Chennai's Velachery : Capital Values rise 40%..!

About 74% of the new launches catered to the mid-range segment followed by the affordable category.

Chennai saw a 40% rise in capital values, the highest across India, finds the latest quarterly report from Cushman & Wakefield.a

In the city, Velachery saw the highest year-on-year rise in the mid segment, while it was Anna Nagar in the high-end segment.

Chennai, along with most other cities, showed a big decline in the launch of new projects.

Said Mr. Shveta Jain, ED – Residential Services, Cushman & Wakefield, “Developers are now following strategies like 20:80 scheme &  smaller configurations at lower ticket prices to boost sales.”

Cushman & Wakefield (C & W) reported that an estimated about 38,000 residential units were launched by organized developers in the first quarter of 2013 in Indian major cities registering a marginal decline of about 2% over the previous quarter.

According to the latest quarterly reports, Chennai's Velachery in mid end segment witnessed the highest year on year rise of 40% in capital values across India contributed by surge in demand due to upcoming infrastructural projects.

In addition, T. Nagar & Mylapore recorded 21 & 26 % appreciation post the launch of new projects at high capital values. In the high-end segment Anna Nagar saw the highest increase at 38 % due to high demand and lack of supply, followed by Kotturpuram (25%) and Nungambakkam (22%).

Most of the micro markets are likely to have stable capital & rental values in the coming months. Certain locations like Velachary, T Nagar &  Adyar in the mid segment are expected to witness an increase in capital values due to high demand. Whilst East Coast Road (ECR), Rajiv Gandhi Salai (or OMR) and GST will witness a number of new launches in the next quarter.

Nearly 74% of the new launches catered to the mid-range segment followed by the affordable category.

Capital Values Increase..

City                     Rise

Chennai Velachery         40 %

T. Nagar                            21 %

Mylapore                          26 %

Anna Nagar                     38 %

Kotturpuram                    25 %

Nungambakkam            22 %

Contact:

Cushman Wakefield - Chennai

Cushman & Wakefield (India) Pvt. Ltd.

Paramount Plaza, 5th Floor, 7A/22, Nungambakkam High Road,

Chennai - 600 034

Tel: + 91 44 4299 5555 , Fax: +91 44 4299 5566

Amala Jose

+91 99529 59445

amalajose.j@ap.cushwake.com

Karthik Rajan

+91 97890 56165

karthik.rajan@ap.cushwake.com

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