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.
Read more
Reply
2344 Replies
Sort by :Filter by :
  • Alliance Orchid

    Dear friends,

    In December first week (10.12.2008), the rate of Alliance Orchid Springs is 2999/Sq.ft. Now they increased to 3199/.

    Why they increased..?
    CommentQuote
  • Originally Posted by ksmraj
    Dear friends,

    In December first week (10.12.2008), the rate of Alliance Orchid Springs is 2999/Sq.ft. Now they increased to 3199/.

    Why they increased..?


    That is the advertised price.

    If you approach him directly they will give less than 2999 as the demands are less
    CommentQuote
  • Originally Posted by nabishek
    Dear Friend,

    Builders are not only quoting fancy rates for the last one year, they have steadily increased it and are quoting 30% more than what they had quoted last year.

    To give an idea, in late 2007 a flat in shastri nagar, adyar was quoted 7500/sqft at 60% construction completed stage.Now the same flat is still unsold, ready to move in and is being quoted 10000/sqft.On negotiating one can get it at 8500-9000/sqft.

    If purchased at 8500/sqft,One can claim they have got 25% discount from the builder, but in reality its 20% profit over 2007 rate.

    The builder seems to be in no urgency to close the deal fast.

    The lethargic attitude may be because the builder has already booked profit from the sale of the first few flats. hence, whenever and whatever price the flat is sold its only a profit.

    Some invisible powerful hand is holding up the prices and discouraging builders from selling below or even quoting below the market price.

    Whether its the builders cartel, politicians, black money?its not clear.But surely, it isnt only Demand...

    Chennai RE is truly baffling.


    demand does dictate price but their is one more factor like rarity/scarcity/unavailability.

    for eg platinium commands a price as high as gold(higher before),the demand and liquidity do not match or even come near gold but the rate is equal to that of gold. even without ers platinium still holds the price.

    similair is the case of RE in chennai(proper). other than flats you dont come across more than a few properties for sale in a location(discounting the fact that very few would be a distress sale).
    as somebody said land prices(not flats) are still lesser in chennai compared to the 3 metros and ers from those places acquire RE in chennai at great prices(to them it is cheap compared to Delhi,Bombay,Bangalore etc)

    RE is truly baffling
    CommentQuote
  • Originally Posted by sundardj
    I disagree with Nataraj that the upmarket prices would continue to remain this way. Just wait and see, the pricess in Bangalore has fallen in upmarket areas. It is a question time before it happens in Madras. It is simply untenable to hold on to this price for long.

    In which upmarket area in Bangalore has price fallen? Dont just sell air!
    CommentQuote
  • Originally Posted by abk
    demand does dictate price but their is one more factor like rarity/scarcity/unavailability.

    for eg platinium commands a price as high as gold(higher before),the demand and liquidity do not match or even come near gold but the rate is equal to that of gold. even without ers platinium still holds the price.

    similair is the case of RE in chennai(proper). other than flats you dont come across more than a few properties for sale in a location(discounting the fact that very few would be a distress sale).
    as somebody said land prices(not flats) are still lesser in chennai compared to the 3 metros and ers from those places acquire RE in chennai at great prices(to them it is cheap compared to Delhi,Bombay,Bangalore etc)

    RE is truly baffling

    I am the one who said that price of land in Chennai is yet cheap and that is the reason that prices JUST WONT FALL in Chennai. Infact if outsiders start trickling in more into chennai then prices will actually shoot up.
    CommentQuote
  • Originally Posted by nabishek
    Dear Friend,

    Builders are not only quoting fancy rates for the last one year, they have steadily increased it and are quoting 30% more than what they had quoted last year.

    To give an idea, in late 2007 a flat in shastri nagar, adyar was quoted 7500/sqft at 60% construction completed stage.Now the same flat is still unsold, ready to move in and is being quoted 10000/sqft.On negotiating one can get it at 8500-9000/sqft.

    If purchased at 8500/sqft,One can claim they have got 25% discount from the builder, but in reality its 20% profit over 2007 rate.

    The builder seems to be in no urgency to close the deal fast.

    The lethargic attitude may be because the builder has already booked profit from the sale of the first few flats. hence, whenever and whatever price the flat is sold its only a profit.

    Some invisible powerful hand is holding up the prices and discouraging builders from selling below or even quoting below the market price.

    Whether its the builders cartel, politicians, black money?its not clear.But surely, it isnt only Demand...

    Chennai RE is truly baffling.

    Chennai RE is baffling eh? Great! Think of it. In SIS Safaa down GST road in Urapakkam almost 40km from Mount Road price of a flat is Rs 3500/sqft. Then in Adayar the price should be 35000 psft and at 10K psft it is so cheap. Only a congenital idiot will ever sell it cheaper than that and I dont think Chennai BUilders are so stupid yet!
    Ofcourse Congenital idiots of B U Yers exist and SIS Safaa!
    CommentQuote
  • Originally Posted by abk
    demand does dictate price but their is one more factor like rarity/scarcity/unavailability.

    for eg platinium commands a price as high as gold(higher before),the demand and liquidity do not match or even come near gold but the rate is equal to that of gold. even without ers platinium still holds the price.

    similair is the case of RE in chennai(proper). other than flats you dont come across more than a few properties for sale in a location(discounting the fact that very few would be a distress sale).
    as somebody said land prices(not flats) are still lesser in chennai compared to the 3 metros and ers from those places acquire RE in chennai at great prices(to them it is cheap compared to Delhi,Bombay,Bangalore etc)

    RE is truly baffling


    Very good analogy drawn here abk.

    When Builders found they could quote and earn huge profit by promoting the same building some 50kms in the outskirts.They stopped developing inside the city and shifted their focus outside, The few who still continue constructing demand premium rates thats exhorbitant.

    worthy properties have become a rarity in chennai.

    Regarding chennai lands being cheaper,The land is cheap only in comparision with other cities.

    The land price have risen leaps and bounds.There seems to be no logic or demand/supply equation to support why a land sold at 6 lakhs/grnd some years back should be sold at 60 lakhs/grnd today.

    Maybe there isnt any logic and one shouldn't search for one.Its better to assume and accept this is how RE boom happens.

    Today RE not only caters to the demand from the local market but also at the national and global level.

    But did these people who bought from other cities/countries perform a one to one comparison of the facilities/infrastructure before going ahead with chennai?

    I feel the answer is No.For a person who doesnt know chennai, every locality with chennai pincode is chennai.It doesnt matter to them even if its in the outskirts.

    While I was enquiring about availability on a high rise on OMR, I was shocked to find out that all the top 4 floor in one of the block was booked under a single person's name, who was part of a leading financial consulting company.

    The businessmen/NRI from other cities and countries are being advised by their financial consultants to buy property in chennai as part of their portfolio as it is cheaper comparatively and chennai holds very good promise in the future.Thats the reason they all bought it.

    Now, when the financial and asset management companies sense that returns from RE are not as attractive like before, the same consultant would advise their clients to exit immediately and offer to help in the transaction.The clients will be willing and complying to do so.They did not understand why they have invested in the first place to understand why they shouldn't exit now.

    Many businessmen and top earners hire financial consulting firms for wealth management.They have passed the responsibility of managing their investments to these companies and allow them to make decisions on their behalf and are happy as long as they continue getting good returns.
    CommentQuote
  • Originally Posted by nabishek
    Very good analogy drawn here abk.

    When Builders found they could quote and earn huge profit by promoting the same building some 50kms in the outskirts.They stopped developing inside the city and shifted their focus outside, The few who still continue constructing demand premium rates thats exhorbitant.

    worthy properties have become a rarity in chennai.

    Regarding chennai lands being cheaper,The land is cheap only in comparision with other cities.

    The land price have risen leaps and bounds.There seems to be no logic or demand/supply equation to support why a land sold at 6 lakhs/grnd some years back should be sold at 60 lakhs/grnd today.

    Maybe there isnt any logic and one shouldn't search for one.Its better to assume and accept this is how RE boom happens.

    Today RE not only caters to the demand from the local market but also at the national and global level.

    But did these people who bought from other cities/countries perform a one to one comparison of the facilities/infrastructure before going ahead with chennai?

    I feel the answer is No.For a person who doesnt know chennai, every locality with chennai pincode is chennai.It doesnt matter to them even if its in the outskirts.

    While I was enquiring about availability on a high rise on OMR, I was shocked to find out that all the top 4 floor in one of the block was booked under a single person's name, who was part of a leading financial consulting company.

    The businessmen/NRI from other cities and countries are being advised by their financial consultants to buy property in chennai as part of their portfolio as it is cheaper comparatively and chennai holds very good promise in the future.Thats the reason they all bought it.

    Now, when the financial and asset management companies sense that returns from RE are not as attractive like before, the same consultant would advise their clients to exit immediately and offer to help in the transaction.The clients will be willing and complying to do so.They did not understand why they have invested in the first place to understand why they shouldn't exit now.

    Many businessmen and top earners hire financial consulting firms for wealth management.They have passed the responsibility of managing their investments to these companies and allow them to make decisions on their behalf and are happy as long as they continue getting good returns.


    Salarys and cost of living are also more in other 3 metro cities as compared to Chennai.Bangalore has huge chuck of income from IT,Mumbai from financials,industries and Delhi from central government people.But Chennai has low paying auto industry.So cant comapre Chennai with other cities.
    CommentQuote
  • Originally Posted by Natarajg007
    Chennai RE is baffling eh? Great! Think of it. In SIS Safaa down GST road in Urapakkam almost 40km from Mount Road price of a flat is Rs 3500/sqft. Then in Adayar the price should be 35000 psft and at 10K psft it is so cheap. Only a congenital idiot will ever sell it cheaper than that and I dont think Chennai BUilders are so stupid yet!
    Ofcourse Congenital idiots of B U Yers exist and SIS Safaa!


    But who is buying it. These are ad prices. But no takers.

    If you approach them you will get 30% discount
    CommentQuote
  • Chennai Apartment Prices 2004-2009

    Hi Friends,

    We often talk about 2004/2005 prices and about whats the current price in chennai.

    Following would be a very useful lookup to know the price trend since 2004 and help in deciding on a property.

    Source : A Guide to Chennai Real Estate

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=50

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=51

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=52
    Attachments:
    CommentQuote
  • Dear friend,

    Thanks. Really usefull information, consolidated. Of course, some downward correction need to be considered taking into account the present discounts to be negotiated hard with the builders.

    ks2071746:o
    CommentQuote
  • Super ...

    Originally Posted by nabishek
    Hi Friends,

    We often talk about 2004/2005 prices and about whats the current price in chennai.

    Following would be a very useful lookup to know the price trend since 2004 and help in deciding on a property.

    Source : A Guide to Chennai Real Estate




    Super Abishek. This merits some time on analysis.

    Would there be one on volumes as well? That should tell quite another story.

    Besides, these are rack rates. If only there was a story on how much one can squeeze today as compared to 2008,would have given a much more informative story.

    We must be thankful for what we got and not keep hankering about the completeness of data like on developed countries.

    cheers
    CommentQuote
  • wonderful job
    CommentQuote
  • Originally Posted by nabishek
    Hi Friends,

    We often talk about 2004/2005 prices and about whats the current price in chennai.

    Following would be a very useful lookup to know the price trend since 2004 and help in deciding on a property.

    Source : A Guide to Chennai Real Estate

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=50

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=51

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=52

    Nabhishek, Very interesting...Can you provide me the source. A few years ago when I searched for such info, they turned out to be guideline values and not realistic. So please provide the link to the source. Thanks in advance.
    CommentQuote
  • Originally Posted by nabishek
    Hi Friends,

    We often talk about 2004/2005 prices and about whats the current price in chennai.

    Following would be a very useful lookup to know the price trend since 2004 and help in deciding on a property.

    Source : A Guide to Chennai Real Estate

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=50

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=51

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=52

    Having done a first round study of your interesting data. I find the following
    1. It is certainly useful for getting a feel but no more accurate.
    2. How do we assume Mudra homes is right?
    3. Data is so vague in terms of accuracy. Let us take some examples
    Tiruvanmiyur 7000-7750
    Adyar 7500-10000
    Now what is the definition of Tiruvanmiyur. Is the Pincode the definition? One plot of land I have is in Palavakkam, Tiruvanmiyur, Chennai 600041. There are places in Palavakkam with pincode Chennai 602028. So are they the same.
    In Tiruvanmiyur right on Seaward road a person is selling land at 1.2Cr per ground. Now this is not approved any bit! Almost on the sea! Is this Tiruvanmiyur. In Kalakshetra the price will be different! I have a quote for flat in Seaward road for 13K psft and does it not contradict.
    The bear cartel (repeat the Pitchakarans among them!) speak that any high number is wrong! As if all low numbers are right.
    Now the range in Adayar is 7500 to 10k. Does it mean quality of flat determines it? SO in Tiruvanmiyur the range is just 500 rupees. WHy? All flats in Tiruvanmiyur are built similarly? Now go and check with Nahar construction and he will quote 5.5K in Tiruvanmiyur! Why?
    Well the above data is EXTREMELY USEFUL and Nabhishek has done a great job. Using this to interpret is less worthwhile than using 99acres.com!
    So much for standardisation!
    Cheers.
    CommentQuote