With the IT sector growing across Old Mahabalipuram
Road (OMR), real estate market of Perumbakkam, a suburb in south
Chennai, is benefiting on account of its location. Being 2 km away from
OMR, it is almost equidistant from all prime IT hubs such as Velacherry
and Sholinganallur and the commercial Thoraipakkam. As per
MagicBricks.com data, the locality has witnessed a whopping 21 per cent
rise in property prices in the Oct-Dec, 2012 quarter.
Perumbakkam
is well connected through OMR, Tamabaram-Velacharry Road and
Medavakkam-Sholinganallur Road. Its strategic location has been a major
reason for a steady demand and capital appreciation in this area. Perumbakkam enjoys good connectivity with important roads and is close
to the upcoming ELCOT SEZs. Therefore, one can expect a good increase in
values in five years.
Apart
from the location advantage, another factor adding to the price rise is
the Government’s policy of premium FSI which came in 2010. The policy
gave the builders a scope to make larger homes, due to which the prices
have risen from Rs 2800 per sq ft in 2010 to Rs 5,000 per sq ft in
2012.
The locality is
primarily driven by end-users accounting to almost 60 per cent of the
total buyers. Thus, in accordance to the demand, majorly 2 and 3 BHKs of
sizes ranging from 900-1,500 sq ft are offered in Perumbakkam. The
average prices of these range from Rs 3,800-5,000 per sq ft.
Owing to this, the
rental market too has witnessed an escalation of 8 per cent in the last 6
months. The rental values range between Rs 15-18 per sq ft. Thus, with its outstanding
connectivity, proximity to commercial locations and social
infrastructure, Perumbakkam seems to be good for all buyers. While there
is comfort for end-users, investors can hope for large appreciations in
the coming years.
Source : Shradha Goyal, MagicBricks.com Bureau
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