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.
Since the 1990’s, the property market in the Indian subcontinent has witnessed a vast change. In the early 90s, people in India, especially those residing in the tinsel town could not even afford to dream of purchasing a property but with the gradual increase of income and the home loans made easy for all, the property market in Mumbai saw a sharp rise.
More on Improvement in Mumbai’s Infrastructure…Spells Boom in Property Market