Real estate continues to soar

Oh well, so we will be seeing more of such news I gather. In the last few months there have been repeated mentions and articles about Chennai’s real estate boom and the latest news piece mentions that

Setting a new benchmark in real estate prices on the IT Highway in the city, a Chennai-based company, Saleem Leather and Shoe Exports, today took a 2.77-acre plot on auction through the High Court for a whopping Rs. 31.6 crore. This works out to Rs. 11.4 crore per acre which is around Rs. 4.4 crore more than the prevalent market price on the IT Highway. The auctioned land, about 8 km from Tidel Park, was owned by Srushti Shoes Limited. Several IT companies including Cognizant, TCS and Satyam, have their units very close to the site.

The mantra is to hold on tight to the land that one owns in the city I guess. The value is bound to increase.

1 Comment so far

  1. vici (unregistered) on April 4th, 2006 @ 5:59 pm

    I think you are right, now is not the time to invest in these places though.Good fortune to those who put in the money then when prices were not so high

Terms of use | Privacy Policy | Content: Creative Commons | Site and Design © 2009 | Metroblogging ® and Metblogs ® are registered trademarks of Bode Media, Inc.