Announcement

Collapse
No announcement yet.

Property Price Trends in Chennai

Collapse
This is a sticky topic.
X
X
Collapse

Property Price Trends in Chennai

Last updated: 4 weeks ago
2452 | Posts
  • Time
  • Show
Clear All
new posts

  • Re : Property Price Trends in Chennai

    Originally posted by k11 View Post
    The only way metro will become popular is if they connect all the parts of the city, including smaller lines to connect internal parts of the city, like Gemini to Mylapore, or from Lighthouse to Alwarpet, etc. Change MTRS to metro, connect the lines and have one system.
    Yes as i too have mentioned, we need the Metro to be laid in such a way that it leads us to another vital station from where we can get a Bus or a share auto! probably 5-10 mins of walk in between..

    If this kind of connectivity is promised, then in coming years i would avoid to taking my bike or car even for the smallest distance like 3 kms and would hop on and off a metro!

    Also I feel the idea of stacking all types of transport for an already conjested location for eg: Vadapalani is only creating more problems than solutions! Why does a place need to get Metro, Mono, Bus, Share Auto and what not thereby only leading to more traffic where as there are places which dont even have proper Bus service frequency like OMR and places beyond Madipakkam etc. Many on Arcot Road and off it have more chances of having a Car and are not going to take the other options for work.

    What I am looking at is spreading various options to the ones which have lesser options than those that have a fleet of options! Bring more areas into proper connectivity!

    Comment


    • Re : Property Price Trends in Chennai

      Originally posted by k11 View Post
      Thanks, Clairvoyant. Looking forward to more posts from you.

      Regarding Metro, here is my view.

      If the State Govt inhibits the metro projects and it remains only in its existing form only two lines. We are not going to see a massive adoption.
      It could become another white elephant like MTRS.

      The only way metro will become popular is if they connect all the parts of the city, including smaller lines to connect internal parts of the city, like Gemini to Mylapore, or from Lighthouse to Alwarpet, etc. Change MTRS to metro, connect the lines and have one system.

      MTRS suffered because of the same issues, limited range, covered very few parts, no exchanges, poor bus connectivity. Taking RE decisions based on Metro is not a good idea. The same thing is happening in Bangalore where people are buying Metro properties for crazy amounts.

      Instead of a proper transportation solution, our govt is dillydallying on Metro/Monorail and wasting precious time. It will take 6-7 years for a metro line to complete. I support ADMK but this transport confusion is nuts. If they do not take any action now, it will be 2020 and we will still be debating on what out transport system look like.

      I would rather see Govt spending money on a super highway, another alternative to Mount road. We cannot rely on Mt road forever. A tolled 6 lane road that will connect Washermanpet to Velachery where the traffic could split into GST and OMR. Chennai is not a super big city like NCR/Mumbai, metro is not a big concern we need better roads. Govt need to start doing land acquisition for wider roads and expressways.
      Thanks K11 and VP. Will try to share what I'm aware of esp. in and around London which could be of help to others.

      London tube is designed in a way where everyarea within Zone 1-3 have tube (metro) station accessible within radius of 1-1.5 mile. It carries close to 3 million passengers a day. I would recommend you guys to visit www.tfl.gov.uk (transport for London website)- single source for all transport info (incl ferry, bus, tram, tube etc.. similar to unified metropolitan transport authority planned in Chennai. Prices shoots up moment there is a proposal to bring tube to any area (no different from us ) . So property prices are invariably linked to transport, but personally I believe building/widening roads never going to slove traffic woes.

      I used to frequent user on MRTS and loved it. I remember reading HK delegation were shocked suh prime RE lying vacant when they visited MRTS. I'm optimistic here turnaround won't take much time if only we have visionary team to manage it. London roads are as narrow as Chennai with intelligent traffic system and congestion zones it's managed admirably.

      I do agree unsless SG patronise metro/mono it's going to be white elephant, but i hope common sense prevails and it covers all area with CMDA (w-i-p in next 30 -50 years) .

      Comment


      • Re : Property Price Trends in Chennai

        MRTS patronage has increased considerably in last few years, especially after Thiruvanmiyur-Velachery link became operational. It is a great mean of transport, escape from traffic jams.

        You must see the crowd during cricket match at Chepauk, unbelievable!


        Lack of patronage was due to station locations, lack of lifts, lighting and a host of other reasons. Given a choice I will always prefer to travel by MRTS to visit beach or Triplicane or Citicentre mall. Driving to these places from Thiruvanmiyur is a nightmare.

        Trains are lifeline for people who live around and travel frequently to Perambur, Parrys, Mambalam, Kodambakkam, Saidapet, Alandur, Chromepet and Tambaram. Chennai suburban trains are extremely popular and no one can deny it.

        Comment


        • Re : Property Price Trends in Chennai

          Also govt will definitely increase FSI in areas close to Metro stations, just like they increased FSI from 1.5 to 2.0 for MRTS influence areas.

          Comment


          • Re : Property Price Trends in Chennai

            Originally posted by Love4land View Post
            MRTS patronage has increased considerably in last few years, especially after Thiruvanmiyur-Velachery link became operational. It is a great mean of transport, escape from traffic jams.

            You must see the crowd during cricket match at Chepauk, unbelievable!


            Lack of patronage was due to station locations, lack of lifts, lighting and a host of other reasons. Given a choice I will always prefer to travel by MRTS to visit beach or Triplicane or Citicentre mall. Driving to these places from Thiruvanmiyur is a nightmare.

            Trains are lifeline for people who live around and travel frequently to Perambur, Parrys, Mambalam, Kodambakkam, Saidapet, Alandur, Chromepet and Tambaram. Chennai suburban trains are extremely popular and no one can deny it.
            I'm glad it is and even back in 2005 it was busy during peak hours. Ofcourse sub-urban has such high patronage. Imagine in which part of world you can travel to airport in 6 Rs (8 pence/12 cents).

            I remember reading how MRTS station can be converted into IT/retail park similar to Mumbai. It's incredulous we waste such goldmine within city, if only we lease it to private players (say hotels/supermarkets) it will bustle with activity- add to it security. Key factor is connectivity with other modes of transportation and if APIs are released by railways virtually it would avoid people waiting for trains as they could track it online.

            Comment


            • Re : Property Price Trends in Chennai

              Regarding the Metro and its impact on RE in Chennai, I believe that a lot of people are pessimistic on Metro because they have seen how MRTS has done poorly.

              But there is a big big difference. MRTS is a poorly executed typical sarkari project that has sucked taxpayer money slowly , built over 30 years and the entire route planning process was so poorly done. But since it is just out of public money, there was no accountablity.

              Metro and Mono will not be that way - costly and valuable capital from private sector and MNC Financiers is going to build it. And the people who are financing it are not going to sit and suck lollipops and see the project go MRTS way. They will do everything to ensure a quick profitable turnaround.

              The Metro stations look to be well designed and reasonable accessible and so will surely attract much much more traffic. And dont be surprised if Govt raises FSI selectively in Metro served areas to boost RE. So there is large room for hope and if one has large money, I would dare say he or she should bet on RE in areas close to upcoming metro stations for making superior returns.

              And one more point - comparing the situation in Chennai to US/UK is not relevant because - unlike in western countries, private transportation (cars) wont be affordable for majority of Indians even after 30 years. Leave aside cost of owning a car, India's urban areas simply are not designed to hold cars . We simply dont have meaningful parking space nor we will get such parking space.

              In last few years, ownership of cars has gone several fold in city but road space and parking space are stagnant . Net result is travelling on road is getting slower year by year. Most of us dont notice it, but as someone using roads (bus, two wheeler etc) heavily for last 10-15 years, i am clearly noticing long term trend - road travel getting slower while travel in Suburban/MRTS is at same speed. More so during peak hours !!!

              Even the rich want to commute fast and dont want to waste time on roads. If given a decent travel experience, they will surely prefer metros and instead keep their BMW locked in their apartment parking spaces. And it helps more if your apartment with spacious parking space is next door to a nice looking Metro station !!!

              Comment


              • Re : Property Price Trends in Chennai

                Originally posted by ramki830 View Post
                Regarding the Metro and its impact on RE in Chennai, I believe that a lot of people are pessimistic on Metro because they have seen how MRTS has done poorly.

                But there is a big big difference. MRTS is a poorly executed typical sarkari project that has sucked taxpayer money slowly , built over 30 years and the entire route planning process was so poorly done. But since it is just out of public money, there was no accountablity.

                Metro and Mono will not be that way - costly and valuable capital from private sector and MNC Financiers is going to build it. And the people who are financing it are not going to sit and suck lollipops and see the project go MRTS way. They will do everything to ensure a quick profitable turnaround.

                The Metro stations look to be well designed and reasonable accessible and so will surely attract much much more traffic. And dont be surprised if Govt raises FSI selectively in Metro served areas to boost RE. So there is large room for hope and if one has large money, I would dare say he or she should bet on RE in areas close to upcoming metro stations for making superior returns.

                And one more point - comparing the situation in Chennai to US/UK is not relevant because - unlike in western countries, private transportation (cars) wont be affordable for majority of Indians even after 30 years. Leave aside cost of owning a car, India's urban areas simply are not designed to hold cars . We simply dont have meaningful parking space nor we will get such parking space.

                In last few years, ownership of cars has gone several fold in city but road space and parking space are stagnant . Net result is travelling on road is getting slower year by year. Most of us dont notice it, but as someone using roads (bus, two wheeler etc) heavily for last 10-15 years, i am clearly noticing long term trend - road travel getting slower while travel in Suburban/MRTS is at same speed. More so during peak hours !!!

                Even the rich want to commute fast and dont want to waste time on roads. If given a decent travel experience, they will surely prefer metros and instead keep their BMW locked in their apartment parking spaces. And it helps more if your apartment with spacious parking space is next door to a nice looking Metro station !!!
                Nice writeup Ramki. Just wondering if there are any affordable (< 6000 psft) metro rail zone areas with gated community projects (with decent amenities like swimming pool, kids play area, parks/landscapes etc) for investment purpose?

                Comment


                • Re : Property Price Trends in Chennai

                  Originally posted by veenasaran View Post
                  Nice writeup Ramki. Just wondering if there are any affordable (< 6000 psft) metro rail zone areas with gated community projects (with decent amenities like swimming pool, kids play area, parks/landscapes etc) for investment purpose?

                  Emaar township Tondiarpet. They recently launched "Grace" but all are 1 BHK units, not sure if they have larger units in other blocks.

                  Comment


                  • Re : Property Price Trends in Chennai

                    Originally posted by ramki830 View Post
                    The Metro stations look to be well designed and reasonable accessible and so will surely attract much much more traffic. And dont be surprised if Govt raises FSI selectively in Metro served areas to boost RE. So there is large room for hope and if one has large money, I would dare say he or she should bet on RE in areas close to upcoming metro stations for making superior returns.

                    And one more point - comparing the situation in Chennai to US/UK is not relevant because - unlike in western countries, private transportation (cars) wont be affordable for majority of Indians even after 30 years. Leave aside cost of owning a car, India's urban areas simply are not designed to hold cars . We simply dont have meaningful parking space nor we will get such parking space.

                    In last few years, ownership of cars has gone several fold in city but road space and parking space are stagnant . Net result is travelling on road is getting slower year by year. Most of us dont notice it, but as someone using roads (bus, two wheeler etc) heavily for last 10-15 years, i am clearly noticing long term trend - road travel getting slower while travel in Suburban/MRTS is at same speed. More so during peak hours !!!

                    Even the rich want to commute fast and dont want to waste time on roads. If given a decent travel experience, they will surely prefer metros and instead keep their BMW locked in their apartment parking spaces. And it helps more if your apartment with spacious parking space is next door to a nice looking Metro station !!!
                    I do not think Cars are unaffordable anymore.
                    TATA and other companies are making sure that cities will be flooded with cheap cars and clog all the existing roads.

                    Median income of people living in the city is high enough to get a car.
                    A second hand car Maruti costs 50K. An unskilled day laborer can earn 500/day easily. So a hundred work days could get him a car.

                    Thats why I said Govt need to focus on roads too. They have not built a good expressway in the city. All the 'one way-ing' of traffic helped for the most part until now. Not sure how it would work in future.

                    I like the idea of charging a user fee for all motorists in Chennai (like London as @Vettipayyan pointed out). Make every two wheeler pay 2K a year and all cars 5K a year. Give a discount of 2K for car users who have a covered parking spot in their houses. Give unlimited FSI for private parking buildings.
                    Do a PPP and build some private parking structures in all areas. Public parking in the city should be raised to 50rs 4-hour minimum for cars and 25rs for a two wheeler. Sell parking permits for certain streets for 500-1000rs a month. City can easily raise 2K crores a year. They can spend this money to build toll free expressways, road widening and also most importantly fund a transportation allowance to subsidize public transport for the poor.

                    All this nice looking Metro station and stuff. We need to see how long our population will hold out until they start spitting, and dirtying the stations. Students will be ready with their pencils and pens to write messages in the interior of the train and rip off/damage the seats. Just by having Metro will not turn Chennai into Singapore.

                    All this FSI debate, I am totally against increasing FSI without putting proper zoning rules including parking areas and parks/open spaces.

                    Without it, this increased FSI creates slums.
                    Many lower middle class areas where people have overbuilt, today resembles slums. It does not make sense to buy Apts in these future slums.
                    I feel some slums are better sometimes with their wider roads and bit more space, although they stink sometimes.

                    In my view, if they have to increase FSI in metro areas, they should do it only for MSB (Multi Storeyed Buildings) with less than 30% plot coverage and 2X the required parking. That will enable high rises, restrict slums and will give some incentive to redevelopment.

                    If govt is going to increase it haphazardly like B'lore. Then I am sure these areas will become unlivable. I do not see a point in investing anything above 1Cr in such areas for a flat.

                    If you own a house in these areas, then it is a jackpot for residents. They can build extra units.

                    Comment


                    • Re : Property Price Trends in Chennai

                      P Chidambaram asks banks to put pressure on real estate developers to lower property prices - The Economic Times

                      5 Lkh flats lying vacant -- not sure were the details has come from

                      Comment

                      Have any questions or thoughts about this?
                      Working...
                      X