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.
5 comments:
Hey Amit, first of all, Wish u a Happy & prosperous new year.
Am actually a silent reader of ur blog. Your blog is a must read for all dummies like me.
Amit where do u see nifty the comin days, by jan end.
I am little bearish and bught put, just want to know what you expect it to be.
I feel one thing that for last few days our markets have been the most volatile so whtever may be the option should not be a problem
Amit,
Wish you a very belated happy and peaceful new year !!.
I have relocated to U.S for a few years and was busy running around closing my stuff down in Chennai with no time to blog - which brings me to property prices in Chennai. When i bought my apartment late 2000 at Adambakkam (near guindy) in Chennai, i paid 1200 per sq feet. At that time, there were no good flats available on the IT corridor - one i saw was selling for 900 per sq feet !!. Now the selling rate of my apartment is around 2600 per sq feet. A new block of apartments coming in the adjacent plot to my apartment is selling for 3000 per sq feet.
However, I'm a bit worried about this kind of price inflation - i think there is a lot of speculation going on and someday, it is going to crash.
Look at the rents that you can get for example - i had to rent my apartment out at 7000 Rs per month - which does not co-relate to the cost of the apartment at all.
Regards,
Prasanth
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Hi Amit nice post there! In today's buyer's market, prices are at an all time low, and this is the best time to buy/invest in property. Value is going to shoot up within the next year very soon. Definitely the time for some wealth generation. Check out my website http://chennaidreamhomes.com to find your dream home today!!
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