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Property Price Trends in Chennai

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

    2001 was the worst period that I can remember, our company was probably one of very few companies giving ads for hiring. I still remember the long queue of people in front of our office.

    The next worse was 2003/2004, not as bad as 2001 but much worsen than 2008-2009. Strange thing is, real estate boom started at the time. I realized real estate was not connected to job market.

    2008-2009 was bad, even though it didn't result in huge unemployment in India, it shattered investor confidence. People had lot of money but were scared to invest. The recovery was super fast as fundamentals were strong.

    There were other periods when analysts were predicting recession and nothing came.

    I've been through all these periods and have come out unscathed. IMHO, the current Euro crisis or poor performance of Indian economy is no where close to the above 3 periods in the last decade, but we never know!

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    • Re : Property Price Trends in Chennai

      @FMIFMI
      You cannot expect things overnight. It's loser game there in RE hence it will not happen quickly.Imagine if you have invested 80 Lk on a property and you dont have many option when you want to sell it and if you get 60 Lk for same property what would be your option you will take time try to hold it waiting for right time etc etc.Ours is also going through it. Its a tough market and only tough people would get through.
      Best EG currently would be Spanish Banks

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      • Re : Property Price Trends in Chennai

        Who cares if Spain sinks? I will be worried if another US bank like Lehman go belly up. Also no one will be shocked if Euro disintegrated as everyone is well prepared and just in wait mode unlike Lehman brother crisis when everyone was caught by surprise.

        Spain is just a speck of dust in the map of world economy. As long as there is no major crisis in US or China, we are safe.

        Don't underestimate the strength of people who can afford to wait. In truly crisis scenario, people don't have luxury to wait.

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        • Re : Property Price Trends in Chennai

          Originally posted by defu22 View Post
          @FMIFMI
          You cannot expect things overnight. It's loser game there in RE hence it will not happen quickly.Imagine if you have invested 80 Lk on a property and you dont have many option when you want to sell it and if you get 60 Lk for same property what would be your option you will take time try to hold it waiting for right time etc etc.Ours is also going through it. Its a tough market and only tough people would get through.
          Best EG currently would be Spanish Banks
          Only time will tell if yours is real hope or blind hope or desperation, but you have been waiting for a long time now without any concrete scenarios indicating that your hope is reasonably anywhere close. Due to factors like inflation, the fall has to be really big to justify your long waiting. Really eager to see how it ends up and will be happy for you if you manage to time the market successfully
          Last edited July 24 2012, 12:14 PM.

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          • Re : Property Price Trends in Chennai

            Originally posted by Love4land View Post
            Who cares if Spain sinks? I will be worried if another US bank like Lehman go belly up. .
            Will Credit Suisse,Barclays and Deustche bank be affected by this crisis(how badly?)? I guess these are big EU investment banks which have huge presence in US and hence could affect banks in US.
            Sorry, I'm pretty naive about these issues and hence I don't know if what I'm asking makes sense
            Last edited July 24 2012, 12:29 PM.

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            • Re : Property Price Trends in Chennai

              @Arian
              I dont try to time the market i know its extremely foolish because when i bought my home i litreally dont know anything about RE or investment but it just happened to be best as i was in need of it. To me currently it doesn't look attractive and the market is too crowded(hope its little relaxed) and i am currently in need of a good one.
              And at last "Hope" is the best thing to have in ones life.

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              • Re : Property Price Trends in Chennai

                Originally posted by randomguy View Post
                Will Credit Suisse,Barclays and Deustche bank be affected by this crisis(how badly?)? I guess these are big EU investment banks which have huge presence in US and hence could affect banks in US.
                Sorry, I'm pretty naive about these issues and hence I don't know if what I'm asking makes sense
                It could and you may add to your list HSBC, Credit Agricole, Society Generale, RBS etc as well.

                The unfolding crisis exposes several "things" that these banks alledgedly paticipated in like money laundering, drug peddling, interst rate fixing, tax evasion etc, which currently authorities are looking into.

                I guess God only knows about its outcome..

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                • Re : Property Price Trends in Chennai

                  The price rise doesn't seem to be stopping. DLF has increased price of commander court to 16650, Arihant has increased North Town price to 5700, and every developer is increasing price every 2 months. Moreover, brokers are controlling the market as well. Brokers are asking us to buy for example Rs. 6000 per sq ft and they are guaranteeing to bring another buyer after few months for Rs. 7000 per sq ft. I am seeing all these dramas during my current stay in Chennai. I have another 1 week left in Chennai and still looking desperately to close my RE investment. This desperation is just to save my money without eaten away by inflation. Should I go ahead now or wait for next year during my next vacation/leave to Chennai ? Please guide me ...

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                  • Re : Property Price Trends in Chennai

                    Originally posted by fmifmi View Post
                    The price rise doesn't seem to be stopping. DLF has increased price of commander court to 16650, Arihant has increased North Town price to 5700, and every developer is increasing price every 2 months. Moreover, brokers are controlling the market as well. Brokers are asking us to buy for example Rs. 6000 per sq ft and they are guaranteeing to bring another buyer after few months for Rs. 7000 per sq ft. I am seeing all these dramas during my current stay in Chennai. I have another 1 week left in Chennai and still looking desperately to close my RE investment. This desperation is just to save my money without eaten away by inflation. Should I go ahead now or wait for next year during my next vacation/leave to Chennai ? Please guide me ...
                    You are not alone and any such decision made in haste will only benefit those Brokers, if not you.

                    Good luck.

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                    • Re : Property Price Trends in Chennai

                      Originally posted by fmifmi View Post
                      The price rise doesn't seem to be stopping. DLF has increased price of commander court to 16650, Arihant has increased North Town price to 5700, and every developer is increasing price every 2 months. Moreover, brokers are controlling the market as well. Brokers are asking us to buy for example Rs. 6000 per sq ft and they are guaranteeing to bring another buyer after few months for Rs. 7000 per sq ft. I am seeing all these dramas during my current stay in Chennai. I have another 1 week left in Chennai and still looking desperately to close my RE investment. This desperation is just to save my money without eaten away by inflation. Should I go ahead now or wait for next year during my next vacation/leave to Chennai ? Please guide me ...

                      Unless you make a lot of money at working abroad, it better to take extra trips to buy property.

                      For lot of NRIs, a 10-20% discount is a huge % of income. So you can always make an extra trip if you find the right one.

                      If you are a senior level position then forget about making extra trip, the small discount will not anyway matter to you.

                      Also if you are buying new property, waiting is useless. They are not going to give you a discount. Prices might stagnate but might not dip.

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