Real Estate Prices - Chennai

The following is a piece contributed by Raheja Assoiates, one of the premier real-estate brokers in Chennai.

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The real estate market in Chennai is on the upswing thanks to the IT Boom and the number of manufacturing industries preferring Chennai as their destination point. A number of new companies such as Flextronics, Nokia, Motorola etc. have chosen Chennai to set up their factories. Along with them, a number of subsidiaries have also come into Chennai. This has helped the real estate industry to grow from within the city limits to the outskirts.

Some of the fast-growing areas where one could think of an investment are Sriperumbudur, Maraimallai Nagar and the IT Corridor (Old Mahabalipuram Road). The land prices in these areas have more than doubled in the last six months . One could also think of an investment on the East Coast Road close to the sea but beyond the 500 meters guideline.

Some of the prevailing prices for brand new apartments in the prime areas are:

• Boat Club Road: Rs.12000 to 15,000 per sq.ft.
• Poes Garden: Rs. 10000 to 12,000 per sq.ft.
• R.A.Puram: Rs. 7000 to 7500 per sq.ft.
• Harrington Road: Rs. 7500 per sq.ft.
• Adyar: Rs. 5500 per sq.ft.
• Kilpauk: Rs. 5500 per sq.ft.
• Thiruvanmiyur: Rs. 4500 to 5000 per sq.ft.
• IT Corridor: Rs. 3200 to 3400 per sq.ft.

For further information please contact Raheja Associates at www.rahejas.com.

I hope this article will help those of you seeking to make investments in property. Do you think I should make it a regular feature? Please leave your comments to let me know.