TVH New Project ???

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6 Comments

  1. Realitycheck

    It’s finally happening!! We been hearing of the real estate bust for the last year or so but nor concrete signs were visible in Chennai …the signs of the cracks are slowly emerging

    I have been checking out properties for the last 6 months or so in south Chennai specifically on OMR

    The rack rates per square feet currently are

    Within 5 Kms of Madhya Kailash

    Perungudi

    Green acres – 3750
    Doshi ethopia – 3800

    Thoriapakam
    Arihant escapade – 4250

    15 Kms
    DLF – 3200

    20 Kms
    Mantri and Purva – 3700
    Adora – 4000
    TVH -3100
    Olympia – 3300

    On the Palikarana -Tambaram road

    Jayaendra colony
    This place is almost like an exhibition of properties with 10 -15 builders in the same complex with completion in the next 3 months to 2 years with prices ranging from 4000 to 3000 per sq feet . (However this area unless you work very close by might not be a great bet for investment)

    I have elicited views from bankers, builders, investor, the person who wants a home and brokers ….the consensus is that prices are deemed to fall to 2600 on the OMR stretch and it will have cascading effect to all areas around south Chennai. Brokers have noticed a wait and watch approach from the investing and home users

    Oversupply on OMR (close to 25,000 UNITS) and slowdown blip on the IT radar will ensure it. TVH has blinked with price of 3100 …its finally happening …six – nine months from now and it will be for all to see …. I would recommend a six month deferring of purchase decisions to get sub 3000 prices for all areas mentioned above for the above properties or other properties which will be announced .

  2. Hi ,

    Am located in Singapore and am also checking for a house/aprtment Chennai so that I can relocate to India.

    Your views are correct and am one of the poor IT Guy who could not afford to buy an apartment even after 2 years of hard search.Have really wasted all my vacation in search of house in Chennai and discusted with the Landlords quoting high prices and the brokers playing thier part.

    Am wondering the state of those employed in blue colored manufacturing sector and Govt Employees(good) whether can they afford/think ?

    But now things are changing.A 2400 sqft land in RE Nagar Thoraipakkam which was quoted to me as Rs 45 Lacs has been sold for Rs 30 Lacs after 6-7 months.But I missed that land as I was not chasing that land.

    The world economy slowdown and our stock market is over reacting (US loses 2 percent but Sensex dips 6-7 percent) ,and many gullible Indian investors have lost many of their money in the recent crash , there will be no house buyers in India.I can say that Stock markets are only benefitting the FIIs , after seeing the Sensex growing more than 40 % many of the retail investors invested in 2007 and they are in the losing track.

    Economy slowdown ,Rupee appreciation and IT Job cuts and pay reduction will pay way for RE cool/come down and the time is not far that all we will buy a house in 2008.

    But we should be ready to wait for the price correction and it should become buyers market.

  3. I have also checked some apartments and they are priced exorbitantly .A 2 BHK costs 45-50 Lacs , If I need to go for 30 Lacs loan, I have to pay Rs 35 000 as EMI for the next 20 years which I think a life long burden.

    Am not sure whether I will be able to work in IT industry for the next 20 years(due to pressure and mental stress) or IT companies will keep giving the similar salaries when there will be numerous IT professionals produced in and every year.

    Nice that IT Parks will be developed in Trichy CBE and Madurai and I can buy a house for 15-20 Lacs in those places and will be happy for even Rs 30-40 K per month keeping aside the hefty EMI in case if I have to buy a house in Chennai.

    The following factors
    1.Economy Slowdown
    2.Stock Market Crash and many Indian lost money
    3.IT Job cut and pay reduction(possible)
    4.Developments in Tier II Cities
    5.Inflated prices
    will definitely correct the prices by 30-40 % and that day is not too far.

  4. sankar

    hello Madhu,

    Thats a very valuble point that you have brough out,but if you are thinking abt Madhurai or coimbatoreplease cat now before these places were the Chennai Jersy .

  5. Madhu – valuable comment. Being here in USA for 8 years (but was studying for 3 years, working 5 years out of the 2 years went for paying off my tution fees) . I can not even think this insane market in Chennai. These insane chennai market is pushing me to live me off in usa itself. here i can easily get 4k$ on hand (stress easily) as developer and pay 1500$ mortgage and afford a nice 2=bedroom condo in Jersey. I think, I can easily get 40k pm on hand in Chennai, how can we go back to india, if chennai is crazy. if i can get 1 lakhs on hand easily, then i will go to chennai. other wise no no.

  6. Praveen

    Any one want to share anything about TVH ouranya bay Padur . 

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