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- Real estate reality check
Have builders started reducing prices considering glut in the marketCommentQuote0Flag
- Nobody is willing to move forward. No drastic price deduction and no demand. Builders are offering some discount as marketing gimmick. There are no buyers even for those.CommentQuote0Flag
- it's very bad. no much transactions. When I inquired with Navin's Septem project back in April they said Rs.16500/sq.ft. Now, they came up with Rs.15000/sq.ft. It's buyer's market I asked for Rs.13000 to Rs14000 range. I'm sure, they will come back to me in couple of months. Only big builders like Prestige can afford to build at their cost. All other small builders are big trouble.CommentQuote0Flag
- Prime property in Adyar - seller is quoting 16C and wants all of it in check payment.
Buyer willing to pay 18C with 8C in check and 10C in cash - more than the sellers' quote.
Seller has reduced the price to 14C . Buyer says deal is non-negotiable on the check part but willing to 'up' the cash part.
Both are desperate - one is trying to find a place for his 'cash' and another has no 'place' for cash. When will it resolve ?
Who will be the 'White knight' to come for the rescue? :)
It is just a trailer...Picture Abhi Baki Hai !!CommentQuote0Flag
- This could happen when some wealthy guy wanted to buy a property in a particular location.CommentQuote0Flag
- Buyer has wealth in the 'currency' that seller does not recognize or want. Seller wants it in the form which is clean and has universal appeal - can be used to buy any clean asset, send the proceeds abroad for kids education, and reinvest in any form with out inviting IT scrutiny.
Any seller who wants to sell RE but do not want to re-invest in RE is more likely to have the same preference of this seller. This tribe will only grow.
What is the true value of RE in such cases? Not the market value we hear for sure - that is for the tainted mix.CommentQuote0Flag
- Originally Posted by nidhsekThis could happen when some wealthy guy wanted to buy a property in a particular location.
Annamalai one-off transactions will be there all the time!CommentQuote0Flag
- I'm seeing steep discounts in many pockets due to distress or urgency sale like always accumulate cash and accumulate holdings in areas where u believe the most currently seaside properties are still holding firm I'm hoping it will lose the support levels and give lower price points particularly panayur and akkaraiCommentQuote0Flag
- Originally Posted by nidhsekit's very bad. no much transactions. When I inquired with Navin's Septem project back in April they said Rs.16500/sq.ft. Now, they came up with Rs.15000/sq.ft. It's buyer's market I asked for Rs.13000 to Rs14000 range. I'm sure, they will come back to me in couple of months. Only big builders like Prestige can afford to build at their cost. All other small builders are big trouble.
Hey nidhsek; what is the current status of your booking? did builder contact you again with lower rates?CommentQuote0Flag
- Its in Coma
Chennai Realty is in a Sorry stateCommentQuote1Flag
- Right from 2005-2006, several of us believed that the real estate is in a bubble and prices would even out, and maybe reduce at some point..
we kept on hoping for something to happen and eventually the price rise never stopped..it just went up and up until small 2BHK of 800-900 sqft could cost you 1C+ in areas like Thiruvanmiyur/velachery...Imagine that...for a regular salaried person to afford such high prices is impossible! only choice is to live in far away areas without proper water and drainage facilities!!
Sometimes it feels like everyone around are filthy rich to be able to "invest" or even buy for end use at such impossible rates... or am i missing something..
Kudos to those who purchased large property in 2004-2005 or earlier...they would have really reaped benefits, but for those who waited..sadly its too late...
maybe now the prices are stagnating or might stagnate, but the real estate companies have by now juiced out all the money they could during this period..CommentQuote0Flag
- What is the State of Chennai Real Estate Market?
Located in Tamilnadu stateCommentQuote1Flag
- I am with SRaj001 on ECR. Still waiting for any decent deals upto Kovalam. Keep me posted if you come across anythingCommentQuote0Flag
- Are there any group purchase opportunities you folks are aware of?
I checked the Group Purchase - Chennai subforum, theres no activity there.CommentQuote0Flag
- Originally Posted by fortunaAre there any group purchase opportunities you folks are aware of?
I checked the Group Purchase - Chennai subforum, theres no activity there.
I am also interested in a group purchase. Looking for a right opportunity in Chennai.CommentQuote0Flag