Property market overview February 2012 - Chennai
Chennai the capital of Tamil Nadu is the 6th most populous city in India. Chennai, formerly known as Madras or Madarasapatinam, is home to Carnatic music and Bharata Natyam, an Indian classical dance. Now this heritage city is shaping well as an IT, healthcare & Automobile destination of India. Real estate growth in Chennai has been very stable compared to other metros like Mumbai, Delhi & Bangalore. In spite of an overall slowdown in property market owing to high interest rate and inflation, the city has experienced a small but meaningful appreciation of around 4% in the past 7-8 months.
Top 5 localities in Chennai on the basis of maximum real estate action are OMR, Velacheri, Thiruvanmiyur, T. Nagar and Singaperumal koil. The average per square feet (psf) rate for the city is around 5400/-.