Property market overview October 2011 - Chennai
Chennai, the 5th most populous city in India has been shaping well as an IT & Automobile destination of India. Real estate prices in Chennai are historically more 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 8% in the past 7-8 months. Among areas, Chennai South is the main property hot spot and sees maximum concentration among property seekers.
Top 5 localities in Chennai on the basis of maximum real estate action are Thiruvallur, Sriperumbudur, Anna Nagar, OMR and East Course Road. The average per square feet (psf) rate for the city is around 5400/-.