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Property Price Trends in Chennai

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

    Thanks for the Info. What about rates in Manpakkam ? ie Mt Poonamallee Road?

    Comment


    • Re : Property Price Trends in Chennai

      Agree with Blogger. Price are going up.

      I spend a more than 40 days looking for a place and I am closing one now.It is like a full time job.

      They have gone up 10-20% from exactly one year ago. I missed a great deal then.

      I do see prices going up even more this year. Chennai is attracting more interest with southern folks, may be becoz of new infrastructure or uncertainity in Hyd or slow growth in Bangalore or the IT/Auto industry.

      Look at all the big developers flocking to OMR. It could be tough year for buyers.

      Comment


      • Re : Property Price Trends in Chennai

        Certainly agree to some of your points and I always respected your insight. Sellers will have vested interests and tactics simply because they are out there to sell. And no tactics will work without market forces and buyer's conviction. Many projects launched during the downturn in these areas were indeed sold out.

        7-10K quoted in my post was the downturn price range and unfortunately deep crash lobbying from some of our friends was on this price point.

        Many genuine end users are looking upto forums for guidance. And my concern was around misguding them with predictions and sometimes with irrelavant supporting data which could potentially confuse them. If one took them seriously and held back, he/she has missed the boat again because the price now has gone above peaks before downturn!

        Hopefully the member k11 above didn't miss the oppty last year due to misguidance.

        Originally posted by nabishek View Post
        The correction that was expected happened to the tune of 15-30% on the 2008/2009 peak rates.Now, It has recovered and in some places even surpassed the peak rates.It is primarily due to positive sentiment of growth,runaway inflation and excess liquidity in the market due to stimulus.

        I will try to address your question..May not be entirely convincing and may seem biased.Neverthless its my view and I request everyone to base their own priorities to take any decision.

        The last shake-up during recession exposed severe fault lines in the RE sector..and this time we have enough and more reasons to believe that in the event of another dull phase, the downturn could be equally bad and even worse.

        I think we should distinguish which projects we are talking about while comparing.When we were discussing in 2009/2010 we were looking into projects that were launched during the peak..that is year 2008/2009..The projects in besant nagar you are referring are yet to be started and are scheduled for completion somewhere in later 2012..Now, Builders price their projects like future pricing..Only on completion and handing over we can validate whether there was actual increase in price..If inflation continues like now then the price quoted can be justified..i.e. If you can book an apartment in Todays price and get it at 2012-2015 while price has increased 15% p.a. then only you are at profit..If the price keeps pace with inflation then the only profit is you have hedged your money against inflation..that is zero real profit.

        Also, Why would builders advertise sold out projects??Whether their claim is true or not..It is only to set a benchmark of price in that area..When Besantnagar is quoted 12000/sqft..8000/sqft in thiruvanmiyur will seem cheaper..It is simple pshycology and Builders are pretty good in exploiting it.While buying flat from builder you dont pay only for the land and construction cost..you also pay the cost of beating other potential buyer.If the builder has 10 buyers for 10000/sqft..5 buyers for 11000/sqft and 1 buyer for 12000/sqft..then the project will be priced 12000/sqft..It doesnt necessarily mean the average affordability of buyers is 12000/sqft.

        Most of the under construction projects have stalled due to high construction cost and labour issues..and are getting delayed indefinitely.The completed projects in suburbs are also seeing less occupancy.With such severe problems with existing projects I find it amusing that builders continue pre-launching projects and claiming sold out.First of all they are still not approved..If buyers are end-users then majority would have availed loan..If project is not approved..loan wont be sanctioned..So who are the buyers?It means the project is booked/blocked by whomever..not sold.

        The original demand is at far less price range than that is advertised.Builders thrive on increasing valuations of their projects..If the price doesnt increase at a X % p.a. then their cash flow will be severely affected..Banks wont give loans..they cannot go public..the investors who have funded money will want to exit and ask money back and such sudden supply in market and liquidity crunch can cause severe damage to them. and RE industry.This is why you see the trend of pricing newly launched projects by leading builders.

        Now every one wants to have a home in their name..and want to see profit on their investment.I wouldnt be looking to buy a house if I know its not going to appreciate.I will buy only if there is a need or because I know RE in long term is sure to appreciate.So, bottomline is if you are confident of passing the short-term uncertainities unscathed then there is no need to try and time the market.

        The biggest deterrent in buying decision is affordability..If you are having huge cash reserve, it makes sense to diverse and invest part in RE and Bullion.If you are going to avail credit..then the cost of loan is only going to be costly..and our economy is still struggling to recoup and jobs are not safe..I think we have to wait for another 6 month or so to know clearly where we are heading.

        In my case I am pretty conservative in my investments.I dont have neccessity of a house until 2015..I have stakes in RE in form of inherited property which is appreciating/depreciating with RE cycles.In that way I am also participating in the market and its movement affects me..but not until I decide to sell..Now when I am looking to buy a home..If I can afford to buy earlier I will be very glad to welcome any correction/crash that helps my interest..In RE, Its generally said..the earlier you buy the better.

        According to me..Risk taking ability = Amount of money and years of life you can afford to lose..I am trying to mitigate that risk by putting the years wasted prior to the purchase and tolerate any opporunity profit/loss meanwhile saving to buy with maximum downpayment and less credit in the project of my liking and within my affordability and preferred location.I will buy flat only when my criteria - affordability,location are met..until then I am choosing to Wait and no regrets about it.
        Last edited January 30 2011, 09:42 PM.

        Comment


        • Re : Property Price Trends in Chennai

          I got outbid last year by a small amount. I am new to this forum but I follow the RE developments in Madras & other southern cities.

          There are multiple factors involved in looking for a home. Location, building, neighbours, public transport, etc.

          When you see a perfect place, you will have to jump in even if its priced higher. Lesson Learnt.

          In my case, it was a resale unit in my building and I was not aware of the fact that there there is no other building like mine in that area. I lost the deal by 5-7%.

          But again no worries, I got a perfect unit in a great area this year.

          As I noticed slowdown happened only in outskirts and high end properties. For the rest of the cities the prices were more or less stable.

          I do think it is great time to get in if you find a good deal.

          Comment


          • Re : Property Price Trends in Chennai

            One more thing, I feel Madras is very cheap compared to other places.

            Even Gurgoan, Noida, Ahmedabad and Pune have high prices. With our infrastructure(I mean roads and port) and expansion opportunities, we should be priced higher.

            Comment


            • Re : Property Price Trends in Chennai

              Hi Friends,

              A roundup of FAIRPRO 2011.


              Adroit Urban

              The Origin - Shastri Nagar,Adyar - 11500/sqft
              Ivory - R.S.Puram(Coimbatore) - 7000/sqft

              Akshaya Foundations

              January - OMR - 2900/sqft

              Alliance Group

              Orchid Springs - Padi - 4370/sqft, spl offer 150/sqft rebate
              Bougainvilla - Porur - 56.81 Lakhs onwards

              Arihant Foundations

              Villa Viviana - Maraimalai Nagar
              Style Villa - 3500/sqft
              Terrace Villa - 3100/sqft
              Amara - Porur-Poonamallee Bypass - 4000/sqft
              Panache - Arumbakkam - 8750/sqft
              Frangiapani - Pudupakkam,Siruseri - 3100/sqft
              Heirloom - Thazhambur - 3100/sqft
              Greenwood City(Plots) - Thazhambur 2350/sqft

              Arun Excello

              Temple Green - Oragadam - 2749/sqft
              Town Houses - 53.5 lakhs

              Asvini Foundations

              Avyakta - Sembakkam - 3800/sqft
              AShvita - Siruseri - 3000/sqft
              Amanya - Nellikuppam - 1799/sqft

              Barath Building

              Sand Shore (Villas) - Palavakkam - 2.6 Crore
              Sukhin - Thiruvanmiyur - 10000/sqft
              Harsham - Okkiyam Thoraipakkam - 5000/sqft
              Thejus - Ambattur - 3800/sqft

              Casa Grande

              Madhuban - Madipakkam - 4000/sqft
              Auburn(Villa) - Perungudi - 6500/sqft
              Lakshmi - Alwarpet - 12000/sqft
              Maple - Adyar - 8000/sqft
              Elwoods(Plots) - Maraimalai Nagar - 700/sqft

              CeeDeeyes - Chenni Pattinam

              Chennai Pattinam - Nellikuppam - 2450/sqft

              Devinarayan Housing

              Templegate - Kottur - 7500/sqft

              Doshi Housing

              Oriana, Etopia - Perungudi - 4500/sqft
              Serene County (Villas) - Vengaivasal - 4300/sqft
              Tulip - Kilpauk - 8900/sqft

              Embassy Group

              Embassy Residency - Perumbakkam - 3300/sqft

              ETA

              Le Chalet (Villas) - Sriperambathur - 25.5 lakhs onwards(3250/sqft)
              Rosedale - Padur,OMR - 3300/sqft
              Wings Haven (Plots) - Karnai,OMR - 2900/sqft

              Godrej Properties

              Palm Grove - Chembarambakkam - 3200/sqft

              Golden Homes

              Golden Opulence - Poonamalee High Road - 2999/sqft
              Golden Trove - Poonamalee High Road,Chembarambakkam - 2799/sqft
              Golden King's Court - Anna Nagar - 12000/sqft
              Golden Aura - Anna Nagar - 8500/sqft

              Indus Housing

              Anantya - Navalur,OMR - 3200/sqft(Phase I), 3000/sqft(Phase II)
              Amber - Saidapet - 6500/sqft
              Habiterra - Urapakkam,GST - 3500/sqft
              Riviera (Villas) - Padur,OMR - 1.1 Crores

              Inno

              Geocity - Oragadam - 2050/sqft

              Isha Homes

              Signature Villas - Pudhupakkam - 85 lakhs onwards
              Yara - Medavakkam - 3500/sqft

              Jain Housing

              WestMinister - Saligramam - 6295/sqft
              Alpine Meadows - Thiruneermalai - 3695/sqft
              Pebble Brook - Thoraipakkam - 4245/sqft
              Sunderbans - Nolumbur - 4045/sqft
              Inseli Park - OMR,Padur - 3245/sqft
              Spring Meadows - Thazhambur - 2995/sqft
              Ready-to-occupy flats
              Nakshatra - Chinna Nolambur - 3800/sqft
              Amrit Kailash - Strahans Road - 4995/sqft
              Antariksa - Kodambakkam - 6495/sqft
              Green Acres - Pallavaram - 3895/sqft
              Avenue - Chitalapakkam - 2995/sqft

              Jamals

              Luxor - Kattupakkam - 4000/sqft
              Sana Homes - Poonamalee - 3800/sqft
              Grandeur = Velappanchavadi - 3300/sqft

              KGEYES

              Carolinaa - Velachery - 5550/sqft
              Projects in East Anna nagar - 9500/sqft
              Projects in Besant Nagar - 13000/sqft

              KGS Developers

              Primrose - Pallikarnai - 4000/sqft
              Springfield = Thazhambur - 3000/sqft
              Garden Enclave - Karasangal - 3000/sqft
              Sunnyside - Siruseri - 3800/sqft

              Lancor

              Abode Valley - Potheri,GST - 36 lakhs onwards

              Landmark Constructions

              Vertica - Peters rd,Gopalpuram - 14000/sqft
              The Grange (Villas) - Palavakkam,ECR - 5 Crores onwards
              Centralia - Chrompet - 3750/sqft
              Gem Square - Mogappair - 8500/sqft

              L&T

              Estancia - 80 lakhs - 1 Crore

              Mahindra Lifespaces

              Aqualily - Mahindra World City - 3600/sqft

              Malles

              AV Garden - Mugalivakkam,Porur - 3500/sqft
              Anugraha - West Mambalam - 6700/sqft
              Anantya - T.Nagar - 11750/sqft
              Jayshri - T.Nagar - 12900/sqft

              Mantri

              Synergy - OMR - 2990/sqft
              Navaratna - Chrompet - 3790/sqft

              MARG Properties

              Savithanjali - near Kelambakkam - 2800/sqft
              Brindavan - Sriperumbudur - 2100/sqft

              Natwest Estates

              Aura - Urapakkam - 3000/sqft,spl offer - 2700/sqft
              Euphoria - Maduravoyal - 4800/sqft
              Viceroy - Pallikarnai - 4200/sqft

              Navin Housing

              Golden Glade - T.Nagar - 14000/sqft
              Springfield - Medavakkam - 3350/sqft
              Jayaram Gardens - Manapakkam - 5850/sqft
              Maris Dale - Semmenchery - 3650/sqft
              Jasmine Buds - Velachery - 6200/sqft

              Newry

              Newry Villas - Santhoshpuram,Vengaivasal - 3100/sqft
              Sheetala - Pallikarnai - 3800/sqft
              Sampreeti - Kilpauk - 12000/sqft
              Sobhika - T.Nagar - 12500/sqft
              Park Towers - Anna Nagar West - 9500/sqft

              Olympia Opaline

              Opaline - 3700/sqft, Sky Villas - 3+ Crores

              Om Shakthy

              Santha Towers - Poonamalee - Avadi High road - 2425/sqft

              Purvankara

              Windermere - Palikarnai - 3299/sqft
              Swanlake - OMR - 3225/sqft

              Rajarathnam Constructions

              RC Laurels - Ayanavaram - 3800/sqft
              RC Royal Grande - Thirumullaivoyal - 3500/sqft
              RC Blossoms - Perumbakkam - 3400/sqft

              Rajkham Builders

              Anurup - Pallikarnai - 3000/sqft
              Akash Ganga - Pallikarnai - 3000/sqft
              Aruna - Avadi - 2800/sqft

              Ramani Realtors

              Spice Court - Nerkundram - 6800/sqft

              Ramky Wavoo

              Cennet - Kelambakkam - 2850/sqft
              Ecopolis (Plots) - Vedanthangal - 125/sqft

              Real Value

              Neel Kamal - Kazhipattur,OMR - 3100/sqft

              Sabari Realtors

              Serenity - off OMR - 2599/sqft, spl offer 100/sqft rebate

              Shriram Properties

              Shankari - Guduvancherry - 2090/sqft

              Sidharth foundations

              The Nest - Rajkilpakkam - 3150/sqft
              Dakshin - Urapakkam - 2900/sqft
              Besant Nagar - 8000/sqft

              SIS

              Safaa - Urapakkam - 3400/sqft
              Marakesh - Urapakkam - 2950/sqft

              SPRRG

              Osian Chlorophyll - Porur - 4150/sqft

              Sreerosh Properties

              Silverstone - Kilpauk - 10000/sqft
              Meadows - Ankapathur,Pammal - 2900/sqft
              Anthea - Nolumbur,Mogappair - 4000/sqft

              SSPDL

              Mayfair Apartments - Thazhambur - 2999/sqft
              Lakewood Enclave - 1.48 Crores

              Tata Housing

              Crescent Lake Homes - Oragadam - 2830/sqft

              TVH

              Ouranya Bay - Padur,OMR - 3400/sqft
              Taus - Navalur,OMR - 3200/sqft
              Svasti - Thoraipakkam - 4500/sqft

              Vasanth Builders

              Vyasarpadi - 3000/sqft
              Perungudi - 4000/sqft
              Mylapore - 8500/sqft

              Vishwakarma

              Skypark Residences - Pallavaram - 4500/sqft

              VGN Group

              Krona - Porur - 3650/sqft
              Brixton - Irungattukottai - 2850/sqft
              Platina - Ambattur - 2800/sqft

              XS Real

              Siena - OMR, Padur - 3395/sqft, spl rate - 3195/sqft
              Fairsquare Harmony - 2895/sqft
              Vibe Homes
              Madipakkam - 3300/sqfr
              Pallikarnai - 3300/sqft

              Yuga Homes

              Altavida - Thaiyur,OMR - 2400/sqft
              Kalpataru - Koyambedu - 4700/sqft
              The Rates quoted has recovered back to 2008/2009 peak levels and surpassed it for yet to launch projects in prime locations.Builders displayed the same haughty behaviour as before making buyers feel helpless and leave saying dejectedly "That place is costing so much now!" and look into projects in middle of "nowhere" just because thats what they can afford.

              It will be interesting to see the impact of several factors like

              1. Effect of stimulus easing on pushing economy growth
              2. Lower industrial growth than expected
              3. High Inflation pushing prices high
              4. Increase in interest rates making loans costly
              5. Discouraging Buy/Rent ratio
              6. Loan-repayment coming up in next fiscal for many builders
              7. State Election results
              8. Uncertainity in global economies/markets etc

              I request members to share your views and speculations on the prices and impact/outcome of above factors.
              Last edited March 13 2011, 06:28 PM.

              Comment


              • Re : Property Price Trends in Chennai

                Wow!! This is an exhaustive list of projects. Thanks for sharing it here.

                Comment


                • Re : Property Price Trends in Chennai

                  annoying RE price

                  Who's really buying these flats? My budget was 1.25c and I couldn't find a decent three BR flat in Adayar area. The interest rate is pretty high who can afford this much to buy a flat? But the sq. ft rate is keep going up like anything within city limit. I have been in USA since 1999, to be honest I checked with ICICI I'm not qualified to get 1.5c loan. I think those builders are simply hyping things. Thanks.

                  Comment


                  • Re : Property Price Trends in Chennai

                    VijayShanthi Builders isnt part of the list. Were they not present in the FairPro..? Wanted to know the current price of Park Avenue in Vandalur-Kelambakkam Road.. any idea ?

                    Originally posted by nabishek View Post
                    Hi Friends,

                    A roundup of FAIRPRO 2011.



                    The Rates quoted has recovered back to 2008/2009 peak levels and surpassed it for yet to launch projects in prime locations.Builders displayed the same haughty behaviour as before making buyers feel helpless and leave saying dejectedly "That place is costing so much now!" and look into projects in middle of "nowhere" just because thats what they can afford.

                    It will be interesting to see the impact of several factors like

                    1. Effect of stimulus easing on pushing economy growth
                    2. Lower industrial growth than expected
                    3. High Inflation pushing prices high
                    4. Increase in interest rates making loans costly
                    5. Discouraging Buy/Rent ratio
                    6. Loan-repayment coming up in next fiscal for many builders
                    7. State Election results
                    8. Uncertainity in global economies/markets etc

                    I request members to share your views and speculations on the prices and impact/outcome of above factors.

                    Comment


                    • Re : Property Price Trends in Chennai

                      Originally posted by melav View Post
                      VijayShanthi Builders isnt part of the list. Were they not present in the FairPro..? Wanted to know the current price of Park Avenue in Vandalur-Kelambakkam Road.. any idea ?
                      No,They were not present.The project was priced around 2800/sqft some months back.

                      Originally posted by nidhsek View Post
                      Who's really buying these flats? My budget was 1.25c and I couldn't find a decent three BR flat in Adayar area. The interest rate is pretty high who can afford this much to buy a flat? But the sq. ft rate is keep going up like anything within city limit. I have been in USA since 1999, to be honest I checked with ICICI I'm not qualified to get 1.5c loan. I think those builders are simply hyping things. Thanks.
                      Thanks for sharing your view.Looking forward to hear diverse opinions from others too.

                      I see only one reason for such pricing..It is to sell to this uber-rich customer telling them the premium they are paying will ensure that normal class people are filtered out and guarentees a posh like minded neighbourhood for the customer.Believe it or not, The idea sells very well and makes all other parameters like VFM etc meaningless and lures the customer.

                      The general impression I got from the fair was builders are continuing to get buyers from target segments like NRI's and HNI's from other states/districts who are cash rich and looking to diverse and buy in chennai.If the place has a recognisable address, then it commands a hefty premium and they are strictly not for the first-time buyers.

                      Apart from few affordable projects, builders were not serious to get propspective buyers from the event.They were more interested only in showcasing their "leading reputed builders" status and were also seen vocal on how most of their projects are almost sold and If you buy how 20%+ returns is assured!.

                      Comment

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