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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  • Originally Posted by k11
    Yes, you are right. I am always confused on this strech.

    But I know that Metrozone project is not in Anna Nagar W, though they market it as Anna Nagar West.

    Correct me if I am wrong.


    I will post a map with markings.

    Metrozone is actually Thirumangalam proper.
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  • Originally Posted by Economist
    1. Kilpauk - Is,Was & always will be expensive than Annangar East & Shenoy Nagar. Kilpauk Was a VIP area since 1940s.

    2. BTW the pricing you have quoted for Annanagar East & West are way too low for current market reality.

    3. Annanagar East ( Area before rountana) at 12K is not reality mate. You would be lucky to get at 16K

    4. Real Annanagar West (area before 100ft Inner ring road) is going at 14K new projects from local builders. Shanthi Colony at 16K new projects (Color homes)



    Kilpauk was a posh area, even before Anna Nagar existed.
    But back in 2009-10, the prices were not that different or for some reason I thought the prices are close. I found nicer deals in Kilpauk. But anyway I never seriously looked at Anna Nagar E, so the comparison might not be apples to apples.

    I am confused with Anna Nagar W. So yes, the numbers are way off as I included thirumangalam in Anna Nagar W.

    Here is what I found now.

    Firms Prasantham at 5th street (correct Anna Nagar W) - 13K
    MetroZone Latest Price - 10.5K

    This area labelling would be confusing to buyers and probably developers are taking full advantage of this.
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  • Map

    Anna Nagar area Map.
    Attachments:
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  • If you are refering to 99 acers for pricing they are incorrect teaser rate.

    For example Firm at AI block Shanthi Colony is advertised in 99 Acers at Rs14,000

    when you click inside the banner says 3.35C base price for 2,200 Sqft that works out to Rs 15,300.

    When go there personaly they will start at Rs16,000 plus extras.

    The going rate in that area is 16K but you will see adds in the net from 14K.
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  • Thanks RaviCbe, Economist, Sundarjp, kannan1, K11 and SR for your valuable views.

    Locality names are misleading, one has to look at the pincode to identify the correct location. Even Padi is being called Anna Nagar..Ayanavaram is called kilpauk..Pallikarnai is called Velachery..thats the way it is. Anna Nagar East is currently going at 15-16K/sqft as Economist is saying. Prices differ every street, Anna Nagar which is cheap is in the low lying L-Block region, The Shenoy nagar which is cheap is on the opposite side, behind pachiappas college..and the kilpauk which is cheap is behind the cemetry. Good Places and location are selling at huge premium.

    Coming to back the main topic, I also feel Chennai RE esp flats are fast approching the saturation level. I was recently talking to a builder on a prospective project in T.Nagar. He was saying they were hoping to price it at 18K, but current ongoing projects are not moving at 15K..so they are waiting to launch only next year. This was the same I heard in 2008. Builders then in Anna Nagar were having future projects scheduled at 12K but couldnt launch till 2010 at that price.

    Another interesting fact that seems to be coming out of this discussion is almost everywhere around chennai people have seen RE appreciation. This is irrespective of infrastructure development or existing supply. Depending on the entry price the rate of appreciation seems to differ. On an average we see a strange coincidence that flat price have appreciated as much as 3000-4000/sqft across chennai. Adyar which was quoted at 12.5K for new projects is now being sold at 16K, Sholinganallur which was sold at 3000/sqft is being sold at 6000/sqft, Velachery which was selling at 5000/sqft is being sold at 8000/sqft. The scope of faster appreciation is higher when the entry point is at 4000-6000/sqft, there seems to be a good possibility of the property reaching 8000/sqft in some years..But the same cannot be said for a property being sold at 8000/sqft, it will appreciate more slowly.

    The point I am trying to make is Instead of looking at % returns, looking at per/sqft price increase gives a truer picture of what we can expect in future, a 1000/sqft increase on 5K/sqft is 20% increase, whereas on a 10K/sqft flat its only 10%..does a 10K/sqft flat have scope to increase 20%? to keep up with emerging localities? The appreciation appears to be more in line with inflation cost and the increase in registered value and construction cost. Otherwise the appreciation wouldnt be uniform across the board..Some location and good projects getting the additional the 20% premium should be considered exceptions. I am not able to pin-point a particular locality that has done extremely well and a locality that will do extremely well in future..If Chennai RE market is stable, it appears all places will appreciate by default. .
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  • Good Job, Eco for posting the map. I am sure myself and others are always confused about areas. Developers and brokers are largely responsible for misinformation and add to the confusion.

    Nabishek,
    You bought an important point. Increase in construction cost. I think this plays a big role. Some areas actually did not appreciate that much but the construction cost increase has added value to the property.

    Of course, for the buyer it does not matter where the appreciation comes from, whether it is the area going up or construction value of the apt goes up. Appreciation is a paper profit irrespective of however it is generated.

    I feel going forward the market will be slow till the end of 2014. Until the upcoming election and improvement in economy, there might not be much movement. But the construction cost will continue to go up.

    I know it is not right to compare construction costs around the world, but with the increasing globalization and % of imported material, they are somewhat related.
    In Singapore, each sqft costs 16K to build.
    In US at NY/Chicago, it costs 11K to build.
    In Chennai, for a nice 20+ story building it costs 2.5K to build.
    These are rough figures, there are lot of variations.
    Now, I feel the differences will start to come down. India will be always cheaper but any increase in global material cost will make Indian costs shoot up.

    I see construction costs go up by around 25% by end of 2014. So atleast 500-600+rs will be added to flat prices in the next year and half.

    As the construction prices go up, builders would become selective in launching projects in faraway locations. We might see more supply coming in established locations, where developers will feel it is easy to sell.

    Apt prices and land prices are interlinked. Once developers start ignoring an area because of high consturction cost, there will be some pressure on the big parcel land owners to do come down on prices. Lets say a project construction cost hits 3K psft or 40L for a 2-bhk in construction cost itself. The developer will decide to ignore Thirporur or Chengelpet, becasue it will be hard to sell or there is no market for 4K psft or a 55L flat. So the parcel landowner has to come down in price for outright sale or JV.

    All of this is theoritical, might not happen. But there is chance that high construction costs will affect the market negatively too. It might not all be positive.
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  • Which area is biggest pincode in chennai based on population.
    Is it Villivakkam or Velachery or Annanagar. Areawise Anna nagar looks biggest.
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  • All the three might not have enough population.

    Mylapore, Triplicane, Park Town are big in population and size.
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  • I feel that sithalabakkam area has only individual house ( Medium level houses may be not very posh high level buildings ) and many medium level apartments ( 10 to 20 flats apartments ). I do not see any villa projects announced in sithalabakkam area.

    But in ponmar,
    1. Case grande pahse1 villa project
    2. Phase 2 is also announced
    3. Artha villa ( 100+ villas )
    4. Artha apartments ( 100 or 150+ flats ??? )
    5. Jones foundations villas
    6. some individual houses ( 2 or 3 houses???) and others waiting for the right time.
    7. Lots of land is waiting for the new projects announcements.


    Based on the above scenario, may be in 7 to 10 years ponmar will have
    better living place than sithalabakkam.

    But obviously sithalabakkam may have all the infrastructures faster than ponmar. The compost yard is the only major negative point in Ponmar.
    I am not sure, may be in later years it may not be big issues because we are seeing many residence projects are available very near to many dump yards.
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  • None of the builders are doing high end projects in Ponmar or Sithalapakkam or anywhere on Medavakkam-Mabakkam rd. Most builders are the smaller guys. Most of the people here prefer plots over Apts and Villas in this market. Even Medavakkam itself does not have many high quality townships. But atleast it is bit more developed.

    I feel the main OMR Rd would be a better place.
    My pick is the Navalur-Siruseri stretch to improve and outperform the other areas. My prediction is that in the next ten years or so the Navalur region will be trading at a significantly higher premium compared to any other area in Medavakkam-Mambakam Rd.
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  • Originally Posted by k11
    None of the builders are doing high end projects in Ponmar or Sithalapakkam or anywhere on Medavakkam-Mabakkam rd. Most builders are the smaller guys. Most of the people here prefer plots over Apts and Villas in this market. Even Medavakkam itself does not have many high quality townships. But atleast it is bit more developed.

    I feel the main OMR Rd would be a better place.
    My pick is the Navalur-Siruseri stretch to improve and outperform the other areas. My prediction is that in the next ten years or so the Navalur region will be trading at a significantly higher premium compared to any other area in Medavakkam-Mambakam Rd.



    I was comparing only sithalabakkam and ponmar, but you are correct when compared navalur, either sithalabakkam or ponmar does not have any high end projects. after kelembakkam also we are seeing many high end projects like today, pbel, the village , urbania which is not happening in sithalabakkam and ponmar.

    As i have already mentioned in other thread, If you see the land rate is cheaper in ponmar than thaiyur area. both of them not having any infrastructures.
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  • Originally Posted by kannan1
    after kelembakkam also we are seeing many high end projects like today, pbel, the village , urbania which is not happening in sithalabakkam and ponmar.


    Actually the projects you mentioned are mid grade projects.
    Today is a 3k rs project with mid grade specs nothing spectacular, same with PBEL, etc.

    High end projects, I mean Hira Upscale, Olympia Opaline and Panache Villas, etc. Navalur Strech is getting more well to do people moving in.

    Ponmar projects like Artha, Jones Foundation, etc all gets under budget projects. I would not even call them mid grade projects.
    CommentQuote
  • Originally Posted by k11
    Actually the projects you mentioned are mid grade projects.
    Today is a 3k rs project with mid grade specs nothing spectacular, same with PBEL, etc.

    High end projects, I mean Hira Upscale, Olympia Opaline and Panache Villas, etc. Navalur Strech is getting more well to do people moving in.

    Ponmar projects like Artha, Jones Foundation, etc all gets under budget projects. I would not even call them mid grade projects.



    K11 with your standards in view, do you consider Olympia Opaline High End
    Street view is pretty much a POS
    CommentQuote
  • Originally Posted by k11
    Actually the projects you mentioned are mid grade projects.
    Today is a 3k rs project with mid grade specs nothing spectacular, same with PBEL, etc.

    High end projects, I mean Hira Upscale, Olympia Opaline and Panache Villas, etc. Navalur Strech is getting more well to do people moving in.

    Ponmar projects like Artha, Jones Foundation, etc all gets under budget projects. I would not even call them mid grade projects.



    Yes true, whatever i mentioned it is mid range not high end. But this mid range projects also are not happening in ponmar now.

    I need suggestion on buying a plot near thalambur ( near Grand ellora project ). I have also seen the video which is showing the route to grand ellora place. I just want to know will it be ok if we buy land near to that.
    do you have any price range details in that area?
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  • Originally Posted by SRajagopalan
    K11 with your standards in view, do you consider Olympia Opaline High End
    Street view is pretty much a POS


    High end is a very relative word. It is hard to correctly use it.

    Olympia Opaline SkyVilla and Panache are nice projects and are definitely high end.
    SkyVilla has plunge pool in every apt with sea view, decent kitchen, automated windows, seperate clubhouse, separate building manager, etc. Panache is the best Villa project on whole of OMR.
    Both are around or above 5C I think. I do not even know the prices now.
    SkyVilla got launched at 2.6C I think, Panache 2.9C back in 2009-2010.
    The regular Opaline buildings are just mid grade.

    But compared to the regular Artha, Jones, etc the TVH Ouranya Bay and regular Opalaine are much better, 20+ storeys, sea view, amenities, etc.
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