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
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


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


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.


Orchid - Palikkarnai - 3500/sqft
Palazzo - keelkattalai - 3700/sqft
Grandeur - Velappanchavadi(near saveetha dental college) - 3200/sqft


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


Harmony - Medavakkam - 3100/sqft

Rajarathnam Constructions

RC Prince Gardenia - Perambur redhill road,Kolathur - 3600/sqft


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.


Safaa - Urappakam - 3150/sqft


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


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
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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  • @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 k11
    RA 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.
  • 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 soon
  • Originally Posted by Arunag

    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).
  • 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 now
  • Ok K11. You mentioned that you got shocked about the price thats reason I have mentioned the project with BSP .
    Originally Posted by k11
    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).
  • 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.
  • Originally Posted by ZeeEnn
    R 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)
  • 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?
  • I think the works already started.
  • Originally Posted by chennaidesi
    I think the works already started.

    I go through that place regularly, dont see any sign so far !!!
  • 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.
  • CommentQuote
  • 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 thing
  • 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.
  • 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 ..etc