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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  • I always feel people should first zero in on location and then choose whether to buy plot/build house or just buy apts. Choosing an asset class and then choosing location is not the right way. There are cases in which the first option is better (landed property is better in ECR) and in some locations apts is better (can you take advantage of oversupply).

    In location where both options are available, you might need to decide on funding options. Cash investors or people who can borrow through some other sources (under 12% rate) can look at buy plot/build house.
    For people who tied to a home loan, do not have other funding sources or cannot get money through mortgaging other property, you do not have much choices than looking at a Apt or a Villa development.

    Chennai is always about location, location and location.
    Everything else comes after location.

    If a micro locality gets hyper speculated, you need to evaluate for yourself whether the location is good. Potential of the location is more important than the price trends from the past. Lets do not go into GV values over a time period. GV does not mean much. If you know a actual buy and a sell then we can discuss.

    Buying an apt building just for amenities/builder-love in an bad location or buying a plot just becasue it is cheap in a particular location is not the right way to go. Location needs to be zeroed out first.

    Location will make the decision for you or give you options.
    When you have the option, funding source will seal the decision.

    95% of the people should not be in dilemma.
    Decision is made for you, once you figure out location and funding.
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    Please Don't Re-post ya it is Boring, if you can post the Fair pro 2013 rates. I have read this post 3 years back.

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  • Sorry to say after investing in GC that in Chennai massive GC are big failures NOT because of Associations, because of builders and pathetic infrastructure beyond CBD. You cant run a mini town with sophisticated people using high power electrical equipment, no regulated water supply, zero drainage system and slow picking up of social infrastructure is really pushing the limits of association and residents who had to shell out fortune to even to keep it locked, forget alone using it....

    In Chennai GC is gone case....until they divert Ganges to Chennai in the next century...
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  • Chennai realty prices soften; gives boost to home buyers
    :bab (59)::bab (59)::bab (59):

    Chennai realty prices soften; gives boost to home buyers - CNBC-TV18


    For the last three years, home buyers in Chennai have been putting off purchases due to sky rocketing prices. But that's now set to change, report CNBC-TV18's Poornima Murali and Farah Bookwala.

    Also Read: Draft realty bill buyer-friendly, builders unhappy

    Chennai's residential landscape is changing. After three years of rising prices, homes are becoming affordable again. Some areas of the city like Adyar, Mylapore, Velachery and Thiruvanmayur have seen prices drop by as much as 11 percent. The NHB Residex - an index used to track price movements in the residential segment, slipped to 310 in Chennai over the January-March quarter from 314 in the previous quarter.

    N Hariharan, office director (Chennai), Cushman & Wakefield says "It has fallen down marginally but it has fallen. In 2007, it was 100, last quarter it was 314 and now it is 310"

    Experts point to excess supply for this slide.

    T Chitty Babu, MD, Akshaya Homes says, "The concern about price coming down is happening in certain locations where the stocks are coming up more than the demand."

    But this excess supply is less about strong construction activity, and more about falling demand due to higher interest costs and builders have turned to slashing prices to boost sales. But there is hope that demand will pick up soon.

    Badal Yagnik, MD, Jones Lang Lasalle says, "Chennai is seeing a reverse trend. Everybody is talking about rate cuts. People have been looking at the easing of interest rates."

    Builders are hoping that cheaper mortgages will boost demand, and help stem the tide of falling prices, but for now, lower prices are already having some effect.

    Data from the state's registration board shows that registrations in Jan-march stood at 1.28 lakhs, nearly 12 percent higher than the 1.15 lakhs registrations seen in Oct-Mar 2012

    Property registrations in April-May stood at 4.47 lakhs, nearly 11 percent higher than the 4.03 lakhs registrations seen a year ago. If this holds, property prices may begin rising once again.
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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



    Boss, good that you brought the example of Pepsi CEO Ms Indira Nooyi. She is good example of a person 1) Who has extremely limited time 2) Who is not interestedin buying RE purely from ROI point of view,since she is a well paid CEO of a company whose ESOPs will be making much of her Net worth.

    She would probably see Chennai RE as her second home in India during those winter/january holiday visits so makes perfect sense for her to buy into expensive flats/GCs in city for her and for all her family members.

    Comes again to same point - In the Flat Vs plot argument, we must understand that each person has his or her own specific needs. A decision is to be made only based on that. And i would say K11 is also right in that - whether flats or plots, give importance to location also. Though I argue that plots give better ROI generally, there are situations where Plot investing can be giving poor ROI - like buying in far off villages over 100 miles from city, or buying into overhyped layouts that do not stand the test of time.

    Likewise, buying high rental yielding flats in secondary markets at bargain prices, can also give as much good ROI (and if you leverage, it can be even higher) , but that is IMHO requiring more time, effort and Talent (and some luck) than buying a plot !!!
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  • Originally Posted by SRajagopalan
    Thanks i know my sqft calculations was wrong hence i conservatively figured it,also the end maintenance may only be 2.5rs per sqft im hearing
    Im not a buyer so real buyers can update regardless, 7C to 10C association revenue if not managed professionally will cause wasteful spending, kickbacks, free favors, corruption is my point
    i have no doubt that it will be case. Once the vendors get a smell of the association they will start to pay "visits" with gifts this is very usual


    Very Important point here - These maintenance costs (Whatever absolute numbers) for GCs are not static numbers. They keep increasing with time and more so in recent periods. Here lies the rub. Not all residents of GCs are ready to bear that increasing costs. That is why I belive that - the successful GCs are the ones where residents have very high net worth and use the GC as their primary residence. They are like those rich daddys in movies who carry a cheque book to write a cheque to anyone and everyone for what they need.

    Today maintenance costs run into a couple of thousands in many GCs.. 15 years back, that was the money you needed to rent a decent flat in city. THINK !!!
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  • Originally Posted by s.sath

    Personally, I don't mind paying up to 10% of the maintenance fee for the management to run it.


    Problem is - not everyone is interested in that. In GCs, not everyone is interested in those expensive amenities like swimming pools and gyms and whatever. And if you are a tenant, your interest in spending for upkeep of the common area is near zero. All that you care is some place to park your vehicle(s) safely land some sunny place to dry clothes that is all.... This is the inherent flaw in GCs and one must live with this.
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  • Excellent compilation covering almost whole of Chennai! And as usual a very informative post from Nabhishek.
    May I know if this was done by a RE firm or done independently. Also can you help us understand the criterias considered for Budget projects... haven't come across any projects in 9K range in Adyar, Besant nagar areas. Also I guess 16K price range may apply to very few projects in thease areas...similarly haven't seen any Thiruvanmiyur project at 14K price range...I'm sure I'm missing something here.


    Originally Posted by nabishek
    Hi Friends,

    It has been a while since I updated this thread.

    Let me start by posting the prices for 2012-2013

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=29046

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=29047

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=29048

    A Brief history of this thread

    Chennai RE market had a bull run from 2003/2004 onwards and peaking during 2007/2008..The apartment and land price had reach unsustainable levels riding on the availability of liquidity in the market and good sentiments. Then We had 2008..sentiments became bad, noone was interested in RE..people were more worried about retaining their job first. We saw prices crashing as much as 30-40% in many places from the peak 2008 price in 2009/2010 (https://www.indianrealestateforum.com/forum/city-forums/more-cities-states/patna-real-estate/189-latest-re-news-bihar?p=116486#post116486). Many of us had expected the trend to continue for couple of more years, but that wasnt to be..Government infused liquidity in the already over-leveraged market and inflation fuelled the slowing RE wheel to rotate again. Coupled with the revision of guideline value and easing of FSI rules, Chennai RE witnessed a bounceback of sorts. We are now in a situation where the prices have recovered and in some places are 15-20% more than the earlier peak price and in many places unaffordable even to local popualtion. In short we have come full circle and are in exact situation when I had started this thread. But we are at a different time and different price point. Though the fundamentals have not changed..the situation has.

    I would like to hear your opinions on future trend of Chennai RE prices.Do you expect the cycle to repeat?or will the prices normalize towards the median income by correction or stagnation against inflation? Please share your views.Thank you.
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  • Originally Posted by blogger
    Excellent compilation covering almost whole of Chennai! And as usual a very informative post from Nabhishek.
    May I know if this was done by a RE firm or done independently. Also can you help us understand the criterias considered for Budget projects... haven't come across any projects in 9K range in Adyar, Besant nagar areas. Also I guess 16K price range may apply to very few projects in thease areas...similarly haven't seen any Thiruvanmiyur project at 14K price range...I'm sure I'm missing something here.


    This was done by a local Real Estate magazine called "Chennai Realty".
    Source : http://www.chennairealty.biz/residential-rate-watch.php

    I think the actual market value lies somewhere in between the rates quoted for budget and premium apartements. This data is collected from 2012, I suppose so it may have the price of end 2011 too included which can explain the variance and as usual adyar will include areas like Pallipattu and besant nagar will include vannanthurai etc.For analysis, It will be safe to assume budget and premium prices quoted refers to prices from small builders/ongoing projects and big builders/future projects.
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  • Request you to stop posting with lot of stars . When replying back , it creates much issues through iPad especially.


    Originally Posted by bala_animation
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    Please Don't Re-post ya it is Boring, if you can post the Fair pro 2013 rates. I have read this post 3 years back.

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  • Announced GV from state govt and TDS tightening from Central govt is putting a cap on Price to be maintained . No question of reducing or inflating unlike 2003-2011 period .

    Smart money will chase smart places and colored one will get confused at last unless FM announced rollback before the much awaited election run up period.
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  • understood. thank you.

    Originally Posted by nabishek
    This was done by a local Real Estate magazine called "Chennai Realty".
    Source : CHENNAI REALTY - Chennai's No.1 Portal for Real Estate News

    I think the actual market value lies somewhere in between the rates quoted for budget and premium apartements. This data is collected from 2012, I suppose so it may have the price of end 2011 too included which can explain the variance and as usual adyar will include areas like Pallipattu and besant nagar will include vannanthurai etc.For analysis, It will be safe to assume budget and premium prices quoted refers to prices from small builders/ongoing projects and big builders/future projects.
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  • Hi Friends,

    In the last few months we are witnessing a sudden sluggishness in the market.It is also reflecting in some of the recent discussions we are having. Properties costing more than 50 lakhs are not moving at all. We are also seeing builders struggling with sales where they have over-priced..Many are converting flats to smaller sizes, launching EWS/LIG flats now, taking pre-launch for pipeline projects in the range of 3000-4500/sqft.Even reputed builders are willing to negotiate upto 500-1000/sqft and offer freebies like free parking, 20:80 scheme etc.. Realty websites have deal of the day offers. Many projects that were to be launched in good locations have been postponed without any reason. The focus in advertisements and by builders seems to be only suburbs.

    There are couple of reasons that come to my mind

    1. No Clarity about 1% TDS on properties worth more than 50 lakhs.
    2. Relaxation of norms for foreign funding in low cost housing.
    3. Inordinate delay in approval process from CMDA and Banks.
    4. Liquidity crisis for the builder and High Construction Cost
    5. No interest from the earlier target segment of NRI/Expats/Businessmen/outsiders.
    6. Over-Supply and Resale inventory competing with new launches

    Are we looking at the return of affordable housing? will you buy in one of the projects offering bargains considering people who did it in 2009 are sitiing on a handsome profit? will it lead to a price correction in apartment prices at established localities in near future? Requesting members to share their views.
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  • Though there is a overall slowdown. Demand for prime properties and buildings in city is still crazy.
    I was shocked to hear people lapping up TNHB Flats for nearly 1.5C in the city. Even resale units are getting lapped up especially if the seller is serious. Though land prices in city has cooled down and even the apt psft price is negotiatble in some projects. Sales are still happening in city but not necessarily at crazy prices or at asking prices.

    When we get out of the city, we do clearly see the some GCs are having issues moving the flats. Prices are stagnant and still people are not showing up.

    Home Loan Rates are high, EMI is big load.
    Rental yeilds are low - almost everyone is buying as rental property - very few end users.
    Builders not making enough 2-BHKs - 3-BHKs are out of the sweet spot (around 50L) and sometimes often costs 1C+ in faraway areas.
    Where are the starter homes - 2BHK are bread and butter for decades. 1 BHK/EWS is not a end user segment .
    Bad floor plans on many projects - restrictions to modify is also a small concern.
    Infra is still weak - buyer prob have realised it will take time - 6 yrs have passed in the GC boom in OMR - no rush to be early adopter.
    People are also apprehensive about maintainance costs. More efficient low maintnance cost GCs are needed.
    Rising Petrol/transport costs - social infra retail need to be closer - public transport has become even worse.
    Rentals are still cheap even in the city - First time buyers need not hurry.
    People also think stangnation will occur and see devlopers struggle - prepared to wait it out than jump in.
    NRIs - RE in western countries US/UK, Middle East, Sing/HK/Shanghai are providing alternatives with cheap loans.
    Currency rates, economy, etc also scare them to a smaller extent.
    New supply not coming on to the market - people are waiting for new names - new projects
    Approval issues/Developer Financing/ etc causing delays scaring customers.
    Old projects still not complete, still are like zombies scaring even more people.
    High downpayment on some projects.30-40% down has become norm.
    Extra charges and hidden costs are high making the final price far higher than advertised costs.

    Many more. This is what I could think of.

    Market will be slow for atleast another year or so. It would be buyers market - we can put money in the bank and wait for the right project at the right price.
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  • Originally Posted by nabishek
    Hi Friends,

    In the last few months we are witnessing a sudden sluggishness in the market.It is also reflecting in some of the recent discussions we are having. Properties costing more than 50 lakhs are not moving at all. We are also seeing builders struggling with sales where they have over-priced..Many are converting flats to smaller sizes, launching EWS/LIG flats now, taking pre-launch for pipeline projects in the range of 3000-4500/sqft.Even reputed builders are willing to negotiate upto 500-1000/sqft and offer freebies like free parking, 20:80 scheme etc.. Realty websites have deal of the day offers. Many projects that were to be launched in good locations have been postponed without any reason. The focus in advertisements and by builders seems to be only suburbs.

    There are couple of reasons that come to my mind

    1. No Clarity about 1% TDS on properties worth more than 50 lakhs.
    2. Relaxation of norms for foreign funding in low cost housing.
    3. Inordinate delay in approval process from CMDA and Banks.
    4. Liquidity crisis for the builder and High Construction Cost
    5. No interest from the earlier target segment of NRI/Expats/Businessmen/outsiders.
    6. Over-Supply and Resale inventory competing with new launches

    Are we looking at the return of affordable housing? will you buy in one of the projects offering bargains considering people who did it in 2009 are sitiing on a handsome profit? will it lead to a price correction in apartment prices at established localities in near future? Requesting members to share their views.


    THis is very true and happening, I spoke to one of the partners of a popular builder from tambaram and he acknowledged the same , their recent launch at low 3000s was geared towards that segment as well.
    The projects at pricing over 60-70L are struggling to move
    similarly land over 72L - 3000rs / sqft for dimensions over 2400sqft is struggling to move
    Smaller extent 1200/1800 at price brackets of 1000-2000 - investment , 2000-4000 end use are still moving , actually surprisingly at faster pace, even as recently as 2 weeks back i got outbid in 2 properties, i could care less.
    One thing im observing is folks from Middle east are very active in the market good exchange rate and no real avenues for investmnet is the main reason, the working class in ME does not invest in stock or mf, 2 things they know is Gold and RE , Gold they are in shock, RE they blindly trust, so plot market in ORR GST corridor which are mainly fueled by ME buyers are still moving
    For some reason they dont come and buy in VK or OMR or Velachery road corridors , dont know why , majority is still buying in west tambaram mudichiur manimanagalm padappai mannivakkam oragadam walajahbad sriperumbudur kanchipuram etc , still trying to figure what the logic there is
    We cannot take them light as they are the #1 remitter of foreign exchange into India
    Has anyone else observed this pattern ?
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