Conflagration caused by the hike in Chennai properties is attributed to it being a major IT hub, with boom in major projects in the coming years. And talk of the town are two of its localities where the interest in investment is scaling new heights. The maximum demand for property is going high in the localities, Medavakkam and Pallikaranai. The parts of South Chennai, both these places can be seen as the “next-big-things” on the map of real estate in India.
The strategic location of Pallikarnai attributes the expected appreciation of prices a few yaers from now. It is well-connected to other important localities like OMR. By 2017, the prices are likely to see a rise of amazing 93%!! Though the last 12 months have seen a price rate that was relatively stable, the rate is expected to rise more. So, the buyers who are going to buy apartments in Chennai, this locality can be one of the best choices, among others. Here, the price per sq. feet in the month of July, 2013 stood at about 4382 per sq ft. ,which is a little below the price rate in the July last year: Rs. 4392 per sq ft.
On the same lines, in Medavakkam, the property prices are expected to soar to double of the present rate in 5 years, thus making the locality a lucrative choice for theinvestors. Let’s explore the price rate scenario here prevailing from the past one year. The figure of RS. 3704 per sq ft in July, 2012 got a sharp decline in August, with the rate of property being 2475 per sq ft. This continued till September, but after that, a staggering rise to 4451 per sq ft and the relative stability after that made Medavakkam a much sought after spot for investing in property in Chennai.
The southern and western parts of city are particularly favorable for flats for sale in Chennai. And their contribution to the real estate is the largest, as compared to other regions. The demand is maximum for 3 BHK units that contribute to about 40% of the total demand for the residential houses. The connectivity to monorail and Outer Ring Road has given the much-desired push to the real estate here. In the years to come, it is expected that the demand will come at par with the supply of the units, with more requirements coming for office space.
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