Sriperumbudur facing real estate problems.

Q: Government has unable keep promises. Is it affecting Sriperumbudur real estate ?

Venu Gopal, Chennai

3rd November 2014

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Replies (2)

Hi all,
Sriperumbudur is one of the good location to invest in chennai market . currently the market rate in this area is 2700 to 3100 per sq ft . but due to unsold unit in current market is more more if the area is not getting more appreciation in current yes but in coming yrs situation will be reversed and it area get benefited with good return as well as better govt. plan .

Komathi, Chennai

21st January 2015

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Hi Mr venu,

As per my knowledge, Sriperumbudur is one of the posh localities in Chennai. This place is known as manufacturing hub over last seven years. But now a days real estate appreciation in this region is very much low as compare to Chennais outlying areas. Developers who have promoted residential projects there are not enthused about launching new ones.

Pavan kumar, Chennai

3rd November 2014

Comment

Hi Venu,

Almost all major residential projects have huge unsold stock. Some Realtors said the real estate market here never took off owing to a mismatch between land price and selling price of apartments. But this is not a big issue for some developers. According to those developers, low appreciation was the hallmark of any end-user market catering to the affordable housing segment.

Ramana Vignesh, Chennai

3rd November 2014

Hi Guys,

Sriperumbudur fired the imagination of Realtors after Bangalore-based Velankanni group bought Anubhav Foundation’s 161-acre farm at Sunguvarchatram, 4 km from Sriperumbudur, for 60 crore in a court auction . When the property, which most realtors valued at hardly 6-7 lakh per acre, went for 37 lakh per acre in 2006, it is pretty shocking & amazing. Since then, land value surged almost 4-5 times and major real estate firms picked up large swathes of land.

VKumar, Chennai

3rd November 2014

Hi Mr Venu Gopal,

As per the history of Sriperumbudur, Prince foundation had a 440 unit complex in 2007 at rate 2300/sq-ft. This project completed in year 2010. But the interesting part is they have not been able to move out yet because they still have 30 unsold units over there. The last unit they sold was 2months ago at the rate 3000/sq-ft. Which is really a big question to developer.

Ravi Kumar, Chennai

3rd November 2014

Hi Mr Venu,

As per my knowledge, people who wants to resale their property are facing big problem. They suffer a 2% per annum depreciation on the current market price. For instance, they have to sell a four-year-old apartment at 8% less than the price of a new apartment. Every body saying that this issue occurred because of none of the promises, including greenfield airport, and rail link, made by the government have been kept.

Priya Sharma, Chennai

3rd November 2014