 'Sedate'
and 'steady' are the words that best describe the Commercial Real
Estate scene in Chennai.
In the boom period of early 1994, when every builder jumped onto
the bandwagon, Chennai's commercial market prices did not hit the
roof, as it did in other metros. At the other extreme, when there
was a slump across the country, this metro seemed the least affected.
So the city has, in truth, weathered both sides of the real estate
storm.
The current scenario in the Commercial sector in Chennai is proving
conducive for the construction industry. Builders are going ahead
at full steam to meet demand.
The IT sector is one of the most active buyer-segments in the market.
And more demand is likely to be generated from Back office operations,
Information Processing centres and Software development.
The hot and happening areas in the city in this sector are: Nungambakkam,
Mount Road (1 km radius near Anna Fly Over) and Dr. Radhakrishnan
Salai.
TRENDS IN COMMERCIAL PROPERTY
PRICES
Approximate selling prices per square feet
(In Rupees):
|
Area |
Price per Square feet
(In Rs.) |
|
Adyar |
1900 |
|
Alwarpet |
2800 |
|
Anna Nagar |
1750 |
| Anna Salai
|
4200 |
| Cathedral
Road |
4350 |
| Egmore |
3200 |
| Greams Road
|
3000 |
|
Guindy |
3000 |
| Lloyds Road
|
2800 |
| Nungambakkam |
4500 |
| Poonamallee
High Road |
2400 |
| Purasawalkam/Kilpauk |
2400 |
| Radhakrishnan
Salai |
4650 |
| T. Nagar |
2600 |
|
Approximate Rental prices in select locations (In
Rupees):
| Location |
Rent per square feet
(In Rs.) |
| Adyar |
17-26 |
| Alwarpet |
13-28 |
| Anna Salai |
22-50 |
| Ashok Nagar |
12-20 |
| Cathedral Road |
25-45 |
| Egmore |
25-35 |
| Greams Road |
25-30 |
| Guindy |
15-30 |
| Nungambakkam |
20-48 |
| Poonamallee High Road |
20-35 |
| Purasawalkam High Road |
15-20 |
| Radhakrishnan Salai |
30-50 |
| T. Nagar |
17-32 |
|
Author : Hema Rengaswamy |
