My earlier post on the topic of real estate
evoked some response from the aggrieved group via email and it showed more insight into the murky world of real estate. This post is also on a similar topic.
Real estate developers have a penchant for giving fancy names to their new projects. These fancy names may not be in tune with reality. The developers use such creative names to lure buyers and justify the premium pricing. Majority of print ads for new projects show random foreigner images which have no connection to the type of residents which the development would eventually house. The only reason from the developer's viewpoint could be to make the project aspirational. Names like Belvedere, Windermere, Manchester Grand (Coimbatore), Hyde Park and Bougainvilla shows how creative developers are. With more developments offering lifestyle facilities, one wonders how the maintenance of such facilities would be carried out few years down the line. Some of the thoughts mentioned above are echoed by Aruna 'Vishy' Anand
(yes, she has a new blog!
) as she has discovered most of these first hand by virtue of purchasing an apartment in the much hyped IT Corridor / OMR.
the property was named Sherwood Gardens or Windmere with swans .... in the lake (there is a lake with swans in a 10 km radius ), Greyshott , Bella Tuscany ( in the middle of perungudi town panchyat!) etc etc
They are all described as the ideal habitat for the global resident. A place where you can put up your legs, watch your children grow. dip yourself in the jacuzzi hob nob with equal minded gullible people !!
We narrowed on one Park Rozalia . One World .One place. The ad featured a child running around the place. The kid looked Danish , swedish ... and looked so happy . The features read like a country club. (Link
Although the Anands purchased an 'English' home in Pallikaranai (an area which was and is still used as a dumping ground by Chennai Corporation), they also bought another property which was more centrally located, and decided to use the City apartment as it is close to their parents home.
The recent meltdown has brought the focus back to affordable homes without the bells and whistles. Most developers are shying away from direct price discounts
as they feel that this might enrage existing buyers (who are awaiting completion of the apartment). Hence, developers are doling out freebies like stamp duty waiver, free parking space etc. When it starts pinching more, expect developers to get more realistic.
Labels: Business, Chennai, Property