Friends - Got information that a brand new (more than 1500sft) ready to move in apartment was sold for Rs. 7,000/- per sft (including car park) the builder was quoting Rs. 8000/- then dropped the price to 7K. The apartment location near Murgan Idly Shop (G. N. Chetty Road) in Nathumani Street.
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  • Excellent buy why did you not buy it?

    PS. Selling bear lies on this forum wont make the bull story go away!
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  • Check for yourself

    Why should I joke in this forum, people who want to verify can go the the street mentioned and check with the watchman or caretaker of this new building. I did not buy it cause did not have a need for one.
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  • Well it is a good buy.. i hears somehwere in Ashok Nagar 12th Av., per sq feet is around 5800 rs. (close to 6000rs). In T.Nagar it would surely be 7+.. Proceed
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  • Originally Posted by mogan
    Why should I joke in this forum, people who want to verify can go the the street mentioned and check with the watchman or caretaker of this new building. I did not buy it cause did not have a need for one.

    Maybe you are not lying but you seem to be talking in doubtful tense. If someone is selling such a property and if it is good then take it. Remember TNagar is a generic term. If it is Habibullah road then this price is unrealistic. If it is WestMambalam near some Kuppam, it may be yet costly. I personally do not know the area you mentioned so I cant comment beyond this. I assume it is some cutting on GNChetty road and whether that leads to a slum or a posh locality is something I dont know. BTW I dont know about idlies in that Murugan shop! Cheers.
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  • Good Area

    This area is a very good residential area connecting GN Chetty and North Usman Road Behind GRT's new building.
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  • Go for it dude,GN Chetty road is excellent.7K for new is cheap.
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  • who has that huge sum to buy??

    Please do not mistake me, seriously asking if some one has that huge cash as 10500000 Rs thats over 200 thousand dollers'''' ,really mindbogling, and how long will it take to clear any bank loan? Are these affordable by salaried people? CANT REALLY UNDERSTAND'
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  • in annanagar metrozone is promoting for rs 5500
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  • Metro zone in chennai

    Originally Posted by vijai5
    in annanagar metrozone is promoting for rs 5500

    The builder charges 29.5% common area which is the highest I think in Madras.


    Vaidy
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  • Originally Posted by mani_vaidya
    The builder charges 29.5% common area which is the highest I think in Madras.


    Vaidy


    most MSB projects charge from 28 to 35 %
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  • excellent

    excellent. This is the true indication that prices have gone down. Even in purasawalkam ( in a very good posh residential area) the price of a flat is between 4k-5k . prices have gone down a lot in chennai city
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  • Still some builders are quoating the old rates

    Builders like lancor, Krishna are still quoting rates which was prevalent before the downturn, hoping they will find a buyer! The question is what is the realistic price, say for eg. in T. Nagar?

    With our economy growing at 6% (which years was it? when we grew at this rate?), what was the prevailing real estate price at that time? Say in T. Nagar?

    People who had been buying properties at high rate (12k, 13k, 16k) where not the salaried employees, they where business and cash rich people who already owned properties of their own, they bought it for investment purpose expecting the market will give good returns, including good rentals!

    With the market scenario of next 10 years looking bleak, these investors have gone slow, their investments also are giving them less returns because the Indian economy is now moving only at 6% growth rate!
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  • Originally Posted by mogan
    Builders like lancor, Krishna are still quoting rates which was prevalent before the downturn, hoping they will find a buyer! The question is what is the realistic price, say for eg. in T. Nagar?

    With our economy growing at 6% (which years was it? when we grew at this rate?), what was the prevailing real estate price at that time? Say in T. Nagar?

    People who had been buying properties at high rate (12k, 13k, 16k) where not the salaried employees, they where business and cash rich people who already owned properties of their own, they bought it for investment purpose expecting the market will give good returns, including good rentals!

    With the market scenario of next 10 years looking bleak, these investors have gone slow, their investments also are giving them less returns because the Indian economy is now moving only at 6% growth rate!


    the expected growth rate is 6.75% this year when the whole world is reeling and groping.this itself is a big factor which harbingers a better state of affairs in india when compared to others(ex BRIC).a growth rate atleast indicates that the already acheived state is sustained,
    the next ten years looking 'bleak' has taken the sen from 8000 to 17000 imagine if the sentiments improve sen 25000 cannot be ruled out by 2012.

    indian economy is growing at 6.75% in the worst year since the great depression isnt that fantastic

    this was a required correction which will give birth to better informed and mature investors who will regulate and controll the mkt better.
    the chennai mkt is still underpriced compared to mumbai,delhi etc
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  • yes

    what you said is correct, the only problem is the sen rise is not because of actual growth (revenue) of Indian companies, every one knows all govt. across the world are on quantitative easing drive, which is just paper money growth. When was the last time we grew at 6.75% what was the real estate price in Chennai at that time? Just a thought? Yes, India is better off than other developed countries....but will this asset (property) cost still appreciate in future?
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  • US GDP is at -3.8%
    UK GDP at -3.75%
    Japan at -7.2%
    Australian GDP at 0.6%
    China at 8.9%

    AND YOU CALL INDIA’S 6.75% IS BAD???

    Second best in the world, dude.

    If you like to relate GDP and property prices than look at this.

    All countries which clocked positive Growth has seen property price rise in the past 12 months.

    Australia, China and India are the major countries who clocked positive growth.

    In Australia and China the property prices rose in the past 12 months

    what does that tell you?
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