New launches spurred residential market in Chennai


Chennai’s good economic density, progress in infrastructure development and growing influence of IT/ITeS has enhanced sales in the realty markets. The Chennai property market showed a remarkable improvement seeing an average appreciation of 10-12 per cent in the residential sector across the city during past June-Nov 2012 period.

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The Chennai realty segment witnessed location-wise appreciation in values. There was a fragmented demand-supply across locations and henceforth value appreciations.” Areas such as Thoraipakkam, Sriperumbudur, Medavakkam and Kelambakam noted an escalation of up to 20 per cent in residential property values in past six months and is still appreciating, he added.

“The new projects being launched in past one year is the key factor leading to elevated inventory level in realty markets,”The new segment offering variety of deals to the end users and in wide range of price brackets to choose from has created buzz in the property market. With options of investing in a luxury apartment to a sea-facing villa has fetched NRI’s, HNI’s and buyers and investors from different parts of the country, he added.

“Chennai’s supply of new residential units has tripled in Jul-Sep 2012 quarter as compared to the previous quarter.” Maximum new supply has been witnessed in Chromepet, Thirumallaivoil and Egmore in the mid‐segment price range of Rs 50 lakh onwards.

The new segment witnessed more number of transactions compared to the resale segment. “New residential units are equipped with all basic and luxury features which are missing in resale market and therefore it is more preferred,” says Gopal. The average capital values of newly launched apartments vary from Rs 3,200-4,500 per sq ft depending on location and other facilities.

Better infrastructure, availability of land parcel for development and relatively lower land prices as compared to Bangalore, Mumbai, Pune and Gurgaon makes Chennai an attractive destination for investment.

The Hot Locations Roundup – Chennai


Chennai is one of the most fast growing cities in the southern part of India. This metropolitan city is plotted with hot spots, attracting the crowd of property buyers and sellers. This article hopes to provide fruitful information to all such property enthusiasts.


Adyar:

Adyar is the most popular of the South Chennai neighborhoods. Flanked by the other famous localities of Chennai like Thiruvanmiyur, Besant Nagar, Guindy, Taramani and Kotturpuram, Adyar is also the poshest of the posh localities in Chennai. A part of the IT corridor, Adyar also has a good number of Multi-cuisine restaurants, shopping and lifestyle hubs strewn all over. Adyar is essentially a twin delight- a good mix of the thriving IT community and a supremely calm atmosphere. Investments in Adyar area is a great opportunity to complete that happiness bubble. Real Estate prices and new properties are costliest at Adyar but the golden egg is always worth the money.

 

ECR:

ECR  is Chennai’s backyard Venice. Loved by locals and expats alike, this super scenic highway traversing along the eastern coast connects Chennai to Cuddalore via the Union Territory Pondicherry. ECR houses Luxury apartments, Posh Bungalows, entertainment hubs and resorts all the way from Thiruvanmiyur-Pondicherry. ECR has become an extended neighborhood of the city and is very easily accessible from the IT hub that is the OMR. The promise of class coupled with luxury, the proximity to OMR and the prospect of living near the beach makes ECR the best place to invest and buy new property in Chennai.

 

Sriperumbudur:

Located just 40 Kms off Chennai, Sriperumbudur is a Special Economic Zone famous for its multitude of highbrow industries and manufacturing companies. Starting 2000, Sriperumpudur has witnessed rapid industrialization to become one of the biggest business hot- spots in the country. Particularly known for its wireless handset and automobile manufacturers, this once quaint little town garnered global attention when the preliminary signs of industrialization began with Nokia in 2006. Since then, many bigbrands have their major units propped at Sriperumbudur. With a workforce of over 30,000 and a world class public transport infrastructure , its only obvious that real estate is a big business in Sriperumbudur. New property requirements are on an all time high and more realtors are pouring in to Sriperumbudur to satisfy the balance in the demand-supply curve.

 

GST:

The Grand Southern Trunk Road, also known as the GST road is the arterial highway that connects Chennai to the Southern Parts of TamilNadu. The road starts at Kathipara Junction in Guindy, a very busy confluence of five roads, connecting Chennai to its airport and Southern suburbs. GST is not only an industrial high-spot but also a residential hub. The road is infested with sophisticated apartments, gated communities, popular colleges, et al making it the hottest of hot-spots to invest on and buy new properties. Investments along the GST road are also super safe since the real estate value in this area is only appreciating.

 

OMR:

Think IT in Chennai and it is hard to not discuss OMR.

OMR is not just the face of the now booming IT industry in Chennai but is also a beehive for real-estate development. IT projects have been dotting the OMR belt between Madhya Kailash and Mahabalipuram starting 2002 and ever since the TN government increased the floor space index to 3.75, roughly 1.5 times the prevailing value, there has been a phenomenal rise in the requirement for new property in this region. The prospect of excellent value for money, new property offerings from famous builders and proximity to work has convinced people to settle down in OMR which also plays host to a multitude of tech parks, shopping malls and lifestyle amenities.

Source:INDIAPROPERTY