The rates of ETA Star Rosedale project at Padur on OMR (Old Mahabalipuram Road) has gone through a major price correction, since it was first announced about a year back.
Rates were initially at Rs.30 Lakhs (Rs.3500/sqft), when first announced during August 2008, just before the recession symptoms were felt. Refer to the following news article on the project, mentioning those rates..
The same project was later available at a special offer price of Rs.3250/sqft, in mid-Feb 2009 at FAIRPRO.
And, as of Aug 2009 (one year after after that initial announcement), the rates seem to have corrected to Rs.19 lakhs, for the same 2BR homes starting at 784 sqft, as per the advertisement in The Hindu's Property Plus today (22nd Aug, 2009). The rate/sqft now works out to around Rs.2425/sqft.
That is around 36.6% price correction for the ETA Star Rosedale project (Rs.11 lakhs less, from Rs.30 Lakhs), which now brings it back into the realm of the newer project rates.
From the list of major projects in Padur and Padur/Kazhipattur locality, the odd-men-out seems to be Jain's Inseli Park which has a rate/sqft as 3745 to 3945 and Akshaya Adora at Rs.4000/sqft.
I assume that the rate correction should ideally have a retrospective effect on those who had booked earlier too.
It might be disheartening for those who have already invested at higher rates, to see the rates fall lower than what they had paid. The decision on whether to offer refunds and the actual quantum of the refund is fully under the purview of the builder.
Recently, Doshi offered price guarantee for the Doshi Nakshatra project to enthuse prospective buyers to let go the price drop concern. Probably more buyers will start asking for such guarantees - though, I believe that it won't be much useful. This is because we are already seeing some pretty good corrections in the rates.