Chennai
Plotted developments have always been one of the most preferred options for property buyers in Chennai. Infrastructural developments along with the revised guideline values in April 2012 have benefitted many existing investors in Chennai. Poonamallee, a suburb of Chennai, is one such location, which has provided great appreciation in plots in this year, particularly owing to these two factors.
“The prices of plots in Poonamalee have almost doubled in this year due to the increased guideline values and the construction of the four-lane state highway,” says M Sulaiman of Agr Real Estate, a city based realty firm.
“While the approved plots in the sizes varying from 1,200-2,400 sq ft in Poonamallee used to cost somewhere between Rs 700-800 per sq ft a year back, they are now available in Rs 1,500-2,000 per sq ft,” informs P Amarnath of VIP Housing and Properties.
Similarly, the impact of guideline values has been visible on the prices of apartments too. The area offers 1 and 2 BHK apartments with sizes varying from 800-1200 sq ft. These apartments are currently priced at about Rs 3,500 per sq ft. About a year back, the same apartments were priced at Rs 2,500-2,600 per sq ft, adds Amarnath.
As for infrastructure is concerned, Poonamallee is situated on the end of the Mount-Poonamallee High Road, and is well connected by the National Highway 4 and the state highway. The demand mainly comes from buyers working in the commercial districts such as Sriperumbudur and Katupakkam. “Poonamallee receives its major residential demand from the workers of these two areas,” adds Sulaiman.
The potential for appreciation and good connectivity bring both end users and investors here in a ratio of 40:60. As the state highway gears up for its inauguration in the end of December 2012 experts anticipate a bright future for the locality. “We expect another jump in the capital values of properties here. They might go up by another 50 per cent in the next one or two years,” says M Sulaiman.
Shradha Goyal, MagicBricks.com Bureau
