What is the price trend per sq.ft in Chennai for 2011?
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  • Chk this link - Residential Property Price Trends in Chennai - Real Estate, Apartment, Flat, Plot, Villa, Houses Rates in Chennai - MagicBricks.com

    Eventhough it's not reflecting the exact price scenario, you could get an overall idea.
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  • Thank you for that link.It was very useful as a rough guide.
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  • Originally Posted by braveman
    Chk this link - Residential Property Price Trends in Chennai - Real Estate, Apartment, Flat, Plot, Villa, Houses Rates in Chennai - MagicBricks.com

    Eventhough it's not reflecting the exact price scenario, you could get an overall idea.


    The issue with this link is that the prices should have been broken down by type of property ( plot, house or flat).

    Because of mixing up all types of properties in calculating sq.ft price some of prices look like comedy. Oragadam, a far away place is showing higher price almost equal to OMR, Medavakkam or Pallikarnai which is unbelievable. For a place like Anna Nagar price shown is much lower then actual, even for Adambakkam price shown is much lower then it is.
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  • So at the outset it is not trust worthy
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  • Anyway the 'trends' on property broking sites are based on what is on offer on their site and that is way too inflated. Don't go by it
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  • Draft guideline value for SROs in chennai has been posted
    Valuation
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  • Thanks for the link.
    Can you please explain which category shud I check among Residential Class I, Class II, Class III, Class V

    Will this new guideline value have any impact with resale apartments?
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  • thanks for the link leading to latest guideline values. I wonder what would be the real estate scenario once the new guidelines takes effect giving scope for the realtors to play the game ruthlessly.
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  • Regarding residential class - Not sure in detail. Superficially - The class 1 is superior to class 2 and it goes on.

    Regarding houses, these raise have been already factored in and based on various factors and current grim situation it would be difficult to say if there would be an increase. The revenue for the government would increase as one would have to register the land at the current guideline value. This will as well bring down the black money circulation.
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  • thanks madhan
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  • City turns costlier, house prices up by 30% since last September

    City turns costlier, house prices up by 30% since last September

    Thyagaraju Adinarayan, TNN | Nov 24, 2011, 08.32AM IST
    CHENNAI: Residential property rates have been going through the roof for months but new data shows that the spike for the quarter ending September was 30% more than the same period last year.

    Chennai's central business district saw the highest price increases due to surging demand, according to NHB Residex, an RBI-supervised mechanism that tracks housing prices in 15 cities. However, prices in North Chennai - Tondiarpet, Perambur, Dr Radhakrishnan Nagar and Narayanappa Garden - saw a fall due to slow infrastructure development.

    Despite the economic slowdown, high interest rates and inflation, prices of houses in the city's hotspots -- Anna Nagar, Kilpauk, Nungambakkam, T Nagar and Adyar -- have been rising. Prices in areas close to Nehru Nagar, Chepauk and Marina rose 62% compared to the quarter ending this June. "Chennai's residential market is expected to see unabated growth during the next few quarters. Active demandwillbeconcentratedin locations closer to the city centre," a recent Cushman & Wakefield reportsaid.House pricesin Chennaihavejumped 9% in the third quarter compared to the quarter ended June.

    Prices in Virugambakkam, Anna Nagar, Kilpauk and Nungambakkam have quadrupled since 2007, when the National Housing Bank (NHB) begun the Residex for Chennai. The demand for residential units in Chennai is likely to see a compounded annual growth rate of 11% during 2011-2015.

    Real estate consultants blame limited supply and huge demand for property for the surge in prices in the central business district. The city, awaiting the metro rail, monorail and extension of MRTS,willcontinuetosee demand for property near these infrastructure developments, and a surge in prices seems natural.

    "In areas like Adyar, Anna Nagar, Boat Club and Nungambakkam demand is high because people want to buy property in places they have been living in for a long time. Another factor that boosts demand and reflects in pricing is the premium schools in those areas. Supply in these areas is low compared to the demand and so prices have shot up.

    In Chennai, schools play a big role in residential demand and people are ready to pay premium pricesfor those areas," said S Ramaswamy, associate director, Recs Group, a real estate consultant.

    Prices in Delhi have increased the most followed by Chennai and Mumbai, while Kolkata witnessed a decline over the previous quarter. Prices in tier-2 and tier-3 cities like Kochi, Lucknow, Ahmedabad, Surat and Bhopal saw a quarter-over-quarter decline.
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  • Please quote the links when you refer to articles from the internet:

    City turns costlier, house prices up by 30% since last September - The Times of India
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