A well developed residential area of Chennai, Adyar
serves for those looking for very quality living. The locality which has
witnessed consistent upswing in property prices in the past one year has now
got limited land supply for any new development.
The limited supply & developed infrastructure of
the locality is constantly pushing the property prices up. The area is well
connected to the airport, railway station &
is within a distance of about 10 to 12 km.
Proximity with the IT corridor,OMR (Old Magapallipuram
Road, Now Rajivi Ghandi Road) makes it one of the most preferred residential
areas among middle& upper middle class.
Overall Investment!.
Mr. William Mathews, Director, TVH said, " Most of the individual plot of land
owners do joint venture (JV) with local
developers taking advantage of FSI (Floor Space Index) in creating a nice stilt
plus 3 floor apartment complex"
Adyar's location also adds value to the overall
investment.
Mr. K.Chandrasekhar, MD, Rajam Property Management
Services Private Limited.
said, "Its strategic location, cosmopolitan
demography in the area & proximity
to Elliot's Beach attracts property buyers from different working class such as
industrialist, government officers, professionals working in the TIDEL Park and
IT companies in OMR"
Mr. Seshadri Puvvada, Managing Partner,Get Home Get
Loan, said"Owing to limited
space for development & high plot of land values, the area is witnessing
developments by small builders who buy small plot of land parcels . The current
average price of plot of land starts from Rs. 3 crore per ground (5.51 cent or
2400 Square feet) depending upon the location, frontage & other attributes
of the property. The builders are majorly constructing 2 & 3 BHK flat with
facilities. The restriction of development of more than 4 (Four) kitchens on
one ground of land is also restricting builders to come up with small unit size
apartments"
Average Flat Size and Price..!
The average size of a 2 BHK apartment is between 1,000
square feet to 1,200 square feet and 3 BHK unit size ranging between 1,400
square feet to 1,600 square feet. The locality also offers limited number of
options in large size developments.
Properties in the gated community attracts premium of
Rs. 1,500 to Rs. 3,000 per square feet.
The average price of flat ranges between Rs, 11,000
per square feet and Rs. 13,350 per square feet.
Investors & End Users..!
Due to high presence of investors &
end-users,there is healthy demand for properties on lease.
A 2 BHK,1,000 square feet -1,200 square feet flat
commands a rental between Rs. 20,000 and Rs. 25,000 per month for unfurnished
apartment.Owing to healthy demand for properties on lease, there is consistent
increase of 10 to 15 per cent on annual basis in rental values.The Adyar area
is poised to witness healthy demand in future.
Src: TOI
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