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.
Read more
Reply
2344 Replies
Sort by :Filter by :
  • Originally Posted by mukundanmk
    Chenani RE might be an exception to the Economic Theory of Supply and Demand. I am still not able to understand whether we are in a Seller's Market or Buyer's Market...

    In indian cities I have generally observed that Buyers think its buyers market and sellers think its sellers market.
    CommentQuote
  • Mohan was wanted by many Expect Heroine Revathi in that film till Climax.

    Film Directors target premium and Posh Properties for shooting to bring out the best

    In Kerala , People compete with Neighbours and build better day by day and in Che too in Posh Race Course Area.

    Originally Posted by mukundanmk
    Mani's another movie Mouna Raagam too had a great house (Mohan's house in Delhi)... interiors were too good. During that time, many wanted an house with interiors like that and girls, wanted an husband like Mohan :)
    CommentQuote
  • talking of movies, "3" movie starring Dhanush was shot in ETA Rosedale. The house where Dhanush and Shruti Hassan stayed was model apartment in that project. The builder used it effectively to market units in that project.

    But Anjali was the trendsetter for gated community craze.
    CommentQuote
  • Originally Posted by Love4land
    talking of movies, "3" movie starring Dhanush was shot in ETA Rosedale. The house where Dhanush and Shruti Hassan stayed was model apartment in that project. The builder used it effectively to market units in that project.

    But Anjali was the trendsetter for gated community craze.


    Adding to this ..AR.Murugadoss production ,Arya and Nayanthara's next movie "Raja rani" was shot at Mantri Synergy !!
    CommentQuote
  • Originally Posted by Economist
    About a year ago I saw a Vijay Anthony Movie called NAAN.

    There was this cute trendy,peppy little house on a small plot on 30 ft road.

    I was impressed how you can put a Trendy peppy house on a small plot (less than 1G) on a narrow 30-40ft road and look realy cool and upmarket.


    Me too. I liked it very much. Especially the crispness with which the Main door used to close and how everything around the house looked posh! I liked it :-)
    CommentQuote
  • Originally Posted by vettipayyan
    Me too. I liked it very much. Especially the crispness with which the Main door used to close and how everything around the house looked posh! I liked it :-)


    Nee vettipayyan illa vevaramana payyan !!
    CommentQuote
  • Good that some one brought the memories of Anjali (wonderful work of Mani, no doubt) and some other movies. Yes, Movies no doubt influence trends. But please note that movies never change investment trends nor decide investment worthiness.

    I would again repeat my view here - If one is interested in just a home for living, GCs and Apartments are the least expensive and more importantly least time consuming way. And movies do influence that. And rightly so. And majority of middle class people will need a home in their lives at maximum one per adult and no more. So flats/GCs/Apartments whatever are the inexpensive and easy option and rightly so.

    But when it comes to RE as an investment vehicles, flats/GCs/Apartments are behind plots/vacant land and rightly so. What is the best vehicle for a business owner (BMW or Audi) is not the best vehicular choice for a middle class employee (he or she is better off with Honda activa or splendour) and vice versa. Plots and Flats are complimentary - the former is for those who have bigger money and interested in investment and ROI . Latter is for those who want a roof to live in this big city.
    CommentQuote
  • Originally Posted by nabishek
    I have a different take on it, not sure if it should be called bullish or bearish..it depends on how you are reading it..Let me explain in third person.

    I feel the gap between the have's and have-nots is going to widen dangerously and very fast. The decision one takes now with their finances is going to decide whether their children are going to remain wealthy or not. Buying RE is no more just investing for returns beating inflation. Its establishing a home for securing your family. If the things we are talking like Rs 65/$, Rs. 60+ diesel and Rs. 100+ petrol price are going to be true and that coupled with moderate salary increases not matching price rise..It is going to put tremendous presssure on the earning class. They are going to have enough challenges to handle and buying a flat/RE taking loan would be the last thing on their mind.

    Having said that..what is the refuge for a person wanting to buy when the price due to inflation pressure doesnt come down and it is still remains unaffordable? Wait for price to correct/crash? The whole situation may never become conducive for everything to fall in place and for buying. Traditionally in India Buying RE has always been beyond one's means and involving fair degree of risk. Its never a decision of buy/rent or P/E ratio alone. I dont see that changing anytime soon. The best we can do is try balancing our affordability and preference to identify a value deal.

    Generally RE is called hedge against inflation. One of the main reason why so is, In an inflationary environment when rupee is also depreciating it gives additional incentives to borrow as we can repay with currency of diminished value at later point. This fact is the fundamental reason why property prices are going up and is not factored in by potential buyers. Credit if managed judicously can act as a catalyst to make you richer faster than your counterpart.


    Finally, It would help to keep in mind..When the tough gets going, a roof above your head and shelter for your family is invaluable.


    * Agree that everyone , or rather every adult needs a roof above the head. If that is the primary objective, buying a simple flat in a GC in developing suburb is the least expensive way.

    * But if one is seeing RE as a way to protect savings and hedge against inflation, i am afraid, flats wont fit the bill. A flat - bought for high price, having low UDS and too much common area is essentially a devaluing asset, the built up area's worth reduces year after year. Only UDS appreciates. That being the case, the only way to milk RE's potential as inflation hedge is to buy land directly (in correct locations - In RE, location is most important. Buying land 25 km from acharapakkam and expecting it to hedge you against inflation wont help at all)

    * Economic trends are always cyclical. Right now we are going through bad phase - devaluation, high inflation, poor GDP growth, etc . But all this does not last long and things correct. We had similar devaluation phase in 1991-1992, 2001-02 and after 2-4 years, we saw back to normal high GDP growth and huge rise in stock markets. Devaluation is generally helpful for growth and business competitiveness (While it does hurt consumers). Oil prices will hopefully start softening after 3-4 years (due to shale oil/gas from US) and power situation will correct by 2017, after that we will see better times. But RE is always priced for current optimism or pessimism and I am afraid we have to see an year or so of the latter now.
    CommentQuote
  • Plots and Flats are complimentary - the former is for those who have bigger money and interested in investment and ROI . Latter is for those who want a roof to live in this big city.


    You are mostly right, but the above is only applicable for areas within city limits. Not applicable for suburbs like Navalur or Siruseri where GCs like Hira upscale Seagull, Akshaya Abov and Olympia Reflections are priced 4 crores and above per apartment. Land is cheaper option. You can't hire a local contractor and build a house with same quality and with same features as these projects.

    People in 80s were mostly government servants or even if employee in private sector, were mostly less productive. They had plenty of free time with literally no hobbies or other activities. So plots ruled the roost, but modern generation youth are in high productivity environment with tight schedule and agressive targets.

    I would rephrase the above as: Plots are for local people or NRIs who have good contacts on ground and plenty of free time.
    Apartments are for people with budget constraints or non-locals or NRIs or busy people.
    CommentQuote
  • Originally Posted by Love4land
    You are mostly right, but the above is only applicable for areas within city limits. Not applicable for suburbs like Navalur or Siruseri where GCs like Hira upscale Seagull, Akshaya Abov and Olympia Reflections are priced 4 crores and above per apartment. Land is cheaper option. You can't hire a local contractor and build a house with same quality and with same features as these projects.


    My friend let us agree to disagree on last point.

    My view is this - local contractor cant give same quality as a big builder like Jains in year zero (when building is finished)

    But after 5-10 years, when major maintenance work is needed, you can decide what extent you want to invest, in individual house.

    But in flat/GC, the money is decided by a crowd where a good majority may have little interest in doing anything other than bare minimum.

    Of the hundreds of GCs now being built, i expect only 10% to stand the test of time - maybe hirandanis will look and be well maintained even after 20 years. But what about rest? I expect half of them to look no different from those TNHB apartments in city say 20-25 years from now...
    CommentQuote
  • Originally Posted by Love4land

    People in 80s were mostly government servants or even if employee in private sector, were mostly less productive. They had plenty of free time with literally no hobbies or other activities. So plots ruled the roost, but modern generation youth are in high productivity environment with tight schedule and agressive targets.

    I would rephrase the above as: Plots are for local people or NRIs who have good contacts on ground and plenty of free time.
    Apartments are for people with budget constraints or non-locals or NRIs or busy people.


    Adapavi makka - velai vetti illadhavanga = Plot buyers
    high pressure, fast targets = flat buyers
    eanna oru discrimination -- nalla iru saami
    You should change your name to Love4Flats than land = oxymoron
    Appuram eppadi maamu ealla forumlayum namma post panrom, high pressure targets eanna aachu appo
    CommentQuote
  • People in 80s were mostly government servants or even if employee in private sector, were mostly less productive. They had plenty of free time with literally no hobbies or other activities. So plots ruled the roost, but modern generation youth are in high productivity environment with tight schedule and agressive targets.


    Above is a gross insult to the people in the 80s - they had more time because they had no distractions and let's be honest. Just to favor GC/Apts, lets not cast aspersions on a entire generation. Their pursuits, artistic or hobby, are far more healthier than modern day habits.

    Modern day youth? Highly productive, Yeah, right!. Give me a break !! Facebook updates and constant status checks, Team-bhp/RE Forums are all zero distraction and does not consume time and very productive too (for the display ads revenue). Yeah, right!

    Bottom Line: If one knows how to manage his time productively, the free time is his creation and that cannot allow one to paint it for broader masses what is better for them.

    Mav
    CommentQuote
  • Originally Posted by ramki830
    * Agree that everyone , or rather every adult needs a roof above the head. If that is the primary objective, buying a simple flat in a GC in developing suburb is the least expensive way.

    * But if one is seeing RE as a way to protect savings and hedge against inflation, i am afraid, flats wont fit the bill. A flat - bought for high price, having low UDS and too much common area is essentially a devaluing asset, the built up area's worth reduces year after year. Only UDS appreciates. That being the case, the only way to milk RE's potential as inflation hedge is to buy land directly (in correct locations - In RE, location is most important. Buying land 25 km from acharapakkam and expecting it to hedge you against inflation wont help at all)

    * Economic trends are always cyclical. Right now we are going through bad phase - devaluation, high inflation, poor GDP growth, etc . But all this does not last long and things correct. We had similar devaluation phase in 1991-1992, 2001-02 and after 2-4 years, we saw back to normal high GDP growth and huge rise in stock markets. Devaluation is generally helpful for growth and business competitiveness (While it does hurt consumers). Oil prices will hopefully start softening after 3-4 years (due to shale oil/gas from US) and power situation will correct by 2017, after that we will see better times. But RE is always priced for current optimism or pessimism and I am afraid we have to see an year or so of the latter now.


    I agree with you, the market will surely rebound in long term..but everything will be in relative basis, in absolute the situation may not be the same as it was during the earlier cycles. The scale of liquidity infusion seen now was not known in history..nobody knows exactly how and where it will impact..looking back at history, whenever anyone did what is being done now like during roman civilization..it has only resulted in war and destruction. I am not pessimistic to that extent, I feel technology will be our saviour. We might move into adopting an unified global currency.

    That apart, I had put an alternate view on why land appreciates building depreciates may not hold relevance like before in coming years. I am not talking about buildings that last just 15-20 years..I am talking about MSB's built with latest construction technology and designed to last minimum 40-60 years with proper regular maintainence. UDS becomes insignificant as it comes into play only if you are going to redevelop.If you stop comparing both UDS and plot land as same and consider UDS as leasehold and plot as freehold, It will be help understand what I am trying to say. If the trend of MSB and gated communities catches up we will be seeing huge demand for living space in select communities with pricing that has no linking to land price.

    I am reproducing my post from the other thread to put things in context

    Originally Posted by nabishek
    The discussion seems to be heading towards plot is for cash buyers and flat is for loan buyers..I think the understanding will be clear if we set aside source of funding and just discuss the often said fact - "building depreciates, land appreciates".


    For a person looking for RoI in flat..they are looking to sell back within a short span of time 2-3 years when the building can be passed of as relatively new..The advantage is completely lost the moment it is a re-sale..A person who is going to calculate returns on a flat after 30 years will see that only the UDS part has retained value. The rental yield in my opinion is very minimum considering the cost of flat..Also discounting the maintainence cost..property tax etc it appears we flat owners are doing social service to people wanting to rent. I dont think rental yield is attractive to convince buyers towards deciding a flat. Especially on leverage when interest rates are 10% and rental yield is less than 4%. The price-rent buy ratio is skewed towards rent.


    Ok..Then why dont we see lands being sold/bought when it is relatively cheaper comparing to flats in the vicinity? Let me share my story..I had a requirement for a modern house in 2015. As you all know, I have booked a flat in a gated community even though I could have bought 2 grounds for the same cost and built a house nearby. I am buying it without leverage so I think it would make a case of equal comparision. The main reason that made me choose a flat over a plot was the fact..suburbs are still not safe and comfortable for individual houses..After looking at the area and the slow development, I decided we cannot put up with deterioration in lifestyle if we decide to move to suburb in its current state. Our lifestyle does not match with the residents who have bought land cheap and are living nearby for 10+ years, obviously there will be mismatches and I dont want my family to suffer the environment and adjust to it after so many years when there is no compulsion whatsoever. Though my decision does not make pure investment sense..I dont regret it because I know that most likely my family wont want to move to suburb..In that case, A flat is easier to let-out, easier to maintain and easier to supervise and monitor especially when we are all so busy with work and either travelling or have thousand things to handle.The comfort and security a flat/gated community gives to residents for the money invested beats all economic sense and prospect of appreciation in a plot.


    So that is for end use, what about investment? Buying plots and protecting in chennai is such a pain and too much effort..I am not discouraging anyone here..I couldnt devote much time to explore,identify,filter the right property. I kept missing opportunities.But I didnt wait and I made some small ticket investments in Tier II towns/cities well within the main commercial area. They have given me more returns than any chennai suburb plots would give for the same price. And with relatives staying nearby..I have a feeling my investment is safe. That wouldnt have been the case with barren layouts.


    Finally, coming to core point - building depreciates..I believe going forward we are seeing a change in trend..Just like a location demands premium due to the kind of people living there, like Boat Club being costly while kotturpuram on the otherside of river is comparitively affordable. Similaly Buildings will be seen as Locations in future..We will see that building also "appreciates". Certain township that sells "living space" with specific "lifestyle" to buyers will be in demand and have its own rate whose price/demand will defy all logic and be totally unrealted to the trend and land rate outside. Similarly, Many are waiting for the infrastructure to catch-up in suburbs..they dont mind paying more if its costly at that time. Once some layouts are developed we will see posh localities emerge in suburbs too that can give PG and BC run for its money. The success of land investors would lie in identifying it before it dawns on the whos-who of chennai to start living there.
    CommentQuote
  • Originally Posted by ramki830
    My friend let us agree to disagree on last point.

    My view is this - local contractor cant give same quality as a big builder like Jains in year zero (when building is finished)

    But after 5-10 years, when major maintenance work is needed, you can decide what extent you want to invest, in individual house.

    But in flat/GC, the money is decided by a crowd where a good majority may have little interest in doing anything other than bare minimum.

    Of the hundreds of GCs now being built, i expect only 10% to stand the test of time - maybe hirandanis will look and be well maintained even after 20 years. But what about rest? I expect half of them to look no different from those TNHB apartments in city say 20-25 years from now...


    By a rough estimate, atleast 30% of people who buy apartments today will most likely upgrade to bigger or newer apartment within 5 yrs of moving in.

    Salaries are changing fast, people are more rapidly moving up in the career ladder, startups are seeing turnaround within few years and becoming million dollar companies.
    CommentQuote
  • Originally Posted by nabishek
    UDS becomes insignificant as it comes into play only if you are going to redevelop.If you stop comparing both UDS and plot land as same and consider UDS as leasehold and plot as freehold, It will be help understand what I am trying to say.



    That is right.

    Originally Posted by nabishek

    iIf the trend of MSB and gated communities catches up we will be seeing huge demand for living space in select communities with pricing that has no linking to land price.


    This I dont agree.

    May be one or two rare ones like Hira type in good location with views or Beach front or City Center (DLF Egmore)

    Even in those Location (land cost) will be the key - Sea front, City Center etc.


    GC failur due to location - Good examples are Marg Swarnabhoomi, WMC flats, Hirco - Oragadam etc.
    CommentQuote