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 k11
    Rates are similar thats why I compared it.
    -

    OMR is overvalued because of Brand . And yes, GST is also overvalued,gone up too much in 2007-12 period.

    The 3M's (Maduravoyal, Mugalivakkam and Madipakkam) are the most undervalued places in chennai (apart from North/North east chennai) and I would bet these are the places which will appreciate most in next 5 years.
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  • Originally Posted by k11
    Rates are similar thats why I compared it.


    What?? Rate in GST same as Porur? then Porur must be grossly undervalued!
    This was not the case even a year back.
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  • Originally Posted by Love4land
    What?? Rate in GST same as Porur? then Porur must be grossly undervalued!
    This was not the case even a year back.


    Not sure what it was before.

    Prestige and Osian is in the same price range as Olympia Grande and other projects in GST.

    When I say GST, I mean only till Chrompet. Tambaram & Beyond, rates take a big fall.

    Similarly comparable OMR strech is till Shols. Same story, beyond Shols rates dip a lot.

    Porur definitely looks better today than Shols/Thoripakkam & Pallavaram/Chrompet.

    Today, all the three areas are around 4-5K.

    GST has the least number of projects, OMR has the best selection, Porur lies in between in terms of selection.
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  • Olympia Grande is an aberration, it just jumped out of the blue. Even if you go a KM interior the rate falls of steeply to 4200. Having said that, it certainly hints future appreciation in interior areas.

    Bella Vista is 5,500 psf. It is not Porur per se but Iyyappanthangal. Osian Chlorophyll is also not Porur per se, it is akin to Tambaram vs Pallavaram. Rate is approximately 4,800 for decent sized apartment.

    Both Bella Vista and Osian seems to have tiered pricing structure for 1BHK, 2BHK, 3BHK and super luxury units.

    Also in Thoraipakkam, only Radiance Mandarin costs 6000 psf. It is a lifestyle apartment bang on the road. Apartments in interior areas are still hovering at 5000-5500 psf range.

    Primex Verterra and VGN Krona are somewhat actual Porur but very interior area, I think rates are 4,200 for Primex and 4,700 for VGN, not absolutely sure though.
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  • Yes, it is not exactly accurate but most investors will not care about extra 500 or 1000rs.

    The topic is who will hit the 10K barrier (or bigger numbers) first.

    Going from 4.5K to 5K or 6K is fine. But does it have legs to get to bigger gains.

    As many of you know, I am spoilt by big gains, so I do not care about the paltry 10 or 15% gain that has already happened in last 1 year.

    Can the buyer double the money in the next three years is the question.
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  • Originally Posted by k11
    Can the buyer double the money in the next three years is the question.


    I wish I know the answer :)
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  • Originally Posted by k11
    Yes, it is not exactly accurate but most investors will not care about extra 500 or 1000rs.


    Can the buyer double the money in the next three years is the question.


    k11 should go back and read many previous posts (since 2008) in this thread and this forum.

    Rewind.
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  • Originally Posted by Economist
    k11 should go back and read many previous posts (since 2008) in this thread and this forum.

    Rewind.


    Yes, I read many comments in this thread from forum members, mostly bearish back in 09-10 when I was in the market.

    I ignored many comments and bought in 2010.
    My place has nearly doubled on paper.

    I will back in the market prob next year, or so if there is a slowdown.

    I feel Chennai market is still cheap compared to other parts of country.

    Are you a bull or a bear today?
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  • In this thread, there was someone comparing GST and OMR and asking which would appreciate better. I would like to share some views on that:

    GST had developed much much earlier than OMR and is advantaged by the existence of a wonderful suburban railway track which will further be extended till Chengulpet.

    However, transportation alone does not decide RE prices. In Chennai, water is an important factor to consider when investing in RE.

    Much of Chennai depends on ground water for residential consumption. The problem in GST is in large areas, the soil is rocky and even digging wells require dynamite. The exception is places close to lakes (like Thiruneermalai, parts of Pallavaram ) etc. Whereas, OMR does not have this problem. Add to it the Pallikaranai marsh which recharges ground water. Of course, water is salty and unfit for drinking but with cheap RO units, that is no longer an issue.

    Unlike GST areas, much of OMR is brought now into City Corporation. A new desalination plant is coming up at Nemmeli and so some sort of metro water supply (at high price) will get guaranteed for the newly built flats in OMR at some point of time.

    All this gives some edge to OMR that is otherwise disadvantaged by lack of rail transport.

    On balance, GST is not bad but not all GST will develop, it will be pockets (Pammal/Pallavaram), Mudichur, Guduvanchery, M-City around areas etc. OMR will thrive till Siruseri/Padur.

    PS - I believe given proximity to Airport, Pallavaram zone can host lots and lots of hotels. But I believe investors are wary because they see some sort of new International Airport coming up in next 15 years and eventual closure of meenambakkam airport. So that is one reason why Pallavaram is bit undervalued .
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  • Originally Posted by k11

    I feel Chennai market is still cheap compared to other parts of country.

    Are you a bull or a bear today?


    Good question..

    IMHO - Chennai is much much cheaper than Mumbai and NCR. But I think BLR and HYD are also cheaper. Large areas of Chennai lack the right kind of social and civic infrastructure that suburban BLR/HYD possess..

    Unlike other metros, I think the extent of speculative investment/outsider investment in Chennai is very limited.

    Overall I believe that the kind of appreciation btw 2009 and 2012 in Chennai wont happen in next 5 years.

    Chennai CBD(Mylapore, Nungambakkam, TNagar Adyar etc) will appreciate only slightly, i feel it is richly valued unless outsiders start investing big way..

    Newly added areas to Chennai corporation are ones to bet on - esp those places which will soon get sewerage, metro water connection, good roads and a few malls.

    Generally, OMR is richly priced. So is GST.

    North east Chennai is underpriced but will remain so due to other social factors.

    North West Chennai (Ambattur zone), Mogappair , Porur, Maduravoyal, Mount - Pooonamalle belt , Madipakkam are likely go up most .

    In Old Corporation limits, Velachery prices should converge with Adyar in next 5 years.

    Apart from that, all places close to Metro Rail stations (ashok nagar, alandur etc) should appreciate lot, since govt may relax on FSI in such places.

    Fair to say that 50-100% appreciation in 5 years possible in all above mentioned places (in above 3 lines) . Rest wont go up much. What do others think?
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  • Originally Posted by ramki830
    Large areas of Chennai lack the right kind of social and civic infrastructure that suburban BLR/HYD possess..


    This is the reason why I say prices in well established neighborhoods can go up even more.

    There are still parts of CBD where prices are cheap. I see most of CBD to be at 15-20K in the next 3 yrs.

    New areas are crappier and there will always be lack of basic and social infrastructure. If you have the money, for end use suburbs are not a good choice. Suburbs are when your budget is tight.

    By the way, I agree your views on West suburbs having more potential but that will be quite some time.

    I do not agree Velachery getting equal to Adyar.
    I see Adyar moving up to 15-16K by 2014.
    It will take some time for Velachery to cross 10K. Velachery is still outskirt of the city lacking basic facilities and has very less number of luxury housing options.

    I also do not agree on Airport and nearby areas in Pallavaram.
    In western countries, living near the airport is not preferred and has the lowest rentals/price. Higher noise pollution as the air traffic increases. Sometimes places near airport will have slums/low end housing.
    I do not see rich people especially NRI flocking to live near airport.

    Same goes with Metro rail, its adoption is a big unknown. We do not know yet how much Metro will add to the RE landscape. I would say staying near a busy metro interchange will be bad for high end housing. I will never build a multi-crore property near a metro. Metro can be 1-2Km away but not right next door. The places will turn very congested with traffic, noise (metros do not have rubber wheels) and people using commercial establishments. Why not buy near Central instead of Alandur. It is even more crappier (low priced) and probably will be the most popular metro station.
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  • k11,



    Reg Velachery, I think you are underestimating its potential. Velachery was 500 Rs psqft in 1995, when city (alwarpet) was 1200 Rs psqft. Now it has gone to nearly 8K + .. Velachery is having McDonalds and so many restaurants and getting more than one mall,something Adyar lacks. So prices will converge faster but I agree that not all places in Velachery will do well (interior regions will continue to be priced less).

    And w.r.t Airport as i said we really dont know what will happen to this airport in next 15 years. In anycase dont see places near airport becoming richly priced due to other reasons i said (water etc). And lastly on metro, adoption is an issue, but dont think noise is so much a factor. Even now I find people residing in busiest streets of TNagar and refusing to sell/move out, taking adv of very high prices , even as they curse everyone who make noise (from the hawkers to the parking vehicles to the big retailers). Unlike in west, zoning laws wont be brought and it wont work , given that most of our population is not car owning/driving.
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  • Originally Posted by ramki830
    Much of Chennai depends on ground water for residential consumption. The problem in GST is in large areas, the soil is rocky and even digging wells require dynamite.


    Yes, ground water is an issue in most places due to rocky terrain, water replenishes fast and dries up fast.

    OMR has a great water table thanks to pallikaranai acquifer recharge zone. Areas closer to Buckingham canal suffer from salt water intrusion though.

    Pallavaram will appreciate due to proximity to airport, not because the area looks great but because of various infrastructure projects. The government will eventually improve connectivity to airport and the benefit will trickle down to Pallavaram and Alandur.

    We cannot under-estimate potential of Metro, in Singapore there is considerable premium for properties closer to Metro, even luxury ones. The story repeated in Delhi and I'm sure will repeat in Chennai.

    We often see even high end projects advertised as being closer to bus stop. This is because areas closer to bus stop or railway station attract retailers, be it big or small. Ranganathan street is living example.
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  • Originally Posted by k11
    I also do not agree on Airport and nearby areas in Pallavaram.In western countries, living near the airport is not preferred and has the lowest rentals/price. Higher noise pollution as the air traffic increases. Sometimes places near airport will have slums/low end housing.
    I do not see rich people especially NRI flocking to live near airport.

    All NRI needs is a good apartment project. Living near airport means living close to a Metro station and having good connectivity to rest of Chennai.

    In 2003, I could afford an apartment in Thiruvanmiyur, in 2006 I would have settled down in a huge apartment in Medavakkam, in 2012 I would have settled down in huge apartment in Pallavaram. It all depends on timing, a rich NRI who could afford a house in Bishop Garden in 2003 may have to settle down for Pallavaram if he miss the opportunity.

    It is not like 2006 when Jain Green Acres was only option. Nowadays there are wide variety of choices in GST, it is not that bad after all. For someone who didn't grow up in Chennai, it makes no difference staying in Pallavaram vs staying in Velachery as long as all his requirements are met.

    Same goes with Metro rail, its adoption is a big unknown. We do not know yet how much Metro will add to the RE landscape. I would say staying near a busy metro interchange will be bad for high end housing. I will never build a multi-crore property near a metro. Metro can be 1-2Km away but not right next door. The places will turn very congested with traffic, noise (metros do not have rubber wheels) and people using commercial establishments. Why not buy near Central instead of Alandur. It is even more crappier (low priced) and probably will be the most popular metro station.


    There is always a premium for being near a Metro station. Noise is not an issue, staying close to a station is different from staying close to track. We are discussing about properties within radius of 1 KM from station.
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  • Pallavaram/Thiruneermalai area is an exception in GST. It was a brick and mortor industrial hub, and now a hunting ground for developers - Ponds, TTK-Maps, and several more to follow. So that's the only location where RE bigwigs can hope to find large parcels of land, and then convert them to residential zones - a repeat of the Velachery story. If English Electric, now Areva, falls that will be one big scoop for GST. Right next to Defense zone, the airport, and bang on GST, it's least congested and can form one huge posh area overnight. Some small industries in Mount-poonamallee route may follow the same course, but many have already converted to new age businesses.

    I agree with @K11 that the effect of metro on Chennai realty is still obscure. Chennai metro cannot be compared to Delhi, or Singapore, where most sectors were developed around the metro, just like most areas of GST were developed around the electric trains. But metro is a penetration into already developed areas. Some areas that are presently posh may even turn kachra!
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