“No honey, Chennai is not New Jersey”
Okay, I am seeing a half page paper ad in front of me, which has a small girl claiming,”Yes dad, Chennai is like New Jersey”. My title is a response to that! It does not take a genius to figure out who this ad targets at. Especially after seeing they’ve given out the price tag as well, ‘Starts from Rs.99 lakhs’. This is clearly not for the 30-40K per month earning local IT masses. Someone offered me a row house in Madurai for Rs.65 lakhs. They dont realize that I am a poor fellow clearing dustbins in OMR, not NJ.
And for those of you who are wondering if its Boat club road which is being compared to NJ, hard luck. Its right next to a lake on the Sholinganallur - Medavakkam main road.
I don’t see the emperor wearing any clothes. Either something wrong with my eyes, or the whole junta is being taken for a ride.
September 27th, 2008 at 2:28 am
ha ha …
looks like the housing boom is about to begin..
hopefully the local banks will step in and give you that interest only loan for 99 lakhs with no downpayment and you wouldnt have to show any proof that you can pay that money over 30 years either..
why?
there will be enough little darlings from Jersey who will keep the house prices skyrocketing..
its a housing boom, they said
there is no limit they said..
bah!
(sorry, have been reading too many asterix comics lately.. and the picture of the beat up romans with stars around their heads comes to mind!)
nice post, PK..
September 27th, 2008 at 3:16 am
>>looks like the housing boom is about to begin..
Idhu enna ‘Indira Gandhi ya suttutaangala’ range kostin?
Its been boom time for the past 3 years…
In fact ippo nilamai konjam seri illai… helped by the US investment banks crises, inflation, etc. Of course ‘konjam’ na evlo nu correct a theriyadhu..
The fall of Lehman, Morgan Stanley and the likes affects in two ways - no funding for Real Estate companies.
And a likely hiring freeze at least in Indian IT vendors…
Honestly prices in Chennai have been defying all the cry about real estate bubble and price crash predictions….
Amidst all this is the Ad in today’s Hindu.
Last week, i saw an apt project in Maraimalai Nagar, ok its not near chennai, its closer from Chengalpet, and that nice gentleman was asking Rs. 65 lakhs.
Adhaan solren… either i am missing something completely or there is a big time bomb ticking.
September 27th, 2008 at 10:40 am
The other day I was reading about an ad for a gated community on the ECR. I have visited one in Bangalore - surreal. They have recreated US inside. It’s US inside, Bloody Indians outside - that’s what lots of returning NRI’s especially the ones that made a killing in the software boom want. My NRI friend invested in one - It started at One crore when the construction started (including a Axis bank loan of 1 crore), and after a year or so, the expenses add up to 2 crores. Hehe namma ooru contractor - what’s it they say about a leopard changing it’s spots.
September 28th, 2008 at 10:14 am
BNB
Konjam velakamaa sollunga…about the leopard changing it spots part…
Indian economy site had something interesting abt real estate…
http://indianeconomy.org/2008/04/18/the-indian-real-estate-bubble-circa-2008/#comments
it was a tragedy that it was later turned into a crib fest..
September 28th, 2008 at 11:34 am
Boss, Just oru english pazha mozhi:
http://www.phrases.org.uk/meanings/226350.html
September 28th, 2008 at 11:44 pm
// Last week, i saw an apt project in Maraimalai Nagar, ok its not near chennai, its closer from Chengalpet, and that nice gentleman was asking Rs. 65 lakhs. //
Three years back, a plot costed around 15 to 18 lakhs. Now its 65 l. By the way, has someone gone around Madhavaram. A 1000 sq.ft flat costs more than 40 lakhs
September 29th, 2008 at 12:59 am
SM
Naan solradhu PLOT illai… FLAT
September 29th, 2008 at 3:04 am
one sane citizen
finally someone who thinks like me - honey Chennai is not NJ..never 
such a stupid ad - and also i have seen that house…it is not good at all..felt claustrophobic…
September 29th, 2008 at 7:35 am
PK,
I’m speaking about FLAT. Personal experience
September 29th, 2008 at 7:35 am
PK,
I meant a plot in MM Nagar and a flat in Madhavaram
September 29th, 2008 at 7:57 am
IBH
Welcome back! As much as I like India, I know the reality
September 29th, 2008 at 7:58 am
SM
>>Three years back, a plot costed around 15 to 18 lakhs. Now its 65
Hence the confusion