Chennai Real Estate scenario -2012.

Discussion in 'Housing' started by Shanvy, Feb 20, 2012.

  1. Shanvy

    Shanvy IL Hall of Fame

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    Dear friends,

    When we curiously started the current square feets threads in 2007, little did we know we will grow into a very active subforum, learning a lot together, and helping each other.

    five years down the lane, the market looks different driven by new infrastructure, new schools and new guide line values, and last but not least the new government.

    So this thread is to discuss the current market..
     
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  2. Shanvy

    Shanvy IL Hall of Fame

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    The current driving factors are the metro rail and the new road links.
    for a fair idea on the chennai metro rail look at this map in this website.
    CMRL - ALIGNMENT MAP

    Well i am sure the local chennaites know the developments around them, with the traffic jams, the diversions that happen everyday..but that is a small price for a better transport model..(well whether it is a better one will be known only after completion)

    the next major fact, that has driven the RE, the proposed airport expansion (Well never ending project).

    the other fact, though not seen to impact on the surface, but has been creating wide faced ripples...arrests for land grabbing..the slow and steady phase with which the new government is inching on tightening the noose, you are not sure where, who will next surface.

    the revenue building project of the government, the increase in stamp duty, registration fees, power of attorney registration fees and the increase in guideline value is going to show its impact once implemented (The government is dilly dallying the on the date..but buyers are using the window to complete their registrations...)
     
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  3. aparnag

    aparnag Platinum IL'ite

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    Good start..
    We purchased our apartment in madipakkam, to be precise, karthikeyapuram in june 2011.. we booked it for 3900 per sqft.. now the builder is selling for 4300+ ..
    He urged us to register the house soon in sept coz he was fearing the rates and charges might go up after elections....
     
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  4. mullai

    mullai Senior IL'ite

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    Good one shanvy ,how will the budget affect the re scenario ?is it going up or down , and also your inputs on prestige bella vista will be helpful
    thanks ,mullai
     
  5. devaradhan

    devaradhan Senior IL'ite

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    Very true Shany. Things have changed a lot and we have to see so many things before finalizing the property.

    I'm tired of looking for a plot now. Living miles away, it has become too difficult for us to decide. We got a couple of offers in gerugambakkam and perungudi (exorbidant price) but couldnt finalize becos of airport extension and sewage treatment plant issues respectively.

    Wish something favourable happens in 2012!

    Devi.
     
  6. Shanvy

    Shanvy IL Hall of Fame

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    a mixed bag to the re in the tamilnadu budget.

    A sigh of relief in the lig and mig group. reduction of 1% stamp duty, but the guideline values come into play from the 1st of april..

    will come with more details soon..
     
  7. rajchillu

    rajchillu New IL'ite

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    Friends what is the best real estate portal for tamilnadu to find properties? i want the most reliable one and free of cost?
     
  8. sastha

    sastha New IL'ite

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    There are plenty of them. check out the following but these sites dont offer free services altogether.

    1) sulekha.co m
    2) anandproperties.com
    3) magicbricks.com
    4) 99acres.com
    5) realestate-in-tamilnadu.com
    6) olx.in and so on..

    Post your comments on which your choice...
     
  9. Shanvy

    Shanvy IL Hall of Fame

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    any site has to be taken with a pinch of salt. recently a plot near airport was quoted at 4 crores..whether the seller is greedy or is fishing for a guilible fool, that was a out of ranngggggggggggggeeeeeeeeee quote..seriously, for the area that was mentioned and the plot of 3200 it was way too much..

    coming to the re scenario, a newspaper has quoted that the affordability factor for a middle class is moving farther south, north when it comes to buying in chennai. places beyond urapakkam now come in the middle class. anything below 40 lacs, you are finding it difficult to get a decent buy in nangnallur, madipakkam. yes you can still get a flat at 40lacs if you scout well..but the averages have moved up.

    and a very reputed brand, has its project at nanganallur marked at 8500 and that is way high the current market rate of 6500-7000 now every body else will start pushing it up..


    same goes for other projects too..


    and as a nri, never call from abroad, or disclose that you are calling from there...or do call from there, and also ask your people in india to call ...there will be a difference in the way you are acknowledged...

    will catch on later.
     
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  10. Shanvy

    Shanvy IL Hall of Fame

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    I have heard of clearance sale for electronic items, dresses and other stuff never for housing project..today's hindu carried a quarter page ad for a builder who is offering clearance sale, surprised, let me see if i can scan and post the same..

    is their uniform appreciation as the websites, papers, builders tend to project, i believe no..some of the builders are struggling to get buyers which must be the reason for the above mentioned clearance sale.

    though we do find registrations and sales, i don't think it is that great as hyped by the market.

    But sometimes brand commands rates ??? well this is one argument that i have been having with a few people..

    check out the rates for the new project at nangnallur the courtyard by lancor..the rates are beyond the reach of the upward moving middle class and i know our ilite k11 would say, for this rate, i will buy a second hand flat inside the city and more in the CBD(commercial business district), and i for one would not blame him...

    will be back with few more observations...
     
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