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Property Price Trends in Chennai

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

    Originally posted by k11 View Post
    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.
    People of Chennai suburbs are not asking for Chanel store or Tag Heuer show room, they want big bazaar or GRT or Saravana stores, unfortunately they are being let down by local retailers.

    There is huge pent up demand, no one is willing to take up the challenge. It is like Ap-ple saying there is not enough margin in India.

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    • Re : Property Price Trends in Chennai

      Originally posted by Economist View Post
      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?

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

      Now?

      Please do not compare the city from 1960s.

      Things have changed a lot.
      You cannot play cricket in Mount Rd anymore.

      Finance hub is now Nungmabakkam. SBI has already moved its office.
      They still have one in Parrys.
      Indian Bank built a posh building in Royapettah High Rd.
      That will be their HQ. ICICI & IDBI has offices in Nungmabakkam too.
      ICICI is building an development center in Ambattur, it might be complete now.

      However Parrys is still the B to B capital of S India. Most of the trade is still done there. People working there live in N Madras, some well to do folks in Kilpauk and Purasawakkam.

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      • Re : Property Price Trends in Chennai

        Originally posted by Love4land View Post
        People of Chennai suburbs are not asking for Chanel store or Tag Heuer show room, they want big bazaar or GRT or Saravana stores, unfortunately they are being let down by local retailers.

        There is huge pent up demand, no one is willing to take up the challenge. It is like saying there is not enough margin in India.
        I agree we need more options.

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        • Re : Property Price Trends in Chennai

          Originally posted by k11 View Post
          However Parrys is still the B to B capital of S India. Most of the trade is still done there. People working there live in N Madras, some well to do folks in Kilpauk and Purasawakkam.
          Ashok Leyland shifted part of corporate functions from Parrys to Nandanam (not sure when, think during 80s) but the Parrys office continued to be their nerve center until few years back. Now they have shifted their headquarter to Guindy. Nothing is written on stone.

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          • Re : Property Price Trends in Chennai

            Originally posted by Economist View Post
            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.
            By the way, 8MM people do not need EA.

            Only 5% of that 8MM truly shop for something in EA.

            I agree they need basic necessities and retail stores, but does not mean you can make money by setting up posh malls in middle of nowhere.

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            • Re : Property Price Trends in Chennai

              Originally posted by Love4land View Post
              Ashok Leyland shifted part of corporate functions from Parrys to Nandanam (not sure when, think during 80s) but the Parrys office continued to be their nerve center until few years back. Now they have shifted their headquarter to Guindy. Nothing is written on stone.
              Agree, Guindy is fast developing as an office hub.

              Porur being nearby should have a lot easier time attracting IT too. Not sure whether it will happen. DLF IT park is critical to RE over there.

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              • Re : Property Price Trends in Chennai

                Originally posted by k11 View Post
                By the way, 8MM people do not need EA.

                Only 5% of that 8MM truly shop for something in EA.

                I agree they need basic necessities and retail stores, but does not mean you can make money by setting up posh malls in middle of nowhere.
                You got the math wrong, it is 5% of our generation and 30% of gen-y. There are lot of folks living in Sholinganllur apartments, driving Audis and Benzes, revelling in ECR resorts but coming to CBD to watch movies and for shopping. You can even spot imported sports cars in some apartments in Sholinganallur. This is courtesy my college going cousin who lives in Sholinganallur. He has great passion for cars and goes around his neighborhood taking pictures of cars and posting on Facebook.

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                • Re : Property Price Trends in Chennai

                  Originally posted by Love4land View Post
                  You got the math wrong, it is 5% of our generation and 30% of gen-y. There are lot of folks living in Sholinganllur apartments, driving Audis and Benzes, revelling in ECR resorts but coming to CBD to watch movies and for shopping. You can even spot imported sports cars in some apartments in Sholinganallur. This is courtesy my college going cousin who lives in Sholinganallur. He has great passion for cars and goes around his neighborhood taking pictures of cars and posting on Facebook.
                  You might be right on that one.

                  I was trying to illustrate the wealth gap.
                  25% of the citys population still live in slums.

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                  • Re : Property Price Trends in Chennai

                    Originally posted by Love4land View Post
                    T.Nagar is a planned locality, Royapuram was not. Thoraipakkam is not. That is why there is huge difference in sq ft rates between Thoraipakkam-Perungudi and Thiruvanmiyur-Adyar.
                    Tiruvanmiyur is nasty and too congested roads. The way OMR (upto sholinganallur) is slowly but gradually developing because of wide and straight roads with show rooms and tall offices/apartments on both the sides, after few years the segment from Madya kailash to sholinganallur will beat thiruvanmiyur in terms of availablity of shops,mall,outlets etc

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                    • Re : Property Price Trends in Chennai

                      Thiruvanmiyur is congested because population has crossed saturation level. Thoraipakkam's population is nowhere near Thiruvanmiyur's. I wish people move away to other areas in OMR.

                      You must visit south avenue road, seaward roads,various main roads and cross streets in Thiruvanmiyur to appreciate the locality. If one road is blocked, there is always multiple routes available for travel thanks to grid layout of roads. There are also plenty of parks in the neighborhood.

                      Thoraipakkam and Perungudi interior roads are too narrow, too many dead ends and if a road is blocked, there is no way out. As long as people stay on OMR or just few feet away, it is fine. If you go beyond 500m, life will become hell.

                      My friend has been predicting Sholinganallur will beat Adyar for the past 7 yrs, the price gap is only getting wider and wider :p

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