Chennai
Pallikaranai locality in Chennai has seen an increase in NRI buyer interest in the recent past. T. Madavan, a local realtor with Remax Gold pointed out that many residents of this locality, living abroad, are investing in the locality. He attributed this to both, sentimental and investment reasons.
Majority of the residents from this locality have shifted base to countries like Australia, Canada and Dubai. One of the projects that has especially seen increased interest from the NRIs is KG Green Meadows by KG Builders, Madavan added. KG Green Meadows offers luxury apartments for about Rs 5,100 per sq ft.
Another reason that can be attributed to the increased NRI interest here is the presence of neighbourhood areas like New Colony, IIT Colony, VGP Shanti Nagar, Maxworth Nagar, Viduthalai Nagar and Kamakoti Nagar.
As per MagicBricks data, the capital value of builder-floor apartments in this locality is from Rs 3,600 to 3,800 per sq ft depending on the area, location, age of the property, developer, typology and other attributes of the property. The locality has seen an increase of about 4% in capital values of multi-storey apartments in the Oct to Dec quarter compared to the Jul to Sept quarter last year.
Major part of this locality is a part of a reserve forest area and therefore, the locality is surrounded by a calm, peaceful and green environment. Some prominent builders here include Doshi Housing, Maxworth Homes Ltd, Puravankara Projects Ltd, Real Value Builders & Developers, Akshay Builders, among others.
Source: MagicBricks Bureau
