Big projects dawn lower prices in Chennai
In a rare occurrence that has had reverse effect on the escalating prices of apartments, a big luxury apartment project launched by TVH Group in Adyar seems to have set a new trend. TVH has brought down the prices by 16% where in the earlier prices were 16000 per sq. ft.
It was a calculated move by TVH where they had bought the land at a lower price and managed to obtain one lakh sq. ft. additional floor space index. They pulled down the prices to foster the customers to take instant decisions which in turn brought down the cost associated with bank funding.
As a consequence other builders are also compelled to quote lower prices in areas such as Besant Nagar, Kasthurba Nagar, Indira Nagar and Tiruvanmiyur.
Similar effects were noticed after a project being promoted by the DLF in the recent past which signifies that the prices of apartments may come down corresponding to the number of big projects being launched in the city.
To read more real estate news:
Bangalore witnesses 46% fall in office space absorption
5% rise in Hyderabad office space leasing
Source: Times of India
Adyar, apartments prices, Besant Nagar, DLF, Indira Nagar, Kasthurba Nagar, luxury apartment project, Tiruvanmiyur, TVH Group
