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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  • Rs 150 crore land of actors' union in legal tangle

    CHENNAI: A controversial proposal to develop an 18-ground property worth 150 crore belonging to the actors' association, Nadigar Sangam, on Habibullah Road in T Nagar, slipped deeper into a legal quagmire, with the Madras high court staying the operation of a lease deed between the office bearers and a multiplex developer.

    Justice Vinod Kumar Sharma on Tuesday granted the interim injunction on a civil suit filed by Poochi Murugan and P A Kaja Mohideen. "The respondents have sought time to file a counter. The case is adjourned to December 18. In the meantime, there shall be an interim injunction," the order said.

    The Nadigar Sangam Charitable Trust, formed in 1987 to provide assistance to its 3,000 members from the film, drama and television industries, is supposed to have nine members to run its affairs. However, it now has only two members, actor-MLA R Sarathkumar and his brother-in-law Radha Ravi.

    In his capacity as general secretary of the sangam, Radha Ravi gave general power of attorney to R Sarathkumar on August 6, 2010. Sarathkumar executed a lease deed in favour of Radha Ravi over the property. On November 25, 2010, they executed a separate lease deed of the property in favour of M/s SPI Cinemas. The proposal was to develop a multiplex at the site for a consideration, which, the present applicants said was too low.

    The present suit, alleging lack of transparency and threat to the property belonging to the association, asked the court to restrain the actors as well as the multiplex developer from giving effect to the lease deed and from carrying out any construction at the site.

    Last month, while granting leave to file the suit, Justice K Chandru had commented that all was not well with the Nadigar Sangam. He had said: "The fact that one of the two trustees executed a long-term lease deed in favour of the other trustee itself shows that the trust and its property are being grossly mismanaged. All is not well with the way the trust is functioning."








    Rs 150 crore land of actors' union in legal tangle - The Times of India
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  • Originally Posted by maverick007
    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


    Nicely stated and loved the example you quoted.

    For all those CBD bulls those who curse suburbs and infra, please talk to some older generation folks, how so called CBD llocations in South Chennai in 1960s and 1970s were known only for bhoot bungalows. If you have a perspective of more than 10 years, it is better to invest in a Mugalivakkam or Mogappair or Velachery, since these will be eventually the desired CBD areas .
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  • CBD investment is crowded for an another reason as well - No-dirt-in-the-collar or Remote control types and suits for NRIs and their aged parents/in-laws. Suburb investment takes time and toil - lot of hardwork and sweat, getting dirty and roll-up-the-sleeve type investments. As the Surf commercial claims - Stain is Good!

    One have to have a good sense on sensing potential and how to value stuff where the variances can be as huge as 100%. Most of the people who got burnt are the ones who did not have what it takes to do it - lack of knowledge, paid huge price, read the market wrong, lack of diversification etc.

    Not to say that one is bad or another is better - both are different classes and different risk/rewards with varying time horizons. Both are needed and in the right proportion for what one's risk tolerance and time dictates.

    Very surprised to see the jingoistic tendencies in this thread where the war is between which is better - not a debate topic at all!

    Mav
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  • Originally Posted by Economist
    Well said.

    I was about raise the same things.

    I think lot of frustration is the reason for such senseless talk and conspiracy theories.
    .


    +1 to that! Been thinking along the same lines.

    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 or rather, well asked.
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  • 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.


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

    !!!


    Oops. I meant OMR the areas upto Shol which are in corporation limit. They have power cuts just 2 hrs like any part of city.

    Yes areas like kelambakkam,Siruseri etc will have to use DG set.

    It depends which part of OMR we talk.

    I think at present upto Shol it is a liveable region, beyond that investment region

    Oops. I meant OMR the areas upto Shol which are in corporation limit. They have power cuts just 2 hrs like any part of city.

    Yes areas like kelambakkam,Siruseri etc will have to use DG set.

    It depends which part of OMR we talk.

    I think at present upto Shol it is a liveable region, beyond that investment region
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  • Originally Posted by dracula
    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



    Less than 5% of Chennai population work in IT companies in OMR.
    So for an IT employee, OMR is very attractive. For rest of the public it is a hassle. For NRIs and IT workers, suburbs are a good choice as many have cars and have access to easy transportation.

    Of course, I understand most forum members belong to this 5%. I do agree with you.
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  • 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.


    well i am not painting anythiing , dont know where u live, but i live in T Nagar with 1000 as maintainance charge for a 1200 2 bhk, hardly use car (hate in this traffic) wht facilities u need- have escape, any malls sathyam all restaurants and every facilities u need and on top have great established schools, rail, buses, share autos, airport, world class health care options- so pls stop talking of OMR and T nagar- have numerous friends of mine buying a house in suburbs and unable to manage and selling their houses and coming back to city in the last 3-4 years which has resulted in huge price appreciation.

    i am for investment in suburbs but only i cautioned on the price tags of it. especially the way in which the builders r looting. no approval but they ask for payment upto 50% and lifetime maintainance which literally means the builders own it. Olympia Opaline has declared the club house belongs to them and all residents r only lifetime members (only for 25 years)- they run their own malls inside ur building.
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  • Topic is about " Price trend in chennai " but OMR being part of Kanchipuram Dt is being pulled here without any objective but with subjective info .

    Chennai is having a floating and working population of 90% to the extent possible that too with understanding scenario and garnering 3 big projects to pull mega rich 10 Crore + section in abov,add,Seagull

    CBD or City will be off from 1990 scenario where IT companies started mushrooming in city and by 2004 started moving out from STPI regime to SEZ Structure

    The same crowd which started the ball rolling in RE be in terms of Rental hike, Invetsment , double Investment or for that matter multiple investment will drive the suburb where SEZ starte and established in the days to come.

    Much of the IT crowd will settle in OMR stretch besides business and HNI segement shortly as per the actual interaction in well established and quick connectivity Residential townships
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  • Hmm strange to see some members who's views always cater to the IT people. There is not much range covered in arguments. Not only IT folks, infact many, use internet.

    Anyways, I feel that all this talk about growing suburb and how the current city used to be the same years back, is all good to hear.

    But the only thing I am worried about is, the reasons why the existing "art-of-city" (as developers pronounce it) developed doesnt look like being passed on to the growth of current suburb. The Govt promises lot of things to the suburbs but lets accept OMR has been give stepmotherly treatment inspite of what it has given back. GST has been given more focus due to the obvious reasons of having raliway lines and airport and govt has enough intelligence and experience (redundant??) for growth in this area. Very Old areas like Tambaram and Ambattur still havent got the best of social infrastructure, what is the sureity that the newly developed areas will get in the next decade? How is the Govt deciding this is the next area for development and is there real sustained focus?

    Are we thinking just opening up of Malls, Multiplexes would make an area posh or equal to those inside city? Medavakkam is one of the few areas to be blessed with good ground water, but even there the lakes are drying up. IMHO Medavakkam deserved to be included in corportation limit even before Madipakkam got. But this didnt happen. Proximity to Velachery is benefitting Madipakkam and Pallikaranai.

    Just throwing questions as I think, many people still keep running back to the city due to an established infra. Some of my freinds have rented out suburb flats and add some money to it and live in smaller CBD flats. This is also one developing trend.

    Now with all this said, I think there is little more than "I am obsessed about city" in this behavior.
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  • Since most of the visitors here are directly in IT, it influence them to think IT is the only field that pays high money. On average IT comp is better than others however there are so many profession that pays much higher than IT salary. Few examples Doctors, business Consultants, building architects, lawyers, store owners, Cine artists, contractors etc.. They can't afford to live in OMR and work in CBD which is suicidal to their careers.

    So please stop comparing IT parks and related employment. IMO RE is peaking overall in India and suburbs are more vulnerable to volatility. Going forward the trend is that the price will catch up with inflation and no bull market anytime soon. There will be another bull market only after when everyone stop talking about RE. I am amazed how still folks believe that there would be dramatic price increase in near term. If you are investor justify the price entry point and have patience over it. Eventually you will be rewarded.
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  • The reason behind home buying is now different. I have hardly heard any of my previous generation saying "we were forced to buy here... or compelled to buy here" In those days people used to earn , save enough and then think of buying houses near temples etc and never shrugged away from walking miles for transport. They had higher levels of patience and foresight.

    Now the buyers are extremely different. Its all about loan eligibility or NRI money , 2nd, 3rd flat etc. Flats are being bought by the major middle class out of fear of losing out on one. On the other side, no one is even ready to walk 500 mtrs, and are ready to shell out money for lot of things. For power cuts, there is Generator, for lack of water, they can order tankers etc so on and so forth. Impatience is the word!
    I might not make sense here, but I am questioning the thinking "the suburb has to grow anyway like the current city".
    CBD itself has grown to huge proportions only in last 10-15 years but I feel this was matched to some amount by the growth of social infra.
    Suburb prices are spiraling to hugh proportions without any sense, many times more than it deserves, and this is not right to say , "It usual that Prices increase , and infra will follow". Places near Thoraipakkam are being taken to 6000-6500 range and it is definitely not due to the fact that it has better infra than other places in OMR, neither those in GST (I am neutral to all over priced locations).
    Some one who pruchased a flat for 75 lakhs in Thoraipakkam, will defnitely expect for better social infra as 75 lakhs is still a huge individual investment but when will the Infra follow? Because they didnt enter at similar affordability as someone 15 yrs back would have.

    Are the suburbs as affordable as the earlier city used to be ? I dont know the answer.
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  • Forgot about infra development, first let us get power 24 hrs. Power situation is going insane. It seems there is power grid issues in TN and it will take at least a year or 2 to build the grid to take the power. Next autos should be regulated and it is insane that they charge more than call taxi rates. Next there must be power in all traffic signals and it is horrible to drive thru intersections. Next the metros should be completed on time otherwise important road such as mount road become unusable if it continues at this rate.

    So there are challenges even with in CBD to make it more usable. Now I am wondering how long it would take for places like Orgadam, OMR south etc to get developed. Even in East Tambaram the drainage work is barely started and the place exists actively since 1970s.
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  • We have this sub-urb vs City sprout every now and then. Market dynamics will take due course on demand-supply and as an investor ROI matters; if end-user it's convenience which is paramount to potential appreciation. Zaveri Bazaar can't be in more dingy place, still sort after....
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  • Originally Posted by sunr2i
    Since most of the visitors here are directly in IT, it influence them to think IT is the only field that pays high money. On average IT comp is better than others however there are so many profession that pays much higher than IT salary. Few examples Doctors, business Consultants, building architects, lawyers, store owners, Cine artists, contractors etc.. They can't afford to live in OMR and work in CBD which is suicidal to their careers.

    So please stop comparing IT parks and related employment. IMO RE is peaking overall in India and suburbs are more vulnerable to volatility.



    Interesting. I know a highly sought after and established Doctor in Chennai, who lives inside the city, works at one of city's biggest hospitals and is a senior consultant. This person is a born and bred Chennaite.

    I am from Bangalore, but keep following RE in Chennai like Velachery, OMR etc. On many occassions this Doctor has asked me to find out, refer some site in Velachery. This Doctor always eagerly wants to relocate to Velachery because of huge demand. A Doctor who is so sought after and established in Chennai feels Velachery is the place to be.

    So Doctors have already discovered the value of suburbs like Velachery. Still some members in this forum are talking like 1980.
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  • But I do agree that in Chennai, except Velachery every other suburb sucks.

    Velachery is the only suburb which has developed good social and commercial infrastructure to sustain its residents. All other suburbs have flopped, somewhere even the builders have completely ignored this aspect. Just constructing 5000 apartments is not enough, where are the shops, malls, multiplexes, international schools etc.

    In contrast when I look at Bangalore, suburbs in every direction south, east, north etc have good social, commercial infrastructure to sustain. Here again I mean suburbs like Bannerghatta Road or Yelahanka. I am not talking about frontier areas or exurbs like Devanahalli etc.
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