New residential projects induces Chennai residential market
Chennai- The real estate market of Chennai has shown signs of improvement with increased amount of infrastructure development, good economic density and growing influence of IT/ITeS.
Many projects have been launched in various areas which pushed the real estate market of Chennai. With several options and wide range of price, the developers attracted consumers. Buyers from different parts of country, NRIs and HNIs also showed their interest in luxury projects in Chennai.
In Jul-Sep 2012, the supply of residential projects in Chennai was three times as compared to earlier quarter. New residential projects in Chennai were launched in the areas like Chromepet, Thirumallaivoil and Egmore in the mid‐segment price range of Rs 50 lakh onwards. For example Temple Waves in Chromepet offer all basic and modern amenities. Depending upon the location and other facilities the capital value of these units vary from Rs 3,200-4,500 per sq ft.
The appreciation value showed a varied trend across city locations. Localities like Anna Nagar and Nungambakkam recorded a positive growth in the year 2012. Prices have increased in these two areas by 33 per cent and 23 per cent respectively.The prices are still increasing despite of new residential projects along OMR or GST. People are generally buying second hand homes in these areas from investment point of view with high ROI (Return on Investment) in return.
Same is with areas like Thoraipakkam, Sriperumbudur, Medavakkam and Kelambakam where there was escalation up to 20 percent in last six months. Adyar and Besant Nagar showed an increase of 8- 10 percent while eon other hand Kilapauk recorded 24 per cent growth in price.
Currently Chennai is an attractive destination for investment in terms of infrastructure, availability of land parcel for development and relatively lower land prices when compared to other major metro cities.
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[...] New residential projects induces Chennai residential market [...]
[...] New residential projects induces Chennai residential market [...]
[...] New residential projects induces Chennai residential market [...]
[...] New residential projects induces Chennai residential market [...]