Property prices increase by 20 percent in T. Nagar Chennai
Chennai- Theagaraya Nagar (popularly known as T. Nagar), one the prominent residential localities in Central Chennai, is witnessing an annual appreciation of nearly 15-20 percent in the prices of residential units.
Along with rising demand and shortage in supply of units, the residential prices are soaring. Many developers have also expressed the same opinion. The average property price in the last quarter of 2011 was approximately Rs 8,800 per sq ft and it grew to around Rs 10,000 per sq ft in the last quarter of 2012. Currently, the price for residential plots in T. Nagar starts from Rs 20,000 per sq ft while those of apartments vary from Rs 15,000 to Rs 18,000 per sq ft.
The mismatch in demand and supply of residential properties has affected the rental prices of the locality as well. Rent of a two and three bedroom apartment is nearly between Rs 23,000 and 35,000 per month.
It is observed that only a small percentage of housing demand is being fulfilled by resale properties in T. Nagar. Buyers usually get attracted to the well developed social and physical infrastructure of the locality. This has also pushed up the prices with increasing demand.
T. Nagar is one of the principal shopping districts of the city. The revenue of this locality hits nearly 20,000 crore every year. Textile and gold jewelry business together contribute to a major part of this. It is also the home of hundreds of smaller shops manned by local merchants. The revenue generated by the locality is almost twice that of New Delhi’s Connaught Place, Mumbai’s Linking Road and Bangalore’s Brigade Road.
The locality, at present, has been witnessing heavy traffic jams, buildings with poor planning and facilities, etc. The Chennai Corporation has tied up with real estate advisory firm Jones Lang LaSalle (JLL) to redevelop the area making shopping at T. Nagar more comfortable and pleasing. The proposal of developing multi-level parking lots and ‘pedestrianisation’ of the retail core area around Panagal Park would also be given a thought.
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