Chennai suburban properties observe price appreciation
Chennai- Most of the apartments located in the suburbs of Chennai have witnessed a price appreciation of over Rs 1,000 per sq ft in the last two years.
In some of the areas in Chennai outskirts, the property prices have even increased by up to 75 percent.
According to a report released by realty consultant Knight Frank, Medavakkam has observed a growth of Rs 1,200 to Rs 1,400 per sq ft in the last two years, depending on project location. Owing to its proximity to Velachery, OMR, Pallavaram and Tambaram, Medavakkam realty is expected to see tremendous growth in the years to come.
Meanwhile, Manapakkam has witnessed high price appreciation in the past two years. Two years ago the per sqft rate was Rs 3,600 which has now reached Rs 6,300 per sqft.
Thiruneermalai, Madhavaram and Semmencherry are few of the emerging residential real estate hubs. In Thiruneermalai, the rate per sq ft has increased from Rs 2,500 in 2010 to Rs 3,900 in 2012 while at Madhavaram, it has gone up from Rs 3,300 to Rs 3,900 per sq ft.
Owing to Metro Rail projects and improved road connectivity, the North Chennai which was lying behind earlier, is also developing well in terms of real estate.
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