Property Price Trends in Chennai
2356 Replies610k+ ViewsLast Reply: 2 months ago
nabishek
Senior Member
Started 11 years ago
2357 Replies
Sort by :Filter by :
Oldest
All
- @K11
Vijayshnathi launched a new project Kilpauk with BSP of Rs.15,500/sq.ft.
Vijay Shanthi Rain Forest at Kilpauk - Rs.15,500/sq.ft.Originally Posted by k11RA Puram and Kilpauk are surprises in the report.
I was bullish about Kilpuak and Egmore for sometime.
But Kilpuak at 15K (now equal to Adyar/B.Nagar) is news to me.
Also RA Puram with certain upscale localities like Bishop Garden, Chamiers/McNichols Rd has bought the avgs higher too. Outside of some streets, the area has lower numbers.
Anna Nagar was way undervalued before, has now caught up.
Might move up bit more if Muggapair/Anna Nagar W develops. Else it will stagnate and might even lag behind central Chennai.
B Club/P Garden is undervalued in the report. Prices are 30K+ now for old units in BC. PG is also at 22-25K+.
I could not find the 4Q 2012 RE report. May be they released the numbers to Hindu and clients only.CommentQuote0Flag - If every body was looking for a crash to happen then the news is it has already started happening.If you have land parcels in city's outskirts and you want to sell it just call an agent and enquire you will get a feel of initial signs.The Big Bang will follow soonCommentQuote0Flag
- Originally Posted by Arunag@K11
Vijayshnathi launched a new project Kilpauk with BSP of Rs.15,500/sq.ft.
Vijay Shanthi Rain Forest at Kilpauk - Rs.15,500/sq.ft.
Yes, Anurag I was aware of this project.
The report numbers are supposed to be averages and it generally includes resales too.
Guess, it not the outlier anymore.
Back in 09-10, when I was in market, new units here were trading at 8.5K and older resale ones were at 6-7K (@Barnaby Road).CommentQuote0Flag - too early to predict anything. u go to any tea shop in Chennai u can see brokers discussing on registration, bargaining everything, it s hot nowCommentQuote0Flag
- Ok K11. You mentioned that you got shocked about the price thats reason I have mentioned the project with BSP .Originally Posted by k11Yes, Anurag I was aware of this project.
The report numbers are supposed to be averages and it generally includes resales too.
Guess, it not the outlier anymore.
Back in 09-10, when I was in market, new units here were trading at 8.5K and older resale ones were at 6-7K (@Barnaby Road).CommentQuote1Flag - No probs, I knew the project during the pre-launch but not the latest price.
I was thinking 14K-ish.
Vijayshanthi (and other high end buildings) are supposed to be outliers, generally higher than avg.
I think prices have run up, there might be some kind of breather now.
Folks who are in the market can take sometime to carefully evaluate options over the year.CommentQuote0Flag - Originally Posted by ZeeEnnR U the same Ramki who said that you wont pay more rent to your landlord in WestMambalam; who said RE prices wont rise and said that salaries wont rise just 4 years ago? Just curious...your old pal Natarajg007
ZeeEnn, I am not the Ramchi whom you are referring to and I was not a member of this forum till last year . And regarding the subject, leaving aside 2009, the rental rates in city areas will continue to rise till proper infrastructure develops i suburbs.. and once that happens (will happen in next few yearS) there will be flight from some poorly developed core CBD to inner suburbs (I know people will make fun of this statement but stranger things have happened in past)CommentQuote0Flag - VLCY is on track to converge with CBD levels in terms of RE Prices. And the social infrastructure and connectivity of VLCY is better than many CBD areas !!
Only negative is the continuing delay in the execution of flyover VLCY junction. What ever happened to that , why is State Govt not pushing it aggressively?CommentQuote0Flag - I think the works already started.CommentQuote0Flag
- Originally Posted by chennaidesiI think the works already started.
I go through that place regularly, dont see any sign so far !!!CommentQuote0Flag - My bad. I recently read an article saying fund alloted and work started.
Also is there any chance some medium size projects(50 to 100 apts ) can come up in near future in proper velachery. Any big open space still available in velachery.
Also when is Phoneix mall opening up?
Please someone can update the latest status.CommentQuote0Flag - The Real Crack seems to show up:
Bangalore-based Century Realty’s debenture default triggers panic in sector - The Economic TimesCommentQuote0Flag - If this is a pattern it could be bad
In a nutshell following is the cycle
HNI + private investors invest in debentures/ ncds issued by builders or buy notes/ bonds for a token interest rate
Builders get the funding buy land promote project and sell flats
Banks issue loans for the approved flats promoted
Common man signs up for the flat - bank issues checks for milestone payments
the cashflow back to Builder/developer is used to PAY the interest for the money borrowed in Step 1
Where does this deck fall apart, when the common man stops signing up, the Builder needs to make arrangements for the interest due else he goes into default and if he does the panic spreads across buyers
Not a good situation, common man needs to keep buying which means builders instead of geting greedy and selling higher prices should introduced creative products into the system while keeping rates low
Reduce sqft
raise cash outside of base sqft charges - keep base sqft charge low
form creative JVs with land owners - land lease model ?instead of UDS model
work with govt to increase FSI to get more yield
build stellar reputation to sell flats with less overhead
creative marketing
straight forward dealings
the whole thingCommentQuote0Flag - If the ongoing projects delayed due to liquidity issues then that will bring down the supply. This in turn create demand for ready to move in properties. The core issue that is baffling Chennai is lack of quality supply and infrastructure outside of the City limits. The impact in supply in outskirts would let price skyrocket with in city.CommentQuote0Flag
- The advantage for chennai RE is being that, there are no quality houses. Now people are shouting OMR is over supplied, even at this time, if you search for a good quality (available ) properties, it is very very less on OMR. And the demand is also not getting down. If you look at Bang or Hyd, there is more supply (at very very good quality compared to chennai, infact, in some cases, we cant compare chn projs with them at all) and demand is getting saturated.
So for any good valid buyer finding good quality product in nearby areas is very tough, as a result, the prices are going up. And if you buy from local chennai builder, you have to virtually destruct u r house with in 5 yrs and construct it again. They only see margins, never worry about customer satisfaction. Not only in RE, even in Food, transport ..etcCommentQuote0Flag