subject: Search For Exclusive Property In Chennai For Property Buyers [print this page] PropTiger is an independent real estate advisor with a pan-India presence. We aspire to be your first port of call if you want to buy a Real Estate Chennai, or Property in Chennai.
body:- With the recent study on the Indian market of residential property, a biggest jump has been recorded in the residential property in Chennai. Though Chennai being a conservative market, The National Housing Bank (NHB) Residex Index 204% increase in prices has been observed for the property in Chennai between the period of 2007 and 2012. Vineet Singh, Business Head of 99acres.com depicts that it is the best time for the buyers to invest in property as the prices are expected to grow over the next twelve months. According to Devesh Bhuva of Prince Foundations who says that the price of the real state Chennai is raising due to hike in the prices of construction materials, labour and fuel.
According to Ganesh Vasudevan, Business Head and Vice President of Indiaproperty.com says that there is steep rise in the number of buyers who are looking to buy homes at an affordable range that falls between Rs 25 and Rs 40 lakh. Urapakkam and Medavakkam are the two areas where number of buyers are opting to buy their residential property in Chennai. Hence these areas have seen to have a continuous rise in the price compared to other locality like Old Mahabalipuram Road (OMR), thereby becoming the hotspot of real estate Chennai. The prices of property in Chennai especially in the areas like Mogappair, Kolathur, Ambattur and Anna Nagar itself, have seen an average increase of 15.26% this year, over the last, with Mogappair topping the list at 22.07%.
The price of some of the property in Chennai are recorded as follows: For a 1200 sqft apartment the price is over Rs 1.25 crore, Alwarpet (Rs17,500-Rs20,000), Anna Nagar (East) (Rs 12,000-Rs12,500), Besant Nagar (Rs 12,500-Rs 13,750), Adyar (Rs 13,500), Kalakshetra colony (Rs 15,000), Kilpauk (Rs 12,800-Rs15,000), MRC Nagar (Rs 10,500-Rs15,000), Kasturi Ranga Iyenger road (Rs 28,000), Nungambakkam (Rs 13,000Rs15,000), R.A. Puram (Rs 13,500), Sri Nagar Colony (Rs 14,000-Rs16,000), T Nagar (Rs 12,700-Rs15,000) and Valmiki Nagar (Rs 11,000-Rs 12,000). According to NHB Residex the prices for the residential property in Chennai for the January-March period grew 40%. Hence, the real estate Chennai have seen to have drastic increase in four years of period. Ashok Nagar, Thyagaraya Nagar and Saligramam are the hot spots whose prices have jumped up 5 times during the period of five year. Overall the residential units in Chennai is likely to see an annual growth rate of 11% until 2015.
Report also says that each
and every project are highlighted with well constructed roads, landscaped gardens, parking areas, play areas, swimming pools, gymnasiums and club houses. According to Naresh Jain, Managing Director of Influence Infrastructure states that more and more people are investing on villas which has lots of added advantages like underwater gym, snorkeling bay, indoor gaming arena, swimming pool, spa are some of the amenities Those villas sprawls across 4,250 sq ft and will cost Rs 9 crore on an average. Each villa comes with beautiful garden, two car porches, terrace, sit-out areas along with the gated community.
