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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  • Hi,Where did you hear that its Rs 5 per sq ft Maint .with Hira???Its Rs2.50.
    Originally Posted by Ramchi
    Originally Posted by lovebirds43k


    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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  • Gated townships are new in Chennai. So it will take some time for people to understand and adopt - people will adopt eventually.

    Also with schools, malls coming up, social infrastructure will get created in suburbs.
    CommentQuote
  • Originally Posted by chandru_13
    Hi,Where did you hear that its Rs 5 per sq ft Maint .with Hira???Its Rs2.50.
    Originally Posted by Ramchi


    When the first 5 family started occupying one of my friend told me that the maintenance was Rs 5 - especially when these 5 buyers started cornering HIRA for delaying their possession beyond 3 years, they asked them to move with the mentioned maintenance charges. They were staying in Akashaya Adora as tenants paying Rs 25,000 as rent.

    When the first 5 family started occupying one of my friend told me that the maintenance was Rs 5 - especially when these 5 buyers started cornering HIRA for delaying their possession beyond 3 years, they asked them to move with the mentioned maintenance charges. They were staying in Akashaya Adora as tenants paying Rs 25,000 as rent.
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  • I saw Mantri synergy's omr resident blog, there were considerable number of Hira owners staying in Mantri on rent and celebration festivals as Hira owner group.

    Ramchi can confirm this.
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  • how true the water is absolutely untouchable in OMR region, dont know how much the WTP can take up the workload. plus sewage clearance and diesel cost - minimum u need 10K for maintainance. Hira or other biggies who has the right to maintain for lifetime might charge 7-10 persq ft in future (u cant ask them why becaz), plus club house charges. Seems opaline charges 1500 per couple and 1500 for a bachelor tenant as club house charges per month- so u will have all the facilities not for u. EMI around 40k, maintainance 10 k, school fee per month 5 k -10 k per kid, car cost 10-20 k (mostly u have to depend on it since no proper transportation yet) mmm? feasible???!!
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  • Ramchi:
    Your generalization and broad brush painting sees no end. Some of your generalization 'gems':

    1. Builder's close affiliates become buyers to prop up the demand. Do you think this is sustainable even in a short term?
    2. Millions thriving in Chennai with out choice. Really?
    3. Chennai as a capital failed so far. What is your definition of failure?
    4. No quality space, infrastructure, public mindset available in Chennai. ???
    5. MGR indeed tried this approach but RE Wallas (outside interest groups) in Chennai opposed this vehemently even in 80s when Chennai witnessed water scarcity even with 1/10 of the current population. Can anyone help me understand what that means please? Who is this outside interest group???
    6. Hira charges Rs 5 psft for maintenance. You make this statement after being aware that it was for the *first initial 5 families*. Isn't there something known as critical mass for prices to settle down when the steady state is reached?

    Maverick
    CommentQuote
  • Originally Posted by snt2011
    how true the water is absolutely untouchable in OMR region, dont know how much the WTP can take up the workload. plus sewage clearance and diesel cost - minimum u need 10K for maintainance. Hira or other biggies who has the right to maintain for lifetime might charge 7-10 persq ft in future (u cant ask them why becaz), plus club house charges. Seems opaline charges 1500 per couple and 1500 for a bachelor tenant as club house charges per month- so u will have all the facilities not for u. EMI around 40k, maintainance 10 k, school fee per month 5 k -10 k per kid, car cost 10-20 k (mostly u have to depend on it since no proper transportation yet) mmm? feasible???!!


    If you stay in so called city limits, EMI will be 80K-90K that too for much lower amenities provided. Still car cost will be high at 3K-6K (10K is exaggeration) because most while collared IT jobs and even blue collared automobile jobs are 30-40 kms from so called city limits. Still school fees will be high, city schools will not charge cheap because they are located in Mount Road etc:D. Still maintenance cost of at least Rs. 3000 will be there inside so called city limits also if its a good apartment.

    Work out the Maths? anybody will. The answer is there is no difference.

    In fact good gated townships in suburbs like OMR, GST and Oragadam (after few years) will work out much cheaper because of lower EMI compared to apartments in so called inside city limits. Forget other items in the monthly household accounting - just base EMI of 80K-90K minimum for so called city properties will be much higher then entire monthly household budget if living in gated townships in suburbs like OMR etc.

    Also in long term, appreciation will be higher in gated townships along OMR, GST, Oragadam because this is where all jobs will be eventually. Big governments, major companies like L&T etc are not fools to promote suburbs like OMR, GST, Oragadam etc. without any reason. In fact I like Oragadam when some members here are still debating about OMR Yes or No?

    In US, educated tax paying white people live in suburbs and not inside big cities, migration to suburbs started happening over last 80 years in all big cities take LA, San Francisco etc. However US is different, people don't hesitate to drive long hours for commute - living in suburbs and working in cities. Some suburbs have themselves becomes major jobs creation centers, example: Irvine in orange county, which was considered suburb of LA.

    But in Chennai, to overcome this problem even thousands of jobs are mainly getting created in suburbs only like OMR, GST, Oragadam etc.
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  • It is not true that all rich whites guys live in suburbs in US. NYC where I lived mostly populated by rich whites and it is costly to live in. Middle class folks live in suburbs and try to save pennies by commuting long hrs to City. Whoever traveled NJ transit/path trains from NJ to NYC know how pain in neck it was.

    Also it is not true that thousands of jobs created in Suburbs. In fact lacks of people are gainfully employed in Villages by Agri and Industries power houses. City is the next place where lacks are employed. TNagar alone provides direct and indirect employment of thousands of people.

    Overall the subject keep steered into comparing more of Tata vehicles with Benz/BMWs.

    Also in NYC y-o-y RE appreciated 10% in sharp contrast to NJ suburbs which are in deep ***t!

    Originally Posted by trk2012
    If you stay in so called city limits, EMI will be 80K-90K that too for much lower amenities provided. Still car cost will be high at 3K-6K (10K is exaggeration) because most while collared IT jobs and even blue collared automobile jobs are 30-40 kms from so called city limits. Still school fees will be high, city schools will not charge cheap because they are located in Mount Road etc:D. Still maintenance cost of at least Rs. 3000 will be there inside so called city limits also if its a good apartment.

    Work out the Maths? anybody will. The answer is there is no difference.

    In fact good gated townships in suburbs like OMR, GST and Oragadam (after few years) will work out much cheaper because of lower EMI compared to apartments in so called inside city limits. Forget other items in the monthly household accounting - just base EMI of 80K-90K minimum for so called city properties will be much higher then entire monthly household budget if living in gated townships in suburbs like OMR etc.

    Also in long term, appreciation will be higher in gated townships along OMR, GST, Oragadam because this is where all jobs will be eventually. Big governments, major companies like L&T etc are not fools to promote suburbs like OMR, GST, Oragadam etc. without any reason. In fact I like Oragadam when some members here are still debating about OMR Yes or No?

    In US, educated tax paying white people live in suburbs and not inside big cities, migration to suburbs started happening over last 80 years in all big cities take LA, San Francisco etc. However US is different, people don't hesitate to drive long hours for commute - living in suburbs and working in cities. Some suburbs have themselves becomes major jobs creation centers, example: Irvine in orange county, which was considered suburb of LA.

    But in Chennai, to overcome this problem even thousands of jobs are mainly getting created in suburbs only like OMR, GST, Oragadam etc.
    CommentQuote
  • Originally Posted by maverick007
    Ramchi:
    Your generalization and broad brush painting sees no end. Some of your generalization 'gems':

    1. Builder's close affiliates become buyers to prop up the demand. Do you think this is sustainable even in a short term?
    2. Millions thriving in Chennai with out choice. Really?
    3. Chennai as a capital failed so far. What is your definition of failure?
    4. No quality space, infrastructure, public mindset available in Chennai. ???
    5. MGR indeed tried this approach but RE Wallas (outside interest groups) in Chennai opposed this vehemently even in 80s when Chennai witnessed water scarcity even with 1/10 of the current population. Can anyone help me understand what that means please? Who is this outside interest group???
    6. Hira charges Rs 5 psft for maintenance. You make this statement after being aware that it was for the *first initial 5 families*. Isn't there something known as critical mass for prices to settle down when the steady state is reached?

    Maverick


    You can quote your gems and let everyone decides which one suits them most let them wear it!


    Sent from my iPad using Tapatalk HD
    CommentQuote
  • Originally Posted by sunr2i
    It is not true that all rich whites guys live in suburbs in US. NYC where I lived mostly populated by rich whites and it is costly to live in. Middle class folks live in suburbs and try to save pennies by commuting long hrs to City. Whoever traveled NJ transit/path trains from NJ to NYC know how pain in neck it was.

    Also it is not true that thousands of jobs created in Suburbs. In fact lacks of people are gainfully employed in Villages by Agri and Industries power houses. City is the next place where lacks are employed. TNagar alone provides direct and indirect employment of thousands of people.

    Overall the subject keep steered into comparing more of Tata vehicles with Benz/BMWs.

    Also in NYC y-o-y RE appreciated 10% in sharp contrast to NJ suburbs which are in deep ***t!


    IMO, NYC is an exception.
    Sub urbs are usually preferred in rest of the US from what I have seen and heard from friends - because you can usually get big houses, commuting by car is usually not a problem(both in terms of time and money) and most of the sub urbs have excellent school districts. In SF bay area, the best schools are in sub urbs and not in the city and many sub urbs are costlier than city but more peaceful to live.
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  • I do not think Chennai suburbs can be compared in any way or form to US suburbs.

    Cars are expensive in India, Petrol is 75rs inching ever higher.
    Driving is a very expensive affair. Toll roads for pathetic roads. Lack of enough AC buses. Govt will not put metros in suburbs for now.

    Chennai suburbs severely lags behind Blr suburbs or Hyd suburbs forget about foreign countries.
    OMR at least shows some signs, but rest of them are unlivable. They are better left to speculators.
    CommentQuote
  • Originally Posted by maverick007
    Ramchi:
    Your generalization and broad brush painting sees no end. Some of your generalization 'gems':

    1. Builder's close affiliates become buyers to prop up the demand. Do you think this is sustainable even in a short term?
    2. Millions thriving in Chennai with out choice. Really?
    3. Chennai as a capital failed so far. What is your definition of failure?
    4. No quality space, infrastructure, public mindset available in Chennai. ???
    5. MGR indeed tried this approach but RE Wallas (outside interest groups) in Chennai opposed this vehemently even in 80s when Chennai witnessed water scarcity even with 1/10 of the current population. Can anyone help me understand what that means please? Who is this outside interest group???
    6. Hira charges Rs 5 psft for maintenance. You make this statement after being aware that it was for the *first initial 5 families*. Isn't there something known as critical mass for prices to settle down when the steady state is reached?

    Maverick


    Well said.

    I was about raise the same things.

    I think lot of frustration is the reason for such senseless talk and conspiracy theories.
    .
    CommentQuote
  • Originally Posted by k11
    I do not think Chennai suburbs can be compared in any way or form to US suburbs.

    Cars are expensive in India, Petrol is 75rs inching ever higher.
    Driving is a very expensive affair. Toll roads for pathetic roads. Lack of enough AC buses. Govt will not put metros in suburbs for now.

    Chennai suburbs severely lags behind Blr suburbs or Hyd suburbs forget about foreign countries.
    OMR at least shows some signs, but rest of them are unlivable. They are better left to speculators.


    K11

    Affordability is the bottom line.

    Affordability is what pushing lot and lots of people and once such large population settles in such outer suburs infra usually follow them (albeit few years later) then City limit gets extended to them a decade or two later.

    Kalam kalama ithu thana nadakuthu.

    Natural, i suppose.
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  • k11, Concept of suburb in chennai is different frm say New Jersey as a suburb of New York. Its live cheap in NJ and travel to NY. OMR is not like that. OMR has IT offices, employees dont need to travel to CBD once social infra develops. This will take time, but that is the idea. Even now, someone working in TCS Siruseri and living in the area needs to travel to CBD may be only once a week or so. Same for GST also.

    TN is following a mixed-use development model. people live and work in the respective areas.

    Mixed-use development - Wikipedia, the free encyclopedia
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  • Much of the CBD price fundamentals are derived from the lack of infrastructure and slow suburb migration. It may not remain that way for ever and the moment, semblance of credible alternative appears in the horizon, CBD prices will find it support based on its own fundamentals. Its like people piling on HUL and ITC during bad times however crappy those valuations are. Time-bound strength or lack of good alternatives being attributed to the fundamentals is akin to living on borrowed time.

    CBD speculators are no different from suburb speculators - both are betting on the same aspect - infrastructure development and suburb migration; one being bullish and other being bearish. Jury is not out yet and rear view mirror is not an indicator nor guarantee for future performance - history has shown it time and again.

    Mav
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