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Property Price Trends in Chennai

Last updated: July 14 2020
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  • Re : Property Price Trends in Chennai

    Quote this...Nothing is better than nonsense!

    Originally posted by k11 View Post
    Velachery is already at 8-9K today.
    Most of the development is priced in.
    Difference between Velachery and Medavakkam/Perungudi is huge. They are more like half the price.

    For me, I consider Velachery is where the city ends. Suburbs start from beyond Velachery. Many people think as I do. Maybe that is the reason for the appreciation.

    Also most developments stop at Velachery, there are less consumer focussed facilties like Malls, Restraunts beyond this point.

    Coromandel Mall is a crappy place (somehting is better than nothing) so do not quote this.

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    • Re : Property Price Trends in Chennai

      why is there is bigg defference betwee Velachery and Madipakkam though they are seperated only by a bridge? all facilities are also coming to madipakkam now.

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      • Re : Property Price Trends in Chennai

        Chennai property developers are chickens, they don't have guts to think big and beyond. Look at Gurgaon and Bangalore, so many malls and commercial complexes in suburbs, not to worry, developers from North and Bangalore are slowly but surely coming and will drive local developers out of business, just matter of time.

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        • Re : Property Price Trends in Chennai

          Originally posted by lovebirds43k View Post
          Once Royapuram was considered more costly than T.Nagar. But now we know it.

          Centre of the city keeps on changing.

          People comment just based on their live experience but on the past history
          I agree but we cannot compare the city from 1950's to now.

          For the last 30 yrs, Gemini has been the center of city.
          It will remain so for few more decades.

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          • Re : Property Price Trends in Chennai

            I think the problem in Chennai Suburbs is low social infrastructure.

            No upper middle class/rich people move to suburbs. It is mostly lower middle class folks. Add to this Govt is relocating slums.

            IT companies are moved because of cheap land closest to the city. Nobody want to be in OMR, they are there because it is cheap.

            How can they build fancy mall in OMR when there are no buyers.

            Do you think EA (or a mall of similar stature) would come up in OMR.
            Same goes with restaurants.

            When social infrastructure is bad, it is not possible for developers to take development on themselves without proper planning by Govt.

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            • Re : Property Price Trends in Chennai

              Originally posted by k11 View Post
              I think the problem in Chennai Suburbs is low social infrastructure.

              No upper middle class/rich people move to suburbs. It is mostly lower middle class folks. Add to this Govt is relocating slums.

              IT companies are moved because of cheap land closest to the city. Nobody want to be in OMR, they are there because it is cheap.

              How can they build fancy mall in OMR when there are no buyers.

              Do you think EA (or a mall of similar stature) would come up in OMR.
              Same goes with restaurants.

              When social infrastructure is bad, it is not possible for developers to take development on themselves without proper planning by Govt.
              I'm questioning the mindset of local retailers, let them not expand to suburbs they can atleast expand to other areas of chennai. Look at T.Nagar, all these retail chains like Saravana, GRT, Jayachandran and Chennai silks are continuing to acquire more and more land in Usman road and Ranganathan street even though these places are bursting on their seams. Why are they not opening branches in other parts of Chennai? Kishore Biyani learnt and copied Saravana store business model and his retail chain is now biggest in India while Saravana stores is still scouting for more land in Ranganathan street.

              It is time someone teaches them a lesson or two just like how Puthiya thalaimurai and Vijay TV gave sub-standard Sun TV a run for money.

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              • Re : Property Price Trends in Chennai

                Ranganathan St is where people all over TN Villages & towns come to shop.
                They target lower middle class people and price conscious customers. Location is important. Most of their customers do not have car to drive around from one end of the city to another.

                Same thing with Jewelry stores, Panagal park is the Jewelery (Gold) capital of the country literally. When people go to Lalitha, they check out GRT and Prince when they are nearby. There are many Jewelry stores outside of PP, but noone does even half the amount of business.

                Big Bazaar in the malls, target upper middle class people. They are completely different business model.

                People buying in Saravana stores will not move to Big Bazaar.


                By the way, Panagal Park is a much better place now. It is cleaner as they became pedestrian only zone.

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                • Re : Property Price Trends in Chennai

                  Originally posted by k11 View Post
                  When social infrastructure is bad, it is not possible for developers to take development on themselves without proper planning by Govt.
                  This is lame excuse, Hiranandani demonstrated it is possible to construct skyscrapers, now suddenly local builders like Akshaya and TVH have their asses on fire.

                  All it takes is Hiranandani or DLF to start a super mall in Siruseri, local retailers need to face some heat. Unfortunately the time is not ripe now as big players are themselves struggling with mounting debt and inventory overhang, but this is just a momentary situation, things will brighten up in a year and two and chennai will soon catch up with other cities like Delhi, Mumbai, Bangalore, Chandigarh, Ahmedabad, etc..

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                  • Re : Property Price Trends in Chennai

                    Originally posted by k11 View Post
                    I think the problem in Chennai Suburbs is low social infrastructure.

                    No upper middle class/rich people move to suburbs. It is mostly lower middle class folks. Add to this Govt is relocating slums.

                    IT companies are moved because of cheap land closest to the city. Nobody want to be in OMR, they are there because it is cheap.

                    How can they build fancy mall in OMR when there are no buyers.

                    Do you think EA (or a mall of similar stature) would come up in OMR.
                    Same goes with restaurants.

                    When social infrastructure is bad, it is not possible for developers to take development on themselves without proper planning by Govt.
                    I do not agree with you.

                    The city will evolve swiftly.

                    Posh Suburbs,Hot spots, epi centre, CBDs, comercial centers will shift,move,increase etc.

                    5 million people are packed in such a small area called Chennai.
                    8 million people are packed in a small area called Greated metropolitan Chennai.

                    In global standard, geographically Chennai is small for the number of people who call it home.

                    To top it all we have high rural migration in to Chennai.

                    Your T nagars,Purasi,Nungambakkam,Annanagar,Boat club,poes,EA,Satyam etc is not sufficient to cater the needs of 8 million that is growing rapidly.

                    One doesnt need a degree in Macro Economics,If you have lived in Chennai for over 35 yrs, traveled a bit (domestically & International) you will know it.

                    I have seen no social Infra in Anna Nagar,thiruvanmayur,velachery, Neelankarai, RA puram (I grew up there and played Cricket where Sun Tv, leela etc is located)

                    Historically in Chennai Social Infra is the last to follow, it is nothing new.

                    Where the finance hub of Chennai?
                    North Beach, Parys,Broadway?

                    In the 80's every major Indian corporate wanted latest 1000sqft office there.

                    Up until 90's it was the commerce, Transport,Trade hub.

                    Now?

                    Tharamani, velachery was a no go zone.

                    My father had 3 ground land on LB road and he used feel shy to say the location name Tiruvanmayur.

                    He would refer it as Adayar to avoid emmbarisment.

                    Later he sold the 3 ground for 2 Lakhs for my sis marraige and he was happy to get rid of it.
                    Last edited August 13 2012, 09:02 PM.

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                    • Re : Property Price Trends in Chennai

                      Retail solutions can develop only when the area get prospective customers.
                      Time is not right for glitzy malls now.

                      Lets say I get you a franchise for Chanel store.

                      Would you spend 2C to set up a retail outlet in OMR.

                      Even if you set one up, you need to do a business of 20L a month to keep it alive, atleast 250 buyers a month. Now can you do that in OMR.

                      It is possible in Nungambakkam or in a EA mall, rents probably costs bit more, but still a small amount relative to sales.

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