Chennai’s metro’s corridor 1 plan covering Little Mount near Saidapet has started pushing realty prices for residential and commercial property. The city’s neighbourhood has become the nerve centre of connectivity in and out of the city as the arterial road diversion via Sri Nagar colony has already made commuting a nightmarish experience for people every day.
With rail and bus connectivity providing uninterrupted services throughout the day, Saidapet has been driving the demand for housing to an unprecedented level. Lack of land for residential development has pushed both rental and capital values of apartments in the neighbourhood. Capital values are being quoted at Rs 8,000 per sq ft in West and East Saidapet whereas in Sri Nagar colony, an idyllic neighbourhood near bus depot, the quoted value starts from Rs 16,000 per sq ft onwards. Even resale units are being quoted at Rs 55 lakh for 2BHK units in West Saidapet and Rs 85 lakh for 2BHK units in Sri Nagar colony, said Jayakanth, a realtor with I Homes.
Scarcity of land availability is the major reason for the sudden surge in apartment value. Sri Nagar colony is now buzzing with activity due to vehicular movements. Land values are being quoted at Rs 5.25 crore per ground (2400 sq ft). Rentals being cited are Rs 15,000 per month and above for 2BHK units and Rs 18,000 – Rs 20,000 per month for 3BHK units depending on the developer, building and amenities offered in the project. Sri Nagar colony is also home to some of the celebrities in the Tamil film industry. Proximity to Raj Bhavan, Anna University and IT Corridor provides recurring demand for rental housing.
The demand for housing – new and resale units have increased as the metro station will soon become functional. Resale residential units are being quote at Rs 12,000 per sq ft for a 16-year old project in Sri Nagar colony. The establishment of a police station to check crimes in the locality has also been an influencing factor in increasing the demand.
With the impending metro station and the continued diversion of arterial road via Sri Nagar colony in Saidapet, the transit crowd would further aggravate the congestion and facilitate more people to migrate to the neighbourhood in search of housing. Property developers are eyeing existing buildings for redevelopment opportunity in anticipation of additional housing demand in future.
Source; Times of India Chennai/ V Nagarajan, Magicbricks.com