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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2357 Replies
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  • When a 3rd rate builder builds a apartment in water logged low lying 20 feet road on a one ground plot 2 - 3 kms from main road in velachery or madipakkam and charges crazy price like Rs.6500/sq.ft or Rs.5500/sq.ft most Chennai guys will buy that. Specs will be lowest grade, even paint will be ordinary still people will buy it. Because somehow that mentality staying close to city is enough to make any compromise and also pay high price.

    When top class builder like L&T builds a very good township, right inside one of biggest IT SEZs anywhere, with good quality (he has already delivered phase 1, a buyer can also check ready apartments in phase 1 for quality check) with thousands of white collared IT jobs getting created right next door - many Chennai people will not buy, they will say price of Rs.5,100 is high.

    Guys, give up this mentality.
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  • For L&T short term hitch is last pitch road and HT Wires hanging. Advantage is that it is close to biggest IT park over which entire IT corridor has been developed .

    They may set right cracks and other minor issues in Phase 2 projects based on Phase 1 construction mistakes with cracks on outer walls , ordinary Spec and Positioning of towers in congested close way.
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  • Originally Posted by trk2012
    When a 3rd rate builder builds a apartment in water logged low lying 20 feet road on a one ground plot 2 - 3 kms from main road in velachery or madipakkam and charges crazy price like Rs.6500/sq.ft or Rs.5500/sq.ft most Chennai guys will buy that. Specs will be lowest grade, even paint will be ordinary still people will buy it. Because somehow that mentality staying close to city is enough to make any compromise and also pay high price.

    When top class builder like L&T builds a very good township, right inside one of biggest IT SEZs anywhere, with good quality (he has already delivered phase 1, a buyer can also check ready apartments in phase 1 for quality check) with thousands of white collared IT jobs getting created right next door - many Chennai people will not buy, they will say price of Rs.5,100 is high.

    Guys, give up this mentality.


    Even today,most of the people buy in apartments because they cannot afford independent houses. Some of the people prefer apartments because of the security factor,hassle free living,amenities,etc. So it's only normal for most of the people to compare the cost of independent house and an apartment in the same locality to arrive at an acceptable cost. In the case of Eden park phase II, if 5100 is indeed the launch price,and the specifications are going to be similar to phase I, then it is definitely high.

    If a person is buying a substandard construction for 6500/sq.ft to stay closer to the city, it's his own personal choice and who are we to judge it?Why should he change his mentality? Why do we cars from nano to RollsRoyce? Should we ask a nano buyer to change his mentality and buy a RollsRoyce?

    If a buyer sees value in a property, he will buy it, period. The perceived value depends on the buyer and varies from person to person.


    Sent from my iPad using Tapatalk HD
    CommentQuote
  • Originally Posted by trk2012
    When a 3rd rate builder builds a apartment in water logged low lying 20 feet road on a one ground plot 2 - 3 kms from main road in velachery or madipakkam and charges crazy price like Rs.6500/sq.ft or Rs.5500/sq.ft most Chennai guys will buy that. Specs will be lowest grade, even paint will be ordinary still people will buy it. Because somehow that mentality staying close to city is enough to make any compromise and also pay high price.

    When top class builder like L&T builds a very good township, right inside one of biggest IT SEZs anywhere, with good quality (he has already delivered phase 1, a buyer can also check ready apartments in phase 1 for quality check) with thousands of white collared IT jobs getting created right next door - many Chennai people will not buy, they will say price of Rs.5,100 is high.

    Guys, give up this mentality.


    Flat value is based on land cost and construction cost.
    Closer to city land is expensive, while it is cheap in suburbs.

    I do understand townships are expensive to construct. But the apts are bare too in townships. No kitchen, no appliances, nothing. Paint and all is very cheap, you can redo the whole building for a small city complex.

    Lets say 1.2-1.5K for cheap shoddy construction and 3-4K per built-up sqft for land cost, the city builder also has the less margin. Around 60% of the flat cost is for UDS only in Velachery. 20% for construction and rest for builder profit.

    Now at a township in suburbs, construction cost, assume it is 2K-2.5K.
    Land cost is close to nothing, may be 1K. Why does the builder charge 5K then. You are paying 10-20% for land, 40% for construction and the rest 40% for the builder.

    Now what is a better value?

    There are exceptions to both. But there are more crappy townships than better ones. Hira and some others are a better one however, most of them are bad.
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  • Originally Posted by k11

    There are exceptions to both. But there are more crappy townships than better ones. Hira and some others are a better one however, most of them are bad.


    bad are down and out.

    Good (Hiranandani, L&T and even Sobha) demanding a big premium for being good becos other builders are cheats. Against my expectations, Sobha Meritta price higher than many projects close to Siruseri is doing well - 2 people known to me booked recently. 5100 for L&T is shocking. Sobha and L&T dont have good location. Builder matters more than location ?
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  • Can any one tell how is the entry to LT EP. Had been there once via kelambakkam road may be 2 yrs back. Horrible roads and 2 to 3 km from kel vandalur road. Felt its worthless for that price around 3k. Now if that's the same route same place as I perceive it's not worth anything above 3k. But I didt see any tcs then only life threatening roads and in midst of 18th century village. Hope I am wrong on the location and mistaken some other project
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  • Originally Posted by snt2011
    Can any one tell how is the entry to LT EP. Had been there once via kelambakkam road may be 2 yrs back. Horrible roads and 2 to 3 km from kel vandalur road. Felt its worthless for that price around 3k. Now if that's the same route same place as I perceive it's not worth anything above 3k. But I didt see any tcs then only life threatening roads and in midst of 18th century village. Hope I am wrong on the location and mistaken some other project


    One of the routes is through Pudupakkam Village from Vandalur-Kelambakkam road and the other is the route through SIPCOT Road FROM OMR. The former is the route you had taken and its still a mess and the latter is good for most parts except near L&T Eden Park.
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  • Hi Guys, Can anyone tell me a ballpoint figure for rate/ sq ft of land in Pallikarnai - AGS coloney. It is right behind max worth nagar appartments.
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  • I agree with this. Generally the people are smarter. There is a reason why price getting higher with in City. Simply having near by IT park is not good enough to live and there are other factors one would evaluate such as good schools and Hospitals.

    Originally Posted by cruise_1982
    Even today,most of the people buy in apartments because they cannot afford independent houses. Some of the people prefer apartments because of the security factor,hassle free living,amenities,etc. So it's only normal for most of the people to compare the cost of independent house and an apartment in the same locality to arrive at an acceptable cost. In the case of Eden park phase II, if 5100 is indeed the launch price,and the specifications are going to be similar to phase I, then it is definitely high.

    If a person is buying a substandard construction for 6500/sq.ft to stay closer to the city, it's his own personal choice and who are we to judge it?Why should he change his mentality? Why do we cars from nano to RollsRoyce? Should we ask a nano buyer to change his mentality and buy a RollsRoyce?

    If a buyer sees value in a property, he will buy it, period. The perceived value depends on the buyer and varies from person to person.


    Sent from my iPad using Tapatalk HD
    CommentQuote
  • People now a days becoming smarter. They all know very clearly IT Job and its location is not permanent and you can't make your house purchase based on that.

    There are three types of buyers I know of, 1. Bachelors or Young Couples(25-35) 2. Middle Aged People (40-55) 3. Retired Segment (55-65) - of which different varieties such as resident, non-resident, first home buyer, full cash, 90% loan etc...but I am purely focusing only on EMI category (high risk group)

    # 1 category looks for 2 bed mostly for rent (since they may move out of job frequently)
    # 2 category looks for 3 bed but mostly for investment (most of them settled abroad at this point)
    # 3 residents looking for 3 bed or bigger

    # 1 category is in large number and the entire RE, IT Park etc...only targeting them, even prospective tenant seekers

    Right now Category # 1 finding it tougher to buy 1 Cr apartments (not house or land) and shelling out high interest rates, maintenance charges, lack of completed infrastructure is pushing them to go for rent.

    Category # 2 people will take the complete risk (Non-Residents) and make unit available for Category # 1 people for rent at much cheaper rates. In OMR rent will not go up unless there is a significant increase in the work force along with social infrastructure(which normally takes decades). Infact, OMR Rent might be a very good option for tenants who may get very good bargain.

    Category # 1 people will be experiencing 1-2 Crore apartment at a fraction of its value and still retain the advantage to move in and out (choose their future home at their own convenience) of various communities at the cost of Category # 2 people's hard earned money.

    Now the point is how long Category # 2 people can stay invested when their rental returns are bottomed out and creates heavy strain on their investments through inflation, higher interest rates, hefty maintenance etc... To top it all, their building value goes down the moment new tower gets built next to their community!

    This is real catch 22 situation - So many might look for rented units!
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  • Originally Posted by Ramchi
    Right now Category # 1 finding it tougher to buy 1 Cr apartments (not house or land) and shelling out high interest rates, maintenance charges, lack of completed infrastructure is pushing them to go for rent.


    I completely agree to this perspective. I opted out of townships because of the hidden cost of maintenance. For a 2000 Square feet Apartment, people are paying around Rs.5000 as maintenance charges. Due to the shortage of power, Residents in one of townships outside city are paying around Rs.2500 -3000 additionally towards diesel for Gensets and around 1500-2000 for Water tankers. These costs easily add Rs.10000 towards monthly expenses and put additional strain for people paying EMIs.

    I am not against townships and maintenance costs collected or trying to start a flame war, but in my opinion, an apartment or township should actually bring down the expense over an equivalent independent home (in both owning and maintaining) and not increase the same.
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  • Originally Posted by cruise_1982
    Originally Posted by Ramchi
    Right now Category # 1 finding it tougher to buy 1 Cr apartments (not house or land) and shelling out high interest rates, maintenance charges, lack of completed infrastructure is pushing them to go for rent.QUOTE]

    I completely agree to this perspective. I opted out of townships because of the hidden cost of maintenance. For a 2000 Square feet Apartment, people are paying around Rs.5000 as maintenance charges. Due to the shortage of power, Residents in one of townships outside city are paying around Rs.2500 -3000 additionally towards diesel for Gensets and around 1500-2000 for Water tankers. These costs easily add Rs.10000 towards monthly expenses and put additional strain for people paying EMIs.

    .


    Power cut time is same in areas like OMR and city areas. May be power cut is more in areas like Urapakkam and Guduvancheri etc.

    Water & sewage connection to the OMR will be provided by the corporation in 1 or 2 years as lot of ground works already done.

    With all these, maintenanace charges for the apartments either in core city area or in area like OMR will become same

    Power cut time is same in areas like OMR and city areas. May be power cut is more in areas like Urapakkam and Guduvancheri etc.

    Water & sewage connection to the OMR will be provided by the corporation in 1 or 2 years as lot of ground works already done.

    With all these, maintenanace charges for the apartments either in core city area or in area like OMR will become same
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  • Originally Posted by lovebirds43k

    Power cut time is same in areas like OMR and city areas. May be power cut is more in areas like Urapakkam and Guduvancheri etc.

    Water & sewage connection to the OMR will be provided by the corporation in 1 or 2 years as lot of ground works already done.

    With all these, maintenanace charges for the apartments either in core city area or in area like OMR will become same


    Even today, there are many pockets in Annanagar that do not get metro water and connections were given just a year back. Basic Metro water infrastructure may be created in OMR, but for complete coverage, it will take a decade or two looking at the past record.
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  • Originally Posted by lovebirds43k
    Originally Posted by cruise_1982


    Power cut time is same in areas like OMR and city areas. May be power cut is more in areas like Urapakkam and Guduvancheri etc.

    Water & sewage connection to the OMR will be provided by the corporation in 1 or 2 years as lot of ground works already done.

    With all these, maintenanace charges for the apartments either in core city area or in area like OMR will become same


    Not quit Sir. In OMR it is about 12-14 hours of power cut if the township is linked to the rural power grid. Only Siruseri IT park and units beyond Thoraipakkam (Tidel and Perungudi) are experiencing similar to City areas.

    Since high raise buildings require Elevator to be working all the time, whether you like it or not, your monstrous GenSet will goggle hundreds of liters per day. Sewage Treatment plant in most places do not work properly or designed properly. Since none of the builders allow the treated water to be linked to the canals, pumping water and hard-waste cost a fortune for any association.

    There is absolutely no potable water in OMR and every drop is being purchased through tanker lorries.

    In addition to Rs 2.5-3.5 psqft maintenance charges (I heard in HIRA it is Rs 5 psqft) you have to pay for Water & Diesel charges which costs nearly 1500 - 3000 PM. This is irrespective of the size of the apartment you own. No builder would say explicitly that your maintenance charges include Water and Diesel charges. You will be only find it as a surprise and they will give the invoice only after one year of using the facility (a big amount)!!!!

    Not quit Sir. In OMR it is about 12-14 hours of power cut if the township is linked to the rural power grid. Only Siruseri IT park and units beyond Thoraipakkam (Tidel and Perungudi) are experiencing similar to City areas.

    Since high raise buildings require Elevator to be working all the time, whether you like it or not, your monstrous GenSet will goggle hundreds of liters per day. Sewage Treatment plant in most places do not work properly or designed properly. Since none of the builders allow the treated water to be linked to the canals, pumping water and hard-waste cost a fortune for any association.

    There is absolutely no potable water in OMR and every drop is being purchased through tanker lorries.

    In addition to Rs 2.5-3.5 psqft maintenance charges (I heard in HIRA it is Rs 5 psqft) you have to pay for Water & Diesel charges which costs nearly 1500 - 3000 PM. This is irrespective of the size of the apartment you own. No builder would say explicitly that your maintenance charges include Water and Diesel charges. You will be only find it as a surprise and they will give the invoice only after one year of using the facility (a big amount)!!!!
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  • Drainage connections takes time even after laying the ground work by civic corporation. For example in East Tambaram, the drainage works started back in 2007 and still not yet ready.

    Also gated communities are not well maintained after initial period of 1 or 2 yrs. The maintenance cost is killer and initial euphoria over having great clubhouse, S pool etc becoming nightmare to cope up with the maintenance cost. Also respective apt association gets little respect from all the owners and some of them simply refuse to pay which I have seen it many times which in turn spoils the eco system. Running a big gated community requires strong association and cooperation from all the owners which is impossible to get when general economy is not doing well.
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