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30 Percentage hike for Chennai properties since last September

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Rise of property prices is the main heading for any realty business dailies of the country. According to the recent sources claimed at www.propertykhazana.com there are a mix review of the property hike taking account the various conditions and circumstances of daily requirements. Coming to the southern metro city – Chennai is boarding on a high rise property cart despite the inflation and other financial crisis. It is recorded up to the rise of 30 per cent by the end of the second quarter of September as compared to the same period of the previous year. The central area of the metro is touching much high rate in coming days as compared to the neighboring areas. But the situation changes if one finds property in the northern side of the Chennai like Tondiarpet, Perambur, Dr Radhakrishnan Nagar and Narayanappa Garden where prices are quite stable and depleted down in few cases. The slow rate of development in structural modification is cited as the core reason of downfall of property rates in these areas.
In the main locations of the metro like Anna Nagar, Kilpauk, Nungambakkam, T Nagar and Adyar has noticed a tremendous speed in property rates during last couple of months with an aggregate of 62 percent as compared to the previous quarter despite the higher bank interest and inflation influences. It is estimated that if it continues for a longer term the demand for the housing units will merge up to 11 per cent growth during 2011 – 15. The main reason for higher rate on such areas is due to the lower supply against the growing demand of the residential units. Apart from this closeness to the educational institutions play a vital role in manipulating the rate of residence here in Chennai. Introduction of metros, monorails and MRTS extensions are expected to determine the higher rates of properties on these influential areas in near future.
Source: NIMMA BENGALURU

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