Chennai Property prices have been on rise since long, especially in the Chennai commercial property rates. The rates of commercial properties are very high in areas like T.Nagar, Anna Nagar, Adyar. According to researches, the value range varies from Rs 50 lakh to Rs 5 crore depending upon the unit area.
Moreover, the residential real estate capital values of Chennai have been going steady. The rental values have also registered a hike of 15% in the areas such as Ambatthur, Cholaimedu, T.Nagar and Velacheri in last quarter. The main reason for value appreciation in these areas as sighted by researchers is availability of good quality infrastructure. Notably, Old Mahabalipuram Road (OMR), one of the hottest real estate destinations in Chennai is loosing pace owing to lack of infrastructure facilities.
However, the city's localities are flourishing at large and new ones are emerging every now and then on the realty map of the city. Take for instance, Sriperumbudur, it gained the real estate attention a few months ago for State Industries Promotion Corporation of Tamil Nadu (SIPCOT) Limited, when thousands of acres of farm land was distributed to the industrial giants from within and outside India. Several Korean, German and Japanese industrial majors have already got allotted lands at much cheaper rate compared to what the original owners received.
Another place, Guduvanchery is a developing town on the outskirts of Chennai. Guduvanchery is home to many industries including Rane Tow Steering system Ltd, Chennai Agro Tech and Stones Ltd, Wipro Limited, and Procon Instrumentation Ltd.
Moving ahead Chennai is coming up with a new Master Plan. It promises a better living space for those living in smaller homes. Under the plan, the floor space index (FSI) has been altered from 1.5 to 1.75, up to a maximum of 450 sq ft. Although, industry experts are hopeful that Chennai Real Estate is going to do well through its master plan, it remains to be seen whether the city be able to deliver much needed affordable housing to the common man or not.
Real Estate Agents in Chennai
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