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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  • @SR & Mav,

    Leaving emotions aside, it is fact that plots are not best suited for non-chennaiites, NRIs who can't spend more time in India for property hunting or NRIs who don't have people in India to search for property.

    Flats are best suited in such situations. Unfortunately, this is the reality.

    Even our own parents and people who were in their 20s & 30s during 1980s will acknowledge that current generation are under greater pressure than they were. I'm not insulting them, I'm just stating facts.

    If you are one of those pre-soodhu kavvum era folk who believe that most govt servants are sincere and honest, then I can't help it.
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  • @L4L
    What you said is true, for those who dont want to put the time behind plot purchase its not the game
    its better to follow the herd and buy in a MSB/GC and wish the association will take caer of every thing and keep the community value
    I have skepticism in our social ability to collectively work together and acheive in property owner associations
    Again this is not the Anjali movie HOA / POA meeting trying to curtail kids screaming,
    My friend was the President at SOBHA in Outer ring road / salapuria complex vicinity ,its a nightmare to run it. on the same token if a president wants to be dishonest he could make money.
    You do understand that some of these large MSBs association revenue top 1 t 1.5 crores, when you see so much money floating there will be mishandling, corruption, kickbacks etc.
    It will create its own issues, trust, factionism, south north tamil telugu hindi all this will come to existence.
    So while we are in the Honey moon period of GC / MSB in chennai we will live to watch how poeple behave in these associations going forward
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  • For someone who has never lived in apartment, it might appear insurmountable. I'm used to apartment functioning. My father is very active in our apartment association and does lot of book keeping. We have dedicated gardener to take care of lawns, dedicated electrician, plumber, contractor, etc... If any resident face any issue like burnt fuse or ceiling leakage or broken tiles or terminates, solution is hassle free.

    Imagine the same in individual house. You need to spend a lot of time for it and it will definitely affect your work schedule.
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  • Leaving emotions aside, it is fact that plots are not best suited for non-chennaiites, NRIs who can't spend more time in India for property hunting or NRIs who don't have people in India to search for property.


    I never refuted this. I don't think SR did neither. Why bring in new piece of info when our point of contention is specific ?

    Even our own parents and people who were in their 20s & 30s during 1980s will acknowledge that current generation are under greater pressure than they were. I'm not insulting them, I'm just stating facts.


    Please focus on contention. Modern day youth may be under pressure. Many spend time on distractions which did not exist in 80s and it is not only about managing time well but prioritizing and spending on productive pursuits. Parents go by the total time spent during the week days and weekends and not by the quality time what is needed to get the work done and how well their kids are managing the free time.

    If you are one of those pre-soodhu kavvum era folk who believe that most govt servants are sincere and honest, then I can't help it.


    You are digressing as usual and bringing an another tangent which was never stated or touched. Where did we say that Govt servants are sincere and honest? What has this got to do with our point of contention?

    Mav
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  • Originally Posted by SRajagopalan
    @L4L
    What you said is true, for those who dont want to put the time behind plot purchase its not the game
    its better to follow the herd and buy in a MSB/GC and wish the association will take caer of every thing and keep the community value
    I have skepticism in our social ability to collectively work together and acheive in property owner associations
    Again this is not the Anjali movie HOA / POA meeting trying to curtail kids screaming,
    My friend was the President at SOBHA in Outer ring road / salapuria complex vicinity ,its a nightmare to run it. on the same token if a president wants to be dishonest he could make money.
    You do understand that some of these large MSBs association revenue top 1 t 1.5 crores, when you see so much money floating there will be mishandling, corruption, kickbacks etc.
    It will create its own issues, trust, factionism, south north tamil telugu hindi all this will come to existence.
    So while we are in the Honey moon period of GC / MSB in chennai we will live to watch how poeple behave in these associations going forward


    I am currently entertaining a Bangalore relative who has come to Sydney on work matter.

    He lives in a house in Basavangudi and he has bought an investment flat for 1.2 in Whitefeild area couple of years ago.

    He was discussing how couple of guys who run the association are extreemly corrupt and stealing money openly. Apparently they get kick back from eveything like New Papper Delivery to lift maintenance.

    The worst thing if any one questions them they trouble them. This man questioned them so thet get rid of every tenant he puts there by troubleing tenants and cutting supplies often for repairs.

    The worst part is vacant flats and furnished NRI flats are used without owners knowledge as "Love nest" (bringing in call girls or co-workers) for few local friends of the Association President.

    I was shocked to hear this last evening.
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  • If such things are happening the residents have to raise their voices and take control.
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  • Originally Posted by Economist
    I am currently entertaining a Bangalore relative who has come to Sydney on work matter.

    He lives in a house in Basavangudi and he has bought an investment flat for 1.2 in Whitefeild area couple of years ago.

    He was discussing how couple of guys who run the association are extreemly corrupt and stealing money openly. Apparently they get kick back from eveything like New Papper Delivery to lift maintenance.

    The worst thing if any one questions them they trouble them. This man questioned them so thet get rid of every tenant he puts there by troubleing tenants and cutting supplies often for repairs.

    The worst part is vacant flats and furnished NRI flats are used without owners knowledge as "Love nest" (bringing in call girls or co-workers) for few local friends of the Association President.

    I was shocked to hear this last evening.


    Im surprised you are shocked to hear this, its been going on for years, first time i heard was in Springfield-Sharjapur Rd, Sadly the most exploitation is done by HOA/Presidents from TN, like it or not.
    Its a clear path, when the project is announced -early entry,form a google/yahoo grp, become active make site visits post updates, engage with builders and all along keep the group updated
    these folks move in first have edge over others, so in a better position to run for the post and get elected.
    they get so many inkind help from security firms doing the watchman contracts, electrical service contracts every where.
    now lets talk about numbers
    take prestige BV in chennai as an example -- rough numbers
    # of units = 2400 - appx
    Total sqft sold = avg it out = 800sqft per unit = 1920000Sqft total
    At 3Rs per sqft Monthly revenue = 57.6Lakhs
    Yearly revenue = 7C appx
    You be the judge now,
    I know folks who literally cover more than 50% of their monthly EMI through their post some even at 100% yet thats drop in bucket when you see 25 to 30K in a 58L revenue.
    We all are good in accounting boss, its nothing to hide in line items.
    But the real shock is there is a system of practice that goes behind in securing such positions
    L4L's example of his dad and yes my dad lives in an apartment and runs all maintenace work, electrical, motor, sump pump etc is good for smaller developments with # of units in 100s ,
    but when we talk about 1000unit+ MSB the old retired thaathas are not going to cut it
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  • Originally Posted by Love4land
    For someone who has never lived in apartment, it might appear insurmountable. I'm used to apartment functioning. My father is very active in our apartment association and does lot of book keeping. We have dedicated gardener to take care of lawns, dedicated electrician, plumber, contractor, etc... If any resident face any issue like burnt fuse or ceiling leakage or broken tiles or terminates, solution is hassle free.

    Imagine the same in individual house. You need to spend a lot of time for it and it will definitely affect your work schedule.


    My friend, I have argued all along that Investing in Flats == Time Saving, Convienient and works well for those who dont want to dirty their hands while investing in plots == Lot of spending time, and lot of dirtying hands.

    It is obvious that anything that gives superior ROI takes more time . Anything that allows you to have greater control of things will obviously need dirtying of your hands. So what you said is just plain commonsense. Plots and individual houses are not for all.

    Would even say that - Buying a flat == driving in a share auto , buying plot/individual house == owning your own vehicle.

    There is nothing that is absolutely good or bad, it depends on what you want to consider as priority in life.
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  • Originally Posted by lovebirds43k
    If such things are happening the residents have to raise their voices and take control.


    If majority (i mean a vast majority, say 80% or more) of GC residents are owners who have vested interest in making that GC a good place to live, they will protest.

    However, if the GC is dominated by tenants from outside Chennai, whose interest is only to live it with ease for few years (before they migrate elsewhere or buy their own roof to live), they would be least bothered.

    This is the fact of life... How much do we care about cleanliness of the City Buses or share autos we travel? Whereas, we spend a lot to water wash and spray paint our own vehicles...

    THis is the reality of life.. GCs are built for convienience and not for consensus.
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  • Originally Posted by SRajagopalan
    Im surprised you are shocked to hear this, its been going on for years, first time i heard was in Springfield-Sharjapur Rd, Sadly the most exploitation is done by HOA/Presidents from TN, like it or not.
    Its a clear path, when the project is announced -early entry,form a google/yahoo grp, become active make site visits post updates, engage with builders and all along keep the group updated
    these folks move in first have edge over others, so in a better position to run for the post and get elected.
    they get so many inkind help from security firms doing the watchman contracts, electrical service contracts every where.
    now lets talk about numbers
    take prestige BV in chennai as an example -- rough numbers
    # of units = 2400 - appx
    Total sqft sold = avg it out = 800sqft per unit = 1920000Sqft total
    At 3Rs per sqft Monthly revenue = 57.6Lakhs
    Yearly revenue = 7C appx
    You be the judge now,
    I know folks who literally cover more than 50% of their monthly EMI through their post some even at 100% yet thats drop in bucket when you see 25 to 30K in a 58L revenue.
    We all are good in accounting boss, its nothing to hide in line items.
    But the real shock is there is a system of practice that goes behind in securing such positions
    L4L's example of his dad and yes my dad lives in an apartment and runs all maintenace work, electrical, motor, sump pump etc is good for smaller developments with # of units in 100s ,
    but when we talk about 1000unit+ MSB the old retired thaathas are not going to cut it


    You raised an excellent point...

    The scope for corruption in maintaining GCs of large size is PHENOMENAL..

    Generally speaking, the more a GC is cosmopolitan and the more the % of tenants in a GC and more the size of GC, the scope for such degradation is large...I know this is very very politically incorrect but some facts have to be spoken bluntly...

    Ultimately GCs are a microcosm of the Indian society we live and to think that GCs will be spic and span versions of first world nation is nothing but an alice in wonderland delusion...

    It again comes to same point - GCs are still the right choice for someone who has no time or money to think of building own individual houses on plots. GCs do save time and money and are meant for those who are tolerant, indifferent to what happens in their surroundings and want just a roof above their heads.

    But if you are looking beyond all that, then GCs may not be the right choice...(assuming you have big purse)..
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  • I would also add this - the GC phenomenon ,even outside Chennai is pretty recent....

    we have to wait for another decade or so to see the full reality of our GCs...

    Large sized GCs far away from city will be the middle class, TNHB flats of future. 20 years from now,they are sure to rot..

    What is the solution? In Bangalore I believe there are some elite GC projects which are purchased by those who are invited only..

    It is time to seriously consider that India is a diverse country but not a melting pot but a salad bowl. People like to live amidst those whom they can relate..

    We need specialised GCs that cater to need of people who are interested in pets, in gardening, in religion, in fitness like that. A one size fits it all GC that invests too much in gyms and swimming pools and large open areas will rot faster than a GC that has only parking as its common space.
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  • Originally Posted by ramki830


    It again comes to same point - GCs are still the right choice for someone who has no time or money to think of building own individual houses on plots. GCs do save time and money and are meant for those who are tolerant, indifferent to what happens in their surroundings and want just a roof above their heads.

    But if you are looking beyond all that, then GCs may not be the right choice...(assuming you have big purse)..


    Ramki, all along you have been very firm in your belief that people who buy apartments are those who want to save time and money. I agree with former, but not latter. It is not true that people who are short of funds are the ones who buy apartments. Care to explain why these people buy apartments?

    Diamond-studded flat in Chennai for Rs 8 cr - Economic Times

    The previous record for the most expensive residential apartment in the city was one promoted by Kgeyes developers in the posh Poes Garden at Rs 7.46 crore per unit in 2007. PepsiCo CEO Indira Nooyi had bought one of the four flats in the project


    Flats in premium Adyar project go for Rs 5 crore - Times Of India
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  • Originally Posted by Love4land
    Ramki, all along you have been very firm in your belief that people who buy apartments are those who want to save time and money. I agree with former, but not latter. It is not true that people who are short of funds are the ones who buy apartments. Care to explain why these people buy apartments?

    Diamond-studded flat in Chennai for Rs 8 cr - Economic Times

    Flats in premium Adyar project go for Rs 5 crore - Times Of India


    Although question to Ramki, i wanted to answer
    buying land / plots and houses is just not as simple as buying flats - we all know
    rewards IMO is higher in land, i have personal specific reasons why i would never buy a flat in most cases but leaving them aside, there is a REAL REASON behind --Money
    Its echoed time and again in this forum by you, k11 and many others
    New flat launch - what do you ask first - what is the prelaunch offer , what is the payment plan, what is the third party transfer clause
    So right there when you are short of funds or depend on leverage or want to spread into multiple projects or invest 20L and get the returns on 80L whatever be the reason you chose to go on the flat route.
    whereas a plot buyer like me will take and invest it in a land at 20L and let it grow for the same time the flat is being constructed
    In equal RE growth scenarios time and again the plot will beat the flat returns can be proven.
    but thats besides the point, people who are short of money who want to space the investment who want to depend on leverage naturally think of flats
    If you are all cash you are in a better position to negotiate and you close in 10-15 days you get an easy 10 + % break on price than a loan customer
    So use that to your advantage is our motto
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  • I don't have any bias, my only concern was with Ramki's assertion that apartments are only for people who are short of funds. I don't think it is true.

    If you take my case, if I have 20 lakhs, I would think of buying a plot in Ponmar or buying an apartment with 20 lakh downpayment and favourable payment plan.

    If I have 60 lakhs, I would think of buying a plot in Sithalapakkam or in one or more apartments with 60 lakh downpayment in say Navalur or Chromepet or Porur.

    I have an open view on both plot and apartment. There are cases where plot prices have stagnated as well. Buying plot is never a magic bullet.

    Also when comparing appreciation of apartments with plots, x% appreciation in apartment is never equal to x% appreciation in plot. When you buy apartment, you peg rate at current level and reap return based on what you invest in future.
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  • Originally Posted by Love4land
    I don't have any bias, my only concern was with Ramki's assertion that apartments are only for people who are short of funds. I don't think it is true.

    If you take my case, if I have 20 lakhs, I would think of buying a plot in Ponmar or buying an apartment with 20 lakh downpayment and favourable payment plan.

    If I have 60 lakhs, I would think of buying a plot in Sithalapakkam or in one or more apartments with 60 lakh downpayment in say Navalur or Chromepet or Porur.

    I have an open view on both plot and apartment. There are cases where plot prices have stagnated as well. Buying plot is never a magic bullet.

    Also when comparing appreciation of apartments with plots, x% appreciation in apartment is never equal to x% appreciation in plot. When you buy apartment, you peg rate at current level and reap return based on what you invest in future.


    as much as i get it the equation,The base sqft appreciation never holds water, please check my excel on Prestige BV thread
    I showed some one who enters at 4400 need to sell at 1.25C a 3 BHK apartment to make even to be able to make 8%CAGR considering all the regn cost, ST, VAT,corp fund, carparking fee other fees
    So now the real question is when the entire project develops and delivers at the same time 2000+ units ( say investor penetration is at lowe 30%)
    can you really sell a bHK for 1.2C
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