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Property Price Trends in Chennai

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  • Re : Property Price Trends in Chennai

    Originally posted by k11 View Post
    I think Porur might have the opportunity to move up once Mogappair/Anna Nagar W develops.
    Comments?
    True! some places of Porur, Mogappair, Nolambur, Ambatur industrial estate look gud and people will prefer to settle down there! I liked some areas near Mogappair. These area has places, that look better than OMR and GST , but the rich neighbour Annanagar is make these places costly too.

    Altho Porur has its share of bad interior areas like Mugalivakkam, CRR Puram, just being around DLF is making prices soar.

    Funny that once upon a time I used to see people settle around a temple. Now its around IT parks :-)

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    • Re : Property Price Trends in Chennai

      In Porur there are two big projects going on called Prestige Bella Vista and Osian Chlorophyll. But we have to wait for handover till 2015. Any comments on these projects and is investment recommended in one of them ?

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      • Re : Property Price Trends in Chennai

        Originally posted by fmifmi View Post
        In Porur there are two big projects going on called Prestige Bella Vista and Osian Chlorophyll. But we have to wait for handover till 2015. Any comments on these projects and is investment recommended in one of them ?

        I do not know if they can be called proper Porur.

        I like the Prestige project. It is in Iyyapanthangal actually.
        This area is better than the nearby areas, but I am not sure if this is better than proper Porur.

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        • Re : Property Price Trends in Chennai

          Originally posted by k11 View Post
          The interior areas were never good.

          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?
          I am not sure if Porur and OMR/GST are comparable . Porur is a proper residential area, has seen residential development even 20 years back. Now part of City, Porur is the New Ashok Nagar, helped with excellent road connectivity plus good water. Also a lot of workforce who work Sriperumbudur belt would settle in this area. Porur will be the Velachery of Western Chennai.

          But I dont think there is scope for OMR style big IT parks. DLF IT City is an exception and infact is a very big one employing tens of thousands. With looming oversupply of commercial/IT office space in OMR, dont see any reason for more such projects. Any IT Player who wants office space would rather bargain to get cheap leases in OMR or in M City instead.

          Porur is still investment worthy, if one wants an excellent residential locality. As i said, Porur is the New KK Nagar/New Ashok Nagar .

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          • Re : Property Price Trends in Chennai

            Originally posted by ramki830 View Post
            I am not sure if Porur and OMR/GST are comparable .
            Rates are similar thats why I compared it.

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            • Re : Property Price Trends in Chennai

              Originally posted by vettipayyan View Post
              True! some places of Porur, Mogappair, Nolambur, Ambatur industrial estate look gud and people will prefer to settle down there! I liked some areas near Mogappair. These area has places, that look better than OMR and GST , but the rich neighbour Annanagar is make these places costly too.
              l
              While you are right, we all tend to forget that the OMR/IT Highway areas were just a series of underdeveloped villages till 2003 AD.

              People used to live in Ambattur even in 1980s.. Mogappair was developed in early 1990s and so was Porur. All these places are better because of years of development and investment. Mogappair was a horrible place before that.

              Till late 1990s, OMR was all about one narrow two way lane to Mahabalipuram, an industrial estate (with lots of sick industrial units) in Perungudi, a few engineering colleges , few other factories (Dollar biscut factory) Aaavin Milk Processing unit. There was no meaningful population till Jayalalitha launched the IT highway project. Land prices in OMR were cheaper than GST, Porur, Ambattur etc till 2002. 2002-2007 period saw unprecedented 10-25 fold increase in prices (The kind of appreciation in such short term had never happened in any part of chennai). Usually in any investment, prices rise ahead of actual development. The OMR road itself saw some shape only in 2008. Now of course there is huge supply of Residential and Commercial units coming up and prices should sharply correct.. but that is how development happens.

              That OMR lacks infrastructure is obvious, but to be fair, let us give more time... Mogappair and Porur were not pretty looking in 1990s either.

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              • Re : Property Price Trends in Chennai

                Originally posted by k11 View Post
                Rates are similar thats why I compared it.
                -

                OMR is overvalued because of Brand . And yes, GST is also overvalued,gone up too much in 2007-12 period.

                The 3M's (Maduravoyal, Mugalivakkam and Madipakkam) are the most undervalued places in chennai (apart from North/North east chennai) and I would bet these are the places which will appreciate most in next 5 years.

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                • Re : Property Price Trends in Chennai

                  Originally posted by k11 View Post
                  Rates are similar thats why I compared it.
                  What?? Rate in GST same as Porur? then Porur must be grossly undervalued!
                  This was not the case even a year back.

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                  • Re : Property Price Trends in Chennai

                    Originally posted by Love4land View Post
                    What?? Rate in GST same as Porur? then Porur must be grossly undervalued!
                    This was not the case even a year back.
                    Not sure what it was before.

                    Prestige and Osian is in the same price range as Olympia Grande and other projects in GST.

                    When I say GST, I mean only till Chrompet. Tambaram & Beyond, rates take a big fall.

                    Similarly comparable OMR strech is till Shols. Same story, beyond Shols rates dip a lot.

                    Porur definitely looks better today than Shols/Thoripakkam & Pallavaram/Chrompet.

                    Today, all the three areas are around 4-5K.

                    GST has the least number of projects, OMR has the best selection, Porur lies in between in terms of selection.

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                    • Re : Property Price Trends in Chennai

                      Olympia Grande is an aberration, it just jumped out of the blue. Even if you go a KM interior the rate falls of steeply to 4200. Having said that, it certainly hints future appreciation in interior areas.

                      Bella Vista is 5,500 psf. It is not Porur per se but Iyyappanthangal. Osian Chlorophyll is also not Porur per se, it is akin to Tambaram vs Pallavaram. Rate is approximately 4,800 for decent sized apartment.

                      Both Bella Vista and Osian seems to have tiered pricing structure for 1BHK, 2BHK, 3BHK and super luxury units.

                      Also in Thoraipakkam, only Radiance Mandarin costs 6000 psf. It is a lifestyle apartment bang on the road. Apartments in interior areas are still hovering at 5000-5500 psf range.

                      Primex Verterra and VGN Krona are somewhat actual Porur but very interior area, I think rates are 4,200 for Primex and 4,700 for VGN, not absolutely sure though.
                      Last edited August 19 2012, 07:00 AM.

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