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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2345 Replies
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  • RE used to be a basic necessity before but after the recent economy boom in India it has become an investment vehicle. It is one of the major factor for the inflated price.
    In a stalled economy what makes the RE increase? Per my view it is builders/ RE agents/ brokers who are creating a virtual demand and holding the prices. How long they can hold? It is similar to OPEC jacking the oil price every day.
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  • Originally Posted by randomguy
    Interesting stats, esp >50% not taking loan is surprising. wow! I mean wow!


    That is because the price is no more affordable for people who are salary dependent.
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  • Originally Posted by nikons
    RE used to be a basic necessity before but after the recent economy boom in India it has become an investment vehicle. It is one of the major factor for the inflated price.
    In a stalled economy what makes the RE increase? Per my view it is builders/ RE agents/ brokers who are creating a virtual demand and holding the prices. How long they can hold? It is similar to OPEC jacking the oil price every day.


    Investors/Buyers are also responsible.

    If there isn't a long line of buyers, who will the builders/brokers sell it to.
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  • nowadays price trends in Chennai severely attacks the Chennai south up to my knowledge.......
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  • Originally Posted by nikons
    That is because the price is no more affordable for people who are salary dependent.


    Affordability is one of the factor, but not the ultimatum. It's got to do more with regulation (skewed towards tenants, CG and inheritance tax), steady RE market and social net provided by the government.


    How many of us see arts/antiques/artifacts as investment? which is big in many regions. Gold/RE is in our psyche as investment avenue, Will we remain as desperate to book pre-launch flats ? if he/she already owns one? Previous generation spent lifetime to own one and now average owner is in 30's. Probably it will take a while to remain sane.

    I agree with k11 on who is responsible- we are equally culpable as builders. 'Ignorance is not bliss here ' . On positive note we have domestic market which can sustain country's market, but it's no way ready yet.
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  • Have heard from some friends that HDFC says more than half of their customers pay the entire loan in 7 years and has shown a list to prove that! Hmm!

    I guess all those people who are able to buy high end properties (apart from the super rich) , or lets put it the salaried ones, may be the ones earning well from say 2003-04. Now they are having high salaries and hence higher loan eligibility.

    The ones who started earning from 2007 onwards (average earning employees) wont even be able to afford the flats on outskirts as the price increases are beating their earnings :-) so I guess it would be interesting to see how the loan repayments go about for the next 10 years !


    Earlier days people took a long time to buy a house because they did not believe taking loans is good! But now people have no concept of savings and just live on the edge and take loans based on their loan eligibility and hence are able to buy in a quicker time!
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  • Originally Posted by k11
    When it comes to land, I do agree there is land hoarding.
    It is not rich people even middle class people are the biggest hoarders, buying up land and not building anything on it.
    If the developer gets cheap easy land, he will make cheap flats. Hoarding land backfires by making apts expensive especially in outskirts.
    This is bad for RE affordability.
    The only way I see is there needs to be some kind of vacant land tax. It should be 4-5% of the property value every year. If the property tax is not paid for 3-4 years they should auction off the landed property.

    We need to discourage plot ownership. Plots should be registered with a high stamp duty. May be they can charge 20% stamp duty and refund 12% of it when the building/house is complete.

    Govt can make a lot of money and bring down the housing prices in the suburbs this way. This will make life easier for all, buyers, builders and govt.


    My fears after reading your post seems to be coming true. You may rejoice!!

    Punjab slaps property tax on vacant plots
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  • Edited
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  • Originally Posted by murugesh
    My fears after reading your post seems to be coming true. You may rejoice!!

    Punjab slaps property tax on vacant plots


    That's a great initiative by Punjab. Thanks for posting it, Murugan.

    Although it seems timid, I would like something more draconian in TN as we have lot more speculators.

    Just an FYI,
    I am a speculator too but I wish for the true lower middle class end-user to be able to afford something in the suburbs.
    This will not change the scenario in City as there are almost no vacant plots. By the way I do not hold anything in suburbs, or plan to buy anything in near term. So a price rise and fall will not be a benefit to me anyways, but there are lot of potential buyers/exiting investors who would prefer an end user driven price increase and not a speculator driven increase.
    Only brokers like speculators.
    Just wish a fair market for everyone. Affordable housing for all.
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  • Originally Posted by murugesh
    My fears after reading your post seems to be coming true. You may rejoice!!

    Punjab slaps property tax on vacant plots


    Kudos to K11.

    Our people are not so dumb! Already they would have started scratching their heads for a way out! Hmm! There has go to be a loop hole! :-) May be get an approval plan and run to the office to show that the construction will start in few months!

    In future will this apply to Hiranandani too ;-)
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  • Originally Posted by vettipayyan
    Have heard from some friends that HDFC says more than half of their customers pay the entire loan in 7 years and has shown a list to prove that! Hmm!

    I guess all those people who are able to buy high end properties (apart from the super rich) , or lets put it the salaried ones, may be the ones earning well from say 2003-04. Now they are having high salaries and hence higher loan eligibility.

    The ones who started earning from 2007 onwards (average earning employees) wont even be able to afford the flats on outskirts as the price increases are beating their earnings :-) so I guess it would be interesting to see how the loan repayments go about for the next 10 years !


    Earlier days people took a long time to buy a house because they did not believe taking loans is good! But now people have no concept of savings and just live on the edge and take loans based on their loan eligibility and hence are able to buy in a quicker time!


    We are reaching point of inflection on wages and affordability index. I do agree people on middle/ senior roles have much more leverage to stretch. Your friend may be right on early closures as loan disbursed in past would be on range of 40 lakhs or less. Now we are reaching a stage even middle/senior management are priced out. Gross income of household in 25-40 lakhs is rising steadily, so are flats in the city. There will be period of stagnation/ correction like 2001-04 or 2008-10 . Interesting times ahead!
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  • That's an interesting piece of information. Most of the customers would have opted for 15-20 yr loan tenor. And they are able to finish it off in just 7 years!

    Originally Posted by vettipayyan
    Have heard from some friends that HDFC says more than half of their customers pay the entire loan in 7 years and has shown a list to prove that! Hmm! ..............................
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  • Yes, I have noticed this phenomenon too. People take 20yr loans when can afford 10yr loans. The banks are responsible for this. They try to sell higher duration.
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  • I don't see anything wrong, extending duration as much as possible will reduce EMI burden. It will give us more leeway to manage our expense and be well prepared for contingencies. Whatever money remains in hand at the end of year can be used to make part payment.

    But not advisable for someone with poor fiscal discipline. In that case lesser duration as better. I prefer the former approach.
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  • TVH Ouranya bay price trend:

    2009 - Rs.3200 psf
    2010 - Rs.3200 psf
    2011 - Rs.3400 psf
    Now - 4250 psf

    Interesting!
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