From last several months residential property rates are going through the roof for several months, but according to the fresh reports at the end of the September was 30percent comparatively with the last year.
According to the NHB Residex, an RBI-supervised mechanism that tracks housing prices in approx 15 cities said that “Chennai central business district f\has witnessed of huge rise in prices due to the uptrend in housing demands.” Though in North Chennai there is fall in property prices in the following areas Tondiarpet, Perambur, Dr Radhakrishnan Nagar and Narayanappa Garden due to the slow progress in projects.
In spite of country is facing economic slowdown, rising interest rates and recession property rates in the region are going upward- Anna Nagar, Kilpauk, Nungambakkam, T Nagar and Adyar have been rising. In Nehru Nagar, Chepauk and Marina areas prices rise to 62% comparatively last June. As per the market experts, Chennai’s property will see the robust growth in the forthcoming quarters. However, property prices in the region have plunged to 9% in the 3rd Quarter comparatively to the quarter ended June.
Whereas several market watchers said that, the demand for residential units in Chennai is likely to see a compounded annual growth rate of 11% during 2011-2015.