Re-development and cleaner environs has brought back home buyers to Adyar, which notched up the sixth spot in the Magicbricks list of top 10 preferred localities for sale in the Jul-Sep 2014 quarter.
One of the most premium residential pockets of Chennai, Adyar had lost its sheen as a residential address largely due to unavailability of new projects and over-crowding. However, ever since the re-development wave hit Chennai, localities in the central parts of the city have been witnessing new stock in the market.
“New housing inventory in the wake of re-development has re-generated interest among buyers in Chennai, who could very well afford the location but hardly had any choice. Also, those who wanted to stay in the locality but were short of choices due to lack of smaller houses, have more options now. As older independent houses are being demolished to be converted into structures having three-four floors, comparatively compact sized apartments are also available now,” says R Srinivasan of Medsea Properties.
Those who are looking for luxury also have new options due to re-development. “The fact that some of the new projects that are coming up offer a host of amenities such as concierge services, Turkish baths and gymnasiums has sparked the buyers’ interest, who are willing to experiment with such products,” adds Naveen Nandwani, executive director, Cushman and Wakefield. Older developments in Adyar, though expensive, did not cater to the taste of the elite class. Newer developments cater to this unmet demand as well.
This increased preference for the locality was also reflected in the latest edition (Jul-Sep 2014) of PropIndex, the quarterly Apartment Index by Magicbricks. As per the report, Adyar notched up the sixth spot on the list of the top ten preferred localities in the current quarter. This was in stark contrast to the last quarter where it did not even form a part of the list.
Another factor that has contributed towards reviving interest in the locality is the recent cleaning of the Adyar River. The drive to clean the river that was initiated in the beginning of the year has certainly helped localities on the bank of the river. Adyar is one such location.
At present, the capital values in the locality varies from Rs 12,000-16,500 per sq ft, as per data with Magicbricks. This is a rise of more than 30 per cent as compared to the previous year. Considering the new developments in the locality, prices might rise further.
Source: Times of India / Sruthi Kailas, Magicbricks.com Bureau