Chennai
A surge in property prices is likely in Shenoy Nagar once the metro rail becomes operational here.
A small neighbourhood located in the heart of Chennai, Shenoy Nagar connects Kilpauk, Anna Nagar and Aminjikarai. Largely a residential area, Shenoy Nagar is seen as an uomarket locality which offers a wide range of homes.
From the standpoint of a buyer, what makes Shenoy Nagar attractive is the price factor. Amit Damodar, director of Chattels Realty Consultants Pvt Ltd, says that the major advantage of investing in a property in Shenoy Nagar is the price. “It is very close to Anna Nagar and is a robust and posh locality. Realtors are very positive about this area and hence, investors can seriously consider this area to make a purchase.”
According to Sonu A Modi, manager, sales and marketing, Fomra Housing and Infrastructure Private Limited, easy connectivity and good social infrastructure are major plus points for this area. “In all likelihood, metro rail services will be available between the Tirumangalam-Shenoy Nagar stretch. This will be the first underground stretch that is likely to be ready by the end of the year. The market will start gaining momentum once it becomes operational.” According to recent reports, the first of the Amma theatres in the state are likely to come up in Shenoy Nagar and T Nagar.
“Presently, apartments with six to eight houses are getting sold out at a faster pace. The availability of ready-to-occupy houses, timely delivery and accessibility with key amenities (car parking and lift services) are few factors that influence buyers decision. In the current scenario, prospective buyers make a proper study of the area where they want to buy and come back only after 45 to 60 days to finalise the deal,” says Sonu.
Kumar S, owner of Masterpiece Properties, says, “Many home buyers prefer to invest in places like East Coast Road and Pulla Avenue. A major advantage is the availability of hospitals and ground water facilities in this locality. Wide roads and the Thiru Vi Ka Park (spread across several acres) are major “There are not enough land parcels available and this has made people rely upon apartments that would also give them a sense of security. Land within city limits is becoming scarce and expensive. A ground here costs a minimum of Rs 2 crore.”
According to realtors, the upper-mid segment has been doing well in this locality. Kumar points out that the pricing is nominal, but once the metro comes up, there will definitely be a huge hike in the price.”We can also expect the commercial segment to grow, but that would lead to parking woes and traffic congestion.”
The cost of buying a house would range from 15,000 to 16,000 per sq ft. “The rentals fall between Rs 15,000 and 30,000 for a 2-BHK and 3BHK respectively,” says Sonu A Modi.
Developers believe that the price correction, which was being awaited by buyers, has happened. “The perceived lull in the market was mainly because prospective buyers were waiting for some correction and reduction in prices as well as a more streamlined sizing of an apartment, which seemingly has happened. Enquiries have picked up and sales are on an upward trend again, thereby creating a comfortable platform for both buyers and sellers,” concludes Amit.
Source Shweta V, Times Property, The Times of India, Chennai