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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  • Doesn't provide any meaning inference unless correlated with # of units sold in each year.

    Builder can fix any arbitrary price. What is important is how many units he is able to sell at that price point.

    For instance, Hira has been increasing their price at a steady pace. Apparently they are able to find buyers at each of those price points.

    Need to see the data from TVH on units sold.

    Originally Posted by Love4land
    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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  • Originally Posted by Love4land
    TVH Ouranya bay price trend:

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

    Interesting!


    I did not know that Ouranya Bay is still not sold. I thought they sold off everything. Is this 4250 from resale market? If this is resale market or some remaining builder units, we cannot use this as reference.

    There is no apt beyond 4K after Shols (apart from Hira).
    3.5K seems to be median price now for most projects in this area.

    Albatross, NAPC are in this range of 3.4K & 3.75K.
    Green 201, Pacifica are cheaper at 3K.

    I think the market in OMR became slower in last few months, prices have not moved from 2011 even though contruction cost has sky rocketed.
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  • Originally Posted by k11
    I think the market in OMR became slower in last few months, prices have not moved from 2011 even though contruction cost has sky rocketed.


    I guess builders may be able to regulate labor costs thru some way! but do u know if builders hoard raw materials like cement etc in heavy quanitites to remain unaffected from price increases?
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  • Originally Posted by vettipayyan
    I guess builders may be able to regulate labor costs thru some way! but do u know if builders hoard raw materials like cement etc in heavy quanitites to remain unaffected from price increases?


    May be they have hoarded materials but I do not think anyone would have foreseen such a price increase. Labor costs went up 40% in the last 1.5 years. Day labor is now 550+.

    One of my friends is a tile supplier to builders in Bombay region, I heard that the builder pay late and getting money out of them is a pain. So I think most of them do not buy materials for future use.
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  • Originally Posted by k11
    May be they have hoarded materials but I do not think anyone would have foreseen such a price increase. Labor costs went up 40% in the last 1.5 years. Day labor is now 550+.

    One of my friends is a tile supplier to builders in Bombay region, I heard that the builder pay late and getting money out of them is a pain. So I think most of them do not buy materials for future use.


    You may be true about tiles, but I think reason may be that , even small builders nowadays postpone thier purchase of tiles, taps etc for the last minute, may be to provide more customization for buyer!
    I guess for essentials like cement, the case may be different. But ya, even businessmen might not be able to forsee certain things!

    Wow 550 a day, .. 10 K + a month.. that too with a bonus of Six packs and Wings! Super!
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  • Most businesses in India run on a day to day basis. They borrow money, buy small amounts of good, sell them make profit and repeat the cycle multiple times a month. High interst rates and insufficient capital makes a difficult business environment even for builders who invest so much money in land, which is not eleigibe for bank financing.

    550 a day is for unskilled day labor, skilled ones like electricians, plumber, etc make more. Electrician get 25-40K for each flat, about five days of work. Painters get 7.5-15K to paint a flat interiors, around 2-3 days of work with one helper.

    In Chennai it is difficult to live under 10K a month. Driver make 10-15K a month. Most skilled labour pulls in 25-50K easily a month.
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  • Originally Posted by k11
    I did not know that Ouranya Bay is still not sold. I thought they sold off everything. Is this 4250 from resale market? If this is resale market or some remaining builder units, we cannot use this as reference.

    There is no apt beyond 4K after Shols (apart from Hira).
    3.5K seems to be median price now for most projects in this area.

    Albatross, NAPC are in this range of 3.4K & 3.75K.
    Green 201, Pacifica are cheaper at 3K.

    I think the market in OMR became slower in last few months, prices have not moved from 2011 even though contruction cost has sky rocketed.


    Don't think they have sold off all units. Must be new phase. Website says launching sea facing tower.

    http://www.tvh.in/tvh-obay.php

    I see prices moving up in other projects as well.

    Premium unit in XS Siena was selling for 3400 psf in 2011.
    One of my relatives booked same for 3500 psf in July'12.

    Now price is 4000 psf:

    http://www.xsreal.com/xqsit/siena/price-structure.html

    Sobha is selling for 4050 psf, was 3860 till Jul.
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  • Originally Posted by Love4land
    Don't think they have sold off all units. Must be new phase. Website says launching sea facing tower.

    True Value Homes: Residential and Commercial Construction Company


    Did you get the price from the builder's sales office or from an ad listing in the resale market.

    The towers are at advanced stage of construction. The builder must have
    some units remaining or might be cancellations.

    I am very suprised at the 4250 number. Its way too much overvalued.
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  • Originally Posted by k11
    Did you get the price from the builder's sales office or from an ad listing in the resale market.

    The towers are at advanced stage of construction. The builder must have
    some units remaining or might be cancellations.

    I am very suprised at the 4250 number. Its way too much overvalued.


    The builder has placed Ad in prominent section of m-bricks and 99 acres. I don't remember seeing these ads before. Check my previous posts, I've edited with XS real details.
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  • http://www.99 acres.com/Chennai-Real-Estate.htm
    (remove blank space between 99 and acres)
    Check "property gallery" section on leftmost side.


    http://www.magic bricks.com/property-for-sale-rent-in-Chennai/residential-real-estate-Chennai
    (remove blank space between magic and bricks)
    Check "in spotlight" section on right most side.
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  • Yes, I see that. Thanks for sharing.
    I guess TVH will have to keep selling it for next five years.

    Don't know a lot about XS.

    There are so many better alternatives to TVH at 4250.

    Albatross
    Ivy Terrace
    Indus Anantya
    Gem Grove
    Purva Swanlake
    Akshaya January

    All of the above at around 3400-3700 range. There are way too many projects there to list.
    Smaller projects like RWD Elysium, Ocean Breeze & Green 201 at lower end 3K

    Pacifica will be the biggest one, they would probably kill most of the developers in the region by absorbing a lot of customers with low price and massive supply.
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  • Originally Posted by k11
    Yes, I see that. Thanks for sharing.
    I guess TVH will have to keep selling it for next five years.

    Don't know a lot about XS.

    There are so many better alternatives to TVH at 4250.

    Albatross
    Ivy Terrace
    Indus Anantya
    Gem Grove
    Purva Swanlake
    Akshaya January

    All of the above at around 3400-3700 range. There are way too many projects there to list.
    Smaller projects like RWD Elysium, Ocean Breeze & Green 201 at lower end 3K

    Pacifica will be the biggest one, they would probably kill most of the developers in the region by absorbing a lot of customers with low price and massive supply.


    All buyers won't feel the same way, some may wait till phase-1 completes to see if builder is really capable of executing project. TVH and L&T EP may appeal them. My relative was house hunting for 7 months before zeroing in on XS Siena. They viewed almost all project in OMR (starting from Shols), GST and East Tambaram. Their budget was 90 lakhs and only XS Siena impressed them.

    It is also dangerous to pick a developer with no experience in real estate. In another forum a Bollineni owner was literally crying for help. He took home loan and is now struggling with a hot potato in his hands. He desperately wants to sell it to someone but there are 100 other listing for Bollineni units. He doesn't want profit, he just needs enough money to close his outstanding loan amount.

    Here is that post:

    love4land it is not as easy as you think for the following reasons:-

    Most people who have invested in BHS stay abroad. They have procured these units through their agents without as much as visiting this place. They will not come to India and stay in this crap place. They have put up ads for letting out their units and such issues don't bother them as they will not suffer.

    There are between 50-100 people who have put up ads to sell their flats in apnacomplex.com and other websites that it is not easy to get rid of our unit without suffering a huge loss.

    Most people like me have funded our units through huge loans from banks and finding a person who is willing to transfer that loan/pay it off has not been easy for me despite all efforts.

    200 odd houses have been advertised for letting and under such circumstance the rental amount is also not much to offset the loan even by 30-50%.

    Even I have advertised but the person who will agree to buy asks for huge discounts quoting the negatives of this place. It may be attractive for him but for me it is a loss you see.

    Not given up hope yet I know there will be lots of people with black money who may come forward to buy just to invest. Hoping against Hope.

    My no is xxxxxxxxx give me a call after 6 pm on any day if you or any of your friends have any contacts who are willing to buy my flat at an attractive price.
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  • Originally Posted by Love4land
    It is also dangerous to pick a developer with no experience in real estate. In another forum a Bollineni owner was literally crying for help. He took home loan and is now struggling with a hot potato in his hands. He desperately wants to sell it to someone but there are 100 other listing for Bollineni units. He doesn't want profit, he just needs enough money to close his outstanding loan amount.


    I think that was a made up story. I sent an offer to buy at 2K. I have not heard back. If you know the person, tell him. I can get him out of trouble.

    BHS should be selling for 2.5K if the complex is truly in trouble. I have not seen any resale listing for BHS for a good price.
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  • Originally Posted by k11
    I think that was a made up story. I sent an offer to buy at 2K. I have not heard back. If you know the person, tell him. I can get him out of trouble.

    BHS should be selling for 2.5K if the complex is truly in trouble. I have not seen any resale listing for BHS for a good price.


    Isn't 2k too low? He may not be able to break even. You may call him and check the rate he is looking at.
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  • Originally Posted by Love4land
    Isn't 2k too low? He may not be able to break even. You may call him and check the rate he is looking at.


    No, new apts like Pacifica are available at 3K. 2.5K is less than 20% off.
    I do not care if the guy breakseven or not. I cannot offer market price for distress sale.
    If they are interested to sell he would have responded and asked me for 500rs more. I am telling you the guy is not real. There is a good chance the phone number is not real too.

    Most buyers would have paid around 2.5-2.75K to buy there. I knew a person who bought a row house, a 2-bhk for 34L.

    BHS has got a lot of negative remarks on forums, but how come I do not see any distress sellers. I do not see any posting on classfieds too. Distress means less than original price or alteast at original price.

    Thankfully, atleast this forum is not polluted by people starting rumors about BHS.
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