Chennai suburbs to see significant realty growth
Chennai- Chennai real estate market has been exhibiting positive signs of growth, especially in the suburban areas, owing to the fast development of sectors including IT, financial services, telecom and other allied services, which are the key economic drivers of the city.
A 20-25 percent rise is observed in the number of queries over residential investment and a 12-15 percent rise in the number of property transactions in July-Sept 2012 quarter, said Sree Kumar of Kumar Enterprise. Owing to lack of social infrastructure in outskirts there is good demand for residential projects in the main areas. But the scenario would soon change as the land rates would be rising, added Kumar.
Commercial sectors will be coming up in the city’s suburbs including Kelambakkam, Thaiyur, Oragadam, Karapakkam, Navalur, Kazhipattur and Thalambur, anticipates Harish Gopal of Vinayak Properties.
Chennai government is planning on connecting city centre to the upcoming suburban areas and providing better facilities. The capital values of properties in the suburban areas observed an appreciation of 5-12 percent in the third quarter of this year.
The suburban areas are estimated to house a majority of the upcoming residential and commercial real estate projects as the availability rate is less in the city interiors. Chennai realty is expected to change to a greater extent since there will be huge development in suburban areas. The price appreciation would be high and the areas would witness numerous ready-to-move projects in the coming years.
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[...] South and West suburbs of Chennai are going to see the maximum additions of residential space in the next five years. More than 60 percent of the total residential space is estimated to come up in the South and nearly 30 percent to the West of the city. Knight Frank India has identified Medavakkam and Pallikarni as the top realty destinations in the city. While Medavakkam will see 103% price rise, Pallikarni could rise by 93% over the next five years. [...]