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Property Price Trends in Chennai

Last updated: May 20 2021
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  • Re : Property Price Trends in Chennai

    Yes, very logical. I was also under this impression till last year. Infact I wanted to buy property in OMR but due to over heated demand, extreme speculation and lot of fraudulent activity, I was forced to drop the idea and move over to GST. Now GST has also become the same, that is a different issue.

    However when buying apartment, most of these issues are insignificant, especially when builder is reputed, so one would expect a huge price difference between apartments in OMR and GST.

    The difference was huge and still is, until Olympia and Viswakarma came into picture. When I heard that there was a mad rush at Olympia Grande site when project was launched, I was really shocked considering the price quoted as much higher than Sholinganallur and almost same as Thoraipakkam.

    Then only I realized that people don't actually prefer OMR over GST, the reason why prices in OMR are high are purely due to lack of quality apartment projects in GST. When a good builder comes up with good project in GST, it will certainly sell no matter how high the price is.

    People are anyday going to prefer Pallavaram over Sholingallur, maybe even Thoraipakkam as long as they get the kind of property they want.

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    • Re : Property Price Trends in Chennai

      The era of Pallavaram, Pammal and Chromepet has just begun. In a few year we can see more land parcels being released by industries in these areas and big builders competing with each other to build luxury apartments.

      There are acres and acres of lands stuck up due to litigation, I remember few years back a news of Unitech trying to purchase 90 acres land from Gordon woodroffe close to GST road in Pallavaram . The deal is stuck in litigation, if it goes through we are going to see a huge township that is going to give Siruseri and Sholinganallur a run for money.

      http://www.thehindubusinessline.in/2...0201690500.htm

      When Nallambakkam issue can be overcome, Pallavaram issue is nothing:

      http://www.hindu.com/2004/12/07/stor...0712420600.htm
      Last edited August 16 2012, 01:22 PM.

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      • Re : Property Price Trends in Chennai

        Originally posted by lovebirds43k View Post
        The difference is areas like Pallavaram/Alandur do not offer much job opportunities. People from GST every day have to come to city/OMR for offices and return back. whereas OMR offer jobs at its location itself
        True! Also the fact that places like Pallavaram/Pammal/Chromepet have been traditionally a breeding place of Tanneries and other industries, and has had a history of issues related to water contamination and high presence of effluents, is also a reason people will be hesitant to move to these places. In earlier days, residents were typically blue collar people who worked in these industries. Also I am used to reading news of how people near these areas suffer from skin problems, asthma etc.

        Even now some independent studies on this area still show high levels of contamination in these areas, altho rainwater harvesting and other efforts might have helped in improving the water quality a little bit!

        Projects like Olympia Grande do not suffer as they are on Road and hence people might overlook these issues for the project's location!

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        • Re : Property Price Trends in Chennai

          As Vettipaiyan has correctly pointed out, buyers of Olympia Grande have ignore tanneries or industrial pollution and are rushing to buy such high priced units purely because of location advantage. I totally agree with him. Such a thing was unimaginable just 3 yrs back.

          It is Olympia Grande today, it will be Landmark Centralia tomorrow and it will be Appaswamy Brooksdale day after.

          If you had asked a hardcore Chennaiite 15 yrs back if it is worthwhile to buy property in Perungudi or Pallikaranai, he would have straightway said no and recommended Tambaram or Urapakkam. Who would have imagined a locality in the middle of garbage dumping area would have turned into a real estate gold mine?

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          • Re : Property Price Trends in Chennai

            Originally posted by Love4land View Post
            Who would have imagined a locality in the middle of garbage dumping area would have turned into a real estate gold mine?
            True! You can also include the huge slum/dumpyard area near Vishwakarma Skypark. I would like to know how these places looked 15 yrs back. Should have looked pretty shabby! Do u have any links with pics of these areas 15 yrs back or so?

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            • Re : Property Price Trends in Chennai

              Also I feel that comparing OMR to GST is not proper at this point since GST has had such a long run and was primarly, i guess, the supply road for such industries and also was one of the properly maintained roads in Chennai primarily due to the Airport.

              I feel SIPCOT's (Siruseri) growth has the capability to decide the future of OMR's infra growth. Altho many interior areas of both OMR and GST don't look that great now!

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              • Re : Property Price Trends in Chennai

                Originally posted by vettipayyan View Post
                I feel SIPCOT's (Siruseri) growth has the capability to decide the future of OMR's infra growth. Altho many interior areas of both OMR and GST don't look that great now!
                The interior areas were never good.
                So much supply coming out now, it is a dog eat dog world for developers in OMR/GST.

                There is also a clear price differenciation. Look at Velachery and areas next to it. OMR vs GST debate will be settled only when one of the areas break the price ceiling. They cannot beat the prices in the outskirts of city (Velachery, Gunidy,etc), but atleast they should come within 20% of the price. Right now Pallavaram, Perungudi/Thoraipakkam are 4-5K prices (60-70% cheaper than Velachery).

                I think Porur might have the opportunity to move up once Mogappair/Anna Nagar W develops. Couple of big projects including Ozone will give the area an uplift. I like the new developments in Porur. New breed of IT companies might find a new home here in the newer IT parks, prob an alternative to OMR. Porur region might trump GST/OMR areas.

                Comments?

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                • Re : Property Price Trends in Chennai

                  Originally posted by vettipayyan View Post
                  True! You can also include the huge slum/dumpyard area near Vishwakarma Skypark. I would like to know how these places looked 15 yrs back. Should have looked pretty shabby! Do u have any links with pics of these areas 15 yrs back or so?
                  Lol! Why this kolaveri? I never said it is a great residential area, we are talking about future investment potential.

                  Someone who bought apartment in Perungudi a year back won't have seen good appreciation while someone who bought apartment in Pallavaram for say 3500 psf 2 yrs back is gonna make huge profit in a few years. I remember Jain green acres project when it was launched in 2006 or 2007.

                  Lot of people were surprised why anyone would launch a lifestyle project in a godforsaken place like Zamin pallavaram. I think the launch price was 2500 psf, the cheapest lifestyle apartment at that time. Lot of IT folks bough units in that project. In OMR prices were not less than 4000 psf all the way upto Navalur. After 2008, OMR saw a huge correction when DLF slashed prices to 2700 psf, who would have made wise decision? Someone who bought green acres or someone who bought apartment in Sholinganallur during same time?

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                  • Re : Property Price Trends in Chennai

                    Originally posted by k11 View Post
                    The interior areas were never good.
                    So much supply coming out now, it is a dog eat dog world for developers in OMR/GST.

                    There is also a clear price differenciation. Look at Velachery and areas next to it. OMR vs GST debate will be settled only when one of the areas break the price ceiling. They cannot beat the prices in the outskirts of city (Velachery, Gunidy,etc), but atleast they should come within 20% of the price. Right now Pallavaram, Perungudi/Thoraipakkam are 4-5K prices (60-70% cheaper than Velachery).

                    I think Porur might have the opportunity to move up once Mogappair/Anna Nagar W develops. Couple of big projects including Ozone will give the area an uplift. I like the new developments in Porur. New breed of IT companies might find a new home here in the newer IT parks, prob an alternative to OMR. Porur region might trump GST/OMR areas.

                    Comments?
                    OMR/GST arguments will never settle down anytime in near future as they constitue the lion share of residential development in whole of Chennai. I'm talking in terms of volume. Buyers in these areas are spoilt for choices and this will ensure prices remain low and appreciation if any will always be within a bandwidth.

                    Just to gauge buyers' interest in various parts of Chennai, just see how regions of Chennai are classified in other forum: OMR/GST/Chennai west and Chennai south.
                    Last edited August 17 2012, 08:56 AM.

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                    • Re : Property Price Trends in Chennai

                      Originally posted by Love4land View Post
                      Lol! Why this kolaveri? I never said it is a great residential area, we are talking about future investment potential.
                      There was no pun intended. I was just curious to know if any old pics existed. I used to cycle upto Madhya kailash in 1990s and used to return back as I used to be scared that some deer from IIT going to the forests in the now OMR area wud knock me. But now I dont have any rememberance of how this road looked then!

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