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 ZeeEnn
    Well I had stated the value, 20 to 30% CAGR growth and this is for land. So much for the folks with wise names who predicted that RE will fall.

    Incidentally I had quoted price of gold to touch 3000 when it was 800 and odd and I had purchased a gift for a family friend. It has hit it. I can seen 5000 on gold in the next couple of years.


    Panditji,

    DOB: 10/12/85

    Meena - rasi. Tiruona - natchatiram.
    Please tell will I get married with in 2 years.

    Will I get promotion this year.

    Will I build own house soon? Buy a car?

    Any chance for me to go overseas?

    How will be the health of my Parents?
    CommentQuote
  • s but ur marriage will surely happen in ur 60th year, forget promotion u will resign ur job, u will not build ur house in the immediete future, will get a huge car pretty soon, s very much going overseas quite frequently, ur parents will live for 100 years---- u have great future in real estate industry u r so knowledgeable in real estate ur job doest suit ur strengths, u will not build house but will keep buying as many properties in land as possible and build a great home in future, am i correct
    send me the consultation fee to my bank account

    jokes apart we need to go back 5 years from the price posted by vettipayan 1998 kk nagar 1000 2004 1750 similiarly in all place and now we r almost in 2014 so 20% CAGR makes the pricing of KK Nagar 8000 which is the present price, but few places have outpaced like T nagar, but velachery has failed in that sense still u get flats around 6000 there. so flats r not really great returns, but lands have tremendously appreciated upto 50 times too
    CommentQuote
  • Nice to hear my post has brought in senior members. Even though its shows how areas used to be cheap those days and the differences of 500-1000 rs psf between areas look so small, but the fact is that there were not many with huge salary packets like nowadays.

    Early 2000s were the days when many elders after 20 yrs of savings would have bought it in low prices. But I think the IT boom has reached its peak and then come to a normal line by 2004 but still not many as now would have had the buying capacity!

    Just my 2 paise.
    CommentQuote
  • Welcome back!

    Originally Posted by ZeeEnn
    Well I had stated the value, 20 to 30% CAGR growth and this is for land. So much for the folks with wise names who predicted that RE will fall.

    Incidentally I had quoted price of gold to touch 3000 when it was 800 and odd and I had purchased a gift for a family friend. It has hit it. I can seen 5000 on gold in the next couple of years.



    Welcome back Natarajg.

    You have been correct about RE so far.

    I don't recall you ever talking about Gold and it going to $3000. Besides, like Economist said, is there any basis for $3000? Or is it just one of the figures you were so fond of pulling out of your hat! :)

    While introducing yourself, you might also mention the words you used on this forum (towards the end when you had lost control completely and had to be banned asap).

    I wonder why Almighty had to stop writing as well!

    Hope this third time around we will all maintain decorum and others on this forum could gain from your knowledge of outlying Chennai.

    Btw, that Cheri where we had property in RK Salai, it went for 12k+ all in white. So, I suppose it was not such a Cheri after all! :D

    Economist - Around the time you were born Natarajg had finished his Engineering (IIT, I believe) and I had completed ny MBA! :) No offense, just mentioning after seeing your DOB. I was 5 years younger than you are today and the whole world was ours to conquer!!! :D Somewhere along the way, we lost the plot!!!

    cheers
    CommentQuote
  • Originally Posted by wiseman
    Welcome back Natarajg.

    You have been correct about RE so far.

    I don't recall you ever talking about Gold and it going to $3000. Besides, like Economist said, is there any basis for $3000? Or is it just one of the figures you were so fond of pulling out of your hat! :)

    While introducing yourself, you might also mention the words you used on this forum (towards the end when you had lost control completely and had to be banned)

    Economist - Around the time you were born Natarajg had finished his Engineering (IIT, I believe) and I had completed ny MBA! :) No offense, just mentioning after seeing your DOB. I was 5 years younger than you are today and the whole world was ours to conquer!!! :D Somewhere along the way, we lost the plot!!!

    cheers


    Hi Wise it was a light hearted joke.
    It is not my DOB.
    You know my stance I don't believe in pin point predictions and timing the market.

    I believe in long term estimated projections & trends.

    To me RE investor is some one with a long investment time horizon of 7-10 years.

    I don't indulge in 6mts, 1 yr projections or timing the market (different awareness of the market conditions)

    Since 2008 I have been consistently projecting growth in Chennai RE in the long term and advocating members to ignore media cycle of doom and gloom or skyrocket theories.

    Invest in affordable properties for the longterm.

    Don't listen to boom Garentees or Doom theories.

    I believe in India's LONG TERM population growth, high inflation and currency devaluation.
    CommentQuote
  • I hope that is economist kid BD :)

    Place near to industrial area is going to be hot now.

    Latest RE stats for chennai

    The real estate scenario is getting better. According to the latest report released by real estate consultancy Cushman & Wakefield (C&W), demand for residential dwellings during 2012– 2016 will be 11.8 million units across India.
    Chennai’s residential demand is expected to be one of the strongest in the south. Its steady growth as an IT/ITeS and industrial and manufacturing hub is expected to create new demand of around 257,000 units in the mid-range and high-end categories in 2102– 2016.
    However, the increase in industrial activities is the driving force for housing, mainly in areas close to the industrial corridors.
    .


    Courtesy: the Hindu
    CommentQuote
  • Fact and Fiction

    Originally Posted by Economist
    Hi Wise it was a light hearted joke.
    It is not my DOB.
    You know my stance I don't believe in pin point predictions and timing the market.

    I believe in India's LONG TERM population growth, high inflation and currency devaluation.



    Your DOB was fiction. Rest was fact! :)

    I believe that your long term stance will work well for you.

    I still try to time the market (not with my long term asset building) and thats mostly for the excitement of getting it right as well as the hope that one day lightning will strike and I will evolve a model that makes money in risky markets without a downside (so that many people can ake advantage of it and beat Goldman and others at their own game!) :)

    cheers
    CommentQuote
  • Mega city

    Chennai is on the verge of transforming into a megacity. There is already a talk of scarsity of sand. Labour charges will increase due to scarsity and inflation.. Metro trains will float double the population into the city. Value of commercial buildings will gain importance and value.

    In the political scene I anticipate well educated leaders to swing into action which will mean faster decision making.copying developed nations. The next three years is the time limit to invest within the city before the price reaches beyond the sallied people and middle class reach.

    As for as the price trends published in news papers some ofthem are misleading.

    To put thousand lights in 5 to 10000per square feet is ridiculas. Thousand lights is one of the most costliest areas in terms of rate and rent. 300sft old house without amenities fetch a rent of rs.9000

    Nungambakkam has been put under 20to 25000 is also misleading
    Price quoted is between 10 to 13k. And around 16 for luxury flats near kothari road. Rent in nungambakkam is 20per s ft for a fully furnished one
    CommentQuote
  • Originally Posted by artheeindia
    As for as the price trends published in news papers some ofthem are misleading.

    To put thousand lights in 5 to 10000per square feet is ridiculas. Thousand lights is one of the most costliest areas in terms of rate and rent. 300sft old house without amenities fetch a rent of rs.9000

    Nungambakkam has been put under 20to 25000 is also misleading
    Price quoted is between 10 to 13k. And around 16 for luxury flats near kothari road. Rent in nungambakkam is 20per s ft for a fully furnished one


    It is hard to accurately state price by area. Price by street is probably more accurate. Each area in city has its slum and posh streets.

    Thousand Lights is in the center of city but has small and narrow streets, especially around the mosque. Rates are still bit less than 10K. Of course, you cannot drive a car. But if do not have a car, there are many 50-60L, 600sqft 2-bhk units available from small time builders.

    As far as Nungmabakkam goes, there is a wide range. KNK Rd, Pyrcrofts Garden, Rutland Gate, Wallace Garden, Haddows Rd, etc claim highest rates. Only new project in Kothari Rd, I am aware is the Vijayshanthi Art, which is well above 20K psft 1.5 yrs ago. Land cost is so high that, under 20K is pretty much impossible for a new launch.
    Of course there are lower priced areas as well, Mahalaingapuram has much lower rates. Casa Grande had a project there for 13K. EPICA - Luxury Apartments in Nungambakkam Chennai with 3 BHK Flats
    It was launched in mid 2011. I think it might be sold out as well.


    You should check up with brokers. Hanu Reddy is a good start.
    Rents in CBD areas are well above 30rs psft for nice apts.
    CommentQuote
  • Wiseman,

    Appreciate that you have accepted I have been right on RE; well means whatever bear views you held have not been right!! Fair enough.

    As for gold I did not mention on this forum. It was my prediction within family friends circle and I mentioned values in Rs not $ for 22carat gold and not for 24carat.

    As for your sale I noticed you mentioned it somewhere sometime back. I hardly visit this forum; maybe once in a blue moon. As for the price, I yet feel if you have stated the true price you sold it low. 12K white is nice to hear, something very difficult in Madras, where black is the basic colour! However I think today the price even if the place was a cheri in RK salai should be around 20K+ very conservatively.

    Finally I did see a post on the first page of yours (did not read it and dont know if you started the thread or you continue to write there!) of another bear spell in RE. While I dont like your another, as you quietly accepted you were wrong, I personally am not going to be a bull for long. Ideally I had predicted 2014 as the peak (I cant predict Rasi palan for Economist like kids, I dont believe in Astrology!). That was my prediction in 2006-8 time frame (again not on this board); and it sounded logical with this CON govt. likely to go to 2014. However I did not predict based on that but based on certain technical indicators. Now my view is it may not fall in 2014 but might start tapering.

    In summary if you sold at 12K you were not dumb, but you were not smart enough, but you can never know since it is difficult to hold on, and you might have other priorities. I yet hold, though I try to sell at a slightly higher price so that I make a killing and exit. However I will become a tame seller only around 2014. Even then I will not exit the market as I expect a steep fall is almost impossible. First the price will oscillate, then it will steady out and then it might start falling. That will give me time for atleast a couple of years is my guess. However personally I will move from bullishness to partial neutral state on RE and Indian growth in the next 2 years and will probably suggest Gold or USD or worse still US RE as investment avenues.
    bye.

    Originally Posted by wiseman
    Welcome back Natarajg.

    You have been correct about RE so far.

    I don't recall you ever talking about Gold and it going to $3000. Besides, like Economist said, is there any basis for $3000? Or is it just one of the figures you were so fond of pulling out of your hat! :)

    While introducing yourself, you might also mention the words you used on this forum (towards the end when you had lost control completely and had to be banned asap).

    I wonder why Almighty had to stop writing as well!

    Hope this third time around we will all maintain decorum and others on this forum could gain from your knowledge of outlying Chennai.

    Btw, that Cheri where we had property in RK Salai, it went for 12k+ all in white. So, I suppose it was not such a Cheri after all! :D

    Economist - Around the time you were born Natarajg had finished his Engineering (IIT, I believe) and I had completed ny MBA! :) No offense, just mentioning after seeing your DOB. I was 5 years younger than you are today and the whole world was ours to conquer!!! :D Somewhere along the way, we lost the plot!!!

    cheers
    CommentQuote
  • Panditji ki bol " LOL... Meena rasi is for Uthratadhi nakshatra, is it for Thiruonam also...If after 27 years you couldnt get a girl then you better become a sanyasi...Promotion for you is from worldly duk to eternal suk..You dont need a house as a sanyasi..Overseas is not important, try to go to the various levels of swarga from bhu to satya..Dont worry about your parents...they are another atma and all of you need to merge with the paramatma..."
    Hope it helps and I bet you are not economist any more...become Sanyasist!
    ROTFL.


    Originally Posted by Economist
    Panditji,

    DOB: 10/12/85

    Meena - rasi. Tiruona - natchatiram.
    Please tell will I get married with in 2 years.

    Will I get promotion this year.

    Will I build own house soon? Buy a car?

    Any chance for me to go overseas?

    How will be the health of my Parents?
    CommentQuote
  • Originally Posted by ZeeEnn
    Wiseman,

    Appreciate that you have accepted I have been right on RE; well means whatever bear views you held have not been right!! Fair enough.

    As for gold I did not mention on this forum. It was my prediction within family friends circle and I mentioned values in Rs not $ for 22carat gold and not for 24carat.

    bye.



    Good start by you - hope it continues that way!

    At least you are finally turning a bear by 2014, which gives us 2 years till 2016 when prices could come down.

    RK Salai has a wide price range going from Street to Street. Besides we wanted solid middle-class people (like my parent's generation) since they continue to own property there and live there. This means you avoid the 30%-60% black people who are also likely to be that kind of people you wouldn't want as your neighbor. 12k was perhaps the best given those conditions and for us these conditions are more important than getting the maximum money out of the sale (for some people there are many things more important than money, especially when there is more than enough of it :)).

    As far as I'm concerned the bear case has only been postponed because of the liquidity deluge from the West (first time since Roman Empire :)) and so you got lucky. But the flip side of it is that the crash would be so much more sudden and violent and this one needs to be careful about. So stop pushing your luck and sell early (instead of going on threatening to sell and not selling) because you could simply get stuck till the next boom when you would be 10-15 years older and not interested in RE anymore! :)

    My stock market experience tells me that its better to leave the top 15% on the table and exit a little early than wait for the last minute and suddenly find oneself in an illiquid market. RE can be notoriously more illiquid than stocks and therefore more dangerous. This illiquidity becomes more pronounced in outlying areas. Downtown is always the last to lose value as it has spent so many years gaining value compared to outlying areas where "value" is many times merely bubbly speculation (about upcoming airports, Walmarts, super highways, etc which may never come or may not have the impact expected).

    Another way to be defensive is to sell in outlying areas and buy in Central Chennai where you will see less growth but also less volatility.

    Let us see what happens from here on ...

    cheers
    CommentQuote
  • Originally Posted by wiseman
    Another way to be defensive is to sell in outlying areas and buy in Central Chennai where you will see less growth but also less volatility.


    This is what happened post 2010. City outperformed suburbs rapidly.

    DLF in Egmore went from 8.7K to 16K now. DLf is just an example, there are many that gave crazy reuturns.

    Did any suburb generate this kind of return?

    Hira did very good in OMR. But apart from it, most suburbs severely lagged behind CBD.
    CommentQuote
  • Originally Posted by wiseman
    RK Salai has a wide price range going from Street to Street.


    Is this place near the MA Jacob or near VM Street outlet.
    CommentQuote
  • This is what happened post 2010. City outperformed suburbs rapidly.

    DLF in Egmore went from 8.7K to 16K now. DLf is just an example, there are many that gave crazy reuturns.
    Wiseman is suggesting something different than the above. Defensive positioning is aimed at having a better protection on the downside rather than outperforming the suburbs on the upside. Outperformance and not getting trapped by lack of liquidity are the goals for the move but the accent is on the downside. Wiseman's suggestion is more analogous to avoiding small caps at the height of the bull run or around peak economic cycle and getting into wide moat blue chips in the stock market parlance.

    On K11's observation above, it is more of a class that did not participate in the run because it was on a tear in the previous 5 years. Apartments are not a good way to compare as they are "sold" in the suburbs and "bought" in the city. Land is the asset which is "bought" both in the suburbs and city and hence makes a meaningful comparison when we talk about out performance.

    Maverick
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