Real estate prices up in North Chennai
Posted on: 25/May/2013 2:40:59 PM
Contrary to expectations, the Residential price Index (Residex) in North Chennai has gone up more than a 600 per cent over the past 6 years. In Ayanavaram, for example, what was previously Rs. 1500 per sq. ft. is now Rs. 9000 per sq. ft. Other areas that have seen a sharp rise are Virugambakkam, Anna Nagar, Nungambakkam and Kilpauk. Prices in Numgambakkam have gone up to Rs. 30000 per sq. ft. from Rs. 15000 earlier.
Says Chennai Chapter President of Confederation of Real Estate Developers’ Association Sandeep Mehta, ‘Lack of adequate infrastructural growth in outlying areas of the city is one of the key factors for prices still shooting up in Chennai`s central business district… There is more stress on the core city. There are very few projects coming up within the city, but the demand is many-fold. On the other hand, there are a lot of projects coming up on the outskirts. But people are hesitant to go there because of lack of good connectivity and other infrastructure. People travel long distances, 20km to 30km, in cities like Bangalore and Hyderabad, where infrastructure is fast growing in the suburbs.’
