is obvious, but to be fair, let us give more time... Mogappair and Porur were not pretty looking in 1990s either.
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