Please confirm if the prices in Chennai is falling?
| Recent times we know that the RE through out the country is either stabilizing or falling. While we know for confirm that Bangalore property has cooled 15-20% due to over supply and less demand and other problems, i still wonder if its the case in Chennai. |
I personally know the rates where around 4000+ in OMR. Now with DLF coming in, it has brought down the price by 15-20% to 2800-3300. But what is the going rate for Perungudi, Velachery, KK Nagar, Guindy, Thambaram, Ashok Nagar, Anna Nagar, Vadapalani, Mogaipair.
Are the builders reducing the prices? Please comment. If you have made any transaction in any of these areas, either first sale or second sale, please inform what price did you buy or sold. It would be a nice awakening to understand the market.
My personal opinion is the rates have not fallen much except for the fact that builders are offering other incentives to promote sales. Free kitchen, wood work, pre-emi interest waiver etc are some incentives currently being offered to promote sales.
I would appreciate your true comments on prices in various parts of Chennai. Please refrain from posting prices which are being quoted, rather the prices at which the deal is sealed would be useful.
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There ARE price reductions in the flats on big projects. Of course, its not that transparent & mostly depend on the negotiation skills of the buyer.
One of my friend booked a flat in Casa Grande’s project at Pallikaranai (betweeen Velachery & Medavakkam) for 200 rupess less than what is on ad.
My relative booked flat in SIS proj for 150 rupees lesser than what is announced.
Also came to know about reduction of 200 Rs./sq.ft in a proj @Vadapalani.
There is NO reduction of prices in 3-in-1 / 4-in-1 kinda projects.
Hello …..
Its good that Uday started this topic.
Recently in our family my Chitti sold a flat in Pallavaram for 20 lakh s(1200 sq ft) and purchased a first hand flat in Nanganallur for RS 52 lakhs. It is a decent flat with 3 bed room. I guess the prices have not decreased but stagnant…….Also my aunt is looking to sell her flat in Nanganallur but because the prices are stagnant she is not able to do so………………. Also one of my friend’s father bought a flat in Virugambakkam for 65 lakhs…It is also 3 bed room house…I understand from some more incidents that the real estate prices have not come down but not rising as well. Doshi is offering Etopia 2nd phase for RS 3995/. It is RS 300/. more than what was offered in Jan. US economy is also improving. Gold rates are rising slowly.. In London bullion market 10 days back gold was 458GBP per ounce. Today it is 498GBP per ounce……..I am talking about 24 ct gold. Also I found in Hindu business line that Tidel Park 3 is coming up near American International School/. Things are looking up for people who have invested on OMR …………I have a ground land in BEML LAY OUT ie Rajarajeshwari nagar in Bangalore . I could see demand over there as well as the area is 30 yrs old.peaceful and residential area. Due to election,US economy and inflation the real estate prices have not made a mark over there. Bangalore case is different as it was designed as pensioner’s paradise during British era and also flat culture is new from past 5 years and people who have not migrated will prefer plot even today . But Chennai case is different as people are used to both plot and flat …but majorly flat is preffered . I guess investment of flat is good in Chennai and plot in Bangalore will be excellent……….Last but not the least ….so many companies are relying on software(I would say software is key factor in changing the world’s technology) and Indian companies are stabilised to take care of themselves in this 6 years after recession and hence real estate will not fall ….might not rise for few days but whoever has invested has to wait for sometime………
I recently witnessed 2 second hand flat transaction in the same complex in velachery bye pass road. One was bought for 4400 per sq ft and another was bought for 4900 per sq ft. the second sale was done thro some rude brokers who posed a lot of problem including arms tactics to push the flat for more price and eat heavy commisions thro the transaction.
But i am not seeing any flat in prime areas of velachery for less than Rs 4000. Would appreciate if some one can inform through this forum if they bought a good flat for less then Rs 4000 per sq ft in velachery
Palikarnai is oscillating around 3200- 3500. Medavakkam one of friend bought a flat for 2800 some time back. now they quote around 3100.
Nice post. I also feel that the price have not fallen. Read in r2iforums that going rate for Adayar was 15,000 (I had to look twice to see if I was looking properly). But it would be great to hear from people involved in the transaction.
On another note, I received a letter from LM (through Mr. RK) stating that the flat will be handed over to me on or before 31-Dec-08. I would like to thank you for letting me use this space to address my concerns. Special thanks to MR. RK too.
I have seen that in velachery, one flat (900 Sqft) was sold at 30 Lacs. Rate come around 3300 Rs/ Sqft. But such kind of transactions are very less
Nice to hear that prem. Good luck to you.
Just be careful on what price people talk about. An under construction project with a delivery 1-2 years down the line as is the case with many projects on OMR/Pallikarani/Medavakkam is going at 3200-3500/sq ft. But if one works out the accumalated interest (pre EMI) the cost of ownership goes upto 4000-4500 per sq ft. I still feel a 2nd hand property in Adyar/Thiruvanmiyur makes more sense.
4900/- persqt in perungudi near the toll plaza on OMR Its veryclose to OMR and not interior as Doshi …Is this rate very high? Hows the area?
Hi Shri. Are u talking abt land or Apartment??? If you let me know the exact location I shall be able to tell because I have bought a flat in Doshi and am very very happy with their proffessional and helping approach. If you are talking near the corporation road or whatever then the price is more.
4900 is definately more for any area in perungudi. OMR has fallen to 2800 near DLF, TVh.. so the ideal rate around DB Jain college , perungudi should be 4000 or less
Doshi eutopia which is about 0.8 KM from OMR seems to be quoting 4K/Sq feet. So I guess projects more closer to OMR will quote high.
Being an IT professional, I would like to purachase an apartment(ready to move) in Medavakkam..
I do not know much about this area..Could anyone know about this area and its proximity to IT coimpanies..
Please advise..
Thanks in advance..
Hi Sumana,
The project is on Corporation road just after the toll plaza.
What about the ground water. Heard there is a sewage treatment plant down that road.
Shri,
Perungudi is having a large dump yard. I know the ground water is impure and not fit for drinking. Air pollution is well known problem there.
Not all parts of perungudi is affect, but i feel its a matter of time with major parts of perungudi wud be affected.
Most of the projects in that area is going for around 4k and irrespecitive of the location, 4900 is high priced.
May we know which builder’s project u r talking about?
Shri,
Of course for investment purpose Perungudi seems to be good and I am not sure for longer time as I have invested for renting out and as Uday said not all areas are bad and this is common anywhere in Chennai I feel(I mean even posh Adyar or any such place has some streets which are bad and the exception is CM’s residence, Boat Club area and Poes Garden which no common man can afford). But 4900 per sqft is more and main reason I thought abt Doshi Perungudi was its interior yet connected to main road and its good in one way as it is in peaceful location and opposite to Bhaggyam and Jains. Whatever might be 4900 is more and may I know the builder’s name because I heard that LandMark’s Tiara is coming up with some apts in Corporation Road.
http://www.ramastuti.blogspot.com
Hello there,
Today I got mail from Doshi regd the selection of tiles as they are planning to handover by the end of Feb. Hence I spoke to site engineer regd the same and she has sent this article from THE HINDU. As I was concerned about the area I asked abt any improvements on OMR. She told me that few people from TN pollution board and Chennai Corporation visited Perungudi as ordered by court( The article explains as well). My friends had visited the site during last weekend and told me that GOVT is laying roads and some petty shops will go off as a huge builder has bought the whole area for lumpsum amount to build apts… I dont know how far is this true. But they told that many roads have been cleaned and many people are working in laying the same. I just thought of sharing this info for those who have invested in Perungudi and neighbouring areas. I guess Govt is on slow pace but surely some improvements will be done on either sides of OMR. Lets hope for good afterall it is everybody’s hard earned money. Pl check the link below.
http://www.thehindu.com/2008/04/03/stories/2008040359880300.htm
http://www.ramastuti.blogspot.com
Sumana,
Believe me, i personally invested in that area and repented every day and night seeing the smokes and quality of water. it was with great difficulty that i exited the project well on time profiting decent profits.
The land near dump yard is bought by TVH homes and you can see a board saying it belongs to them.
But i am very negative about the entire area. Just because of the ability of govt to find a alternative dumping site. Please note that this problem is there since 1990′s and the dump yard is using more land than what was allotted to it.
Marsh land is entirely harmed already. No builder project is without reverse osmosis and water purification plant. that explains the state of ground water.
I too saw the above news in hindu, i am very very sceptical about the officials ability to act on this. Last confirmed news is authorities are finding it difficult to procure lands in kanchipuram where the dump yard is supposed to be shifted.
Sumana / Uday,
The project I was interested is Solitaire by Vijayshanthi builders. Its on corporation rd just behind the highrise constructed by Srinivasa shipping on OMR. hardly 100m from OMR. Where exactly is this dumping ground?
Uday and shri,
What u are saying is correct. Even I am also worried abt this area . But if we think like this whole OMR will not improve. Because of several facts like infrastructure . Last year I visited Ramaniyam(As Rhythm in Navalur. I felt like yuck abt the place and came back without investing thinking there will be no improvement as Govt will never take steps. This year when I came I saw the same site in Navalur with no improvements except some road works on main OMR and etc .. Only thing is realestate value has increased alot from last year. This happened for me with many projects on OMR. Also the new projects which is coming up do not have on time delivery date as they are having problems with approvals, huge projects with lots of apts like 300 or 600 etc…. So this was my only choice with some parameters which I had in my mind. My cousin is staying in this area from past 4 years and she is very happy as the area is near to city, good connectivity to OMR and etc…. I dont know abt my fate and this is different story as we always invest acc to our thoughts thoughts …..
If this area is not going to improve(IF) why so many builders(that too Chennai Builders who are in the industry from past min 10 years) are investing money as location and etc are high factors for them to sell the flat?? This was also one of the key factor for me to decide on this flat …..Anyway lets see….
Shri, I know for the fact that Vijayashanti Builders are very good in construction. They have already done 1 project called Gangothri in Perungudi and many others in city. I had personally visited their project and it was good. This Corporation road is next to Doshi’s road. Also Tiara is coming up next to this project I guess. This dumping yard is on Pallavaram Toraipakkam road and I could not see the smoke or whatever from Doshi site. So I think it is not near to Solitaire as well ….. Also I wonder abt people who have invested in TVH in Toraipakkam just opp to this dumping yard. Hope I have given the info that I know…
http://www.ramastuti.blogspot.com
Sumana
I have a property for sale, more details on the website with location. Contact if intrested.
Hi,
Thanks for getting info from these posts, is there any such development in North Chennai. especially near Perambur,Kodungaiyur.I see more info from South Chennai when compared to North Chennai.
Anyone can inform the Land cost per sq.ft in around Kodungaiyur.
Sumana,
My brother was close to booking a 2 bedroom flat in Ramaniam Rhythm… Navalur that was being offered for Rs3000/sq ft by the builder as a resale….during Nov/Dec ’07. For some reason he dropped the idea and booked in OMR Gaurav same builder for Rs 3600. Its yet to be launched and we are not sure if the price is ok or will fall or others booking at lower rates. Can others comment?
Srini,
Yes Gourav project is yet to start and dont know the date. When I asked for Rhythm it was costing 52 lakhs for 3 bed room but I felt that it was too much …This was in 2006 Dec. Today the price rs 3600 shd be ok but I would always feel like investing in a project which has already started up atleast foundation as we will always have grip.. If possible you can find out find Ramaniyam abt the launch date or go for some other project which has already started….. Cos if the new project is started today it will take min 3 yrs to finish off as all the projects on OMR are big… No doubt Ramaniyam is a fantastic builder but time of delivery is imp as we all have to pay pre emi’s….. thats what I feel……..
I am a mumbai resident and want to desperately seek some opinion from the group on which are good areas to buy a flat in Chennai around Puzuthivakkam which i understand is near madipakkam.
My father will be living and since he is immobile i need a good hospital and markets etc nearby. He will be staying wiht my brother who is in puzuthivakkam and is
planning to purchase a flat in the range of 50-55 lakhs.
While my brothe ris keen on puzuthivakkam itself
i am not too convinced as i feel the area ( Puzuthivakkam ) is more of a semi town than a proper city and since my parents plan to move in there may not be good facilities for senior citizens.
Can someone help ? Also would apprecaite if someone can give me some idea of ground rates in Nanganallur and Vellacherry.
Thanks
Dear Radhakrishnan ,
Considering your situation, velachery should be a better option than any other place. Naganallur is quite well developed but puzuthivakkam is a low lying water logging area
Any person to want ‘resale apartment’ nearest in Kaviarasu Kannadasan Nagar bus terminus. The flat is 10 years old 728 sq.ft. 1 bedroom the rate is 1650 per sq.ft. interested person please contact: 9381149196
i would like to buy an apartment at vadapalani near Aavichi School, I have been told that the rate for a 2 bedroom apartment of approx 1200 sqft by a renowned builder like appaswamy is in the range of Rs 5200/- per sqft. Is this ok for the locality or should I try and bargain a liitle more. Also what are the stamp duty and other registration costs ? can anyone please let me know
It is nice to see some thread going on about Doshi Etopia..Thanks to Sumana. I’m keeping my fingers crossed to see these officials to do something on that dumping yard. It is a calculated risk that ‘ve taken when I booked my aptmnt. Any positive development on that dumping yard will boost the surrounding ecosystem…. Even otherwise, I think it isn’t a bad decision choosing that place.hmm.. I hope I stay feeling same.
hi we are planning to sell our home because of financial probs..what is the gorund rate for puzuthiwakkam ,,we have one ground with a home built excatly,,its 35 years old
Has anyone booked in Appaswamy Triumph? any idea it will be handed over? why the delay?
how to attach photos
kanakaraj ,
There is no provision on a photo upload here.. but can u please upload the same in picasaweb or any photo website and send me the link…
http://picasaweb.google.com
make the photos public so that every body can view
Can anyone give me some feedback about Casa Grande builders? I am contemplating booking their apartment @ Pallikaranai (Riviera). It would be doubly helpful if you can give me an idea about the current rates prevailing there?
I started this topic around may. Can please limit this thread to posting real life price drops or increase data. It would help a lot to guage the RE in Chennai.
hi,
Has anyone booked with dev apartmets in thoraipakka,. it is cheap comparted to other builders in thoraipakkam. has anyone booked in dev? any feedback? they are one of old builders in chennai…
Ramya, I have an apartment booked in Riviera, Casa Grande – Booked in Feb 07. The builder went through lots of trouble with CMDA approvals, and court cases over a small part of the land with the govt. They got over all the issues and are now constructing, and expected to deliver Dec 09. The experience with them has not been too bad. I have heard current asking prices are Rs.3500. So not sure what they have asked you? Please reply
Hi Rsun3,
if you dont mind,can you tell at what rate per sqft u finalized ur flat
Hi Rsun3,
In casa grande rivieria i have booked an apartment by jan 2008 .but still i am not clear break up they have provided ,could you please let me know on the below mentioned points
1. does the square feet rate include regristration cost+stamp duty charges
2. what was the service tax percentage you have paid to the builder
3. Does the builder gave you any discount on the car parking Etc..
Your reply would be much appreciated!
Thanks in advance
Regards
Vidya
Hi
We have bought an apartment in doshi phase 2 in perungudi i feel we need to collectively speak to the builder and insisit on a reverse osmosis plant at his cost. we need to see how may owners of doshi we can find .
Hi,
Any idea on how good TVH Rozalia is? We got an offer for rs3250 per sq ft – brand new 3 bedroom. But I see varied remarks about the project – soem saying it is good. Some say dumpyard, smell mosquitoes. Anyone living there can throw light on this?
DLF might cut Home prices by 20% check the times of india article
http://timesofindia.indiatimes.com/Business/DLF_may_cut_home_prices_by_20/articleshow/4067592.cms
I heard pallikaranai dumping going to stop and they are moving dumping yard to some other place.is it correct?
I think the prices are sure to fall further. The condition now is that the the land owners are not willing to concede that the price is to fall but trying to pull on for some more time. In an year’s time the prices will come down.
ggs – Its true that the dumping has been stopped..but the whattever has to be done! its already done!. i visited a property of my friend just opposite to that dumpyard ( serene acres) and i couldnt imagine being there even fr a single day!!..horriblly poluted area & not worth for living with so many pests & snakes! around..after all, who dares to bet theire lives for (not so) cheaper cost !
BTW, prices are not falling.. There is a steep reductions in their specs.. decreasing in one component & increasing on the other!!. a simple cheat game
Read this…. Chanda Kochar says RE prices should fall another 15-20%
http://economictimes.indiatimes.com/Opinion/Interviews/15-20__correction_needed_in_realty_prices_says_Kochhar/articleshow/4128421.cms?curpg=1
Hi All,
I am new to this blog… it is very useful to me. I am looking for resale flats in vadapalani area, can anyone help me.
Demand for housing subdued
Article from hindu property plus this saturday..
The prices of houses have come down by up to 30 per cent over the last four months but weak consumer sentiments continue to prevail , says realty consultant Jones Lang LaSalle Meghraj (JLLM). Affordability metrics for homebuyers have started to improve since October due to the sharp correction in property prices, reduction in mortgage rates and smaller unit sizes per apartment, it said. “Currently, transaction prices in most markets are down by 25-30 per cent across the board,” JLLM Chairman Anuj Puri said. – PTI
Hi,
Need inputs on Doshi Etopia.
I have been to the place in a hurry and did not check other areas around.
I was told that immediately after the toll plaza there is a big road which will also help us to reach Etopia.
Not sure about the name of the road but l believe it lands into the dump yard. say 200 mts away from the project. this is not toraipakkam road..I was disappointed with this..I will probably check this again
Is there a sewage treatment near by. Where is it?
what was the initial sqft price when they launched the project..
any inputs about this project will help. Thanks in advance.
Initial price quoted by doshi was 3500 per sqft in Jan 08 then they increased to 3995 per sq ft .I went and visited the flat but was not happy with the road so backed out and booked in navin builders