Some comments on DLF Garden City, Purva Windermere

I am seeing a lot of people comment on the DLF, Purva project in this blog. Just incase you missed it, then just see what people have to say on these projects. There are some pros and cons of hearing different people view, but it is always good to hear from more than one people. I am sure you would be bit confused but neverthless you have all the information to decide which is best for you.
 

Balbir Says

I took a trip to see the physical location of the DLF site.
I was very much disappointed with the approach road and the slums through which you have to go to get to that site.
What concerns me is the following.
1. We live today in a buyer dominated society. How do we still support a big financial commitment to the tune of 45Lakhs plus with out knowing the location, flat plans, lay out of the units, CMDA approval etc.
etc.
2. The modus operandi seems to be to put some plan in the news paper, get the crowds excited, collect the money from the public, sit on it and use the level of interest, to determine if it is viable or not and then start the project. Bear in mind that we all sadly still suck up to it and let these businesses build a business empire off of our money as their working capital and make huge profits.
These guys get away with it because they are big name brand companies. I have no qualms about DLF. Yes they are reputed but at the same time why we as investing public don’t demand all the details upfront. Is it because the flats are scarce and we will be left w/out a place to live. Come on guys and gals, let us start becoming intelligent buyers and demand that business be conducted the way it should be and not the way they want it.
Remember its our hard earned money. Unless we demand we can never make them change.
I am disappointed that we worked hard put India on the top of the world map, but we haven’t learned to demand for the things that you pay for in our own home country.
As far as I am concerned, I will not put my single penny into any investment until I see full details of the project and a clear picture of the entire plan.
I can appreciate the sentiments expressed by Mr. Rajan in the prior postings.
Let us the buying public set the way how business should be done and not how it should be forced on us.
On the whole I am disappointed about this project for the following reasons.
No Plan details, No location specifics, next to TRC settlement, and the arrogant way these businesses are allowed to operate.
Finally, I wish that there are some real estate laws that will be enacted that will ensure that all details be made available prior to making an offer to public.

RAJAN SUBRAMANIAN Says

DLF is selling flats in their proposed OMR Project. There is no official launch of this project. It was announced in Media few montths back that they will offer @ Rs 2700 per sq ft. Now they say that their offer @ 2800 under PHase I is closed. Only second phase is available @ 3000 . When I enquired from DLF Delhi/Chennai Office some say is 1/2 kms and some say is 2 Kms from the main road. I visited the site is is more than 3 kms from Indian oil petrol Pump through a narrow road . Further the last 1Km + is through The Tsunami Resettlement colony which is like a slum which every Chennaite is aware. The company of such repute selling flats without official brochure, actual loction of the site , clearly informing that the approach road is through Tsunami resttlement colony is unfair. With great difficulty, I still located the site which is in two parts on either side of the road submerged in water and no Display board, not even a small office is site of a Project where more tahn Rs 2000 crores are to be spent , for the information of the investors in Property, Rs 3000 per sq ft is not cheap for the water submerged low lying area and more than 3 kms inside the main road besides a scenic view of the Tsunami Resttlement Colony. I would suggest Investors going 4/ 5 kms further on the Main OMR and opt for Better Projects like Hiranandani/Mantri/Akshaya pay 500-600 per sq ft more and have a good 360 degree view from their flats.DLF is a big company . They have excellent Projects in GURGAON , Unfortunately they have chosen a wrong Place in Chennai to Woo Investors by offering them apartments in a far off place far outside the main OMR Road.Investors may rethink and confirm their bookings after a visit to the site and see whether they have a value for the money.iF the company si so confident about the site, They must take investors to the site , make official launch, give full facts . Investors, beware, Looking for Brand is Good sometimes.NOt always . I give 10/ 10 to their Project In Gurgaon. But only 3/ 10 for this Project adjacen to TSUNAMI RESTTLEMENT COLONY

My first observation on entering the approach Road through Tsunami Resettlement colony is that I found many people squatting outside their homes, perhaps becos the area of the allotted flat about 100- 150 sq ft and may be on an average of 5-6 members in the family. Even adult male members who otherwise are supposed to be bread winners and be out to work were seen loitering in groups , and even sleeping along side the roag in the daylight around noon time. you could also see chicken, pigs , goats that are being reared by the locals.when you spend so much money, why not have a claen approach road . Look at Gurgaon, yes I appreciate it is very good and taht is the reason I gave 10/10 for DLF gurgaon. In fact I was staying in South Extension Delhi which was a original DLF Colony. What I am also trying to make is that DLf Is a Very very Big Company and his position in the Corporate world is very well known.He is not an ordinary Builder but a Gaint among the BUILDERS. Hats off to Mr.k.p.singh.I Feel that DLF Reputation will be affected adversly having chosen a wrong site for such a huge Project. Look at the locations of Hiranandani / Akshaya/ mahindra /L&T Estancia etc they are on the main Road , you may not have to view Resettlement colonies, juggi /jhopdi etc .Most of these flats coming up on OMR road with Gated compound , with school, clubs,park, gym etc are of Premium grade, and people buying these are willing to travel a distance away from the city only to ensure that everything is nice not only inside the compond, but also a good , clean, healthy neighbourhood outside. The Dlf Project will be like an Island where you can see all the open fields submerged in water even after the rains over a month back . The water will remain for several months before on set of the next monsoon.To sum it up the offer is not cheap as DLF mentioned once “DLF FLATS @ 2700 PER SQ FTAND DECLARING THE WAR ON PRICE” .fORGET THE pRICE, lOCATION IS UNDOUTEDLY BAD.

Pras Says:

I do not understand the paranoia about the Tsunami Resettlement colony (TRC). I have been to the site through TRC which actually has a very good layout, throughfare roads, park even few Tata Qualis and Santros parked here and there for whatever may be the reason. TRC roads are wider than most velachery roads. In the coming years, current crowd itself will be replaced with better incomed ( they themselves become better incomed due to property boom and mushrooming of services around) folks. Economics will take over the area.

DLF is promising widening of connection road from current 30 ft to 60ft. May be they have the muscle to do so, may be not. Last but not the least, when DLF launched Gurgaon projects, junta said the same things and look who finally has the last laugh.

DLF is not all rosy.
I do not know how the above spec is floating around. My direct inquires revealed, floor tiling is rectified which is far below in quality to vitrified. On pressing, reason given is vitrified tiling is for public usage (where lots of people stamp their feet) and rectified perfectly suits private space at affordable cost. Worse, you can not order change in DLF plans !

Second, if you have Window AC, throw it. In DLF, you are allowed to use only Split AC. There will be provision for it off course.

Third, they hired one literal contractor named Hafeez Contractor based in Bombay i suppose. His taste and sensibilities are not suited to Chennai. You can witness it in the floor plan. Your flat main door stares into kitchen.

Fourth, internal layouting is also optimized for DLF and not for you. You have three bed rooms in a row. I heard of row houses but row rooms, news. This contractor needs a kick in the ar**. Simple no degree contractor in my native place does a better job.

Fifth, do not gloat over PSBB. Strings attached. You have to shell out a lot of money to be in. Off course you will be called first to pay for it. You have to sit through PSBB selection criteria but may not stand through queues. I heard KK Nagar PSBB queue was one km long. What a fight to make your kid a clone.

Sixth, DLF owns more property inside then you imagine. Your undivided does not include Club, Mall, School, Botanical/Forest land etc etc.

Seventh, there is deadly silence on maintenance from DLF itself. There are only few guesses floating around.

Eighth, mini hospital is a nice blog go gaga over stuff. But its management Fortis is pucca corporate. Visiting doctors are going to make you pay through your nose. Apollo experiences pale into insignificance before this Fortis juggernaut. Folks in chennai are not aware of Fortis from Delhi. Their job is to take over hospitals and brand them.

I am not a scarecrow. Its a good deal. DLF is One up and gave a black eye to prevailing building mafia in chennai. But know all aspects, especially what you do not know.

Raja Says:

I went and saw the site. One has to turn right on OMR and drive quite a distance inside. The approach is also through a very large housing board colony which makes the site not an attractive location. With regard to bookings I found from one of the soft launch promoters (ICICI) they do not seem to have much of a booking as of last week.

Satheesh says:

After a long time, I am visiting your site again. You know, I was dead serious to buy some property last August and didnt work out. And, I think its for good. After a really long research, I am taking a contrarian view and saying the RE in India is going to crash big time, and putting money where my mouth is, I am now looking at agricultural land. I can give lot of reason if you would like, but here is my major line of thought:

1) Prices are unsustainable: Any flat is now easily goes over 50 lakhs, to pay that with 12% interest, your EMI is going to be around 55000 per month. To make it to work, you need to earn at least 70000, after tax, now with VAT and the proposal that State can add up tax, I am thinking it would be more likely at 20-25% tax bracket(right now, I think 19-20%). So, to afford a 50 lakhs flat, one need to make 90000 per month. Thats almost 11 lakhs per annum. How many people seriously make that much money. Mostly IT folks, and may be some financial lenders or so. But, seriously if you think over it, its not worth it. Even if I go back to India, I can rent an apartment for 20,000 or even for 15000 if I am lucky. So, there is no real advantage to buy

2) We know how TN govt acts, When ADMK comes into power, they will get probably wouldnt care to continue DMK’s vision and prices might plummet for that reason.

3) Last two days of BSE can and will happen to RE, because, I am already seeing that the builders are in trouble, you see this fantastic offers(they claim) that they will pay your EMI till they hand over your apartment. I am thinking that we will see the firework, may be next year. And, I am getting rid of the flat I have this summer.

I think you should probably start a topic on this one, for people who thinks RE in India is about to head south, and I for one will definitely support it.

44 Comments

  1. Satheesh

    I can not agree more with Balbir, excellent! RE in India is exactly what the big boys say. If they say the flat is worth 75 lakhs, thats it. People who are greed to make quick bucks go and book without even looking the location, accessibility, nearby facility. Its working now, might work for next few years, but in the long haul, it might not be the case. We need to have better transparency in RE, like how much the individual house sold in the area, what are the schools. With the Internet, its quite possible, but as long as the people are stupid and jealous builders will be having fun.

    Another excellent point Balbir made is about builders using people’s money as working capital. Very precise. Any builder who says he is going to invest 3000 crore in a project, only starts with 1% about 30 crores, and the buyers(aka idiots) rush and give them about 2%(60 crores) and they start the plans and approvals such, by the time, property value has magically raised and they now charge 10% more and get the rest of the working captial. BTW, I know builders dont pay the contractors until they complete(and may be even later).

    But, bottom line is, people think they are smart and rush in and lock the price without any study/education. And, I am not blaming only in Chennai, it happened in US and now it faces the inevitable. At least here, people can just walk away legally(foreclousre), in India, Gundas would follow everywhere you go. Sad, but true!

  2. :) Well Said. Sad story but true.

  3. Rajesh Babu

    Hi, I wanted to share my learning the actual and real cost of buying a aprtment or flat from a promoter.

    I’m now much more aware of these costs based on my real experiences.

    The following are true to all most all the promoters & project.
    Make sure you apply for the right loan amount as once you are approved it cannot be changed.

    Rules of Thumb when you buy a apartment or Home in any gated community.

    Your Carpet Area is usally only 65-70% of your Saleble Area

    Saleble Area = 1800 sqft
    Then Carpet Area = 1170 – 1260

    1) Your additional & Other expenses that you don’t explicitly think about when you are calculating your loan amount are usually between 18-25% over the rate per sq ft you get.

    The ignorant way of calculating your Total Cost
    Saleable Sq ft Area * Rate per Sq ft = Total Cost
    Loan Amount Usually calculated = Total Cost – 15% of Total Cost (your share)

    The Smarter way of calculating your Total Cost(Saleable Sqft Area * Rate per Sqft) + (Actual or Estimated additional & Other expenses) = Total Cost
    Loan Amount Usually calculated = Total Cost – 15% of Total Cost (your share)

    Lest see what are these additional & others costs are made up of
    1) VAT usually 6-9% and or Or Sales & Service Tax 6% plus
    2) Registration cost – 9% of land cost
    3) Car Park
    4) Corpus funds
    5) EB , Drainage & Other Utility connection

    Also just to understand the total cost you have to think about your

    Pre EMI payment for 2-3 years ( You dont really start paying your EMI which only starts after full disbiursment of your loan amount, pre -emi can vary costing you from 3-7 lakhs for 2-3 yrs period.
    Sample reference

    Its easy to understand using the attached Excel

    http://danube.sis.in/payment.htm

    No. Area Sft Floor Bed Rooms Cost @ Rs.3700/Sft Covered
    Car Park Registration L.P.G Corpus Fund EB & Sewage Total
    1 1285 3&4 2 47,54,500 1,25,000 1,06,925 15,000 25,000 55,000 50,81,425

    Note**** Cabinets & Tiles and all other Customization costs & Pre- Emi Cost excuded from below calculation
    Basic Rate per Sqft Minimum Increase is 15% Over heads per Sqft** Average Increase is 17% Over heads per Sqft** Maximum Increase is 20% Over heads per Sqft** Minimum Increase in Final Rate per Sqft** Average Increase in Final Rate per Sqft** Maximum Increase in Final Rate per Sqft**
    1) Hiranandani Upscale – Rate 4100/sqft 4100 615 697 820 4715 4797 4920
    2) Purava Swan Lake – Rate 3600/sqft 3600 540 612 720 4140 4212 4320
    3) Purava Windermere – Rate 2790/sqft 2790 418.5 474.3 558 3208.5 3264.3 3348
    4) L&T South City – Rate 3600/sqft 3600 540 612 720 4140 4212 4320
    5) L&T Estancia – Rate 3500/sqft 3500 525 595 700 4025 4095 4200
    6) Mantri Synergy – Rate 3700/sqft 3700 555 629 740 4255 4329 4440
    7) DLF Township – 2800-3000 2800 420 476 560 3220 3276 3360

    Good Luck
    I will respond to all valuable questions
    Rajesh

  4. Great observation, guys. Well thought out and written.

    Satheesh brings in an extremely valid point. Typically, a good financial planning requires not more than 30-35% of a person’s income be allocated towards the costs of residence. If Satheesh’a calculations are taken as is, it is mind boggling to see how much one has to earn in order to sustain their life-style.

    I am a practicing real estate consultant/agent in Virginia and Maryland in USA. The interest rates here have been hovering around 5-7% over the past 5 years and the interest portion of the payment is completely tax deductible. Given the double digit interest rates that the Indian lenders are charging, combined with the sky-rocket prices, this only remind me of what we are witnessing here in the US markets.

    From 1998-2004, we have seen a steady boom in the real estate prices throughout USA. I worked with a lot of investors locally who were pouring in their money on multiple properties – with the lenders willing to support the purchase. Typically, the investment would be on upcoming projects to be delivered in a year (2-3 year projects are not here due to the efficiency and planning by the builders). Once delivered, the property is old off for a hefty profit – which is almost like 8-10 times their initial investment. Imagine the turnover!!

    A lot of people started doing this – which is what we call FLIPPING. From the local taxi-walas to every Tom/Dick & Harry, every guy touted themselves as a real estate investor. Some IT guys even left their full time job as they were now a full-time ‘investor’.

    Then the BUST happened. The investors FLED the markets and threw in the towel…it has been a blood-bath ever since. Prices have plummeted over 30-50% in some parts of the country where people did not care to check the value. The foreclosures are at a historical high. The economy is in a state of sustained life-support – thanks to the those ‘investors’.

    Moral of the story:
    One has to see the global impact in today’s market and environment. The money pouring in to the Indian real estate is unbelievable and I hope the locals do not get hurt as a result of this madness.

    I am no different from the rest of the folks out there. I would have gladly signed anywhere on the dotted line, if all I have heard is how a property quadrupled over the past 6 months. However, the key to sustained happiness is in ones ability to judge the investment (be it for primary residence or investment) so that a long term approach is kept in the plan rather than be out on the streets with the rest of the homeless victims.

    You are most welcome to send your comments you post direct to my email address at ram.bala.us@gmail.com. My website is http://www.homegoogler.com

    I apologize in advance if I have spoken out of line with your vision of how the real estate in India is shaping out to be. I could be dead wrong in my observations!! Only time will tell…

  5. Praveen

    Hi guys
    Read through the blogs.Quite informative for a person like me who is based in Singapore.Yesterday i attended a road show for Hiranandani Palave gardens.The price quoted was 3050/sq feet with 20Rs/sq feet /floor (the higher the floor the more expensive it is !!).
    Can anyone highlight more on this project and the future rent potential

  6. Raj

    Following are the comments by some user in one of the other forum.

    Lot of comparision have been made between L & T and DLF.

    Let me put my views too

    L & T venture is not pure L & T one and even though DLF is not pure completely DLF, but the other stake holders are just investors.

    DLF core business is apartments and L & T is known for other businesses.

    I know about the L & T execution team well, I dont want to put my views openly. But its not good. (I’m ex-L&Tite). What was the success of L & T Estancia.

    I dont know about DLF execution team. But I have seen their construction. Its wonderful in gurgaon. Their rate were always at the higher end of the market

    The negative point people Talk about DLF, the approach road is through TRC – which is absolutely wrong, There will be good approach road. In India, wherever the good housing complexes are there, slums are inherent part of it to serve the people in the housin complex as house maids

    Water stagnation in site of DLF. How many of you seen velachery before 2003 and now, you can easily solve this issue in mind.

    Now in the interview, DLF management said 8000 houses they are planning in Chennai. Do you think the person who want to sell a lot will cheat in his first product itself (first 3000 houses) ?

    School, Let it be PSBB franchisee, what is the problem, Educomp is a corporate and the schooling will be taken care professionally.

    Last but not the least the negative points are coming out of frustration that these guys have missed the ship at 2800/ sq. ft

    Disclosure:

    I have booked in DLF

    Please give your counter arguments so that I can correct myself if required.

  7. Raja

    The brain of an average Madrasi (nay Chennaite looks too outlandish) is akin to that of the local autorikshaw driver. He will do only minimal number of savaris (trips) but always tries to fleece the customer. Net on net he may be earning much less than his counterpart in Bangalore who will not cheat but will always be busy.
    The Madrasi buyer will go to REPUTED builders whatever the shit may be! However when buying Land he will ask a million questions. I was happily surprised to see someone atlast realize in this thread that DLF and other builders steal the land in their mega projects. They provide such a stupidly low Undivided share of land that exposes how lazy and foolish average Madrasi buyer is.
    TO give an example. Go to Saligramam and a typical flat costs around Rs 6000 a sqft. I meant a complex with 8 flats where land is equally divided. Next go to Ceebros or Appaswamy and you pay Rs 7 or 8K for a lower undivided share of land. Now if price of flat is Rs 6K/sqft and if typical construction cost is Rs 1Kpsqft and let us give builder a margin of Rs 300psqft, then cost of land portion is Rs 4700. This when multiplied with 1.65 the typical FSI should give you Rs 7755 psqft of land.
    I am trying to sell my land in such an area at Rs 6800 psqft and people will ask how it can be so costly? The point is when the builder comes, takes the land for a song, uses the buyer’s money to build, the landowners land to build on and simply makes a fortune and silly Chennaites look askance, it only shows that Chennai Auto Driver defines the mindset.
    So dont waste your time on DLF. You are born to be cheated, just sit back and enjoy it.

  8. Satish

    Raja, If you cannot sell your land vent your anger somewhere else. This is a place where people try to support others.

  9. Easwaran

    Hi ,

    I am looking to buy a Flat in chennai , I have not been in chennai for the last 3 years and not aware of the current prices in chennai .

    Please advice me , is this the right time to buy a flat in chennai , heard that prices are at the peak .

    Whats the current rates in chennai

  10. Annie Matthew

    Hi I completely agree with you all here. I was totally shocked to see places like DLF, Hiranandani, etc which are like 40KM away from the city charge prices like 3000/- per square foot. for a simple 1800 sqft apartment, we have pay nothing less than 1.2 crores..I wanted something closer to DLF IT Park in Porur. I was in Chennai for just a week and I spend 5 days hunting for flats and nothing was less than a crore..

    Frustrated and shocked, I finally found a superb place which is opposite Porur Ramachandra Medical College. It is about 500 meters from the main road and the promoters are basically IT engineers in the USA who had moved back to India and were into this business. It was a cool deal wherein I got a 1200 sqft plot for 36lakhs and I still have the choice of building my own Villa according to my spec for which they will charge me 1500 per sqft. In totality my 1800 sqft Villa cost me 65 lakhs and yet it is bang in the heart of Porur, opposite SRMC, ESTRA SEZ, DLF IT Park.

    All it needs it that you need to take time and search for such property and for all you know you may just get lucky

  11. ram

    Annie Matthew – Would it be possible for you to share the promoter details. Thanks.

  12. Annie Matthew

    Hi Ram

    It is Trident GSR Gardens. You can reach them on porursite@yahoo.com

    You can refer my name as I have bought 2 plots from them.

  13. Gayathri Saseendran

    Hi,
    We are looking for buying a flat constructed by BBC constructions in Chinna Porur area(close to SRM medical college Ramapuram). I heard that this area is very low lying and is prone to water logging during rains. Is that true? Would it be a wise idea to invest in this area.

  14. Kumar

    Hi

    I have booked a flat in DLF Garden City , just wanted to know whether it is worth it. I am based in Delhi , and have not visited Chennai for quite some time. Anybody has visited DLF Garden City recently please ! The DLF people tell me that construction activity is in progress in a breath neck pace. Is it true please ?

    I would like to know the current status !

    I have paid the booking advance of Rs. 5 Lakhs. The company is now asking for the balance advance of Rs. 4.8 Lakhs. I have been asking them for the legal clearance papers for the site and the approved site plans. They are not giving so far. What is the problem ? Is it genuine ? Should we pay or wait for them to produce the papers please ? My bank – HDFC is asking for all the papers before they sanction they loan. Is there any bank in Chennai which has approved the project and will disburse the loan ?

    Finally, what is the current booking rate ! DLF claim it is around Rs. 3200. I don’t think that is possible. Somebody told me that it is more around Rs. 2500 per sq ft now. May be some distress sale. Any info on this please ?
    Regards
    Kumar

  15. Karthik

    In and around PLOTS are very cheaper.It’s nearly below 10 to 15 lakhs only.DLF location is a jungle.It’s not worth for 3200 per sq.ft

  16. J21

    Iam also planning to invest IN DLF garden city. Can someone please advise more on it. I have heard about the slum,high tension towers.

    Does someone know whats the current rate there?

    Thanks
    Jay.

  17. Sri

    Two days back when I checked with DLF, the rate was 3200 rs/sqft. Tsunami colony is a set of townhomes built by the government. It didnt look bad when I visited the place. I think it is just exaggerated by some forum members. DLF construction update(these pictures were posted two months back) are at http://www.dlf.in/wps/portal/homes?jspName=dlf_gardencity_omr_chennai/construction_update.jsp
    Recently PSBB millenium school did Bhoomi Pooja at the site, and their candidate website states that the school will open in June 2009. The high tension tower was removed by DLF, and they laid a couple of approach roads as well.
    I invested in a 3 bedroom apt in DLF, and so far it has been a professional experience for me. I stopped posting in public forums since I think there are folks with hidden agenda here. I post a lot in the google group for DLF Garden City Chennai owners.

  18. shankar

    Saturday Hindu posted that there will another 20000 house will be built for tusanami hit people in Perumbakkam area. ie around dlf. how this impact will be

  19. Karthik

    DLF Garden city is a good prject not for this higher rates.It is worth for below 30 lakhs only.Location is too far away from the main road.What about house mades,House keeping availability…and other services.No one will come forward to work.

  20. Karthik

    No more further sunami house NEAR DLF garden.We have checked with Housing board.

  21. I have invested in a 3 bedroom flat in DLf garden city . I bought at Rs. 2930 per sqft ( base price Rs. 2800+ Rs.100 for garden facing + Rs. 30 for 4th floor ) However, I currently plan to transfer it to someone at the same price. Anybody keen could contact me at k.hemamalini5@gmail.com

  22. Manoj

    DLF Garden city is nto worth it. They haven’t got approval yet. Many of my friends withdrew their bookings. Tsunami relief camps midst.. water loggin place.. 3 kms off OMR… not upto DLF’s mark. Dont compare with any of existing DLF’s construction… Best thing is buy land nearby and construct house.. or sell it on speculation.. DLF flat is not worth seriously…. again my view is neutrala dn doesn’t has any hidden agenda…

  23. Sukuji

    Read the latest edition of “Naanayam Vikatan” (15 Feb 2009 issue). It has published a detailed article on DLF. The picture looks very gloomy…..

  24. sukuji

    Builder slashes flat prices on OMR

    Customers To Gain By Rs 3.6 Lakh to Rs 12.6 Lakh On Residential Project

    Jayaraj Sivan | TNN

    Chennai: Shaking up the city’s realty market, DLF on Monday announced a hefty price cut, ranging from Rs 3.6 lakh to Rs 12.6 lakh, for its residential project – Garden City – on the Old Mahabalipuram Road (OMR).
    It would benefit existing as well as new customers, said K K Raman, executive vice president, DLF Chennai. The builder has introduced four price slabs, three for old customers and one for new entrants. Those who booked apartments during the soft-launch of the project, at Rs 2,800 per sq ft, would get a discount of Rs 300 per sq ft. The new price for those who booked at Rs 3,000 per sq ft last year is Rs 2,550 per sq ft. The maximum discount of 18.75 per cent – Rs 600 per sq ft – has been given to those who booked at Rs 3,200 per sq ft between August 2008 and February 2009. The price for new customers is Rs 2,650 per sq ft; the price will hold till May 31, 2009.
    While the minimum savings on the smallest apartment – 1,200 sq ft – at Rs 300 per sq ft works out to Rs 3.6 lakh, the maximum benefit for the largest apartment – 2,100 sq ft – at Rs 600 per sq ft is Rs 12.6 lakh. This is also the highest price cut announced for an ongoing project by any promoter in Chennai after the economic crisis set in. Significantly, the promoter has also decided not to collect any interest for delayed payment from existing customers.
    Speaking about reasons for taking such a drastic step, Raman said: “With unprecedented events in the world economy affecting the real estate sector here, bringing changes in input cost and interest rates, DLF went back to the drawing board and created further efficiencies. These benefits are being passed on to consumers.”
    DLF entered Chennai’s residential sector with a bang in January 2008 by announcing the biggest project of 3,493 apartments spread over 53.5 acres in Semmanchery, 2 km off OMR. Its soft-launch made headlines with close to 2,200 people booking flats in less than two weeks. All major empanelled realty consultants were in the race for clocking the maximum number of bookings for the project. Three months later, when the formal launch happened, several hundred customers opted out, perhaps anticipating the market downturn in the months to follow. The DLF sales team took several months to make up for those cancellations.
    Currently, the project has about 1,800 bookings in the first two phases.
    Ramesh Nair, MD, Jones Lang LaSalle, an international realty consultant, said: “DLF’s price revision could drive up demand for the project as it becomes more affordable for home buyers. It will also lead to most developers reducing their unit sizes and building specifications apart from reconsidering their pricing strategy.”

  25. Vikram

    Chennai people expected the price cut would be nealy 1000 to 1200 persft.

    This lesser price cut is not sufficiant to stop the cancellation.

  26. senthil

    soon rest has to follow to keep up with the competition. good for the people in general

  27. ashok

    I HAVE BOOKED DLF 3 BR IN NEW TOWN HEIGHTS AND PAID 50 PERCENT BUT DLF HAS NOT STARTED PROJECT.I DONT KNOW WHAT GOVT IS DOING TO PTOTECT INVESTMENT IN INDIA.

  28. ashok

    NRI INVESTMENTS IN REAL ESTATE WILL BE EFFECTED IF GOVT IS NOT ACTING FAST AND PROTECTING FIRST TIME BUYERS . I AM REALLY UPSET WITH DLF FOR CHEATING FIRST TIME BUYERS WITH TIME BOUND PAYMENT PLAN …..

  29. I have booked a flat in DLF garden city. I read in the newspaper today (2-Mar-2009) about the investors meeting to slash the price comparable to Bangalore/Hyderabad. I would like to join the DLF Garden city investors association. Will anybody inform me how do I get in touch with the association?

  30. nbr2000

    Has any one got corned in by their recent marketing tricks. They are trying to impress people saying they are doing the best in whole of Chennai builders etc.

  31. RAJAN SUBRAMANIAN

    i HAD MENTIONED IN THESE COLUMNS MORE THAN 18 MONTHS BACK THAT tHE PRICE OF 3000 PER SQ FT IS NOT TENABLE. NOW AFTER 18 MONTHS DLF IS FORCED TO REDUCE THE PRICE TO 2500 PER SQ FT AND PITY THAT THE ALL THE APARTMENTS ARE STILL NOT BOOKED. BAD LUCK TO ALL THOSE WHO BOOKED APARTMENT THINKING THAT THEY WILL MAKE A KILL BY EARNING MINIMUM 25 % ON THEIR INVESTMENT IN ONE YEAR, YOU SEE WHERE THEY ARE. i CAN TELL YOU THAT THE PEOPLE WHO HAVE BOOKED APARTMENT IS dlf MAY NOT GET THEIR BOOKED PRICE OF RS 2500 PERS Q FOOT ATLEAST FOR ANOTHER 3 YEARS. WHILE IN BANK IT WOULD HAVE ADDED RS 400 @ 8 % PA. IN FACT ANOTHER 15000 APARTMENTS ARE BEING OFFERED BY VARIOUS BUILDERS IN THE NEXT 6 MONTHS . THERE IS TOO MUCH SUPPLY AND NO TAKERS . BUILDERS ARE WAITING FOR THE SITUATION TO IMPROVE. BUT IT MAY TAKE MINIMUM 5 YEARS FOR REAL ESATTE MARKET TO IMPROVE.

  32. Satheesh

    Its been so long since I visited this site(used to be blog, now a website) Nice! Good job Uday!I am still waiting to buy the apartment in chennai. I am in no hurry. Cash is the king. Its going to be 50% down payment 😉 but ready to wait few more years. I dont see the market picking up anytime soon, either in India or in US 😉

  33. Ganesan Nadar

    Can anybody guide me (NRI from gulf), I am looking out for 1000 sqft apartment in chennai outskirts, outrightly buy for 30 lakhs ( no need for loan). Which place is best and if builders name also can anybody suggest

  34. REALM

    Ganesan, Staright-away go for IndiaBulls and they have 1050 Sqft (2BHK)Villa type Apartment with no common walls. This will fit your budget of Rs 30L. Good location and sweet water supply.

  35. Ravi Tirumalai

    Hi

    Can anyone advise the current status on DLF Garden city. I am seriously considering investing in this project. all opinions appreciated to guide me properly

  36. Sebastian

    I have the following property for sale in Chennai, in the heart of the city. Why to go for aprtments located far away from city if you can afford to buy independent property within in the city.
    Brief description of the property:
    Independent house 1900 sq.ft. in 4800 sq.ft land (2 grounds) spacious hall, separate large dining room,4 bed rooms, 4 bath rooms, and ventilated kitchen.3/4th ground vacant for parking, garden,or for planning future construction. Prime location near Don Bosco school, Peravallur,Kolathur,Chenai fully compounded, MMDA and Chennai Corporation approved plot, with bore well and well,with coconut trees,mango and other fruit bearing trees. Good residential area. Serene location.10 kms from Central Rly station. In close proximity to Annanagr and Kilpaulk.Don’t miss on this opportunity for best investment.
    If any one is interested you can contact me by e-mail: sebastian009us@yahoo.com

  37. RAJESH

    THY JUST FOOL PEOPLE WITH COMPLETION DATE

  38. Kishore

    The risk is minimal considering that already the approval is in place. The price is attractive too.

    For the benefit of all people in this forum, I recently booked a 3 BHK-L size apartment in Purva Windermere (B2 – 404) through Home Konnect as I did not get any price discount from Puravankara. Home Konnect gave me a good discount on the price and their service was professional. If interested call Home Konnect or visit their website for more details.

  39. Anirudh

    Kishore, can you please let me know the discount you received from Home Konnect? Do they also deal with other reputed builders? Pls give me your contact number so I may reach out to you, I have a few other questions too, thanks in advance…

  40. Binu

    While going to dlf garden city there are a lot of low rise flats cluttered together on the left side of the road near a pond,what flats are these.. Pls let me know if you know.
    Also is dlf a good buy and is the approach road issue solved now

  41. Suresh

    Thanks Kishore. While browsing through this forum, I came across Home Konnect. I was apprehensive at first to approach them since I was not sure how as to how they would offer a better deal compared to DLF.

    Later, when I spoke to them, I came to understand that they work on Group Deals and have offered me a Group discount for my purchase :) I’m satisfied with their service & professionalism too. Would recommend definitely.

  42. Shakti

    Suresh, can you please pass on your contact number need to discuss with you on some points on DLF garden city.

  43. TNPILLAI

    DLF GARDENCITY OMR –I have taken possession in May 2013. In the course of taking possession, I nrequested the marketing guy to identify me the parking lot, which I have paid Rs 1.25 Lakhs covered / stilt car park. Marketing guy mentioned that parking space allotted commencing with letter C is not existing. As per court ruling the open / stilt car parks are not to be sold. I have started reminding DLF to reallocate. Finally they have submitted current ruling price and indicated that I have to pay additional Rs 1.75 lakhs..The non availability of car park was never informed prior to possession. And when highlighted to DLF, they are demanding latest price for the car park, although I am a old customer waiting from 2009.This is besides additional area claims and additional charges / fees / taxes paid to govt? Under this account roughly about Rs 10 lakhs is claimed extra. I wish to know if there are similar cases. I am tnpillai Available on mob 8056029110 tnpillai@gmail.com, as well Please share

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