Madipakkam
Madipakkam is a micro market located in the southern part of Chennai. It is surrounded by areas such as Velachery, Pallikaranai, Pallavaram and Medavakkam. It lies in close proximity to the IT corridor of Chennai, the Old Mahabalipuram Road (also known as OMR) and is well connected to it. It is also well connected to the East Coast Road. Since the Madipakkam area is well connected and is affordable, it is attracting end users as well as investors’ attention. If you are looking to purchase an apartment in Chennai, Madipakkam is one of the places to look out for.The average going rate for apartments in Madipakkam stands at INR 4800 per square feet. In the third quarter of 2013, the prices here were hovering at INR 5300 per square feet on average which was an appreciation of about 27% when compared to the previous quarter. In the last quarter of the year 2013, the prices climbed up by 3% and stood at INR 5400 per square feet on average. The price then came down in the first quarter of 2014 by 11% to be at INR 4800 per square feet. Since then the prices have remained stable.
There is a massive demand for 2 BHK apartments in Madipakkam. This is followed by 3 BHKs. Small to medium sized apartments are in demand in this micro market. The most sought after unit size for apartments here falls between 751 to 1000 square feet category, which is then followed by 1001 to 1250 square feet range and the 501 and 750 square feet range. The most preferred budget range for properties here falls between INR 20 and 30 lakhs, which is followed by INR 30 to 40 lakhs range. Buyers are willing to spend anywhere between INR 4001 to INR 4500 per square feet on apartments here, that is followed by the INR 3501 to 4000 per square feet range.
Perambur
Perambur is a north Chennai locality which is very much in demand. It is located in close proximity to Anna Nagar and is well connected to the central parts of the city. Buyers are willing to spend anywhere between INR 4501 to 5000 per square feet on properties in this locality, which is followed by the INR 4001 to 4500 per square feet range. Buyers are willing to spend anywhere between INR 30 to 40 lakhs on apartments in Chennai at Perambur locality. Thereafter, the preference is for INR 20 to 30 lakhs range. 2 BHKs are the most sought after choice in this locality followed by both 1 and 3 BHKs. The most sought after apartments are smaller units. There is a huge demand for apartments which fall between 501 and 750 square feet range, which is followed by the 751 to 100 square feet range.The average going rate for properties here stands at INR 5400 per square feet. In the third quarter of 2013 the going rate was INR 6700 per square feet, which was an appreciation of 11% from the previous quarter. The prices dipped by 12% in the next quarter and stood at INR 5900 per square feet only to recover by 2% in the first quarter of 2014.
This is a guest post by Sulabha Kulkarni
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