Chennai

Residential apartment prices have increased marginally in most micro-markets in Chennai between the first and second quarters of this calendar year, the latest residential price index (Residex) released by the National Housing Bank shows.

The growth ranges from 0.75% to 9.4%. The lowest rise in prices was recorded in Mylapore, Adyar, Velachery and Thiruvanmiyur and the highest in Virugambakkam, Anna Nagar, Kilpauk and Nungambakkam.

On a year-on-year basis, the increase in apartment prices ranges between 10% and 43%. Ayanavaram and Purasawalkam registered a 10% increase in April-June 2014, compared to the corresponding period last year and Mylapore, Adyar, Velachery and Thiruvanmiyur recorded a 43% increase.

The indices also show a slide in prices in the five micro markets of Egmore, Chetpet, Ashok Nagar, T Nagar and Saligramam, where the cost of apartments dipped by 1.4% to 7.7% between the first and second quarters this year. On a year-on-year basis, Egmore and Chetpet registered a 13% drop in prices, during which time Ashok Nagar, T Nagar and Saligramam recorded an appreciation of 24%, showing that the cost of apartments increased in these three locations for some time but fell in April-June 2014.