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Property Price Trends in Chennai

Last updated: May 20 2021
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  • Re : Property Price Trends in Chennai

    Originally posted by randomguy View Post
    But I'm sure they equate education as just a proxy for wealth.
    You are right on the mark.

    Many of the girls, do not know what the reality is. I guess it was like that in olden days. Whereas nowadays salaried folks cannot definitely make the cut unless they worked in pre-ipo Google, Facebook or something similar.
    But cannot blame them, it is the whole system in particular S India where an IITian with a 10L salary is considered cool than an enterpreuner who gets 10C a year.

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    • Re : Property Price Trends in Chennai

      Originally posted by k11 View Post
      You are right on the mark.

      Many of the girls, do not know what the reality is. I guess it was like that in olden days. Whereas nowadays salaried folks cannot definitely make the cut unless they worked in pre-ipo Google, Facebook or something similar.
      But cannot blame them, it is the whole system in particular S India where an IITian with a 10L salary is considered cool than an enterpreuner who gets 10C a year.
      Yes, many people don't know to judge careers. Forget entrepreneurship , most people can't even recognize good paying careers like banking, trading etc..

      One of my school mates did his BSc Math and then MBA at XLRI and now an investment banker at a big bank in HK. Now most parents/girls don't have clue what investment banking is,XLRI is not IIM and they have no idea why he is in HK and not in US or UK. He had a tough time attracting "good" girls who would shy away after looking at his BSc edu background. A BE from random engg college working in TCS and going onsite occasionally would have much better prospects in marriage market(though probably earning 1/5th of what my friend does).
      Last edited September 22 2012, 01:00 AM.

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      • Re : Property Price Trends in Chennai

        Originally posted by k11 View Post
        You are right on the mark.

        Many of the girls, do not know what the reality is. I guess it was like that in olden days. Whereas nowadays salaried folks cannot definitely make the cut unless they worked in pre-ipo Google, Facebook or something similar.
        But cannot blame them, it is the whole system in particular S India where an IITian with a 10L salary is considered cool than an enterpreuner who gets 10C a year.
        K11 I agree. But cant help majority of the parents are searching based on the peer family group criteria. But I am seeing a trend now more parents are going against CA/Bankers and MBA folks.

        Working in a IT firm and that too NRI's are a least preferred folks. Anyway good luck !!!

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        • Re : Property Price Trends in Chennai

          Originally posted by k11 View Post
          But cannot blame them, it is the whole system in particular S India where an IITian with a 10L salary is considered cool than an enterpreuner who gets 10C a year.
          :-) Or an Educated Farmer /Rice mill owner who never has to pay for Electricity or Tax or a Vegetable trader for that matter who does
          not pay tax through out his life.

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          • Re : Property Price Trends in Chennai

            Price trends in Chennai Topic is Picking up strongly!!
            Last edited September 22 2012, 09:55 AM.

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            • Re : Property Price Trends in Chennai

              Originally posted by k11 View Post
              You hit the nail. I heard this from multiple S Indian girls.
              IIT seems to be the trump card. You do not need a glitzy job, good looks, RE or anything else. IIMs also helps I suppose but not in the same vein.

              Imagine the havoc it is going to play 10 yrs down the road.
              Blame the bad ratio. Few years ago, families with girls pay dowry to get guys.
              If that reverses, may be I will have to sell my flat and get girl instead.
              I guess in the medium term (20-30 yrs) this can lead to population stabilization in India. Much needed.
              I had a love+arranged marriage with my coll. class mate. Remembering good old days. I dint have money, job or great looks. My dad was middle class, I was just a normal guy. My wife helped me a lot during those days (and still does) as I was a hostellite and frequently ran out of cash.
              She often mentions that she feels better and happy with me. I guess that's all that it takes.
              Try making her happy and secure. Money, education and looks are initial attractions. Even after the marriage if anyone party makes their decision based on it, it is hard to sustain in the long run.
              When it came to handling her parents, the fact we both were equally educated and had a career (need not be specific as long as I can earn money) they were fine. Most important was our happiness hence they agreed. One plus was we both were from same religion and caste - otherwise this can lead to complications in dealing with the previous generation.

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              • Re : Property Price Trends in Chennai

                Originally posted by k11 View Post
                I think many S Indians do not prefer NRIs or people with intention to go abroad.
                Hmm! Where are such people I didnt meet them The questions I posted are not imaginary, I faced them and was asked why I am not onsite and how I am able earn staying in India The girl's salaries are astonishing and demands are too high, and wanted to stay for 3-4 years in a foreign country before settling in India. Most of my collegues prefer (or are forced ) to go onsite after marriage!

                Education and Company, inspite of being good, didnt matter in my case!

                Anyway nice having some entertainment in this thread!

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                • Re : Property Price Trends in Chennai

                  Couple of people I met, both were US educated one working in India, and the other worked in US for very short period, returned recently.
                  Another one from India, who did not want to move out of BLR.

                  I see many people, especially well to do families, born and bought up in cities, do not want to send their girls to foreign countries. Many of them are already got their education in western countries and know the ground situation.

                  Outside of BLR/Chennai there might be people down south who might be willing.

                  I have heard the same thing from friends too. I know a guy whose family asked him to move back from his onsite position just for this. Fortunately his company give him a good package, just above 60% of his US take home.

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                  • Re : Property Price Trends in Chennai

                    Price Trend in Chennai appears to be directly proportional to the Bride Trend, so we are still relevant while discussing this I think.

                    From my experience, gone are those days when debt was frowned upon and seen as a liability. Nowadays, The more risk taking ability you demonstrate more is the value in the marriage market. Elders themselves are encouraging guys to leverage as much as possible before marriage, increase your networth and then look for prospects who has wealth/income which will come handy to mitigate the risk substantially.

                    The Mantra to folow for living and getting married in middle class families seems to be to
                    1. Get a graduate/postgraduate degree from a reputed institute.
                    2. Join in a company whose name is popularly known.
                    3. Buy a land/flat by taking maximum loan.Also buy a car if you can.
                    4. Try and get your visa/work permit processed, a short term onsite is highly advised.
                    5. Start looking for marriage prospects simultaneously.
                    6. If you happen to find a match before your onsite. Plan your travel such that its after engagement and you can come back marry and take your wife along.
                    7. If you happen to be already in onsite come back to india on rotation,find a match, get married and go back again.
                    8. Save as much as possible in early years, repay all loans, start planning your peaceful R2I after long stint abroad and live happily ever after.

                    Finally I think its safe to conclude, For Every Tamil marriage thats destined in heaven, atleast one property gets sold in Chennai
                    Last edited September 23 2012, 12:18 AM.

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                    • Re : Property Price Trends in Chennai

                      The Hindu : FEATURES / PROPERTY PLUS :

                      Some key answers by V.K. SHARMA, director & CEO, LIC Housing Finance.

                      What is weighing more on the home buyer’s mind — realty prices or interest rates?
                      One cannot deny that home loan rates do have an impact on buying decisions. However, our experience is that the greater deterrent is property prices and we have observed that wherever property prices have reached very high levels, transactions have dipped.
                      If there is a deceleration, why are developers not bringing down prices? What gives them the capacity to hold prices?

                      The strong underlying and pent-up demand in major cities has resulted in stickiness in property prices. Even minor price corrections have triggered increased volumes. Hence, a deep correction has not happened. Investors come into the project at pre-launch and launch stages, providing support to developers, who are able to sustain prices despite low sales.
                      Affordable housing has been talked about a lot. But are developers really coming up with such projects?

                      The major obstacle in development of affordable housing is land availability. Land is at a premium and developers tend to maximise realisations by developing premium projects. Once these supply constraints are addressed, affordable housing will see a better offtake.

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