Tamil Nadu capital Chennai, as we have come to believe, is a conservative market. But the recent price rise in the city's residential market paints a different picture.
According to 99 acres.com, a real estate portal, property prices in Chennai city have gone up by 11% in the first quarter of 2012, as compared to the first quarter of 2011, in terms of price per square foot.
Besides, the National Housing Bank (NHB) Residex Index shows that Chennai has registered a 204% increase in prices of residential property in the period between 2007 and 2012. While the price rise may seem exponential, developers argue that it's not really the case.
Mr. Vineet Singh, Business Head, 99acres.com, Said, “Chennai is a relatively strong & stable market as indicated by the year on year healthy increase in price. There is adequate supply & demand in this market and the increase of 11% is not abnormal. Therefore, end users or first house buyers can look to buy property at the current rate as prices are expected to grow at a similar pace over the next one year as well”
Highlights of Survey..!
^ As per a study by the 99acres.com portal, property prices in both Ambattur & Anna Nagar witnessed a 16% increase in Q1 (January to March) -2012 over Q1-2011.
^ Mogappair saw a 22% appreciation during the same period with per square foot rates being about Rs.3,500 in Q1-12 .
^ T Nagar, Urapakkam & Medavakkam saw prices appreciate within the range of 15% & 23% in Q1-12 over Q1-11.
^ During the same period, Madipakkam & Pallikaranai saw prices move up by 6% & 3% respectively.
* Thoraipakkam, on the other hand, saw prices dip by 2% during the same period.
According to 99 acres.com, a real estate portal, property prices in Chennai city have gone up by 11% in the first quarter of 2012, as compared to the first quarter of 2011, in terms of price per square foot.
Besides, the National Housing Bank (NHB) Residex Index shows that Chennai has registered a 204% increase in prices of residential property in the period between 2007 and 2012. While the price rise may seem exponential, developers argue that it's not really the case.
Mr. Vineet Singh, Business Head, 99acres.com, Said, “Chennai is a relatively strong & stable market as indicated by the year on year healthy increase in price. There is adequate supply & demand in this market and the increase of 11% is not abnormal. Therefore, end users or first house buyers can look to buy property at the current rate as prices are expected to grow at a similar pace over the next one year as well”
Highlights of Survey..!
^ As per a study by the 99acres.com portal, property prices in both Ambattur & Anna Nagar witnessed a 16% increase in Q1 (January to March) -2012 over Q1-2011.
^ Mogappair saw a 22% appreciation during the same period with per square foot rates being about Rs.3,500 in Q1-12 .
^ T Nagar, Urapakkam & Medavakkam saw prices appreciate within the range of 15% & 23% in Q1-12 over Q1-11.
^ During the same period, Madipakkam & Pallikaranai saw prices move up by 6% & 3% respectively.
* Thoraipakkam, on the other hand, saw prices dip by 2% during the same period.
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