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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  • I saw this article. My opinion is also similar about Shols, Navalur & Siruseri areas.

    After reading the article, I realized that "The author is the Managing Director of Archean Design & Development". His company has their first RE project in Navalur, OMR:)
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  • Articles about real estate trends are written for time pass or compulsion to write something to justify salary or to promote a project.
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  • @Economist,

    I appreciate your effort taken to post stuff on here.

    Can you just post the links to article instead.
    I feel it takes up a lot of space.

    You can however post important points or your comments.

    I do not know if forum members need to know 'where is OMR' in your article.

    And also some articles do not have a lot of info, they have a page of non-essential stuff but just a line of useful info. I agree with Love4Land on this.
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  • Even posts are pasted here for earning commission by some agents. Buyers Beware . Not all owners buy flats based on what i or we write here in that sense.

    Buyer who invests 2-3 crores do not give importance for the posts posted by member who invested 50-60 lacs that too in hidden location. All piece n parcel of land or projects in OMR are not equal n comparable spec to spec
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  • Don't insult people with budget limitations, I know someone very intelligent, capable of making huge fortune but chose a low pay teaching profession in IIT after returning from US. Just because they earn lower or can afford less, doesn't mean they are any less wiser than people with 2-3 crore budget.

    Any good human will give importance to all kinds of suggestions, then choose to ignore or consider based on their merit. Only arrogant people will not even let others to make suggestions.
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  • Ok, Back to the old topic, raised often here - Why is RE Price high in Chennai , compared to many other cities (like BLR, HYD,PUN) despite lacking the good social infrastructure (malls, planned layouts, parking etc)?

    People forget that RE price is not just about quality , not just about demand and supply. In India, RE is also an avenue for investing /parking/hoarding unaccounted income.

    Mumbai CBD RE prices are one of highest in Asia, if not world. Everyone agrees on that right? Now tell this - is Mumbai the best city in Asia? In terms of social and physical infrastructure, Mumbai is one of the relatively worst city in Asia and even in India, Mumbai is rated inferior to delhi. Of course one can never deny Mumbai's unlimited opportunities for anyone willing to work hard (on any field, on any scale) and it is the financial capital. But still does it alone justify the high Mumbai RE prices?

    Same applies elsewhere too. It is only a question of relative comparision. Yes, Chennai, despite its relatively poor infrastructure has costlier RE compared to other cities like BLR or HYD. And the reason is that relatively more Coloured money is circulating here. One need not be a CBI Officer or a Anna Hazare supporter to understand this fact. And yes, Chennai RE, As I know was not so relatively expensive, compared to BLR or HYD say 10 years back. And yes, 10 years back, we did not have such huge Coloured money and so much corruption. It is also not helping that TN Politician names are more mentioned behind many scams. Do feel free to disagree with me - but what makes me argue this way is that prices in smaller towns in TamilNadu also seem to have become too expensive , relative to their social infrastructure.
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  • Corruption is main issue in having RE price so high. Last 10 yrs it is becoming normal that most of the voters are getting anywhere from 3k to 10k in cash on election day depends on strength of various parties. Also there is a trend setter in TN for mass bribing the voters by giving away freebies. Bribing a person is criminal however bribing the entire mass is called socialism. How major parties are en mass such a hugh money days before the elections? RE and pseudo commercial establishments are keys to hide, retrieve and distribute the wealth.

    Also inflation is major factor for stubborn price increase. If history is any guide India never been successful in containing the inflation since independence.

    People become having less and less faith in govt institutions for various reasons that let citizens to do more asset purchase rather than keeping the cash or other investment.
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  • If we get single party with clear majority we may see improvement. Coalition govt is more pain than solution. There is a dearth of leadership at various levels whether it is private or public offices. May be educational system should be reformed at the ground level to root out all these issues. Now we are talking about at least 2 generations away!
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  • Just received email about new project at Sholinganallur junction. Don't know how these people get our emails IDs! Project name is "Renuka Sangamam". The location is Sholinganallur junction per google map snapshot provided. Seems to be a huge township with mix of apartments and villas.

    Apartment price - 4200 psf
    Villa price - 1.77 to 1.99 crores all inclusive

    Villa is on 2700 - 3400 sq ft plot with built up area of 2900 sq ft.
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  • Not many may know - A lot of prime urban land is held by various government and quasi government agencies (Central/State/Local). BSNL and Doordarshan have lot of land. The land may house some building on paper but overall utilization is very poor. If some effort is done by government to exploit all that land, the urban housing shortage can be mitigated. But again this wont happen easily, since a lot of vested interests in India benefit from high RE prices.
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  • Originally Posted by ramki830
    Not many may know - A lot of prime urban land is held by various government and quasi government agencies (Central/State/Local). BSNL and Doordarshan have lot of land. The land may house some building on paper but overall utilization is very poor. If some effort is done by government to exploit all that land, the urban housing shortage can be mitigated. But again this wont happen easily, since a lot of vested interests in India benefit from high RE prices.


    That prime urban land held by govt and q-govt agencies is what is providing the little green cover, or what is left of it, in the city. Adyar has been consistently the coolest part of chennai for years simply because of the number of educational institutions there. If the govt is so socially concerned about housing affordability, then it will not be demanding a share in redevelopment of TNHB tenements.

    Property market has seen a rapid unregulated growth in the last decade or two. But
    is there really a housing shortage in chennai, I wonder!?
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  • Originally Posted by murugesh
    That prime urban land held by govt and q-govt agencies is what is providing the little green cover, or what is left of it, in the city. Adyar has been consistently the coolest part of chennai for years simply because of the number of educational institutions there. If the govt is so socially concerned about housing affordability, then it will not be demanding a share in redevelopment of TNHB tenements.

    Property market has seen a rapid unregulated growth in the last decade or two. But
    is there really a housing shortage in chennai, I wonder!?


    I guess you are referring to CLRI, IIT Campus and related areas which are with green cover. I am not referring to these places, and BTW the land area occupied by IIT Campus is also a Deer Sanctuary and so under Department of ENv. A lot of land in all big cities is held by govt agencies be it BSNL or AIR/DD or LIC or Banks or State departments and much if it is underutilized and most of them are not having any green cover either, unless you consider the thorny bushes as green cover. Exploiting this land bank is critical to control urban land prices but I believe there is lot of vested interest against using it.

    And Yes there is acute shortage of "Quality /Affordable " Housing in Chennai CBD and many other cities (Most importantly Mumbai) and that is also the reason why prices have gone up since supply is a fraction of demand and net result is people will be forced to shift to far away suburbs and exurbs with poor infrastructure.
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  • I am noticing that since last 2 months, Hindu property plus which once used to have 3-4 pages of Ads for New projects, hardly contains 2 pages. resales are 1-2 pages .

    Times property and the Hindu fill pages with unitech and North town Ads alone!

    So i guess there has definitely a cool down since 2-3 months and I am getting many frantic calls from someone like AGP. When i used to speak to AGP 8 months back they never had the time to show me the project and used to say "come back only if u can afford"! :)

    But prices will never go down from local/reputed builders. May be some independent JV kind of props might give 100 Rs discount!

    Also resales for 20 yr old properties inside city are still going strong! may be due to UDS and hope of redevelopment!

    What do all of u feel?
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  • Calling the peak

    Clearly, we have hit the peak in this cycle. Every bus, auto, and everyone's brother is advertising land sale as well as apartment sale. The euphoria has reached peak. The definite signal for peak is when the tallest tower in any region is announced. Abov now has the dubious distinction of calling the top of the market

    I have Ramaniyam calling me for sales in CBD. Even Chaitanya is finding it difficult to sell some developments and is willing to reduce prices. Ceebros does not get sold out within a day and is advertising. If someone were to buy, please buy for your living and not buy for investment. If you have an investment, sell and come back after a few years.

    I think that the massive developments in the suburbs will suffer. Some developers will be broke and some developments will have extraordinary delays. Hold on to your seatbelts.

    Thiruporur, Thirumudivakkam, Gerugumbakkam, Mambakkam, Sembakkam, Kazhipattur and other exotic locales will remain exotic for sometime
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  • When supply gets cut, prices will still remain stable and increase in some cases too for ready to occupy homes. Too many projects have been launched fine, many new infra projects have been announced fine. But these are still in ADs only or in paper only. It will take many years for them to become live. Until those many years there will still be demand for ready to live homes due to limited supply of such stock, with increase in job opportunities in suburbs. Too early to call it a peak.
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