Here Comes DLF Chennai Garden City- 1200 sq ft Starting 35 Lakhs
| The much awaited project in Chennai is finally here. DLF has finally come out with information of its new project, The Garden city in semmancheri in Chennai. Agressively priced starting around 35 lakhs for a 1200 sq ft, it is bound to hit the already dull IT corridor market. |
A total of 3500 apartments, Padma Sheshadari school, Fortis mini hospital , mall etc is planned and this is what i call perfect time to invest. Is it worth it, a big YES from my side. With neighbouring projects priced at 3500+, the worst hit would he Hiranandani Upscale, Adora who are priced very very high for almost same features. Need to see how well is Hiranandani competes against DLF.
If you are planning for home in IT Corridor, there is no better time to so. Read the full article here in Hindu.
Indicative Prices (I am yet to confirm this)- Thanks Ramesh- One of our readers
Rate(per sq. ft.) Type Super Area (sq.ft.) Basic Sale Price(Rs.)
2800 2BR-2T 1280 33,60,000
2800 3BR-2T 1480 41,44,000
2800 3BR-3T 1680 47,04,000
DLF Garden City might Look like this
They are arranged a parrel road approach to DLF Garden City. So there are two approach now. It’s a good news.
I am shocked to note that DLF has so far not received the approval till date while they started booking apartments from january 2008 onwards.DLF is India’s no 1 real estate company and it is shameful that they have indulged in such a malpractice.i understand that one software company which booked 40 flats for their employees have cancelled all the 40 bookings in one go recently.people who have booked @ 3200 per sq foot would have earned about Rs 270 as interest for 9 months @ 10 % per annum if invested in bank while the investment of Rs 3200 + interst cost say rs 270 Ie Rs 3470 invested in january 2008 still remains Rs 3200 or even lesser .It certainli is lesser than Rs 3200 becos there is no liquidity, ie you cannot sell. Investors nee to be careful as the real estate company cannot complete the construction wiythout finance from the bank which is very hard to get today.also the news is taht most of the real estate company borrow @ 24 – 30 % per annum . you can imagine the risk.For investors of apartments who want flats for their own use, i would suggest buying a completed project even @ 20 % premium which one earns in 2years if invested in bank.
also after the rains, the entire area surrounding DLF is submerged in water which will remain for the next 6 months.
Has anyone tried cancelling a booking with DLF ?
Hi,
I booked 3BR Apartment with DLF in May 2008 at Rs3200 per Sqft.
I got an email from DLF on 12th Nov saying that they got New approvals . Here is what the email say.
“We are pleased to inform you that we have now received the government order of approval from the Commissioner of Town and Country planning modifying the earlier Approval- dated 31st March, 2008, to permit construction up to a 60 meter height and declaring our project area as a Multi Storied building area for construction of a residential complex with amenities.”
They also say that “We will soon invite you to come and sign the Apartment Buyers Agreement. We are in the process of finalizing a suitable venue for this purpose.”
Hope this information is helpful.
Good news is that DLF got the full approval from Govt.
It was told by them that they will come with the Payment schedule within a month or two. Anyways construction has already started an you can see the latest construction updates in their site
Do you think, these flats are worthy enough for the money paid when the markets were at peek??. You will see a very sharp reduction in flats cost in just less than 6 months time. Because of current economic slowdown.
Hi All,
DLF has started construction work and also got approval to build 19 floors. People who dont know about the current progress, plz do not give negative comments and discourage others. We people who bought for nearly 1/2 crore are getting mental because of these things. Global recession is a part of economy. If you are very much concerned about recession, pay rent and stay. Dont ask whether the flat is worth or not…. If you see anywhere in chennai in a decent locality, the basic price is more than 3500 per sq.ft (eg: chromepet, pallavaram etc)… In another 1 year, again the market will get boomed and the housing rates will increase even more… So, please give actual comments and not gossips….. thanks
The negative frustrated comments passed by the people are those who are not able to buy the apartment or got frustrated to see others buying the apartment. So don’t take those comments to heart. The question here is, let the people who have buying power buy the apartment, why to pass irritating comments like asking worthy or not. People can re-think if the quality of costruction that they have been doing is poor OR if they didn’t complete the other projects in time OR the price thay have quoted is very very high. Everybody knows the DLF brand and the quality of construction that they are doing. I know so many builders who has not completed the projects fully and also the poor quality of construction. But money that we spend to them will be less compared to DLF but with re-construction everything is same.
So people will rely on good builders for quality construction. DLF is not asking everybody to buy the apt nor the Govt.
Since the DLF is not quoting the sq feet so high, everybody is giving stress to bad locality
If it is on road side and quoted high price, everybody will start complaining abt high price. Regarding the location, nobody has even heard of Shollingnallur itself before 4-5 years. Now it has become the happening place. So change is always happening. Regarding global economy slow down, the more the economy booms up, chances are that it fall down at any time and it happened. We should always keep in mind that the REVERSE can also happen.
Just buy the things if it is AFFORDABLE to you and when it is needy. Anyways itz upto the individual to decide whether to LIVE RICH or DIE RICH.
Source:
http://profit.ndtv.com/2008/11/18143116/DLF-confirms-layoffs-freezes.html
DLF confirms layoffs, freezes projects
The liquidity squeeze-induced slump in demand has forced real estate leader DLF to fire some employees, put a number of hotel and housing projects on hold and yearn for 7 per cent home loan rates.
“We must have laid off some employees somewhere,” DLF Chairman K P Singh told reporters on the sidelines of India Economic Summit, but did not give the number of jobs that were cut.
The company has also deferred some of its projects due to poor demand. “In hotels, residential and commercial everywhere… deferred because of lower demand and liquidity crisis,” he said, again without sharing the specifics.
Singh also said high interest rates have taken a toll on demand. “There are no takers for housing sector… Ideally, the interest rate should be around 7 per cent.”
Asked if the current prices of the realty projects are inflationary, Singh denied and said: “It cannot be inflationary as it has to be competitive. It also depends on supply and demand.”
Because of demand going down, many projects have been closed down by many developers across the country, he added.
Its always better to go for “ready to occupy” apartments instead of putting money on a “yet to start” projects and being tensed all the way till its getting finished. Looking at the above messages, seems like DLF is stuggling to proceed with their projects due to very poor demand all of the sudden in the reality market and economic slowdown.
Most of the apartment buyers are from software industry and our jobs are at risk currently. We don’t know what is going to happen in the mere future. A sort of panic situation which is letting the way for downfall on reality market. Of course, if there is a unimaginable hike at something, it will fall for sure in a short while. its the nature. Real estate market is completely depending on demand. price will be rocket high as far as demand is there. vice versa if there is no demand.
Guys who ever had already booked the apartments, just keep yourself cool and shut your ears for a while till we successfully get thru this bad time.
Others who are in process of searching for apartments, JUST BE COOL, wait further to get the apartments/houses/plots in a more reasonable prices. This is the time to teach lesson to greedy builders who is making hell lot of money out of the middle class dreams.
Those who booked the house in DLF please join the google group. the group has already over 200 members
http://groups.google.com/group/dlf-gardencity?hl=en
Folks who booked DLF Garden City Chennai has formed a google group to take up their concerns with the DLF management. This is a very active form. Recently group members have submitted a letter of issues with the project seeking action from DLF.
Link is below.
http://groups.google.com/group/dlf-gardencity?hl=en
Pras
DLF is having tough time selling otherwise they won’t presenting cheque even after informing them “NOT TO PRESENT” . The location is not great. Its not value for money . Its definite dissapointement to people who have booked at the peak of Global market. For fresh booking wait for further 20% correction. Lets pray to GOD so that people who have booked get their true worth in next few years.
One of my friend has blocked a Flat in Olympia Opaline at the Best rates Owing to certain reasons he would like to transfer / Shift the Blocked Apartment, If anyine Interested Pls mail to genius_2002in@yahhoo.co.in
For more details
Thanks
Suresh
I have paid the initial booking amount of Rs 5,00,000 and subsequently another 4,12,000 at a rate of Rs 2800 per sq.ft.
Since, I am moving to another city, I would like to know the options to sell the booking.
From what ever I have heard, DLF is very serious about their projects and would always deliver good quality that too on time. Hence, those who have purchased in DLF’s Chennai project need be worried at all. It is a good decision.
I have booked a 3BHR an planning to sell the same, my friends in real estate has confirmed that it would take 20 to 30 years for the area near DLF to develop. I don’t want to waste my entire life in living a neigbhourhood surrounded by open land and slums.
I am blocked another appartment in Pallikarani (2 kms from OMR). Planning to sell the DLF and get my money back.
I visited the DLF site, it is too far from the OMR road. even with the connecting road it will be difficult. I changed my plans to buy from here. ‘will be taking up L&T or purvankara.
DFL is not worth for the price, I purchased a resale apt in Olympia Opaline
Hi Samuel,
How do we purchase a resale apt at Opaline. Can you please eduate me and also give us an idea of the recent price. I hear it is Rs 2500/- per sq ft. Please confirm.
Is it true that Olympia is offering Rs.2100/- at the moment. If yes, please can you let me know.
Recently, Tamil Nadu Electricity Minister had metioned in NRI conference as, “More than 50% of the IT companies are closed in OMR area itself. Also he had metioned that Tamil Nadu has no future for IT indutry”
Then why do we still fighting to buy a house there in that area?. or in Chennai itself.
His Speech:
Virtually dropping a bombshell, Electricity Minister Arcot N Veeraswamy today said Tamil Nadu does not need any more investments in the IT sector which is going through a tough phase due to global melt down.
“Don’t waste your money (in Information Technology). After the US incident, there is no scope for IT in Tamil Nadu. Do not invest in sectors which are facing losses,” he told the NRIs, referring to the downturn being faced by IT companies.
Chairing a session on the second day of the Pravasi Bharatiya Divas here, he said ” We do not want investments in the IT sector.
If you want, you can invest in other sectors like steel, cement, automobiles, electronics hardware and even brick industry,” he said leaving the state’s bureaucrats red faced.
“The IT industry is not good now. It has become dull. After the recession in the US, more than 50 per cent of the companies on the Old Mahaballipuram Road (OMR), the hub of IT industry, have been closed donw,” Mr Veeraswamy said.
Many who were present at the session were shell-shocked when the minister said the state does not need any more investments in the IT sector. State IT secretary P W C Davidar tried his best to salvage the situation, but after a few minutes the minister once again intervened and reiterated his point.
“Invest in sectors other than IT like automobile, steel, cement, leather, textiles, paper, cement and even brick industry. The state government is willing to help you out if you want to invest in Tamil Nadu,” he said, adding a rider “it depends on what industry you want to invest.” The minister had urged Non-Resident Indians (NRIs) to invest in sectors like automobile, electronics and hardware, leather, textile, paper, cement, steel and bricks. He noted, for the next 25 years these industries will not witness any slowdown.
Stating few examples, Mr Veerasamy said cement manufacturers were manufacturing cement for Rs 100 but were selling at Rs 200-220.
Newsprint and paper manufacturers profit were in the tune of 40-50 per cent, steel manufacturers were buying scrap for around Rs 18,000. But their selling price was in the tune of around Rs 32,000 to Rs 35,000.
“Even the brick manufacturer is making profit in the state,” Mr Veeraswamy said, driving home the point that the State does not require any further investment in the IT field.
One of the major backbones of Tamil Nadu’s industrial growth has been the Information Technology sector. With software exports touching a phenomenal Rs 28,000 crore in 2007-08 alone and providing thousands of jobs in the sector, the IT industry has been the cornerstone of the state’s development for more than a decade.
Ironically, the state’s IT portfolio is held by none other than Chief Minister M Karunanidhi, who has been vociferous over the years about the growth of the IT sector. Only recently did the state unveil an IT policy to promote Information Technology in the state and his once-estranged nephew Dayanidhi Maran held the IT ministry in New Delhi not long ago. The IT portfolio at the Centre is even now held by a DMK minister, A Raja.
Guys, DLF is in trouble and not keeping up the promise and there is a big google group discussing about exit plan, i last heard there were about 400 people on that group and all planning to move out together. If any of you invested in DLF i would recommend that you guys check that group. I think it is dlf-gardencity@googlegroups.com, if not try searching for the group.
The information is from my friend who has purchased and fighting to exit.
DLF is more interested in acquiring its own shares from the market and increase the promoter’s holding. DLF feels that its shares are under priced and has potential to go up. The only way its shares can go up is by completing projects and pricing it in tune with the market needs rather than just mopping up the shares. It will spend millions on sponsoring cricket matches and events at the expense of its customers who are kept in the dark as to whether they will ever get the apartment in spite of paying an astronomical price. Corporate Governance means protecting the interest of all stake holders including the customers….but for DLF stake holders means only shareholders.
Read this news today:
http://www.moneycontrol.com/india/news/business/dlfs-chennai-garden-city-projectrocky-grounds/384625
Salient points: “over 50% of buyers want to pull out. The company started bookings last April and promised to sign the agreement within 45days. But nearly one year later, the project has not even got the necessary approvals.
“…. “There are other issues as well; buyers want an Undivided Share of Land clause to be signed by the company. Also; clubhouse facilities, which DLF claimed were exclusively for buyers’ use, is now being thrown open to outsiders as well
”
This post is just to bring news to the audience. Have no vested interests and has been keeping off this blog for months. I have no bookings with DLF;
i am planing to buy a resale at jains green acres . it is a 2 bhk coming to 37 lacs with registration(wood work for the house is not done). is this a good deal? Please help by giving your valuable comments
This is not a good deal…prices will correct further 30-40% it is just a matter of time..you can buy the same flat for 20Lakhs in one year from now. if you wait… dont rush…
37 lacs if its a 1000 + sqft then its on a upper end of the deal.. ideal would be 33 . as now the current price in chromepet palavaram is close to 3300 Rs/sqft.
Hi,
Just to clarify, 3300 was the earlier boom period rate in and around TBM..Now its frastically reduced. if you go further – vignarajapuran,rajakilpakkam, prices are well near 2400 / 2200
Dlf has reduced prices. Existing and new customers will get benifitted.
http://timesofindia.indiatimes.com/Chennai/Builder-slashes-apartment-prices-on-OMR/articleshow/4179669.cms
Times of India : 24th feb 09
ET:
http://economictimes.indiatimes.com/Markets/Real-Estate/DLF-cuts-rates-by-20-30-in-Chennai-Bangalore/articleshow/4185894.cms
Good. Let prices fall further.
DLF charts out exit route for Chennai project. Is this true?
25 Feb 2009, 1223 hrs IST, Hemamalini Venkatraman, ET Bureau
Print EMail Discuss Share Save Comment Text:
CHENNAI: More number of buyers are queuing up to consider the exit offer made by leading builder DLF for its 3493-apartment project ‘Garden City’ on
the Old Mahabalipuram Road (OMR) IT corridor of Chennai.
While the group of buyers claims to have mobilised 600 exit letters, DLF authorities maintain that it is only between 150 and 200 members.
Apparently, DLF had orally committed to a ‘golden handshake’ to buyers, wherein, it promised exit route with a total refund option on February 13.
DLF has been forced to reduce prices to 2600 per sq ft. I believe even 2600 per sq ft will not attract buyers to DLF Property. becos the current availabilty far far exceeds the demand. i expect the price to come down to 2100/2200 levels as Banks are forcing the Real Estate companies to sell the apartments at realistic levels and pay to the Banks the overdue interst and instalments.
Already lot of other builders lined up with less price…The attractive buy will be at Rs.1800 per sq ft still i dont believe there will be much takers… But it will take time for real estate builders to reduce at this level. As things are worsening day by day…in US. Not sure how many IT companies will survive in this cycle…Everyone understands the real value of job and saving…In another 2-3 quarters we will reach the bottom… and stagnant phase for atleast 2 years expected. Say if you invest Rs.40 lakhs and you put the money in the FD or postal savings and get 8% interest with no risks, it is still higher than the rental yields….who will invest money now and lose it in year with no assurance of project getting completed and for no assurance for job as well…
I hear that the Undivided area of the land that would be registered in DLF is on foot-print basis – meaning only the land on which the tower stands will be shared by the owners of the tower and it will be only a small area per owner and that will reduce the resale price since the land appreciation will not be available for the owner. The nomal practice in chennai is that the total area in which the project is located will be divided as UDS among the owners and it will always work out to 1/3rd apprx. of the building cost. Ex. DLF 2100 sq ft – UDF around 150 sq ft – Others 700 sq ft as UDF. And that is why they could offer a lower price than the competitors.
“Type Super Area (sq ft) Basic Sale Price(Rs.)
2BR-2T 1170 SqFt 31,00,500
2BR-2T 1505 SqFt 39,88,250
3BR-3T 1825 SqFt 48,36,250
3BR-3T-1SR 1938 SqFt 51,35,700
We are sure you would find the above options quite attractive. Please note the price mentioned is Basic Sale Price. ”
This is the advt. I saw. This price announced is the basic price. What are the other hidden costs?
http://www.in.com/active18/watchnow/watchvideo_mc.php?autono=387281
http://www.in.com/active18/watchnow/watchvideo_mc.php?autono=387280
tHESE Are about DLF slashing prices and also how the power of buyers got DLF to come down and address issues. I think it is abig victory for those who were at receiving end of agony. Cheers guys. And such acts ensures other builders avt responsibly.
Mr. Bala, “Please note the price mentioned is Basic Sale Price. ” means the builder himself telling you there are other costs involved. Then, what are you talking as ‘hidden costs’??? There are other charges for all builders. This is what I understand.
And for your kind info, the registration will be done on the Saleable Area of the Apartment + UDS + the car park.
I had mentioned many months back about my apprehensions about the DLf project. Even @ 2600 per sq ft, I still believe that the location of the DLF is not good. nOw the environment is such that the speculative investors are getting out of this market and only those who have plans to live in such apartments for their own use are applying which are very few percentage in comparison to the Speculative investors.Now itself the situation is that the availability of apartments in almost all the projects trhat are yet to take off is much much more than the demand. We are already witnessing signs of BPO ‘s in India facing closures. Therefore the I forsee a situation in about 2 – 3 years time when around 25000 – 30000 apartments that are set to take off soon and which will be completed in 3 yersa that the availabilty of apartments will continue to far exceed the demand and it will be difficult to find buyers becos the cost of the apartmnent is what you have paid say Rs 50 lakhs + Regn charges about Rs 5 Lakhs + Interst @ 10 % pa for 3 years ie Rs 15 lakhs . So the cost of Rs 50 Lakhs Flat today will be Rs 70 Lkahs at the end of 3 yersa.. For a buyer the same apartment will cost Rs 70 lakhs + Rs 7 Lakhs for REgn. sO My dear Investors think whether your apartment will be worth Rs 70 Lakhs 3 years hence. As against this Government is also pushing cheaper houses in the range of RS 20 – 30 Lakhs Range. Certainly the latter type will have more buyers. and may be a better investment option.
a) Location is bad; Hence land price may have been cheaper. b) It is possible for some players to price it very well – Providence & IB Real;
c) Volume is very high…. thousands of apartments. Hence there ie benefit of scale. Hence cheaper cost.
d) Land registration is only for car park and for house area and not the open areas.
Considering all these, the price should be only 1500 – 1800 Rs per sq.ft and all these extra’s could be trimmed. Why should someone buy from then at 2600 Rs/Sq.ft? Analsysts forecast it would take atleast an year before US can show signs of revival and then India has to catch up. Till then, people are not sure whether they can service the debt. Monies of many people are locked in equities. And interest rates are not friendlier. I think the key issue is not interest rate but inability of ppl to forecast paying ability.
No point in buying DLF even at 2600…. its not worth it.. Do think adn consider some other options. Tsunami colony adn amrsh land can never change…
No point in buying DLF even at 2600…. its not worth it.. Do think adn consider some other options. Tsunami colony and marsh land can never change…
This is really good project coming. Good for investment. And really affordable by middle class people.
If the currently offered rate of Rs 2600 ie more than 17 % discount to then price of 3200 per sq ft was attractive,the entire block would have been booked within 2 days of the announcement of Rs 2600 rate. But the reality is that the response continues to be poor or say negative.The big real estate companies make more than 75 % profit on such projects.In bangalore DLF has reduced the offer price by 67 % in one of their Projects YES 67 % DISCOUNT!!! .So Buyers Please Exercise utmost caution. Invest the money in Bank @ 10 % and it would be better to pay 10 % more at the end of 1 year in a completed Project at the place of your choice. After all there are more than 25000 apartments available on the OMR stretch and very very few buyers. you can yourself imagine the future price of such apartments. also remeber most of the BPO’s will close in the next 6-18 months.investors bE CAREFUL
Thiagarajan…it is absolutely true…too much hype and inflated prices….all is demand and supply basis…a year back there was a huge speculative demand….now there is no speculative demand as well as there is no end user demand. At end of the day, we should understand one phenomena here…we work 8 hours a day to get a salary…and we expect the same thing/more than that from an investment (stock market or property or any other) which is fundamentally wrong. We dont spend sufficient time in doing the big picture analysis.
DEAR FRIENDS, I HAVE BEEN LOOKING OUT FOR A FLAT IN CHENNAI AFTER SURVEYING SO MANY LOACTIONS LIKE DLF, OLYMPIA, HIRANANDANI, TVH, MANTRI AND PURAVANKARA, ME AND MY FRIENDS FOUND OLYMPIA IS THE RIGHT ONE CONSIDERING THE NEARNESS TO CITY, LOCATION AND AMENETIES, IF ANY OF YOU GUYS ARE INTERESTED PLS LET ME KNOW WILL SPEAK TO ONE MY SALES FRIEND FOR BETTER NEGOTIATION. THANKS – PLS REPLY WILL CALL YOU AND GET THE BEST DEAL………………………tHANKS
DEAR FRIENDS, I HAVE BEEN LOOKING OUT FOR A FLAT IN CHENNAI AFTER SURVEYING SO MANY LOACTIONS LIKE DLF, OLYMPIA, HIRANANDANI, TVH, MANTRI AND PURAVANKARA, ME AND MY FRIENDS FOUND OLYMPIA IS THE RIGHT ONE CONSIDERING THE NEARNESS TO CITY, LOCATION AND AMENETIES, IF ANY OF YOU GUYS ARE INTERESTED PLS LET ME KNOW WILL SPEAK TO ONE MY SALES FRIEND FOR BETTER NEGOTIATION. THANKS – PLS REPLY WILL CALL YOU AND GET THE BEST DEAL………………………tHANKS
today suntv was showing the agitation carried out by dlf chennai customers.. people paid in lacks but the project is yet to kick start. now DLF is agreeing to pay back the people who are withdrawing with a penalty of 4laks. 4lakhs penalty for none of their fault? how good is it. guys please do care on what you sign as part of agreement. these builders agreement are onesided and their customer service is the worst. everything is taken care only until you sign after that its like falling to deaf ears. this is true for most of the builders in chennai..
The only option available for people who paid advance to DLF is to take the issue to the court. If the court is convinced that the agreement signed by the buyer is biased and one sided it can surely provide relief to the affected party. It is a daylight robbery if DLF wants to charge a penalty of Rs 4 lakhs from people who want to withdraw. First of all DLF has not even started construction and failed on its part to complete the project within the assured time period. I can only suggest that all affected people form a joint action group and hire an efficient lawyer to fight this case against DLF. Court may even give an interim stay stopping the project. Bad luck for DLF.
I understand that the UDS (undivded share of the land) in DLF is based on the footprint model. i.,e u get a small land as UDS as against the normal practice of 1/3 (or around) of the super built up area. This will answer for the low price. If it is true, what is the impact? The appreciation comes from the value of the land appreciation and the building is normally depreciated. So one will get very low appreciation value of the property when valued correctly.
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