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Chennai Real estate Info!!!!

Discussion in 'Housing' started by GPriya, Jan 3, 2008.

  1. GPriya

    GPriya Bronze IL'ite

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    Hi Ilites,

    I am back after almost 4 weeks. I had been to India (Chennai) for vacation and for house search. If you can see my other posts about requesting info of the current rate per SQFT in various areas of Chennai.

    Now, since my hubby and I spent almost all our time doing the search for an apartment in Chennai, I have first hand info about what I saw...thought would be helpful for those who are looking to buy a flat in Chennai.

    First of all, as everyone mentioned in all the websites, Chennai real estate prices have not come down....They are not increasing probably in certain areas, but the prices are stable....Though there are plenty of new construction everywhere within and far from the city, the prices remain the same. Previously, if you express seriousness in buying a flat from the builder, you could negotiate a bit depending on how serious you are. But now, the builders are not keen on disposing the properties fast. They don't mind waiting and taking their chances.

    Secondly, the much talked about OMR (Old Mahabalipuram Road) is a piece of ****..and the so called 6 lane highway is being laid, but the surrounding residential areas where the big time builders like Arihunt, Doshi, Palmera Gardens etc., build is in a narrow lane with hardly any approach road to reach them. Another major issue is that there is no underground drainage in those areas as its not in the city corporation limit, and given the way our dear political system functions, I don't have any hopes about such areas. The drainage system may improve, but it may take another 10 years or so.
    Also, the so called 6 lane highway of OMR is fully occupied by the IT company buses and almost a 1000 buses ever morning and evening to pick and drop their people which means, even if you live their, u still have to struggle to move around freely. The traffic is horrible with too much of vehicle population.
    Anyway, to make the story short, irrespective of all the deficiencies, the builders ask for Rs.4200 per sqft minimum for a decent flat. I strongly feel its not worth it.

    Now, after having seen lot of new construction around OMR (Perungudi, Karapakkam, Thorapakkam, kelambakkam, Navalur, Padur etc.,) we have decided to check out the new ones in the city. we went looking for big builders like Appasamy, Chaitanya, Ceebros etc, and landed on Ceebros bcos of its reputation. The price is Rs.5200 per sqft, with all neat facilities closer to Vadapalani on Arcot Road. Appasamy builders construct just next to Vadapalani busstand on Arcot road, for Rs.4900 per sqft. Chaitanya builds in Kodambakkam/Ashok nagar area of Dr. Ambedkar Road for Rs.4900 persqft. Ceebros charges more for their reputation, and they have more open space and its far behind from the main Arcot road so that u can avoid noise factor.

    Another interesting factor I noticed is that, these builders have only very limited number of 2 bedrooms and almost everyone of them is sold as soon the project is launched, now they have only 3 bedroom units available. As the cost of the whole 3 bedroom units with all the extras like registration, approval, parking etc., comes to Rs.73 lacs+... I guess the affordability is there and the demand is slighly reduced, but the price still holds. The same Ceebros , in Aug as soon as the project was launched , sold for a price of Rs.4900 per sqft and in Nov, they sold for Rs.5200 per sqft. Unbelievable but true.

    I guess that explains where the real estate market stands currently in Chennai.

    I am planning to dispose my 2 bedroom apartment in June and if anyone in intersted send PM ..

    Take care,
    Geeth Priya.
     
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  2. GPriya

    GPriya Bronze IL'ite

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    Hi Ilites,

    I am back after almost 4 weeks. I had been to India (Chennai) for vacation and for house search. If you can see my other posts about requesting info of the current rate per SQFT in various areas of Chennai.

    Now, since my hubby and I spent almost all our time doing the search for an apartment in Chennai, I have first hand info about what I saw...thought would be helpful for those who are looking to buy a flat in Chennai.

    First of all, as everyone mentioned in all the websites, Chennai real estate prices have not come down....They are not increasing probably in certain areas, but the prices are stable....Though there are plenty of new construction everywhere within and far from the city, the prices remain the same. Previously, if you express seriousness in buying a flat from the builder, you could negotiate a bit depending on how serious you are. But now, the builders are not keen on disposing the properties fast. They don't mind waiting and taking their chances.

    Secondly, the much talked about OMR (Old Mahabalipuram Road) is a piece of ****..and the so called 6 lane highway is being laid, but the surrounding residential areas where the big time builders like Arihunt, Doshi, Palmera Gardens etc., build is in a narrow lane with hardly any approach road to reach them. Another major issue is that there is no underground drainage in those areas as its not in the city corporation limit, and given the way our dear political system functions, I don't have any hopes about such areas. The drainage system may improve, but it may take another 10 years or so.
    Also, the so called 6 lane highway of OMR is fully occupied by the IT company buses and almost a 1000 buses ever morning and evening to pick and drop their people which means, even if you live their, u still have to struggle to move around freely. The traffic is horrible with too much of vehicle population.
    Anyway, to make the story short, irrespective of all the deficiencies, the builders ask for Rs.4200 per sqft minimum for a decent flat. I strongly feel its not worth it.

    Now, after having seen lot of new construction around OMR (Perungudi, Karapakkam, Thorapakkam, kelambakkam, Navalur, Padur etc.,) we have decided to check out the new ones in the city. we went looking for big builders like Appasamy, Chaitanya, Ceebros etc, and landed on Ceebros bcos of its reputation. The price is Rs.5200 per sqft, with all neat facilities closer to Vadapalani on Arcot Road. Appasamy builders construct just next to Vadapalani busstand on Arcot road, for Rs.4900 per sqft. Chaitanya builds in Kodambakkam/Ashok nagar area of Dr. Ambedkar Road for Rs.4900 persqft. Ceebros charges more for their reputation, and they have more open space and its far behind from the main Arcot road so that u can avoid noise factor.

    Another interesting factor I noticed is that, these builders have only very limited number of 2 bedrooms and almost everyone of them is sold as soon the project is launched, now they have only 3 bedroom units available. As the cost of the whole 3 bedroom units with all the extras like registration, approval, parking etc., comes to Rs.73 lacs+... I guess the affordability is there and the demand is slighly reduced, but the price still holds. The same Ceebros , in Aug as soon as the project was launched , sold for a price of Rs.4900 per sqft and in Nov, they sold for Rs.5200 per sqft. Unbelievable but true.

    I guess that explains where the real estate market stands currently in Chennai.

    I am planning to dispose my 2 bedroom apartment in June and if anyone in intersted send PM ..

    Take care,
    Geeth Priya.
     
  3. GPriya

    GPriya Bronze IL'ite

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    Hi,

    Forgot to add another piece of info...Regarding areas like pallikarnai, medavakkam, madippakam, there is too much of garbage and especially the part of OMR that coneects to Pallavaram where TCS is located is stinking literally as the drainage is blocked and overflowing on the main pallavaram road infront of the building called Serene Acres - a residential apartment building with 100s of units with a price tag of Rs.4250 per sqft. Anyway, wherever I visted in the name of house serach, I saw a ton of garbage piled everywhere and no proper collection procedure is followed. OMR still has lot of tiny shops and the village atmosphere everywhere with no hope of making it a world class highway with prestigious malls as they advertise. If it rains, then the residential areas are totally surrounded by water with no access to reach the apartment buildings. It really looks pathetic and probably thatswhy, not many of them are selling. Also, there are no proper schools for the kids in the OMR area. I believe Hiranandani is negotiating with Padma Seshadri to open a branch in their township.

    Also, I noticed that the GST road area is also full of apartment buildings and the price there is little cheaper when compared to OMR. Probably a better place than OMR to consider at a lower rate. The hype about OMR is all a waste and it may never be an attractive place for another 10 years or so, as it surrounded by so much of workers population with tny tea stalls, slaughter houses, idly shop etc., to cater to their needs.

    I am totally disappointed and I felt its a waste of time to go shopping for an apartment in OMR or in many areas of Chennai.

    I guess that sums it..

    Take care,
    Geeth Priya.
     
  4. Shanvy

    Shanvy IL Hall of Fame

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    Hi GPriya,

    Could not resist replying to you...welcome back... saw your detailed thread..
    if you look at most of the apartments that have been brought on omr, be it hiranandani, olympia...it is either by the IT/NRI populations...nri population..just look at the website..and start booking..in the anticipation of growth.

    i have referred to the dumpyard near TCS, in the current square feet thread. even talked about that particular road being too high compared to the land on both sides...even when i R2I in january, it was only TCS,cognizant and two more buildings on the 200ft road that connects thoraipakkam-pallavaram.
    but today...when i visit that area...i am shocked to see the number of buildings...there are buildings mushrooming..everywhere..this is even before the whole road is completed.
    the same goes for the marsh...i have even mentioned the colour of the water being greenish blue instead of green...which is normal when algae is there...and believe me i was scared when i thought what would happen if the rains that lashed chennai would continue..and the water overflows...
    one more point, is the ground water is bad..not potable because in some areas it is more yellowish...
    if you research for the pallikaranai marsh land..you will be shocked for the toxicity that has settled in the surrounding areas...

    You forgot to mention TVH project just behind tcs on the edge of the same marsh..

    REgarding houses in the suburbs...it is matter of preference and affordability...with tnagar costing 12000-14000 according to govt.prices, could easily be at 22000 in the open market...owning a house/flat is a dream..so people go in to all these suburbs...

    other than in the city, infrastructure is still lacking in all areas....it will definitely take a long time. on the same note...the people also have to change...whatever infrastructure the government brings in, if the people don't contribute in keeping atleast the frontage of the road in front of their compound or house clean..(this does not mean dumping the garbage on the neighbors frontagetsktsk..which definitely happens...). the government did not anticipate the growth of chennai..to greater chennai so fast...

    Traffic.i don't want to talk about it much....it is becoming a nightmare..even if i don't drive..i have to hold to my life when travelling on auto...with the traffic, roads under construction, the reckless driving, the number of vehicles.....i don't even want to think about the times ahead with the 1lakhs cars hitting the market in a year or twoshakeheadshakehead.


    Of the builders and projects you have mentioned,all the builders are good ones. the appasamy projects he has some problems with EVP i think...has it been settled not sure...ceebros are good..if you have finalised with ceebros....congrats....

    GST already has the roads...but again there also the builders are having problems....for example estancia is having problems.. arun excello's desh was quoting at 2300 inaugral offfer.. for beyond urapakkam...(I have seen both the locations...) but there are no good schools in the area....gst is slowly raising..now with shriram mall, mwc and hallmark coming in the picture...gst will see a raise coming thai maasam...my assumption.

    One more interesting fact, the vandalur-kelambakkam road (where there is a reputed school ..forgot the name was it shri hari??...) started booming in the news of the satellite town....now the satellite town is not coming up there...so what will happen to all the hike...god knows...

    Let me stop here.....

    (Please don't mistake me, when I use IT/NRI (me being one)...it is my person opinion....)
     
  5. Bhooma

    Bhooma Bronze IL'ite

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    You could try XS Real Properties.. they have good houses coming up.. I think they are about to launch one near Porur. try their website .. you could get some details

    Happy house hunting :)

    Bhooma
     
  6. GPriya

    GPriya Bronze IL'ite

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    Hi Bhooma,

    I guess I need not househunt anymore..as I already made up my mind on ceebros. Now, Porur is another garbage town with no proper roads and full of narrow, tiny lanes.
    Even Purvankara is developing a huge complex of multistory apartments. But, in my opinion, its not worth it.
    Thanx for your suggestion anyway.

    Hi Shanvy,

    Read your response...thank God, someone thinks like me. Yes.. I read your earlier postings about the color of water, garbage,low lying area etc., Until I personally paid a visit, I couldn't just believe it. When someone read my post, they also might think that I am simply exaggerating..but what I and you wrote about Chennai and its pathetic condition is 100% unadulterated truth. It is sad to see Chennai deteriorating with lots of new buildings but no proper raods, water or electricity and with lot of pollution that could kill anybody sooner.
    As you said people also have to learn some civic sense to keep it clean. There are things Govt can do to make life better, but there are things people have to do for themselves. Both are miserably failing and hence the pathetic condition.
    Well, as Russian leader Putin says, we should have had ORDER BEFORE FREEDOM...Now freedom is being misused by masses.

    Regards,
    Geeth Priya.
     
  7. minnu2006

    minnu2006 New IL'ite

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    Friends,

    Please share your opinions on Jains' Sudarsana complex coming up at Rajakilpakkam..
    Need inputs regarding the locality, schools nearby, facilities, builder reputation, water quality etc

    Thanks!
     
  8. minnu2006

    minnu2006 New IL'ite

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    Friends,

    Please share your opinions on Jains' Sudarsana complex coming up at Rajakilpakkam..
    Need inputs regarding the locality, schools nearby, facilities, builder reputation, water quality etc

    Thanks!
     
  9. Shanvy

    Shanvy IL Hall of Fame

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    minnu,

    what is the rate jains is asking for that area. then why have you zeroed on that area.

    after that shall we discuss about the other factors from a third person's perspective...because the moment I give my views, your decision will waver...

    happy new year....

    if i am not wrong, you are in the it corridor, your child is in a play school in velachery area..so why rajakilpakkam will it not be far off..??? just asking ...nothing personal....
     
  10. leelal

    leelal Bronze IL'ite

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    Hi Priya and SHanthi,


    Nice to read your posts. Even I share your view.

    But as some one has earlier mentioned, it rains heavily in chennai only for a period of 10-15 days in a year. Why not bear it?

    In Chennai , except the initial development, most of the suburbs do not match to the expectations of any NRI or better travelled person. As NRI/Other city residents (eg, BLR) keep comparing the neighbouring facilities, road conditions and builder profile etc before narrowing on a purchase.
    I have been doing this search for past 2 years and abt to finalise one in Tier II cities as Land is still affordable.

    But we should also remember one point. In Chennai, there is no land availability in the heart of the city. What we get is only at a stretch of 20 kms, but transportation is good (rail, MRTS, bus frequency etc) compared to some of the neighboring states.
    The stabilised prices will only move northward on any change in interest rates, cement prices as there is expected to be good demand driven by Indians and returning NRIs from all over the world for better prospects in India. Govt has started reacting to Infrastruture deficiency and there is lot of action in it from private and public organizations.

    But what to do, as citizens we have to either wait and watch or settle for less.
    The deficiencies cannot be changed overnight and by the time its addressed, land rates in Chennai would match t Mumbai/Delhi value.

    Chennai has some of the best attractions compared t other cities

    1. Low cost of living
    2. Lots of reputed, high standard schools
    3. Support for cultural development
    4. Transportation facilities
    5. A PEACEful state in terms of terror and lockout strikes.
    6. Lots of entertainment locations
    7. Preserves an Indian culture (ie not too westernised yet)

    These are my views and not to hurt anybody.

    Congrats Priya on narrowing down Ceebros prop as its known for its brand.!!

    Hope I will also be able to convince myself in accepting one of the constructions..

    Cheers,
     

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