Announcement

Collapse
No announcement yet.

Home Prices In Lutyens Delhi Rise 8fold in 10 Years

Collapse
X
Collapse

Home Prices In Lutyens Delhi Rise 8fold in 10 Years

Last updated: May 4 2013
8 | Posts
1279 | Views
  • Time
  • Show
Clear All
new posts

  • Home Prices In Lutyens Delhi Rise 8fold in 10 Years

    Home prices in Lutyens' Delhi rise 8-fold in 10 years - The Economic Times


    Normal thought process is posh places do not appreciate a much as outskirts or a developing area.
    But look at the guys who got places in Luytens Bunglow Zone in Delhi. Prices have gone up 8 times in last ten years.

    Shortage for housing for super rich and powerful are a big real concern and is driving up prices in certain areas to astronomical levels.

    Remember key driver of this price increase and attraction for super rich is the fact that this is a low FSI zone. Building height restrictions also exist.
    Houses here have beautiful gardens and are built on huge plots.

    Can this happen in Chennai.
  • #2

    #2

    Re : Home Prices In Lutyens Delhi Rise 8fold in 10 Years

    Yes but it will take at least 10 more years.

    Comment

    • #3

      #3

      Re : Home Prices In Lutyens Delhi Rise 8fold in 10 Years

      Yes. It will happen in ECR as it also has low FSI limits and good sea view

      Comment

      • #4

        #4

        Re : Home Prices In Lutyens Delhi Rise 8fold in 10 Years

        Originally posted by k11 View Post
        [url=http://economictimes.indiatimes.com/markets/real-estate/news/home-prices-in-lutyens-delhi-rise-8-fold-in-10-years/articleshow/19732708.cms?adcode=50]Home prices in Lutyens' Delhi rise 8-fold

        Can this happen in Chennai.
        We cannot compare central/south Delhi prices with anywhere in India (including Mumbai)

        The PIPs & HNIs in Central and South Delhi are unique.

        Political HNI from all over the country have interest in Central Delhi, on top of that you have lobbyist, Media barons, Industrialist and top bureaucrats with acess to huge goverment funded projects.

        I was privy to a PIO friends sale recently in Prithivy raj road ancestral property ( 1 acre plot alloted to grand father by British on which 9 flats were built and sold 6 by the PIOs owner late father many years ago, however owner's Father had retained 3 ground floor flats + all the UDS for the family)

        The PIO owner recently put the 3 GF flats (on 1 acre) without the UDS for sale, I was flabagasted with the names of buyers who approached the seller.

        Many PAs of the top 20 PIPs & HNIs approached to buy.
        The price was mind boggling.

        After selling the 3 flats recently he still retains the Land UDS and he will make additional few hundred crores even if the FSI was marginally increased.

        Those flats were occupied on lease by foreign embassies

        Some of the countries Top PIPs/HNIs offered 100% white above the board transaction.

        Central Chennai cannot come even close to that sort of price or clientele.

        No comparison.
        Last edited May 4 2013, 05:52 AM.

        Comment

        • #5

          #5

          Re : Home Prices In Lutyens Delhi Rise 8fold in 10 Years

          Chennai is a JUJUBI when compared with Delhi or Mumbai.

          Comment

          • #6

            #6

            Re : Home Prices In Lutyens Delhi Rise 8fold in 10 Years

            Originally posted by chennaidesi View Post
            Chennai is a JUJUBI when compared with Delhi or Mumbai.
            Tamil Nadu got once & only 2G investment.

            Delhi gets many such fund infusion on a regular basis.

            Even MPs have investments in 100s of crores.

            Comment

            • #7

              #7

              Re : Home Prices In Lutyens Delhi Rise 8fold in 10 Years

              Originally posted by k11
              Normal thought process is posh places do not appreciate a much as outskirts or a developing area.
              But look at the guys who got places in Luytens Bunglow Zone in Delhi. Prices have gone up 8 times in last ten years.
              When it comes to poshness in the context of above, we need to leave Chennai alone. There is no area in Chennai that can measure up to even 10% of Lutyen's when it comes to what makes up the Lutyen's so sought after.

              It is like expecting top end of the Micromax line up to catch up with the Galaxy S4 in prices .

              Mav

              Comment

              • #8

                #8

                Re : Home Prices In Lutyens Delhi Rise 8fold in 10 Years

                This could happen as CHN becoming fast growing metro. However CHN is long way to go to get the kind of image that Mumbai an Delhi gets among super rich.

                On side note, the new terminals in Chennai airport sucks big time which should supposed to be a gateway to get good impression of the city!.

                Comment

                • #9

                  #9

                  Re : Home Prices In Lutyens Delhi Rise 8fold in 10 Years

                  I was looking at some numbers, prices in Chennai (in posh areas) did go up from 2000-2003. But it stayed pretty low with minimal 10-20% increase till 06. Again from 06-09 there was a big move. Then a huge move in 11 and 12. Again over a ten year period, areas like PG did well. I do not know about BC.

                  By the way I did not mean, Chennai reaching Delhi prices - it is not possible. But how about traliling a decade on prices.
                  Poshest areas in South Bombay was 20-30K ten years ago. A 3-bhk in S Bombay was possible with a 5C budget.

                  So do you guys see 1L mark in Chennai in the next 10 years or less.
                  If not, any guess when it could happen?

                  My guess is it could happen in 2020-21, even if the Indian economy picks up by 2015.
                  A reason is we do not have nice areas, BC and PG are the only good streets in the city, followed by another 10 or so streets like Pycrofts Garden, Wallace Garden, Kothari Rd, Venus Colony, ArchiBishop Mathias Rd, Rutland Gate, N Cresent Rd, Kasturi Ranga Rd, etc.

                  PG and BC has less than 1000 Apts put together, may be even around 600 or so.
                  So less inventory and a new project every five years or so could tilt the scales into higher prices.
                  Last edited May 4 2013, 10:26 PM.

                  Comment

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