Chennai: Situation in Oct 2008-March 2009
I have searched /visited some of the flats in Chennai north and south. There were many fully constructed , painted houses without
takers. That was the situatio in the month from Oct 2008 to March 2009. These flat sizes ranges from 700 to 900 sqft. Then after April
2009 many of these started selling. Almost all the 700 - 850 sqft flats were sold.
The price of these flats are from Rs 2800 to Rs 3100. But the builder say Rs 3500 and negotiable.

Situation from April 2009 - July 2009
Many of the buyers are from Public sector employees (Railways, Airline, Bank, Telecom etc) becos of 6th pay commission and pay
revision. And business person who have more cash in hand. (atlease 50% cash and
The price of these flats are from Rs 3100 to 3400. But the builder say Rs 3500 and negotiable. And the builder is not coming down
from his price bcos already 6 out of the 8 flats sold. OR 4 out of the 6 flats already sold for this price.
This is the situation of the appartment/flats.
Land
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The advts are given repeatedly in the news papers (eg, The Hindu , Saturday - Property Plus) , but there is no takers.
I have seen a quote for 2 Gr plot in Tiruverkadu ( March first week 28 lakhs, MArch last week 25 lakhs, April 23 lakhs).
There are many quotes from Poonamalee road to Tiruvallur, But there is not plot buyers.
I have bought a plot near Tiruvallur in the year 2007 July for Rs 280 per sqft. Recently there was a advt for Rs 350 for that layout !!!
But there is no interested buyers. If I want to sell my land at the bought price I can not sell it. I have to wait for the Sriperumbuthur
Airport !!! It may take another 10 years !!!
This is the situation of plots.
Realty
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The recession hit IT industry may take another 1 year to grow from its current level. The last qtr profit shown from the IT industrries
are from layoff, cost cutting, no salary hike etc. But the top management are under high pressure to review their contract from the
TOP clients.
NASSCOM dicided to go for the college campus only at the end of the final year. Not at the beginning of the Third year. This is good
for the Industry and for the students also. And for the real estate also.
So, it may take another one year to start the boom.
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  • If you buy in the middle of nowhere you have to wait till that becomes SOMEWHERE. You cant expect magic transformations. If you buy land in Tindivanam and expect it to double in 2 years then you are at fault and it has nothing to do with recession.
    Before buying any RE make sure it is LIVEABLE and USABLE.
    Liveability is to do with whether you can live there or not. Easy.
    Usability is about documentation and rights. So you may buy a land but you may not be able to go near it because of ruffians around, political pressure or the document may be wrong. Typically the land may not have an approval and a peramboke land with a panchayat approval means that it is not usable.
    If the above two conditions are satisfied then think about being greedy.
    BTW do you want land on the moon. I will sell you an acre there for 2USD. Also I can give you an acre in the middle of the sea for 2INR. Will you take it? LOL!
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  • I am back

    Dear friends, I am back after a lull of over 10 weeks.

    ks2071746
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  • Originally Posted by ks2071746
    Dear friends, I am back after a lull of over 10 weeks.

    ks2071746


    Welcome back ks2071746, missed you.Wish you a peaceful and content retirement life.
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  • great to see KS
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  • Originally Posted by ks2071746
    Dear friends, I am back after a lull of over 10 weeks.

    ks2071746


    Dear KS

    Its great to see u again.

    You are most welcome

    There was none to fill the vacuum after you left this forum.

    Thanks for coming back

    chataara
    CommentQuote
  • Originally Posted by ks2071746
    Dear friends, I am back after a lull of over 10 weeks.

    ks2071746


    Welcome back KS. Hope you have settled for retired life in Chennai now.
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  • Welcome back KS. This forum for sure needs vital inputs from you, especially with respect to South Chennai.

    Cheers,
    Ravi
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  • HI...

    Hi to All

    This is Vaidy from South Chennai and a member in this forum since last week.

    Vaidy
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  • Hi
    Last week I posted a information about the RE trends in Mogappair area. It is not published yet. I dont know Y

    Vaidy
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  • Originally Posted by mani_vaidya
    Hi
    Last week I posted a information about the RE trends in Mogappair area. It is not published yet. I dont know Y

    Vaidy



    Vaidya,

    Could you try again plz?
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  • Originally Posted by mani_vaidya
    Hi
    Last week I posted a information about the RE trends in Mogappair area. It is not published yet. I dont know Y

    Vaidy


    Hi,

    I can see your post.Its under another thread.



    Good information, please continue sharing.
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  • (Un)RE State in Mogappair.

    Hi All..Juz for you info.
    I have been observing Mogappair area for a year last Jun till now..Here is my observation. We have projects like Jains Nakshathra, Sunderbans, DABC Mithilam, VGN, Fomra etc.. The Price is ranged between RS 2900 - 3500 psft.

    Project Rate Availability ( Compl. Per)
    Jains Nakshathra 2900 - 3100 136 / 512 ( Sep 09 )
    Jains Sunderbans 3300 150 + / 544 ( Mar 10 )
    DABC Mithilam 3100 76 ( Sep 09 )
    FOMRA 3300 - 3500 30 / 94 ( Dec 09 )

    I have called almost all the developers in that area, everyone is saying there is slowdown, but rates does not comedown. All these builders looks to me giving wrong informations..For eg DABC, till last week only 60 flats were available. Now suddenly 76 were available. I dont know how? I am sure that in 2 months Mogappair will see atleast 20% correction , as there will atleast 1500 Flats available ready to occupy status. Kaila kaasu vaila Dosai!! For me ideal pricing would be Rs 2500 psft, as 1 ground costs only 65L there, guideline value is juz 30L.

    If Mogappair is like OMR is atleast 5 times bigger.

    Cheers,
    Vaidy
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  • Originally Posted by mani_vaidya
    Hi All..Juz for you info.
    I have been observing Mogappair area for a year last Jun till now..Here is my observation. We have projects like Jains Nakshathra, Sunderbans, DABC Mithilam, VGN, Fomra etc.. The Price is ranged between RS 2900 - 3500 psft.

    Project Rate Availability ( Compl. Per)
    Jains Nakshathra 2900 - 3100 136 / 512 ( Sep 09 )
    Jains Sunderbans 3300 150 + / 544 ( Mar 10 )
    DABC Mithilam 3100 76 ( Sep 09 )
    FOMRA 3300 - 3500 30 / 94 ( Dec 09 )

    I have called almost all the developers in that area, everyone is saying there is slowdown, but rates does not comedown. All these builders looks to me giving wrong informations..For eg DABC, till last week only 60 flats were available. Now suddenly 76 were available. I dont know how? I am sure that in 2 months Mogappair will see atleast 20% correction , as there will atleast 1500 Flats available ready to occupy status. Kaila kaasu vaila Dosai!! For me ideal pricing would be Rs 2500 psft, as 1 ground costs only 65L there, guideline value is juz 30L.

    If Mogappair is like OMR is atleast 5 times bigger.

    Cheers,
    Vaidy


    Dear newcomer

    In the offices of VGN and jains, CBI has raided yesterday and unearthed around 15 crores of rupees worth unaccounted documents.

    Thanks

    chataara
    CommentQuote
  • Originally Posted by mani_vaidya
    Hi All..Juz for you info.
    I have been observing Mogappair area for a year last Jun till now..Here is my observation. We have projects like Jains Nakshathra, Sunderbans, DABC Mithilam, VGN, Fomra etc.. The Price is ranged between RS 2900 - 3500 psft.

    Project Rate Availability ( Compl. Per)
    Jains Nakshathra 2900 - 3100 136 / 512 ( Sep 09 )
    Jains Sunderbans 3300 150 + / 544 ( Mar 10 )
    DABC Mithilam 3100 76 ( Sep 09 )
    FOMRA 3300 - 3500 30 / 94 ( Dec 09 )

    I have called almost all the developers in that area, everyone is saying there is slowdown, but rates does not comedown. All these builders looks to me giving wrong informations..For eg DABC, till last week only 60 flats were available. Now suddenly 76 were available. I dont know how? I am sure that in 2 months Mogappair will see atleast 20% correction , as there will atleast 1500 Flats available ready to occupy status. Kaila kaasu vaila Dosai!! For me ideal pricing would be Rs 2500 psft, as 1 ground costs only 65L there, guideline value is juz 30L.

    If Mogappair is like OMR is atleast 5 times bigger.

    Cheers,
    Vaidy




    Interesting piece of information. In an ideal world, everyone wants correction. However, iam not sure Mogappair is heading for a 20% correction...

    Coming from Mogappair i can honestly say it is not going to go down.. may be in this recession time it could stay like this for 1 or 2 years..

    If you manage to get a flat for 3000/ft i would say it's a fair deal. (it will be MOGAPPAIR INSIDE not in the main road closer to DAV school)

    Don't understand u r comparison << OMR IS ATLEAST 5 times bigger....>>

    The bottom line truth Mogappair itself a CITY if not, closer to CITY so, i don't know why did u bring OMR in to the converstion?

    Wasiter
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  • Hi.
    The point is that there will be more number of flats in OMR readily available for sale.

    Also given the fact these projects are almost nearing the completion, which in turn put pressurise the builders to reduce the prices.

    If the owners paln to let out their apartments, rental value will also have a sure impact.

    One very important aspect to note that Absolutely there are no new projects from these builders.

    Vaidy
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