Scarcity of space and Spiralling Prices
Chennai property market is constantly in the news for the consistent upswing in prices and the ultra-premium developments that are cropping up in the city. What is typical about lot of these projects is the speed at which they are being lapped up by the buyers. All this has now resulted in an acute shortage in the availability of quality housing.
As the developed world looks to relocate some of its business processes to Chennai, the city is heading for an acute housing shortage and civic infrastructure crunch.
The residential rates in Sholinganallur, about 20 km south of Chennai, are Rs 2,000 to Rs 2,500 per sq.ft. up from Rs 800 and Rs 1,000 a sq.ft. last year. In areas like Alwarpet and Adyar, in the heart of the city, prices are about Rs 4,000 a sq.ft