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
2345 Replies
Sort by :Filter by :
  • Originally Posted by bulletproof
    Tapering growth forces companies to lay off staff, job market is likely to get much worse

    Tapering growth forces companies to lay off staff, job market is likely to get much worse - The Economic Times

    & with all the negative data flowing in, this only looks it might get much worst...but i wont be surprised if the RE price is kept artificially high with brokers who have only one interest of keeping it high for their greed.
    CommentQuote
  • i guess, it is to ..

    Originally Posted by Rameshr49
    Your comparison wud hv been valid if you do a UDS price comparison with ground rate, but wat u have compared is total flat cost with ground cost which is wrong when the major portion of the cost is the land cost


    Ramesh,

    the provided costs for different cities in the article of discussion is for a constructed building. i believe i compared to ..

    http://img./images/makaaniq/india_world_property_in_100lacs.jpg

    Mani
    CommentQuote
  • Price Trends in Chennai

    Although there are high interest rates, rising input costs and delayed approval process but then also the market is showing growth. Areas like Thoraipakkam, Sriperumbudur, Medavakkam and Kelambakam where there was escalation up to 20 percent in last six months. Adyar and Besant Nagar showed an increase of 8- 10 percent while on other hand Kilapauk recorded 24 per cent growth in price. Prices have increased in Anna nagar and Nungambakkam by 33 per cent and 23 percent respectively.

    For more Price trend in Chennai, Real estate News, Chennai
    CommentQuote
  • More high end apts are on the way.
    Market is slow, we got to see the pre-lauch pricing offered by these guys.

    I am excited in the VGN project on VSNL land.
    Probably most valuable piece of land in the whole list, hopefully something nice comes up.

    I would like to see office buildings there in the first place, hate to see prime land taken up for flats.


    Chennai set to hit a new high in housing | Business Line




      Luxury market hotting up: Over the next couple of years, over 1,000 apartments will be launched through a dozen projects in the heart of the city, priced at about Rs 5 crore to over Rs 10 crore each.

    CommentQuote
  • Friends,

    We are witnessing a repeat of 2009-2010, Rupee has devalued, inflation is high, builders are facing liquidity crunch, banks are reeling with NPA, government is not able to bring in reforms, high petrol, onion and commodities price, high intrest rates, we are also looking at early elections.

    Let me share my experience during then..I was looking to buy during that time and encouraged by the stagnation in the market and 20-30% price correction already to 2008 peak price was expecting another 1-2 years lull and better bargains..This is what I saw

    1. Market was very slow, no new mid housing projects were launched.
    2. Ongoing projects still had flats available, but price was steady.
    3. Ready to occupy projects were available close to launch price, but choice was less.
    4. Land sales were at a bargain mostly distress sales, land were cheaper compared to the flat prices in the locality.
    5. Builders started focussing on Luxury housing and targetting only the rich (HNI/NRI/Expats).

    I see the same happening all over again.

    When the market was about to collapse, government intervened asked banks to restructure the loans and with the infusion of liquidity in the market and global recovery, RE market in chennai recovered sharply and made up the losses for the stagnant years.

    I invite members to share their views on whether have we reached the top finally? or will we see another artificial bubble propped up pushing prices even higher in couple of years? Thank you.
    CommentQuote
  • Originally Posted by nabishek
    Friends,

    We are witnessing a repeat of 2009-2010, Rupee has devalued, inflation is high, builders are facing liquidity crunch, banks are reeling with NPA, government is not able to bring in reforms, high petrol, onion and commodities price, high intrest rates, we are also looking at early elections.

    Let me share my experience during then..I was looking to buy during that time and encouraged by the stagnation in the market and 20-30% price correction already to 2008 peak price was expecting another 1-2 years lull and better bargains..This is what I saw

    1. Market was very slow, no new mid housing projects were launched.
    2. Ongoing projects still had flats available, but price was steady.
    3. Ready to occupy projects were available close to launch price, but choice was less.
    4. Land sales were at a bargain mostly distress sales, land were cheaper compared to the flat prices in the locality.
    5. Builders started focussing on Luxury housing and targetting only the rich (HNI/NRI/Expats).

    I see the same happening all over again.

    When the market was about to collapse, government intervened asked banks to restructure the loans and with the infusion of liquidity in the market and global recovery, RE market in chennai recovered sharply and made up the losses for the stagnant years.

    I invite members to share their views on whether have we reached the top finally? or will we see another artificial bubble propped up pushing prices even higher in couple of years? Thank you.


    in 2009-10 it was possible for the market to recover because there were lot of Fx investment due to low confidence on western developed countries and FDI in indian RE. A common man in Chennai did not buy much, majority were investments.while i am not against it, my point is market kept the price stagnant and then increasing just because of this support from investors.

    Now, the scenario is different from 2009, now only India is facing economical issues, the US is into growth mode. Fx reverse has happened and will happen more if instability in India continues. i am not an expert to put a strong point or conclude here, my view is recovery was possible in 2009 and my question is the RE in distress now? what are the proofs? still projects are increasing its prices, how it is possible with these scenario? are the builders trying to hold their breath for long? if so this time they dont have FX support.. so they cant hold breath longer..
    CommentQuote
  • Booked a 2bhk at akshaya republic in kovur at 4250. Is it a worthy investmrnt?
    CommentQuote
  • In my personal opinion, 4250 for that location is too much for Kovur locationwise, especially since the Porur flyover is stalled and the Porur-Kundrathur road is chaotic. Anything around 3700 could have been a decent price. But since Akshaya has put up a lot of amenities in republic, it could be worth if you use them once you occupy. For rental purpose, it could be a bit difficult to find people for rent > 10k as there are cheaper options available near Porur/Bai Kadai itself.

    Akshaya being the first established player to enter Kovur RE has sadly put up a higher benchmark for this area jacking up the prices. I could see that Navins might have already got a sizable land bank by looking at Wikimapia. So, much depends on how Republic works out.

    So, if Akshaya delivers this project on time and if this is for self-use, the investment is not bad. But for rentals, you may need to wait and watch.
    CommentQuote
  • Akshaya, is always the trend setter with regard to setting pricing always on higher side & others follow suit.Thats exactly happened at OMR too!They launched Adora at a higher entry price and they had huge success.Infact people who didnt get at Adora booked with their next project Adair!They are always known to set higher price whenever they are the first to launch a project in that particular area.
    CommentQuote
  • I think their only flop project is Akshaya Today, price is refusing to budge. Looks like they feel confident that Kovur is much better than Kelambakkam.
    CommentQuote
  • In case of Kelambakkam, the target customers are purely those who work in IT but incase of Kovur, it could be combination of people who work in IT(DLF+Olympia) and non-IT. So, its success mostly depends on its pricing and we need to see how well people receive it.

    One reason Akshaya had to go so far could be due to lack of such big land parcels on the main road before Bai Kadai junction/Gerugambakkam junction and better margin since the land acquisition cost is lower since this property which is in the tail-end of Kovur (more towards Kundrathur side).
    CommentQuote
  • How successful the builder is in selling apartments at higher price is one thing. How many who invested at those trend-setting prices made money over a 5 year period is another.

    Classic example: Akshaya Metropolis. They had a huge marketing campaign with talk-of-the-town TV commercial, but it has not made money for those who bought. Akshaya's track record has been very poor in making money for the investors in the last 5 years - especially large community development in suburbs and many are sucker bets which did not meet the expectations. If anyone made money ( > 12% pa) in any of the Akshaya projects, please share the project names.
    CommentQuote
  • appreciate your comments guys..
    was floored by their governance levels and disclosure standards..so ended up with a spot booking..now rethinking if i should cancel..so appreciate objective feedback..

    more on the deal..920 sqft..2BHK..all inc cost is 48lac. UDS is 52% which i thought was very impressive considering g+7 floors..4250/sqft..no extra floor rise or spl view charges which i again liked..so went for 6th floor..

    My concern was only pricing and location
    Prestige Bella Vista at over 6000, Siddharth Upscale at 5100 and Navin's Eden at 5500 all admittedly in Porur and closer to the jn. Republic would be 6km from the jn and maybe 3km further from Eden's. And to me Republic at 4200 seemed reasonable..

    views welcome..can atleast cancel now and avoid throwing good money after bad..it is an investment purpose only for me..
    CommentQuote
  • Newbie101,

    I feel it is not a bad deal. I do not know about the area a lot.
    48L for a 2-bHK is fine if it includes all extra charges. 45L would have been good deal but extra couple of laks might not make big difference if you like floor plan, location, etc.

    52% for a S+7 (1.5 FSI) is also bit above avg but not too much. Even carpet area should be decent.
    1.5 FSI buildings are generally around 50% UDS. We should not compare against 2.5FSI buildings on main roads.
    CommentQuote
  • this actually comes on the kundrathur main road only..not sure how exactly wide it is tho'..
    yes..carpet area would be around 78% or so..
    CommentQuote