Latest News of Real Estate In Chennai
When a 28,000 sq ft property was sold at the staggering rate of Rs 14,830 per sq ft at the posh Boat Club Road in Chennai in December 2005, little did the investors know that this property deal would send property rates soaring in the city. While most real estate developers would like to think that the realty boom, and huge investment in the real estate sector has seen world class infrastructure spring up in cosmopolitan cities like Mumbai, the financial capital of the country, Delhi- the political capital of the country and Bangalore, the IT hub of India, this is not strictly true. Experts opine that Chennai is not left behind in the race. The real estate boom has caught up not only with the major cities in the country, but relatively small towns like Chandigarh, Hyderabad, and Pune are also tracing sky scrapers. In January 2008, Chennai-based Sabari Foundations declared that they are to develop 308 apartments on a 10-acre site near the Sipcot Industrial complex at Siruseri. The estimated project cost is to the tune of Rs 180 crore.
The officials of the Tamil Nadu Registration Department assert that the guideline value priced at Rs. 2, 453 per sq. ft., but the actual market price is about 90 per cent higher. Experts say that a leap in Chennai's real estate sector has something more other than the characteristic infrastructure boom that the entire country is facing at the moment. Post 2000, the pampered city of South India saw the rise of IT parks and swanky offices in many of its areas such as Karappakkam, Taramani, MRC Nagar, Teynampet, Thorappakkam and Guindy. There is a whole list of upcoming areas in 2008-09 that are under construction - an extension of the IT parks and offices. These areas include Ambattur industrial estate, Sholinganallur, Semmenchery, Pallikaranai, Perungudi amongst others.
A lot of companies like the Alliance Group, Nokia, Reliance, Dell and local firms are now confident of the new swanky, upcoming look that Chennai sports. Most of the workforce from all over the country now works in Chennai as a result of this realty boom. This has driven the rent rates, as well. Because of the Sriperumpudur SEZ, a lot of developmental activity with regards to roads and connectivity has taken place. The developers find this encouraging. Dubai-based ETA Star Property Developers have taken the contract to develop an integrated township on about 1,200 acres of land in this area. The estimated cost of the project is approximately Rs. 12,000 crore. Closer home, PAN India real estate developers like DLF, and K Raheja have indicated that their projects are likely to take off in Chennai very soon. Most of them are already underway due to a large influx of quality man power and office space requirement.
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Comments on Latest News of Real Estate In Chennai
Chennai is experiencing a major real estate makeover. Indeed, the new growth areas are not in the heart of the city; it is the sleepy suburbs that are witnessing frenetic construction activity. Nothing illustrates this boom better than the shooting up of land prices to levels unimaginable even a year ago.The residential market in Chennai is typically an occupier or end user driven market rather than an investor driven market. Many developers confirm that at least 85 to 90 per cent of all their sales happen to end users and not investors.Chennai is an important base for all the IT majors, including Wipro, Ascendas, Tata Consultancy Services, Infosys and Polaris. There are several reasons why this is so. The most important one is the city’s reputation as a reliable centre for technical education, which results in companies being assured of a steady supply of qualified personnel. Apart from the Tier I companies, there are several smaller ones that operate in the IT-Enabled Services (ITES) and Business Process Outsourcing (BPO) segments.In order to provide a further impetus, both the Centre and the State government are initiating projects such as the four-lane Chennai bypass Phase II, a cloverleaf structure close to the airport that will directly connect the city to different National Highways. This is expected to ease traffic congestion in the city. The Rs.200-crore project is to be completed by 2008. A six-lane road, replacing the two-lane Old Mahabalipuram Road, leading to the IT corridor is also due for completion.Real estate developers say the average age of prospective clients now has dropped to 28-35. Young and adventurous, with disposable incomes that are a manifestation not only of the IT boom but also of newer occupations in the service sector, they come from all over the country. Says one real estate promoter: Chennai’s biggest advantage is that it blends the characteristics of a small town and a big metro.
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