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Demography and Chennai RE Forum

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Demography and Chennai RE Forum

Last updated: May 29 2013
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  • Demography and Chennai RE Forum

    Hi Guys ,

    I have been reading this forum for a while and i could sense some skew/bias or attitude in some of the posts related to choices over properties when it comes to certain investments or end use decisions. And to be fair , every one have their own preferences based on locality , work location.

    Hence to get an idea of demography(age/work) so that people can be better informed , am trying to create a poll to understand the same that can help in offsetting the skew when taking decisions.

    Please let me know if the options need to be changed so that the results provide good clarity. Please vote !

    Cheers,
    Dinakaran.S
    63
    20-30 yrs , IT
    17.46%
    11
    20-30 yrs, Non-IT
    6.35%
    4
    Above 30 yrs, IT
    49.21%
    31
    Above 30 yrs,Non- IT
    12.70%
    8
    20-40 yrs , Entrepreneur/Business
    7.94%
    5
    Above 40 yrs, Entrepreneur/Business
    6.35%
    4
    Last edited May 9 2013, 04:17 PM. Reason: improved clarity
  • #2

    #2

    Re : Demography and Chennai RE Forum

    looks like the distribution is even

    Comment

    • #3

      #3

      Re : Demography and Chennai RE Forum

      20-30yrs Non IT here.
      Wonder who the other person is.

      Comment

      • #4

        #4

        Re : Demography and Chennai RE Forum

        Originally posted by k11 View Post
        20-30yrs Non IT here.
        Wonder who the other person is.
        I dont think it is even 55 % is in IT only and hence high chances of OMR being discussed pre-dominantly

        Originally posted by Arunag View Post
        looks like the distribution is even
        I was under dilemma if i should let pple know who voted for what , but then decided not to do it due to privacy concerns

        Comment

        • #5

          #5

          Re : Demography and Chennai RE Forum

          Originally posted by k11 View Post
          20-30yrs Non IT here.
          Wonder who the other person is.
          Me!!

          Comment

          • #6

            #6

            Re : Demography and Chennai RE Forum

            Originally posted by dinakarans View Post
            I dont think it is even 55 % is in IT only and hence high chances of OMR being discussed pre-dominantly
            OMR is discussed widely because most of the supply is that region with prices in the correct demand bracket (50L to 1C).

            Outside of OMR, it is poor infra, fewer job creation areas, no choices, higher prices. So not to blame the members.
            Even if I was in market, OMR will be high in my list.

            Comment

            • #7

              #7

              Re : Demography and Chennai RE Forum

              Isnt OMR just dependent on IT alone ? If that is the case, then we are bound to see stagnation. IT pay will plateau.

              Over a long run, you would need different kind of industries including service for a phased growth.

              Comment

              • #8

                #8

                Re : Demography and Chennai RE Forum

                A simple look at voting pattern shows that more of 50% of votes is from members working in IT. Also IT people are most comfortable using online forums like IREF. Of course there are few people in other occupations, even retired people, homemakers who also are active in forums - but in terms od sheer numbers definitely there will more IT people participating in this forum then other occupations.

                Hence you will see a lot of discussion around OMR, velachery, pkn, medavakkam, ponmar etc. GST road and Porur surroundings are other commonly discussed locations due to growth of IT sector in these locations also in recent years.

                In fact old established areas like Egmore, Kilpauk, Purasai etc. are very rarely discussed in this forum. Which is clear IT crowd dominates.

                Comment

                • #9

                  #9

                  Re : Demography and Chennai RE Forum

                  Originally posted by trk2012 View Post
                  Hence you will see a lot of discussion around OMR, velachery, pkn, medavakkam, ponmar etc. GST road and Porur surroundings are other commonly discussed locations due to growth of IT sector in these locations also in recent years.

                  In fact old established areas like Egmore, Kilpauk, Purasai etc. are very rarely discussed in this forum. Which is clear IT crowd dominates.
                  By the way, I have always been a city guy. Never like the Chennai suburbs.

                  May be three to four years ago, when I was in the market the price difference between a nice OMR flat like Hira was at 4.5K while a luxury apt in city like DLF Commander's Court was at 9.5K or someother smaller apt complexes resale markets like in Barbany Rd, Kilpauk was at 6.5K, or a high end resale at Vijayshanthi Courtyard was at 9K, even Venus colony, Raintree was possible at 9K. Brand new Ceebros building in Lloyd Rd was 10K, Ceebros old building in off-TTK Rd was 7.5-8K. Poes Garden was possible for 12K but a older building. Vishranthi Swaroop Heritage at PG had a resale at that time as well.

                  The price difference for me was few extra laks over a OMR building. Yes, it was hard for me to strech but it was possible. OMR apt like Lancor Central Park or Hira was 80-90L and the city options were 1.5-2C. 2-2.5C can get you anywhere in the city those days, except for maybe PG. I did not track BC.

                  Fast forward today, the city areas have skyrocketed.
                  OMR is at 4-7K, but the nicer apts in city have shot up to 15-25K.
                  DLF trades at 18-19K-ish, even PLC has shotup there.
                  Resale Apts in Venus Colony, Alwarpet/Nungambakkam have shot up to 5C for Courtyard, Raintree might also be same. 18-20K psft.

                  Now a difference between a 1-1.25C apt in OMR vs a 3-5C apt in city is very high. I am sure there are forum member who are looking at this market and have purchasing power.

                  But the sweet spot is still 50L-1C in suburbs.
                  Last edited May 18 2015, 02:26 PM.

                  Comment

                  • #10

                    #10

                    Re : Demography and Chennai RE Forum

                    In my observation, Chennai RE is not driven by closeness to work place. Inferring OMR is the default choice of IT professionals can be misleading and doesnt give the true picture. I would say, OMR is the choice of first time buyers because of the availability and affordability. No other area in Chennai gives so many options to choose from.

                    I am a south madras guy, and would have loved to buy in the area I am familiar and comfortable.I was forced to look into suburbs and OMR due to budget constraints. But whenever I decide to dispose our existing property in the city and look for upgrade, the obvious choice will be inside the city.

                    Most of our discussions are focussed on properties outside city because the city prices have skyrocketed and can be bought only by people who want to upgrade and by HNI's. Such properties dont stay in the market for long enough to be discussed and pondered about. People looking for investment want to find out where the next development and appreciation would be..this has nothing to take away anything from city properties or reflective of where forum members are coming from. Prime city properties will not lose sheen for another 15-20 years minimum in my opinion.
                    Last edited May 13 2013, 01:53 AM.

                    Comment

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