Announcement

Collapse
No announcement yet.

Hiranandani Upscale House of Hiranandani OMR Chennai

Collapse
X
Collapse

Hiranandani Upscale House of Hiranandani OMR Chennai

Last updated: October 10 2017
1893 | Posts
  • Time
  • Show
Clear All
new posts

  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

    Originally posted by Love4land View Post
    From Sobha Meritta thread around 14 hrs back:
    My location comment was on sales, pricing and demand wrt to Merritta.

    This is about whether a project is premium or not.


    Even Hira's brand name in Chennai is useless. Remember they had low prices when it was launched five years ago at 3500rs.
    They are getting premium today because they have been meeting some of the above criteria I stated.

    Also to some extent, that there is no competition in the all important 1-2C segment.
    Last edited May 8 2013, 09:06 PM.

    Comment


    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

      Builders set pricing based on various parameters like buyers' willingness to pay, profit margin they are expecting, urgency to mop up funds, etc... Every builders objective is to make as much profit as possible. Buyers will buy if they see value in the project. Each buyer will have different priority.

      For someone with tight budget and wanting apartment for end use, builder reputation or amenities may not matter but on-time delivery and location may be of paramount importance.

      For someone who wants to make a statement, to show his friends and relatives that he has made it big in life, buying an luxury apartment from reputed builder will be ideal thing.

      For someone who is overly cautious about quality and delivery schedule, an ideal choice will be builder with established track record. He will be willing to pay premium even if there are no great amenities or finishings provided.

      As long as buyer's and builder's expectations are met, they are both happy. We can discuss at length about pricing and how it is way higher than sum of land cost and construction cost, unfortunately market doesn't work on simple mathematics.
      Last edited May 8 2013, 09:18 PM.

      Comment


      • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

        Guys please tell me in Chennai how much people care for status etc w.r.t to their house.
        Of course no one wants to live near slum but say if a person is wealthy and planning to live in Siruseri since he works in IT nearby will he be very specific he is in Hira or he will opt for a decent quality apartments like Olympia etc.

        Comment


        • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

          Originally posted by k11 View Post
          I agree with VP, the word luxury is thrown around casually. I have not seen any luxury projects outside of the main OMR Rd.
          Exactly what i was trying to convey.
          Sadly, for some this thread is all about provocation and counter-provocation. But for some its impartial and honest posting!

          i was trying to convey to @sundarjp and example which he can understand which is why i picked ME and PA.

          Sad that some dont know the difference between "interior areas within Medavakkam" and "Medavakkam is an interior area" lol.. that too its one of my few favorite areas.

          If these 2 areas had an luxury project which was priced at 8 K, I am sure many might be defending it hard inspite of being close to Velachery which is around 7K.

          Right from beginning comparing luxury projects with run-on-the-mill projects has been the agenda of some in this thread!

          Comment


          • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

            Originally posted by chennaidesi View Post
            Guys please tell me in Chennai how much people care for status etc w.r.t to their house.
            A lot, not only in Chennai, it is seen all over whole of India.
            In India, social status is more important to rich/powerful people. People want to be seen and respected.

            Correction, not only in India, even some high earning NRIs in foreign countries spend obscene amounts of money for houses. I read somewhere that in Burj building in Dubai, Indians make up the majority of owners.

            Look at the number of luxury cars on the road.
            How many of the folks buying 50L+ cars drive themselves.

            The newbie millionaires are a whole another category, the need for them to show to the world that they have arrived is more. India (Asia) has one of the highest growth of millionaires (crorepathis). So the housing is the easiest way to showcase wealth and infact it is not a depreciating asset like a luxury car but it appreciates and give good returns too.

            Food, Clothing and Shelter are important things to cover.
            Nothing wrong that we take our housing serious.

            Comment


            • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

              Originally posted by vettipayyan View Post
              Atleast Hira is targetting high end customers and not middle class.

              What irks me more is how some projects in Pallikaranai and Medavakkam in interior places are demanding 5-6K (all inclusive). Its all brand value! We cant argue if its worth or not! For me MED and PAL are also over hyped and not really middle class budget!

              I think Hira is a luxury project and cannot be compared with mid budget projects around it. The next project from Callex seems to be a luxury one!
              VP,I dont think you understood my post. Read thru the post above mine from K11. All i was trying to say 'Is 1-2C or 6500/sqft in siruseri mid-budget range' when projects next door to Hira are selling at 4200/sqft.
              Coming to your point regarding medavakkam/palli', unlike siruseri, most of the builders in these areas sell same price range based on the location w.r.t velachery main road. It is up to the buyers to make a call on that.
              'Luxury' is relative term. Lets not get carried away.
              Last edited May 9 2013, 01:08 AM.

              Comment


              • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                Sundarjp,

                I think the premium of 2K is not a lot in my opinion.
                It is bit high and probably should be less. But there is no one doing good projects. Most are very average.

                The 4200-4500rs projects like Eden Park, Synergy, Gem Grove, Indus, Opaline are all not a comparison at all.

                Others could have done at least like Olympia by putting a luxury tower inside their township. Even Olympia did not make smaller luxury units. Akshaya is very high end.
                It is very easy to spot a luxury project by looking at specs and the floorplan.

                There is a market for 5K-6K high rise projects (1-2C) in this area, despite the huge inventory. But for some reason developers do not want to compete in this segment.

                Builders do have to put in lot more effort to build a luxury tower like Hira Seagull.
                Construction cost for a regular building is around 2K a sqft, for a luxury building it could be 3K+ easily and it also needs expertise and more costs around amenities, open space, etc. It is not easy for builder/subcontractor but that's what consumers pay the premium for.

                This is a core segment for upper middle class IT/NRI folks. I am sure there will be a lot of takers for a high end building in Navalur.

                Akshaya Abov/Olympia Skyvilla on smaller scale (2000-3000sqft) should sell very well.
                Last edited May 9 2013, 01:28 AM.

                Comment


                • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                  Originally posted by k11 View Post
                  A lot, not only in Chennai, it is seen all over whole of India.
                  In India, social status is more important to rich/powerful people. People want to be seen and respected.

                  Correction, not only in India, even some high earning NRIs in foreign countries spend obscene amounts of money for houses. I read somewhere that in Burj building in Dubai, Indians make up the majority of owners.

                  Look at the number of luxury cars on the road.
                  How many of the folks buying 50L+ cars drive themselves.

                  The newbie millionaires are a whole another category, the need for them to show to the world that they have arrived is more. India (Asia) has one of the highest growth of millionaires (crorepathis). So the housing is the easiest way to showcase wealth and infact it is not a depreciating asset like a luxury car but it appreciates and give good returns too.

                  Food, Clothing and Shelter are important things to cover.
                  Nothing wrong that we take our housing serious.
                  That is true in general in India. But in TN generally people are relatively more modest and politicians hesitate to show wealth because of income tax issue etc.
                  Anyhow it is good for Chennai real estate if people try to upgrade their houses based on income.

                  Comment


                  • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                    Actually even inside the city, lot of streets in many areas are getting gentrified. Middle class neighborhoods are turning posh. As I indicated in my previous posts, there is a real scarcity of housing inside the city for high end folks.

                    There are many locations inside the city that can shoot up higher. It does take a lot of work to track the areas and the streets. I did a lot of analysis on couple of areas when I was in the market. The prices are high, but it would continue to move up on increasing demand.

                    Comment


                    • Re : Hiranandani Upscale House of Hiranandani OMR Chennai

                      Originally posted by chennaidesi View Post
                      Guys please tell me in Chennai how much people care for status etc w.r.t to their house.
                      Of course no one wants to live near slum but say if a person is wealthy and planning to live in Siruseri since he works in IT nearby will he be very specific he is in Hira or he will opt for a decent quality apartments like Olympia etc.
                      I see a lot of people these days who buy houses for status symbol, otherwise there is no way projects like Hira would be selling for so high in such a remote area.

                      I personally know some who shifted from comfortable homes within city to villas in ECR or premium apartments in Sholinganallur. Of course we can't say they just bought for status symbol, it could be a typical upgrade cycle as well.

                      Whatever be the case, there are visibly new segments of buyers emerging.

                      Until 5 yrs back, pricing was solely based on location alone. Brand name, amenities, etc... did count, but was never charged a premium of more than 10-15%. You don't have apartments right next to each other with one charging 8,000 psf and other charging 3,500 psf.

                      Ceebros greyshott near Adyar boat club came with only 2 sizes of apartments: 1600 and 2700 sq ft. It came with swimming pool and other amenities. There was not much premium charged when it was launched. It was sold for 4,500 psf in 2004 if I'm not wrong. I remember lot of people complaining it was overpriced and won't sell. One of my friend bought 2700 sq ft apartment and he is sitting on comfortable profit.

                      The upper class society had always bought houses for status symbol. Now a new generation of middle class has started buying houses just to show off. Hira caters to this new affluent middle class.

                      The price bracket of Hira is also interesting, they are carefully pricing it much lower than premium villas. There is not much competition to Hira in this price segment as K11 pointed out, that is why Hira was so successful and were able to maintain pricing throughout 2008-2009 financial meltdown.
                      Last edited May 9 2013, 07:13 AM.

                      Comment

                      Have any questions or thoughts about this?
                      Working...
                      X