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
    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.


    BHS is bird in hand, Pacifica is 2 in bush. We had a similar discussion earlier and you said paying 25% more for RTM in Mantri synergy is better option than Sobha.
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  • Originally Posted by Love4land
    BHS is bird in hand, Pacifica is 2 in bush. We had a similar discussion earlier and you said paying 25% more for RTM in Mantri synergy is better option than Sobha.


    Yes, RTM is better but this is distress sale, why give a premium.
    If BHS has issues, why would the people expect more than original price. As I said, I will meet the orginal price, 2.5K all cash offer. Do not care about location or floor of the flat. 2-BHK and 3-BHK is preffered. I can get upto 4 flats for my family, if someone is willing to sell.
    If there are more, I can try to get more buyers too.

    But where are the phantom sellers and their ads for distress sale?

    2500 was the 09 price. Now do not tell, BHS became bad (slum colony and issues) and the price went to 3K (25% increase).

    Even L&T, Mantri has not gone up 25%. Folks there would be lucky to get 10-15%.
    Hira is the only project where the rates increased by 25% during the same time frame.

    By the way I would not go beyond 4K on OMR except Hira, in todays scenario. 25% above Sobha is Hira's price (5K). So no way Mantri=Hira, anyday.
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  • Ok, here is my 601th post.

    Want to give some advice to prospective buyers (end users/investors).
    I have learnt a lot of things and would like to share.

    Everyone asks whether it is a right time to buy property, but when a slowdown comes and prices stagnate no one want to get in. They always look for lower price. But it is hard to predict the bottom.

    I have seen this back in 09-10, there were good opportunities in the market with decent prices. After it shot up higher, and in 11-12 people were chasing it.

    I think we will have one more good opportunity in the coming year. So all the prospective buyers who missed the last run, should start getting ready.
    Markets give us a chance you gotta take it.
    I have missed some good opportunities in stocks and gold, but fortunately not RE.

    Do not over analyze prices a lot, research the area instead. I have seen people ask 110 questions on a 100Rs price differential, value is important but if you can afford 4000rs, it does not hurt to go to 4100rs for a better location. I do this mistake sometimes, it seems we have in our DNA - we do RE bargaining like in a vegetable market and always look for value.

    Window shopping is good time pass. I am a window shopper but not when I am seriously looking to buy. If I have to buy, it is 3-6 months max, (i spend 2 months) find something and get in. This is very essential during down periods, 2010 is a good example. Prices started rising late 2010 and early 2011, waiting extra six months means 20-30% increase in prices.

    For (first time property buyers - end users) NRIs and IT folks, If your job is not a high paying one, take some time off and search for RE when the time comes and you have to buy. Do not do RE shopping as a side activity, it has to be a full time job, to save some laks. This does not need to be done for an investment property.

    Location, Location, Location - This is the most important part. Choose a place where you can see yourself living in comfortably in the near future. Do not go by infrastructure promises, airports, metro, highway, might never come, it is a big gamble not worth taking when you are look for end use.
    Do not buy in a slum/near a garbage dump/waste water/crappy location for end use if you are moving from Amrika/London.

    Do not waste time in plots and get cheated. I see NRI/IT people buying plots in middle of nowhere, do not get into 50km outside the city for end use. Get in those only if you can take a risk and familiar with the location.

    Do not buy something expecting rentals to pay for EMI. Rental market is very volatile and it is hard to rent places outside the city.

    If you are looking in the city,
    Look for resale too, sometimes there are good deals in resale properties. It is better to go for a resale apts in good buidling than a crappy low end new building.

    Younger people, look for your first home once your job stabilizes, do not delay. Prices go up faster than your income sometimes.

    Places to look for RE - Newspaper classifieds is the best, freeads, internet ads, friends, neighbors, acquaintances, try visiting builder offices, construction sites, barber, watchmen, maids, drivers, local brokers, etc.

    Do not make RE as your only priority. Everyone needs a roof, after that it just becomes another investment which is not critical.

    Remember there are lot of things to do in life than RE.

    Happy hunting.



    Want to buy property? Look for promising destinations - The Economic Times


    Saw a good article in ET, shows how to select builders.

    Seven lessons realty players picked up from the slowdown - The Economic Times
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  • Originally Posted by k11
    Saw a good article in ET, shows how to select builders.

    Seven lessons realty players picked up from the slowdown - The Economic Times



    With Delhi and Mumbai saturating, attention of big sharks is starting to turn towards Chennai and Bangalore. I already see lot of news articles and national TV shows appreciating south Indian market. We are going to see pan-India investors swooping in on Chennai and Bangalore, gear up for another round of property price increase!

    Did you notice one thing, the article doesn't mention a single Chennai based builder, even though it focusses on Chennai and Bangalore market. This is a warning sign to local builders. While there is no doubt about quality of our builders, their customer service and financial management leaves much to be desired. They are still following outdated strategy of charging hefty downpayments and starting construction using buyer's money. While builders like Sobha have learnt to manage their finances well and keep steady operational cash flow. They don't have pressure to sell as many units as possible in a short time, that is why they are able to price their projects for much higher price than their peers in the same location. Also they are able to charge lower downpayment, thereby pulling in NRI investors and people using own funds.

    Our local builders are not showing any sign of adapting to changing times!
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  • Originally Posted by Love4land

    Our local builders are not showing any sign of adapting to changing times!


    Sobha perhaps is an exception! But cant say the same about other biggies. They have moolah and have not shown interest in smaller projects, but their terms are heavily biased against the customer, even more than what our local builders offer. Even though every builder is there for the money, I believe several local builders are also show a little concern and interest for the city and chennaites. I bet these big guys don't give a hoot.
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  • Originally Posted by murugesh
    Sobha perhaps is an exception! But cant say the same about other biggies. They have moolah and have not shown interest in smaller projects, but their terms are heavily biased against the customer, even more than what our local builders offer. Even though every builder is there for the money, I believe several local builders are also show a little concern and interest for the city and chennaites. I bet these big guys don't give a hoot.


    I was not referring to ethics or moral values, local builders are certainly far ahead compared to corporates, the article is focussing on financial management.
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  • Local builders have one big advantage over big national ones, that is getting land at prime areas in the city. If you want apt at prime areas, there is no choice. Also the local ones are the ones who would build high end apts too.

    DLF is the only exception. They got the land for a mall but changed their mind and put up a residential project.

    Mantri/Sobha/Purva/Olympia/Prestige/etc - all of these guys cannot get land in prime areas in the city. They remain in suburbs, build townships and operate in high margin environment. Hira is a big exception, they do only townships so we can leave them out. The Bangalore based ones especially have a business model of buying cheap land and build apts. They do not show up at land auctions for city properties, but they do city properties in their home city. Their target market in Chennai is lower end apts.

    When if comes to land in the city, the local guys bid crazy amounts. They never leave it, they would do projects for lower margins. It is hard to beat out Akshaya, TVH, VijayShanthi, Prince, etc.

    Local builders do not get funding is not true in current environment, they do get funding up to 200 crores very easily. They can tap external sources to 500 crores. Anything above becomes challenging for them. There are not many land parcels in the city that goes above 500 crores, Chennai is not Mumbai.
    Prince as an example paid 170 crores cash for Dasaprakash hotel, 5-6 crores a ground in an auction dominated by local builders. None of the guys outside showed up.

    The bangalore based ones could have got it, but they did not. They would rather buy a cheap land in OMR/GST/other suburbs and do a lower end project. These guys will spend 5 crores an acre not 5 crores a ground. They spend 20-50 crores for land and launch small projects, Prestige is the big one, their land parcel was big enough (25 acres) in Porur, should be less than 200 crores still even though it was a JV and PE backed project I think.

    I hope other national builders like Lodha, IREO, Orbit, Raheja sees DLF and gets into another Development in the city.

    The bangalore based builders, I do not have hope. They will never take such a big risk.
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  • I agree that is why suburbs are looking more and more like Bangalore with townships and high rises, especially extended ones and core city remains the good old Madras. Chennai is soon going to be bifurcated into two sections of society, the core and suburban population. Both will eventually have equal proportion of upper, middle and lower middle classes.
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  • I do not like many things about Bangalore.
    But the universal fact is

    Bangalore Suburbs >>>>> Chennai Suburbs.

    Also I do not think the builders are doing enough to attract high end population.
    Olympia built 20 high end apts in their project. Hira is doing it with Oceanic/Seagull. Both these buildings represent probably 0.01% of inventory in suburbs.
    Flat sizes beyond these two buildings do not go above 3000sqft. Forget about super sized flats.
    The focus in Chennai suburbs is on lower to mid level apts only.
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  • Bangalore has been having Townships and gated communities on a grand scale since ages, in Chennai it has only started. People have not even started to move in to most of these projects, these projects will be ready only early 2013. The dynamics will change once people start settling down in the new homes they booked in 2007 or 08.

    We have to wait until 2015 atleast before comparing our suburbs with Bangalore suburbs.

    BTW, I'm assuming you have excluded ECR in our discussion, coz it is THE poshest area in Chennai.
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  • ECR does not have apts so I took it out.

    ECR beyond Neelankarai is barren. Not many high end bunglows.
    Even if there are it is probably less than a hundred high end homes overall.
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  • High rise apartments beyond Neelankarai are on their way:

    :: Shanti Builders ::

    They were pioneers in constructing lifestyle apartments in Chennai and Villas in ECR, they are now going to set the ball rolling once again.


    ECR beyond Neelankarai may appear barren, but appearences are deceptive, check out Google earth or Wikimapia, you'll find huge palatial bungalows with private pools dotting seashore all the way till Kovalam. There will be gated villa community by reputed builders on the buckingham side all the way till Thiruvidanthai.
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  • Bunglows beyond Neelankarai are not many. As I said before it could be 100 or so houses. Most are farm houses/resots/second home for rich. Even if there are 500 it would not tilt the scales so much. Also this is only one enclave.

    Upper end apts are hard to move in OMR/GST/Oragdam/Sripermbadur/West suburbs. Price rise in city in the last three years is a big revelation of where the demand is. There is no well defined region.

    Gentrification is also happening in many parts of city, lower end folks are getting pushed out to suburbs to make way for high end housing. Govt is also doing its part in moving slums to suburbs. It is easy to for NRIs and Investors to say the next great place is some XYZ suburb. But ground reality is much different.

    Of course, builders also say so much when they try to sell suburban apts. They will hype up and say Oradagam junction is the new gemini. All of these you cannot fake it to high end apt buyers. High end apt buyers are driven by location, exclusivity then anything else. Prices is not a factor to them nor value. They are not buying it for investment but more for end use.

    All Indian cities are on its way to become the next HK/Shanghai/Singapore. Big gap between CBD and suburbs will continue to widen, primarily driven by lack of basic infrastructure and social infrastructure.
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  • Well said. It is funny that people stay in abroad gets hyped by news media. Now a days properties in ECR are advertised as Boat Club II. :) Even in Boat club I you have mosquitoes issues! then imagine about II.

    Beware of snail pace work of infrastructure development outside of CBD. Just having posh apt is not good enough to live in suburbs, one should be mind about having near by good hospitals, schools and more important safety!

    Originally Posted by k11
    Bunglows beyond Neelankarai are not many. As I said before it could be 100 or so houses. Most are farm houses/resots/second home for rich. Even if there are 500 it would not tilt the scales so much. Also this is only one enclave.

    Upper end apts are hard to move in OMR/GST/Oragdam/Sripermbadur/West suburbs. Price rise in city in the last three years is a big revelation of where the demand is. There is no well defined region.

    Gentrification is also happening in many parts of city, lower end folks are getting pushed out to suburbs to make way for high end housing. Govt is also doing its part in moving slums to suburbs. It is easy to for NRIs and Investors to say the next great place is some XYZ suburb. But ground reality is much different.

    Of course, builders also say so much when they try to sell suburban apts. They will hype up and say Oradagam junction is the new gemini. All of these you cannot fake it to high end apt buyers. High end apt buyers are driven by location, exclusivity then anything else. Prices is not a factor to them nor value. They are not buying it for investment but more for end use.

    All Indian cities are on its way to become the next HK/Shanghai/Singapore. Big gap between CBD and suburbs will continue to widen, primarily driven by lack of basic infrastructure and social infrastructure.
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  • Originally Posted by sunr2i
    Well said. It is funny that people stay in abroad gets hyped by news media. Now a days properties in ECR are advertised as Boat Club II. :) Even in Boat club I you have mosquitoes issues! then imagine about II.

    Beware of snail pace work of infrastructure development outside of CBD. Just having posh apt is not good enough to live in suburbs, one should be mind about having near by good hospitals, schools and more important safety!


    Boss, In all fairness, consider my predicament. I own 2 decent apts in Ashok Nagar and Virugambakkam. I am staying in Virugambakkam (where I have stayed for 10+ yrs) and rented out Ashok Nagar one. Both are pretty old > 20 yrs. Other house owners are opposing reconstruction of the apartements sighting awkward reasons -- Children in 10th :(, I am living on pension and can't afford even 20K to repaint the exterior:(.
    Also I work in ITES sector. My offices are in Shols and MCity. The travel kills me with sometimes 2-3 hrs one-way in case of traffic. There is no option available but to move into suburbs.
    I would like high-end houses available near these suburbs. I dont find good infrastructure even in CBD, the roads, water logging, electricity (load shedding) etc are not good in Virugambakkam as well :D.
    I ended up buying few plots near GST hoping for construction later on. My current experience in desperately trying for reconstruction of my old apts which has resulted futile has made me choose plot over flat or apts and independant house construction.
    Few issues I do foresee in living in suburbs is lack of renowned school. I am hoping the scenario would change in the time to come.
    I am chennaiite and like living in city, but for all practical reasons it does not make sense for me in the long run.
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