Residential property price in Chennai has increased rapidly
It is observed that the Chennai residential property prices have shot up by threefold in four years. Areas like Ashok Nagar, Anna Nagar and T Nagar have boosted the price increase.
Started in 2007 the real estate market has grown slowly but steadily. The demand for residential units in Chennai is likely to see a compounded annual growth rate of 11% until 2015.
For the January-March period, residential prices in the city grew 40% year over-year. This is recorded as the maximum rise in property price in any city.
AS the land parcels are slowly disappearing Within the city or suburbs, the demand picture is clear and the prices are bound to shoot up.
Apart from Sri Perumbadur every area in the city will see an increase in prices. The growth rate is maximum in the Outer Ring Road area while it is slow in the areas of Tondiarpet, Nehru Nagar, Chetpet, Egmore and Marina.
More related stories:
Demand for resale properties in Chennai
Source: Times of India
Apartments in Chennai, Chennai residential property, Chetpet, cost of properties in Chennai, Egmore, Nehru Nagar, Outer Ring Road, projects in chennai, properties in Chennai, residential units in Chennai, Tondiarpet
