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Chennai Property Trends

Last updated: March 21 2009
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  • Chennai Property Trends

    I find the following article interesting to shed light on Chennai property trends.

    Soaring prices of property in Chennai has forced property developers there to scout the city outskirts for new business prospects. The demand for dwelling units is shooting up as if there is no tomorrow. According to property surveys, Chennai will require at least 50,000 new homes by 2020.

    With such a strong demand for houses, there is a stiff competition in the market which has spurred significant price and rent increases. Non residential activity is also at its best with demand for commercial and retail properties seeing appreciation. A square foot of space in the city’s upscale Pose Garden apartment now costs Rs.14, 500.

    A multitude of multinational companies have spread their wings to Sriperumbudur, the place strategically placed on the Chennai –Bangalore highway. Also, many other giant conglomerates are planning to set their establishments in the fast flourishing Chennai. The list includes Rs.220 billion Alliance Group that is all set to develop a 300-villa project west of Chennai. The apartments in this villa will cost in between Rs.6 million – Rs.50 million.

    Vishranti Homes’ is believed to be the costliest of all residences with a 4,200 sq ft home costing about Rs.60 million. Real estate market in India is currently valued at $12 billion and its annual growth rate is turned out to be 30 per cent. Property market of South cities is flourishing as no other. Tamil Nadu real estate has attracted an investment of worth Rs.30 billion. The potential of property sector expansion here is high, says Manoj Namburu, managing director of the Alliance group.

    Most realtors in Chennai run their real estate business on small scale. The Vijay Shanthi group, recently offered only 15 apartments, each costing Rs. 40.25 million. Likewise, the Fern, close to Siruseri located in south Chennai, has developed 48 villas on seven acres of land.

    Staying in step with the booming mall culture, Chennai also features some of the best malls such as Shoppers Stop, Spencer Plaza, Lifestyle, Westside, Landmark, Globus. All these listed shopping arcades are planning to expand their horizons.
  • #2

    #2

    Re : Chennai Property Trends

    Originally posted by Rex View Post
    I find the following article interesting to shed light on Chennai property trends.
    Dear friend,

    The story is different now. Malls do not get much business now. Subhiksha has almost closed all their outlets. Spencer is also thinking as also MORE, Reliance Fresh to curtail their numbers.

    ks2071746.

    Comment

    • #3

      #3

      Re : Chennai Property Trends

      Originally posted by ks2071746 View Post
      Dear friend,

      The story is different now. Malls do not get much business now. Subhiksha has almost closed all their outlets. Spencer is also thinking as also MORE, Reliance Fresh to curtail their numbers.

      ks2071746.
      I dont see this problem in Bangalore KS. Does it mean Madrasis are Kanjoos or they were just Pitchakarans showing off during the Harvest?

      Comment

      • #4

        #4

        Re : Chennai Property Trends

        Originally posted by Natarajg007 View Post
        I dont see this problem in Bangalore KS. Does it mean Madrasis are Kanjoos or they were just Pitchakarans showing off during the Harvest?
        Dear friend,

        Can I say, it is the mind of the people?
        Any item which follows the main item as free is an attraction here.
        You say, buy a tooth paste and get one tooth brush free attracts. People expect some free items to go with the main items, the free item may be of a small value but should be included, then it attracts. More than reduction in the selling price, the attraction is there with free items choice.

        ks2071746

        Comment

        • #5

          #5

          Re : Chennai Property Trends

          Originally posted by Rex View Post
          I find the following article interesting to shed light on Chennai property trends.
          Dear friend KS

          this post seems to be very old which was posted in 2007

          thanks

          chataara

          Comment

          • #6

            #6

            Re : Chennai Property Trends

            Originally posted by chataara View Post
            Dear friend KS

            this post seems to be very old which was posted in 2007

            thanks

            chataara
            Dear friend,

            Right. The post may be old, but it is quite relevent and valid even now.

            ks2071746

            Comment

            • #7

              #7

              Re : Chennai Property Trends

              Originally posted by ks2071746 View Post
              Dear friend,

              Can I say, it is the mind of the people?
              Any item which follows the main item as free is an attraction here.
              You say, buy a tooth paste and get one tooth brush free attracts. People expect some free items to go with the main items, the free item may be of a small value but should be included, then it attracts. More than reduction in the selling price, the attraction is there with free items choice.

              ks2071746
              Actually I thought that Kosuroo is gone to the level, that the old joke is marry the first daughter and get the second for free!
              Now on the converse I aint sure how many women will choose marry the first son and get the second for free!

              Comment

              • #8

                #8

                Re : Chennai Property Trends

                Originally posted by Natarajg007 View Post
                Actually I thought that Kosuroo is gone to the level, that the old joke is marry the first daughter and get the second for free!
                Now on the converse I aint sure how many women will choose marry the first son and get the second for free!

                Dear friend,

                May be some parents of the girls may agree and not the parents of the boys? After all in our country, the boys are more valuable& expensive to get than the girls?

                ks2071746

                Comment

                • #9

                  #9

                  Re : Chennai Property Trends

                  Originally posted by ks2071746 View Post
                  Dear friend,

                  May be some parents of the girls may agree and not the parents of the boys? After all in our country, the boys are more valuable& expensive to get than the girls?

                  ks2071746
                  Dear friend

                  I stoutly object your view in this regard

                  Thanks

                  chataara

                  Comment

                  • #10

                    #10

                    Re : Chennai Property Trends

                    Strong Evidence....its true

                    Guys,

                    have ever compared real estate advertisements in news papers recent days, all gone for a slump. here in bangalore before 1 or 11/2 year ago, I can see propery advertisements fills closely 10 sheets... now (atlest for last 3 monts) its only see 2 sheets that too half of each page...where these advertisements gone (news papers looses their... income its different story). Its same trend even in Chennai.

                    So slow down, slump is having great effect on realestate...its true

                    vijay

                    Comment

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