Chennai – Properties in T Nagar become affordable

Properties in Chennai’s T Nagar become affordable
If you  are a prospective home buyer in Chennai and if you have been vying for a house in one of the premium localities, your search stops here. As per data with Magicbricks, property prices in T Nagar have dropped by 7 per cent making it relatively affordable. And no, it has not lost its sheen either!
Prices at T Nagar currently stand at Rs 10,500 per sq ft.  However, it is not a secret that in such areas, despite dwindling prices, there is a prestige value attached.  Not only that, the rental market in T Nagar is also fast moving and is an attractive source of returns! Here’s a roundup:
Property prices

For a 1BHK unit, prices start at Rs 44 lakh for a 580 sq ft flat. The 2BHK units cost you between Rs 50 lakh to Rs 1 crore for sizes varying from 650-1300 sq ft. Larger configurations need you to shell out Rs 1.5- 6 crore. The sizes could be as big as 3300 sq ft. Residential houses on sale start at Rs 50 lakh and can command as much as Rs 6 crore. Most of the accommodations are semi-furnished and ideally located.

For investors – bigger the investment, fatter is the return! A 3BHK unit can fetch anywhere between Rs 20,000-95,000 per month! The 2BHK units fetch Rs 12,000-80,000 monthly. Units of 1BHK are few, but can command upto Rs 22,000 per month!

Anand Kumar, a realtor at Chennai Realty Services says, “Capital prices keep dwindling, but investors benefit. Look from a mid-term perspective, the disposable income of the people will not drop and thus the price appreciation is a given. Plus, it is a central location and cannot command less than what it is now.”

Amenities

T Nagar is one of the well-known commercial centres in the city and an equivalent of Delhi’s Connaught Place and Mumbai’s Linking Road. Residents enjoy the strategic location and the benefits in terms of its proximity to work places, educational institutions, open spaces like the Somasundaram Corporation playground, Pannagal Park and the scope of returns on your investment!

Arthi Udaykumar, realtor at Good Lands says, “T Nagar is a premium area for residential and commercial purposes. There are numerous schools and colleges and the neighbourhood boasts of well settled people.”

The scope of appreciation in the area has also caught the fancy of many NRIs and locals who wish to invest in T Nagar. “Rental yields in the range of Rs 40,000-50,000 monthly for a 3BHK means your investment is not going down the drain,” adds Udaykumar.

M Ramesh, proprietor at Naveen Realty informs, “If you are looking at your investment from a five year perspective, your returns could be three times the money you put in.” Udaykumar affirms, “Five years and you can expect almost a 70 per cent leap.”

The locality is amongst the busiest, housing the famous Usman Road and the “Dubai of Chennai” as Udaykumar puts it. The area is popular for the numerous jewellery stores, textile and finance outlets that ensure swarming crowds all day. During festivities, you shouldn’t be surprised if you see almost five lakh people shopping in the same area.

Infrastructure

If you are at T Nagar, you are just 8-km from the Chennai Central Railway Station and 12-km away from the International Airport.

Public transport like buses, taxis and autos ply on a sharing basis in the area. These connect major landmarks like Mylapore, Kodambakkam, Avadi, Parrys, Tambaram and the likes.

However, Udaykumar points out, “the streets are very busy and the traffic gets unruly at times. Lack of proper parking space adds to the chaos. Moreover, the roads need mending as even a slight drizzle causes clutter.”

“The busy streets ensure that the locality is safe and there have been no major incidents of theft and burglary. Moreover, unlike far off places where you have to travel to do basic shopping, T Nagar ensures you would not spend more than half an hour on going and getting back,” adds Udaykumar.

Sounds interesting? If returns are what you look forward to, grab the chance to have a property in T Nagar.

Source Times of India  Magicbricks.com Bureau