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Perumbakkam witnesses 8% hike in property values

Comments(5) Sub Category:Chennai,Realty News,Residential Real Estate Posted On: Dec 05, 2012

Chennai-  Perumbakkam, a suburban residential hub of South Chennai, has observed 8 percent increase in average property values in the last quarter.

The area, offering a wide range of multi-storey apartments, is well connected to the IT hubs of OMR and Sholinganallur through the ECR Link Road. The rate per sqft of properties in Perumbakkam ranges between Rs 3,300 to 3,800.

Most of the buyers of the area are IT employees working within the city. The availability of land parcels has also influenced the realty sector. Another important attribute for the high growth potential are the affordable values of properties as compared to other residential areas such as OMR.

Realty experts look forward for a 10 per cent price appreciation in the area in the next one year. Many infrastructural development projects have been proposed in the area which are expected to add more value to the property market. The proposed Financial City and 60 feet road from Perumbakkam to Siruseri IT Park, will further add to the realty boom.

Mainly, the there is increasing demand for 2 and 3 bedroom apartments ranging between area of 800 to 1100 sq ft in Perumbakkam, says R Murugesan, CEO of Shriram Properties Ltd.

Focusing on the economically weaker section (EWS) category, Chennai Metropolitan Development Authority (CMDA) has directed builders to develop projects comprising small sized apartments. Owing to lesser land rates, the area even holds high potential for villa projects.

Read more real estate stories:

Chennai suburbs to see significant realty growth

South Indian realty observes stable demand

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