The southern Metro of India Chennai has been witnessing huge MNC inflows lately, Thanks to IT Minister Dayanidhi Maran.We went to Chennai the Real Estate scenario and here are our findings.
- In Shollinganallur the rates are between rs 5.75 to Rs 6.25 crores / hectare.
- Since 2004, price of land in industrial estates of Guindy and Ambattur have escalated between 50% - 60%
- Current land prices in Guindy are in the range Rs 18,000 - Rs 22,500 / sq mt
- Current Land prices in Ambattur are between Rs 3,700 - Rs 4,500 / sq mt
- We found that the old part of GeorgeTown is now transforming into Commercial Hub
- Old Mahabalipuram Road has attracted most of the Real Estate activity after being inducted in the IT corridor 3 years ago.
- The main factors contributing to the growth of Real Estate is the presence of IT/ITeS/BPO services and Chennai has doubled the value of software exports in last 3 years.
- Prices of Premium properties have zoomed over 200-300% in central and south chennai over the past 12-18 months [It's ridiculous]
- Apartments on Kasturi Ranga Road in upmarket Alwarpet were sold at Rs 12,000 / sft
- High end flats in upmarket area od Rutland Gate, Nungambakkam were sold at Rs 4.25 crores.
- Average residential flats in RA Puram are fetching Rs 8,000 / sft which was quoted at Rs 2,500 just 18 months ago.
- Prices on Harrington Road have shot up from Rs 6,000 to Rs 7,000 sft from Rs 3,000 / sft a year ago
- Prices in Pycrofts Garden Road are hovering around Rs 7,000 / sft
- Poes Garden, high end residential apartments are now quoted at Rs 12,000 to Rs 15,000 / sft
Tags: Chennai Real Estate, Chennai Realty
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