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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  • IT Highway is not CBD by any stretch due to its big distance from City Center. But does that make IT highway a avoid for investing? No. Reason is - across world, including India, the concept of CBD being the prime employment center for city population , is slowly going away. It is still true in places like New York, where half of population would be employed in Manhattan. In Chennai, where more than half of white collar employment in service sector is through IT, the CBD is not where jobs are existing. It is the IT corridor and the surroundings that are big employment centers. So the end result is despite all the negatives, IT Corridor zone will slowly see more and more social infrastructure that makes it more livable than some of the inner city areas in CBD. Of course, this is not going to happen day after tomorrow, but say by 2025-30, IT Corridor will be as good as the best areas in CBD Chennai. And people would even call the place as New CBD.
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  • Originally Posted by maverick007


    Over a longer period of time, the valuation multiple of CBD to burbs is shrinking and will continue to shrink going forward. So, CBD will have more increase may be true in a short term say 1-5 years. Over a 15-20 year period, burbs will trounce CBD by a good multiple (not margin).

    Compare Vandalur/Uthandi/Porur/Maduravoyal prices of 90s with CBD and compute the same ratio now. I left OMR as a special case and we should also leave Poes Garden/Boat Club for comparison as they are special situation cases as well.


    Maverick


    Well said..

    In 1950s, TNagar RE used to be priced at fraction of RE in George Town/Mannady. Today, TNagar is costlier than much of George Town.

    I can add more examples - Vepery used to be much costlier than AnnaNagar even in 1970s, today there is no difference or rather Anna Nagar has become pricier. Or how Nanganallur, which was priced at fraction of West Mambalam is today half the price !! And there are umpteen examples.

    The fact is as a City develops, and grows in population, the price of land in immediate suburbs converge with the land prices in city. And in due course of time the two places become indistinguishable. And at times, the so called CBD suffers inner city decay and becomes less attractive place to invest and prices may fall relative to the newly developing areas.

    And to caution, it is not that this trend will perpetrate for ever. All big cities stop growing in population at some stage and RE expansion also halts at that moment.

    Inner City decay can happen to Gemini Flyover- Anna salai regions but I hope that Metro project and consequent increase in FSI by govt in those areas will see redevelopment. Without Redevelopment, Mount Road in 2025 btw Anna Flyover and Assembly building will start becoming the new George Town.
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  • Originally Posted by ramki830
    I hope that Metro project and consequent increase in FSI by govt in those areas will see redevelopment. Without Redevelopment, Mount Road in 2025 btw Anna Flyover and Assembly building will start becoming the new George Town.


    Well FSI increase will make that happen.

    Our FSI is already very high, comapred to Mumbai and NCR.
    Govt should actually demolish more illegal buildings.

    Govt needs to do Zoning and FSI increase together.

    Since we do not have Zoning, FSI increase is suicidal.
    We will become another Bangalore.
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  • K11, I somehow feel Zoning is not a good Idea in a country like India. Zoning will only increase the misery of those who live in City a local and self sufficient life, and who get their lives without personal transportation. Let us not forget that in India and in Chennai, we will still have majority of population as non car owners for very very long time and zoning is of no help to them. But this is an argument for another place, another day.
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  • Originally Posted by k11
    Sir, I thought you said you travelled several countries.

    Not sure what you are trying to accomplish asking me these questions.

    CBD - Central Business District.

    Everything outside CBD is not a suburb.


    sub·urb


    1. a district lying immediately outside a city or town, especially a smaller residential community.
    2. the suburbs, the area composed of such districts.
    3. an outlying part.

    Suburb | Define Suburb at Dictionary.com


    Wiki defenision of Suburb.

    A suburb is a residential area, either existing as part of a city (as in Australia and New Zealand, and generally in the United Kingdom) or as a separate residential community within commuting distance of a city (as in the United States and Canada).

    In Ireland and the United Kingdom, suburb merely refers to a residential area outside the city centre, regardless of administrative boundaries

    I thought you had lot of relatioship with UK.

    As per the definition of dictionary:

    Boat club is not CBD,Technically It is part of Chennai City, Just like Mugaliwalkam,Semmancheri,Pulal,Madhavaram,Porur, Nolumbur, Nerkundram,Puzidhivakkam etc etc.

    My point is Then dont call the above places (Semmancheri, porur,Maduravoyil,Kathivakkam, Puzidhivakkam etc) as suburbs.
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  • Originally Posted by Economist
    Wiki defenision of Suburb.

    A suburb is a residential area, either existing as part of a city (as in Australia and New Zealand, and generally in the United Kingdom) or as a separate residential community within commuting distance of a city (as in the United States and Canada).

    In Ireland and the United Kingdom, suburb merely refers to a residential area outside the city centre, regardless of administrative boundaries

    I thought you had lot of relatioship with UK.

    As per the definition of dictionary:

    Boat club is not CBD,Technically It is part of Chennai City, Just like Mugaliwalkam,Semmancheri,Pulal,Madhavaram,Porur, Nolumbur, Nerkundram,Puzidhivakkam etc etc.

    My point is Then dont call the above places (Semmancheri, porur,Maduravoyil,Kathivakkam, Puzidhivakkam etc) as suburbs.


    Boss, how can you say Boat club as suburb.

    And that too equate Boat club to Porur, Maduravoyal.

    I feel our Geographical discussion is becoming stuipider by minute.
    Most forum readers are going to laugh at us.

    I can walk to Boat Club from Gemini. It is freaking three Km.

    I can run 3Km in 15mins.

    Where is Semmencheri. It will take an hour to even go there in non-peak hours in a fast car.
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  • Originally Posted by Economist
    I thought you had lot of relatioship with UK.


    I have never lived in UK. My company used to have an operation there, they sold it however, now they have a very small division. I had brief stints abroad. I am a bit familiar with US and China.

    I am pretty much a local guy with a small time job, thats about it.

    Of course, I have some interest in RE, have some small places in some southern cities.
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  • Originally Posted by k11
    Boss, how can you say Boat club as suburb.

    And that too equate Boat club to Porur, Maduravoyal.

    I feel our Geographical discussion is becoming stuipider by minute.
    Most forum readers are going to laugh at us.

    I can walk to Boat Club from Gemini. It is freaking three Km.

    I can run 3Km in 15mins.

    Where is Semmencheri. It will take an hour to even go there in non-peak hours in a fast car.


    Boss it is discussion about technical terms.
    The usage of Terms such as CBD & Suburbs.

    Elephant is a mammal so is a Sheep.

    Ferrari is a motor vehicle so is HM Ambassador.

    It is like saying don't buy a mammal buy a sheep.


    I am trying to clarify the words that is being loosely used by many in the forum when they refer to CBD & Suburbs.

    Standard Classification is important when terms are being used for healthy argument so that everyone is at the same page.

    Nothing personal, just trying to look at chennai city on a global classification in relation to planning terms.
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  • Zeeenn!!

    Zeeenn!
    I am an IIT ian myself!!
    If you want to take back your word just apologise and take back your statement.Why are you giving 'stupid' clarifications? How can a slumdweller compare with a Rs 4 cr villa man! He will bother only about his daily bread!
    Rgds

    Originally Posted by ZeeEnn
    Sorry no intention of hurting your feelings. All I want to insist is that
    a. There are too many slums in and around Mylapore eventhough the locals try to behave as if it is the end of the world. Almost every alternate street is a slum.
    b. The alternate street to the slum in Mylapore is a bungalowed street.
    c. I used slumdog to refer to folks who live in the slum. If that is incorrect as an adjective I withdraw it and you can substitute accordingly.
    Cheers.
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  • Originally Posted by Economist
    Elephant is a mammal so is a Sheep.

    Ferrari is a motor vehicle so is HM Ambassador.

    It is like saying don't buy a mammal buy a sheep.


    Going forward, I will call Boat Club as Suburb and Adyar as Exurb.

    The bulb finally lit up in my head. Thanks for switching it on.
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  • Let's put aside mining the meaning of CBD. Coming back to originality of thread I see price increase every where. I think it is due to diesel impact. The sand, cement others related to construction except steel rod prices have increased in last one month. I see increased activities in mylapore sub-registrar office for property registration. The overall construction cost is getting higher and see now a days default escalation of price increase clause in every builder contract.

    Also new buildings attract service tax which adds up with stamp duty on top of increased guideline value on UDS. Since we are 2 yrs away from parliament election there would be loan waiver, pay scale increment across govt employees and increased socialism towards closer to election time will add up inflationary pressure.

    Do you think still it is possible to expect any price pressure on RE?
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  • Originally Posted by k11
    Going forward, I will call Boat Club as Suburb and Adyar as Exurb.



    On a serious note, what you said was indeed the case in 1950s.
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  • Originally Posted by sunr2i
    Let's put aside mining the meaning of CBD. Coming back to originality of thread I see price increase every where. I think it is due to diesel impact. The sand, cement others related to construction except steel rod prices have increased in last one month. I see increased activities in mylapore sub-registrar office for property registration. The overall construction cost is getting higher and see now a days default escalation of price increase clause in every builder contract.

    Also new buildings attract service tax which adds up with stamp duty on top of increased guideline value on UDS. Since we are 2 yrs away from parliament election there would be loan waiver, pay scale increment across govt employees and increased socialism towards closer to election time will add up inflationary pressure.

    Do you think still it is possible to expect any price pressure on RE?


    These days I am getting to hear more and more folks agree that one of the root cause for high inflation across the country in last few years is the so called 100 day Job Guarantee program (MNREGA). Particularly in a state like TN . where labour force is already educated and urbanization is high, we are seeing huge increase in cost of manual labour due to this scheme. Next 18 months we are going to see another general election and it is likely that UPA Government launch another such scheme or some kind of loan waiver populist move to cover themselves in glory and try to win 2014 election. Given all this, I suspect that we will see more inflation till next elections.

    Only saving grace is global energy prices have cooled a bit but if Iran tensions escalate, we will get hit on this front too.
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  • The real problem

    Originally Posted by ZeeEnn
    Did I promise anything to a person like you Wise? I behave the way that is RIGHT. You call me Jekyl and Hyde but what a psychophant are you calling yourself Wise when you have been shown and you agreed that you were wrong predicting RE bearishly for the past many years.
    Anyway I am not having a dig at you regarding Mylapore, as you dont deserve such attention, especially after you sold off your stock for a song (RK Salai). What shames IITians is not for you to say as you are not one! So just get busy writing your incorrect predictions. As far as I am concerned there is no such special thing about Mylapore except the imaginary snob value the folks there generate. If 10 folks say some Wiseypet is the best place another bunch join up and this goes on till someone shows the truth. Ofcourse in this forum where it is controlled by folks like you truth cant survive. However as far as Mylapore is concerned it is not the preferred place for all and sundry; just for that 10 folks who keep trumpeting it is the top place in the world. (Just like you trumpet about Koramangala since you entered Bangalore in the 90s! I could trumpet Malleswaram but I aint mad enough to make such conclusions! I know the snob value of our property in Malleswaram and the new value of Kormangala.)
    Anyway enjoy your hurt feelings and vendatta you have towards me. I have not much time to write back to you every now and then. All I want to say for sure is, you seem to lie blatantly and even when your predictions have all been nothing but 100% incorrect you the WISE man, continues to give additional wrong views. Let the readers enjoy it.
    Finally if you want to get me banned again, I wont die because of that! Will I? I just entered here to only let the forum know how brilliant you were to predict a MAD BEAR MARKET from 2008 when actually the market is rising. Maybe Bears to you mean Bulls! LOL!



    ZeeEnn,

    The real problem the rest of us face re you is this ...

    - You almost never contribute anything yourself (except continuously parroting, "price is going to the moon" all the time

    - you constantly behave rudely and obnoxiously and use unparliamentary language :)

    Finally, when by your own admission, Boat Club, IIT (in the past) and every other Tony location has a slum within a stone's throw, why did you pick Mylapore for you example?

    Simple! It had to be a dig at me and you can't stand the fact that, while you always keep saying that you keep getting offers but want to hold out for more, We happened to wait till prices went up more than enough and sold exactly half of what we possessed. The golden 50:50 rule. Have your cake and eat it too! I've seen this property at 10 per SFt and we sold at 12000 per SFt. Can't get too greedy!

    Its called diversifying when prices have gone too far and I'll bet that, in the next 5 years the sale proceeds will do far better even if it is parked only in Debt Funds with a yield averaging 12.5% - 14% or so. I hope to do better than that with PMs and stocks! :)

    To each his own. So, stop this passing comments on others with obnoxious words and post only when you have something useful to say on some topic without personal comments! Can you do that? I don't think so! :)

    Thanks for your apology to the forum.

    This is my last post in your direction.

    cheers
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  • Originally Posted by k11
    Going forward, I will call Boat Club as Suburb and Adyar as Exurb.

    The bulb finally lit up in my head. Thanks for switching it on.


    My parents will agree with you on definition of city and suburbs :p.
    Different people have different idea of what is city and what is suburb. I remember once when someone asked whether to buy apartment in city (chromepet) or suburb (Guduvancherry), you pointed out the city ended with Thiruvanmiyur, Velachery and Guindy.
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