The residential market in Chennai has seen the highest price Rise this year compared to any other location in the country. Home prices in the city recorded a 16% increase this year, the highest across the country even as prices in Delhi NCR and Mumbai registered a rise of 15% and 14% respectively.
Chennai saw the highest price increase of 16 per Cent in the mid-end segment homes and 15 per cent rise in high-end segment homes across major Indian cities.
Driven by upcoming infrastructure, high-end homes in Anna Nagar area witnessed a maximum price appreciation of 33 per cent this year to cost Rs 12,000-14,000 per square feet followed by those located in Nungambakkam which showed a rise of 23 per cent with rates per square foot touching Rs 17,000-20,000, say property management consultants Cushman and Wakefield (C&W). Owing to proximity to the city’s central business district (CBD) area, mid-sized apartments in Kilpauk area recorded the maximum rate increase of 24 per cent at Rs 9,000-12,000 during the year closely followed by 22 per cent rise in Velachery (Rs 4500-6500 per sq ft) and Mylapore (Rs 10,000-15,000 per sq ft) areas.
Chennai has been creating one lakh jobs per year across all sectors for the last three years leading to the growth in its residential demand, said Mr T. Chitty Babu, National Secretary of Credai.
“Spiralling rental prices have forced many a floating population into the city to opt for their own homes spurring growth in the segment,” he added.
The demand is not just driven by IT/ITES sector but others like telecom, healthcare, auto, textile, education, infrastructure are aiding the growth, said Mr Babu, who is also the MD of Akshaya homes.
Courtesy: http://www.deccanchronicle.com/121214/news-current-affairs/article/chennai-housing-prices-go-through-roof
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