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Latest Property News in and Around Chennai

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  • Latest Property News in and Around Chennai

    Increased investment opportunities for Chennai residents


    Chennai
    The real estate industry of Tamil-Nadu has witnessed a remarkable growth, with the development of townships with state -of theart facilities in Chennai, Coimbatore, Trichy and Salem. To support the industry and meet housing/infrastructure needs, a number of growth corridors are being developed across the State. Here are a few such corridors that promise immense growth potential.

    Outer Ring Road – Chennai
    Chennai’s outer ring road, which runs from Vandalur to Minjur is an attempt to decongest the city and plan for future development. It is one of the largest single road projects in the country, outside the National Highway Development Programme (NHDP). The Outer Ring Road, the city’s growth corridor, is a 62.3-kmlong expressway. Through a network of radial roads, it connects far flung areas with the city centre. Within the area encircled by the outer ring road, seven major radial roads have been identified connecting the inner ring road with the outer ring road. The radial roads connecting OMR (Old Mahabalipuram Road) and GST (Grand Southern Trunk Road) will provide easy access to the city, and further the growth of IT parks, SEZs and other developments. Chitty Babu, Chairman and MD, Akshaya Pvt Ltd, says, “The result is that Chennai is now well connected to Bangalore, Kolkata and Madurai. Cheaper land cost, skilled manpower, improved infrastructure are some of the advantages of this stretch. Thanks to recent development in industrial sectors and a mammoth investment by NRIs and people within the city, the property rates in certain localities along the Outer Ring Road have soared by a huge percentage. Some of the areas in the city have witnessed a two-fold rise in property prices in a single year.”

    Avinashi Road – Coimbatore
    Coimbatore has carved a niche for itself as a fast developing city and is witnessing continuous growth on the basis of its upcoming industries. “Coimbatore owes the development of its commercial property sector primarily to the large inflow of funds. And with top property developers in the city coming up with exclusive developments, new projects are showing a growing trend of being booked before completion. There is a proposal to develop an industrial park on Avinashi Road. It envisages pushing the growth of down stream industries. Ina ddition, it boasts of a friendly environment and an array of facilities to the citizens. Several individual housing projects are currently on the pipeline on this corridor,” says B Thiagarajan, General Manager of Sindhuja Realtors in Coimbatore.

    Salem-Yercaud Road
    With overcrowding of Chennai and Coimbaotre, real estate developers have now set their focus on Salem. “The city is being developed on the lines of Chennai and Coimbatore, with an emphasis on real estate projects in residential and commercial segments. Developers are constructing residential apartments, independent villas and luxury bungalows. The price of residential property has doubled in the last few years,” says J Kannabiran, Marketing Manager of Prince Constructions Ltd, Salem. Major residential developments are being planned on the foothills of Yercaud. The residential property demand has boosted commercial activity. Even as work on the 165-acre IT-cum-Special Economy Zone (SEZ) is almost over, and the massive expansion of Salem Steel Plant with an integrated Special Economy Zone (SEZ) exclusively for steel-based industries, under progress, the city is on the fast track to development.

    Karur Road – Trichy
    Trichy-Karur Road is witnessing a change in the concept of development of largescale projects, with this stretch becoming the preferred destination for individual housing projects. S Senthil Kumaran, CREDAI President, Trichy, says, “Karur Road, with Navalpettu and Katur, has been converted into a six-lane highway, and this will only enhance Trichy’s appeal as a hub for commercial and business activity. The IT sector in Trichy has made rapid strides in the last three to four years, particularly, thanks to increased commercial activity. The quality of office spaces has improved considerably due to the entry of large-scale developers who have been planning integrated townships in the area.”

    The demand for residential and commercial real estate in Tamil Nadu is increasing at a rapid pace. This has also led to an increase in the rentals of properties. With property developers all set to cash in on this trend, these corridors are poised for growth, and in the coming years, the soaring demand may result in the growth of more such corridors.
  • #2

    #2

    Re : Latest Property News in and Around Chennai

    IT hubs enhancing property demand in and around Chennai

    Chennai
    Ours is a state that has been at the forefront, compared to the rest of the country, as far as the formulation of comprehensive IT (Information Technology) policies is concerned. Way back in 2005, the Government of Tamil Nadu released policies targeting the Knowledge Sector, namely IT and the IT Enabled Services (ITeS). These included a 50 percent exemption of stamp duty for IT companies towards land registration and office construction, and relaxed Floor Space Index (FSI) norms to IT buildings. One of the earliest initiatives taken towards the development of the IT sector was the setting up of the IT Corridor Project (Rajiv Gandhi Salai), and the TIDEL Park in Chennai.

    “The coming up of the IT park in Madurai has caused land prices around the facility – located on the Ring Road, to shoot up. But companies are yet to move in and occupy the building, and as this has not happened for a while, land prices have since remained stagnant,” says Balaji M, Managing Partner, Aishwaryam Constructions, Madurai, “IT professionals only comprise around 10 percent of my clientele. In fact, there are quite a few IT professionals working abroad who are buying land, as their parents usually convince them to invest in real estate in Madurai.” The IT sector might not be doing as well as it used to, but it has definitely had an effect on the realty sector in the state, and has been instrumental in the linking and modernisation of roads and highways.

    The Rajiv Gandhi Salai is a stretch between the Madhya Kailash Temple Junction and Siruseri in Chennai, and this stretch was part of Phase-I of the project, which also included the 2.1 km long East Coast Road (ECR) Link Road connecting the IT Corridor at Sholinganallur and the East Coast Road. The focus was initially on Chennai, and the city soon became the hub of the IT revolution.

    The State has since moved on, and now, apart from the TIDEL Park, we have Ascendas, Mahindra World City, IT & ITES SEZ TIDEL-II, IT & ITES SEZ TIDEL-III, Coimbatore SEZ – TIDEL Park, and Special Economic Zone India-Singapore, as some of the IT parks within the State. “The TIDEL Park in Coimbatore is nearing completion, in the sense that only a few minor works are pending. There are ten IT companies that are functioning from there now, out of which six started functioning last year itself, and four companies moved in this year,” says R Bhuvaneswari, Development Manager (Projects), Tamil Nadu Industrial Development Corporation Limited (TIDCO), “The entire project will be completed within the next three to four months.”

    The advent of the IT revolution in the State and the country brought about a lot of changes. People automatically started thinking that there was a lot of money involved, and land rates have skyrocketed in and around IT parks. The government has also greatly increased guideline values,” says R S Shankar, Proprietor, Adithya Estates and Constructions, “The problem is that affordability has not been taken into consideration, and while loans are helpful, the middle class still finds it very difficult to invest in land. The market is stagnant now, as the current IT scenario is not very bright.” Shankar, who is based in Coimbatore, explains that land prices have shot up ever since the government announced a couple of years ago that a TIDEL Park would come up in Coimbatore.

    “The cost of a ground on the main road that leads to the IT parks is around 1 crore, while the asking price for a ground that is off the main road, and slightly in the interior, is between 25-30 lakh,” he reveals. He explains that the road linking Peelamedu and Saravanampatti (where the KGiSL Software Technology Campus is located), leading to Sathyamangalam Road, has developed and it has come up in a big way. He adds, “While IT has brought about drastic changes in the real estate sector, it has also in a way contributed to the fact that there isn’t any land that is now available for purchase, except in the interiors. This is in a way similar to the situation in Chennai. For example, in 1991, the price of an acre was 15,000 in Oragadam, and years later, the IT Corridor changed the scene entirely.”

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    • santhapeta
      santhapeta commented
      Editing a comment
      I do not think it is true...seeing no sales for the builders and most of them are pushing hand over dates
  • #3

    #3

    Re : Latest Property News in and Around Chennai

    Demand for developed plots rise in Chennai

    Chennai
    There has been a consistent demand for developed plots in and around Chennai. A number of projects coming up in suburbs have seen the prices doubling in a span of just four years in select areas. Despite the stringent norms for plot loans, investors are pooling resources from other avenues to invest in plotted development projects as they are convinced that land appreciates much faster than other assets.

    There is another reason for this trend. With the urban land, input and labour cost soaring, a section of mid-segment people are unable to invest in housing. In order to overcome the spiraling prices and inflationary pressures, investors are convinced that land as an investment would be the best bet in the long-run for reinvestment at an appropriate time.
    Those who have wisely invested in developed plots in Chennai’s suburbs like Singaperumal Koil, Oragadam and Sriperumbudur have seen their investments doubling in a span of four years, according to industry sources. However, location plays a key role while opting for such investments. Industrial development, impending large township projects, improved connectivity levels, infrastructure development and transport network have significantly contributed to the spurt in land prices in suburbs and peripheral areas.

    The DTCP approved plots are always priced higher than Panchayat approved plots due to flexible norms in the latter in suburbs. This has also aggravated the unhealthy competition in the market where there is fierce competition among hundreds of small time operators.

    Prices for DTCP approved plots range from Rs 500 per sqft and above in areas like Sunguvarchathram, Padappai, Wallajabad, all 60 km away from the city areas. Land promoters are nowadays offering a combination of services including resale and property maintenance services. This has encouraged NRIs and others migrating to other cities due to work related assignments to invest in developed plots. A few land developers have diversified into construction activities as well which in turn has prompted land owners to build houses.

    The DTCP provides through their websites details of plotted development projects approved and those pending for approval. An investor cell at CMDA provides free advisory services on land related queries on submission of basic data.

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    • #4

      #4

      Re : Latest Property News in and Around Chennai

      Tamil Nadu housing board plans 300 acre township

      Chennai

      The Tamil Nadu Housing Board (TNHB) is planning to develop a 300-acre self contained residential township at Thirumazhisai, near Poonamallee, highly-placed sources said. The project, which is on the drawing board, could cost about Rs 3,000 crore going by the present cost of construction, said an official. The site is about three km off the Bangalore highway. The board is apparently reluctant to invest on developing the project. Hence, in line with all recent developments carried out by the board, the Thirumazhisai project also would be implemented under the self finance scheme, said an official. If so, buyers will have to look for finance options from banks and other financial institutions. Real Estate Chennai will benefit if the development does happen. The land at Thirumazhisai is the single largest piece of land owned by TNHB’s near Chennai city. “The project will have apartments catering to all sections of people. With a view to putting the land to maximum use, we have decided not to have independent houses in the project. In all, there could be more than 20,000 dwelling units. Specifics will be known only after the design is finalised,” the official said. The board had acquired the land more than a decade ago at rates far below the present market value. “Since the board was set up on a no-profit, no-loss basis, our price will also be far below the rates at which private builders sell in the region (.2,800 to .3,000 per sq ft),” said the official. What holds the board back from immediate development of the site is lack of proper access for it. “We have to acquire about 11 acres of land abutting the road to provide a decent access for the site. Negotiations are on with land owners for an amicable solution. Since acquisition under the land acquisition Act could pose problems similar to the ones faced across the country, we are working on a land exchange formula. It should materialise soon. After that, the project will be put on fast track,” said another official. The project will have all support infrastructure like bus terminus, schools, commercial space, parks and scope for leisure. Apart from attracting people working in the industrial belt of Irungattukottai and Sriperumbudur, the TNHB project could also be a potential investment option for Chennai residents. “If the road connectivity is good, people would not mind even commuting from Thirumazhisai to places like Porur, Nandambakkam and Avadi on the city’s outskirts,” said a TNHB official.

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      • #5

        #5

        Re : Latest Property News in and Around Chennai

        Property values appreciate in ECR in Chennai

        Chennai

        The property values of East Coast Road (ECR) have crossed the mark of Rs 11,000 per sq ft at prime locations near beach and are still appreciating making it a top residential locality of Chennai. Visible expansion of IT/ITeS sector acting as the catalyst in the real estate growth. Revival of demand for luxury villas, increase in property prices and launch of new projects, all this has returned and bucking the Chennai’s submarket.

        “Chennai is noting a continuous demand for luxury housing from quite some time now, primarily towards the peripheral locations of the city where premium homes are available at affordable values,” says AP Leo, property consultant at Nucleus Properties. The capital values of premium apartments and luxury villas have noted a hike of 10-15 per cent in past six months. The number of enquiries also showed an upward trend, seeing a hike of up to 25 per cent during the same period. The appreciation in property values can be attributed to the fact that it is primarily end-user driven rather than investors, he added.

        The stretch from Palavakkam to Mamallapuram is the key hub seeing exponential demand and supply in the residential sector. These locations house projects in the premium category catering to HNIs, NRI’s and have demand for individual bungalows/villas priced at more than Rs 2 crore.
        According to Sree Kumar from Sree Group of Properties, “Rental sector is too flourishing and have noted a significant appreciation of more than 30 per cent in recent past.” The rental values of a fully furnished 4-5 BHK villas/independent houses varies from Rs 60,000-90,000 per month depending on its location and proximity to neighbourhood beach.

        ECR strategic situation near to the IT corridor is the major USP of the area. Enhanced demand from expats and HNI’s visiting to city for professional reasons are the major contributor in the upward rental and capital sector. On an average, the capital values at ECR vary from Rs 2,000-6,000 per sq ft depending upon location and connectivity. Residential land is also the next most transacted category after luxury villas, sums up Kumar.

        Improved connectivity level, transportation and other infrastructural activities have created spurt in the upcoming housing projects in the suburban areas such as ECR. Looking at the prevailing demand and supply ratio, it is expected that the submarket will continue to witness positive trend in values.

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        • #6

          #6

          Re : Latest Property News in and Around Chennai

          Old Mahabalipuram Road paves the way for realty development

          Chennai

          The setting up of TIDEL Park on Rajiv Gandhi Salai or Old Mahabalipuram Road (OMR) in 2000 changed the landscape of the stretch forever, paving the way for the development of the IT corridor, as we know it, today. This development, naturally, led to the creation of a premium residential housing market along the belt starting from Madhya Kailash, all the way to Thiruporur, and beyond. OMR may have seemed like a distant suburb a few years ago, but now, it is very much a part of the city.

          As Chitty Babu, MD and Chairman, Akshaya Pvt Ltd, points out, “OMR, up to Sholinganallur, is essentially an extension of the city, and should not be considered a suburb anymore. Take Velachery, for instance. Until recently, it was considered a low lying suburb that was only in the news during monsoons. But now, it’s a thriving residential and commercial zone, and very much a part of the city.”

          The location of OMR – its proximity to Adyar, for example – has attracted large scale residential development here. This gives the area a distinct pricing advantage, says Chiity Babu. “The prices (per sq ft) are almost half of that in Adyar,” he adds, “So, at a distance of less than 5km from Adyar, one can procure an apartment for half the price.” Another factor that works to its advantage is its proximity to ECR. Badal Yagnik, MD, Jones Lang LaSalle, Chennai, says, “Prices on ECR are 50-60% higher than that along OMR. And both corridors are witnessing plenty of development in the residential/ commercial sectors.”

          Although it was the IT sector that initially fuelled growth along OMR, it’s no longer the sole growth driver. As Badal Yagnik says, “It’s the demand for housing that has been driving growth in this area over the last few years.” He continues, “Last year, for instance, the city saw office absorption to the tune of 5 million sq ft, while this year, it is only 2 million sq ft. A large chunk of this space lies on OMR. Despite the fall in absorption rates, the demand for housing has been soaring along the OMR.”

          While the stretch from Madhya Kailash to Sholinganallur has been witnessing maximum demand, even beyond Sholinganallur, the demand, though not as robust, exists. Badal says, “Prices along the Madhya Kailash-Sholinganallur belt have been increasing by 20% year-on-year. However, some of the best schools are coming up in large townships planned in the latter half of OMR.

          Places like Padur, for instance, are set to grow, with malls like Marg Junction, and residential projects planned in the vicinity.” Any further development on OMR is bound to happen after the toll gate, due to non-availability of land on the stretch from Madhya Kailash to the toll gate. Chitty Babu adds that while prices (per sq ft) range around 7,500 until Sholinganallur, they are about 3,000 to 4,000 in the area from the toll gate to Thiruporur, and lesser as you move further.


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          • rajeshkanna
            rajeshkanna commented
            Editing a comment
            I am looking for land in melakottiyur if you have any please let me know
        • #7

          #7

          Re : Latest Property News in and Around Chennai

          Chennai sees dip in home loan mart

          Chennai

          With the home loan lending rate stabilising and property prices inching high, there has been a dip in the quantum of home loan applications being received by leading housing finance companies and banks. While a leading nationalised bank has estimated the dip by 10 per cent over last year, there are others who do not feel the pinch as there has been a consistent demand maintained this year. A few have even reported 25 per cent growth rate over last year. The average size of the loan has also reduced as the fast moving segment in the residential category across most micro markets is said to range between Rs 20 lakh and Rs 40 lakh.

          In a fierce competition prevailing among HFCs and banks, a marginal variation in lending rate does not cause concern for borrowers as emphasis is laid on service and processing time which is becoming major criteria among home loan borrowers. At the same time, fixed rate option is becoming popular among a section of the people due to the increase in the quantum of loan as well as the tenure of the loan prescribed by select institutions, according to industry sources.

          LIC Housing Finance is offering fixed rate option loan at 10.7 per cent for three years and 11.15 for five years. While Indian Bank offers fixed rate option up to Rs 2 crore at 11.5 – 12.0 per cent, Dena Bank extends the tenure even upto 10 years. Corporation Bank offers fixed rate option at 11.0-11.5 per cent. Federal Bank does not offer any fixed rate option but reduces the floating rate option to 10.48 – 11.23% depending on the loan amount and repayment period. A few banks do not offer fixed rate option at all.

          With the demand for housing picking up in and around Chennai and seeking home loan an integral part of home buying exercise, it is expected that the competition will intensify in the coming months. In the bargain, improved service level, flexibility and strategic alliance with developers would transform the housing market for better days.

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          • vishal1127
            vishal1127 commented
            Editing a comment
            thank you so much for this information
        • #8

          #8

          Re : Latest Property News in and Around Chennai

          A decline in demand for Chennai’s luxury apartments

          Chennai

          Suburban Chennai’s residential apartment market is feeling the heat of the job market slump and poor increments given by most corporate houses. Industry sources say signs of softening of the market are evident, especially in the premium and luxury segment. “Apartments above 50 lakh per unit are hard to sell in the suburbs and those above 1 crore are moving sparingly,” said Kevin William Albert, associate director of Jones Lang LaSalle (JLL), an international realty firm.

          The residential division of JLL, which sells about 1,500 apartments a year for major builders, does about 70% of the sales in the 40 lakh to 50 lakh bracket, he said. About 30%of sales happen in the 50 lakh to 60 lakh bracket. “We hardly promote anything above 60 lakh,” said Albert.

          Right pricing of residential projects holds the key to successful marketing, said Albert. “Many builders take the last selling price of previous projects in the area as the benchmark price for their launch,” he pointed out. At times, it can go terribly wrong. Builders cannot charge the rate of a ready-to-occupy apartment on a project which is yet to be started. “Wherever there is such anomaly in pricing, buyers develop cold feet.”
          Still, Chennai is better off than other cities, claims Isha Homes managing director Suresh Krishn.The macroeconomic implications are a matter of concern, but they have not yet impacted the city in a big way. But compared to last year,sales have dipped,he said.

          Chennai market is facing many influences, which are specific to the city. While the supply was low last year, primarily because there was an inordinate delay in according approvals to residential projects, this year has seen many new projects flooding the market.

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          • #9

            #9

            Re : Latest Property News in and Around Chennai

            Industrial sector drives residential demand in West Chennai

            Chennai

            The residential market in Chennai has largely remained stable in the last one year. No sharp fluctuations have been recorded in property prices, unlike in Delhi, Mumbai and Bangalore, as per market sources. The absence of overt speculations has also ensured that developers have moved pricing of homes in a stable and gradual manner thus keeping any unnatural spiking at bay. It has largely been the Southern and Central zones that have contributed to the rise in residential prices in the city. However, the industrial development in the western parts of the city has pushed the residential demand thereby increasing the price for residential units.
            The residential demand in western localities is largely being driven by those working in various MNCs, automobile companies and manufacturing units. Also demand is witnessed form the NRI population.

            For instance the stretch from Sriperumbudur to Orgadam has undergone large scale industrial development in the last few years. Many major automobile and manufacturing units are located here which include Hyundai, Nissan, Renault, Hero, , , Moser bear to name a few. An array of developers have forayed into this industrial belt in order to tap the rising residential demand that is being created owing to the industrial developments. The developers to have set base here include Tata Housing, Vijay Shanti Developers, Godrej Properties, Hira Nandani, Orgadam City developers, Mahindra Developers etc.

            “The demand for residential units along this stretch is gradually pushing the prices here,” says Ramesh Goel of The Great India Realty Company. The prices in various localities in the western zone has shown slow but steady rise in prices in the last quarter. Sriperumbudur, for instance has recorded an average increase of 6 per cent in the capital values of multi-storey apartments. Localities such as Porur, Poonamallee, Mogappair registered an increase of 2-4 per cent, as per data on .com.
            “While prices range between Rs 2500-4200 per sq ft in Orgadam, it is slightly higher in Sriperumbudur ranging between Rs 3000-4500 per sq ft,” informs another realtor T Satheesh of Landsmiht Realty. Prices are higher in Sriperumbudur owing to its strategic location near the Chennai-Bangalore Highway (NH4).

            Both these localities cater to high end as well as affordable housing segment with various builders catering to different target group. For instance Godrej Properties have high end luxury projects while Tata Housing offers affordable options.

            The region along Mount Poonamallee road and Porur is witnessing the infusion of fresh residential supply in the price band of Rs 4,000 per sq ft – 5,000 per sq ft. The proximity to the CBD and excellent connectivity to various industrial hubs is expected to drive growth in this region. “The Chennai Trade Zone, being developed by the Tamil Nadu Government, will be set up approximately 10 kms away from Poonamallee which is further expected to augment the need for residences in the locality, informed Rajesh Katariya of Katariya Real Estate Pvt Ltd.

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            • neha ankit
              neha ankit commented
              Editing a comment
              Can u suggest for Appaswamy Habitat Puddupakkam - 3499 per sq ft - behind Sipcot. We r planning to buy- they will handover by May 2017.
              Last edited July 10 2017, 12:08 PM.
          • #10

            #10

            Re : Latest Property News in and Around Chennai

            Chennai city housing prices zoom past Rs 1 crore

            Chennai

            If you are an apartment owner in a good location in city areas, then you can feel proud that you are a crorepati today at least in notional values. But if you are the one due to invest in housing for a specific city location, you will have to cough up not less than Rs 1 crore. Soaring land values, lack of clear title properties, fierce competition among developers and demand exceeding supply have all made buying an apartment a virtually impossible task for the common man.

            Yet another factor is the archaic development control rules which have throttled the housing development for decades in key locations across the city. Restrictions on FSI have made housing a costly exercise for Chennaiites over the years without rhyme or reason. The worst affected sector is the middle class for whom the question of acquiring their dream home in city areas will be a Herculean task hereafter. The Tamil Nadu Housing Board apartment owners in key city locations are sitting pretty as the redevelopment exercise on their existing units would fetch a windfall besides cash incentives in the years ahead.

            Just visualise the apartment prices for select ongoing projects across city locations and 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 13,000 – Rs15,000), 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-Rs12,000).

            Even the resale apartments in key city locations are quoted at rigid prices due to which the transactions are taking much longer time nowadays, say realtors monitoring secondary market price movements in the city.

            At the same time not all city properties can fetch fancy prices. There are road restrictions and access issues that have made even prime properties lying idle for several years as buyers do not evince keen interest at such prices. Even property developers are shying away from joint development in such areas due to lesser ratio for development. Some developers are keen to even accept 55:45 (developer) as the sale value compensates them with higher revenue and the lead time is short besides there is a ready market for such units.

            For the younger generation this is a timely lesson to start investing in homes much earlier than later. They can pursue their costly higher education without any institutional commitment while pursuing their initial careers. They can mortgage, rent and raise resources from housing finance companies and banks to pursue their academic interest without the need to depend on their parents.

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