Property prices in Chennai are charting a steep course, making the city one of the fastest growing real estate markets in India. At the HDFC India Homes Fair at the Hotel Renaissance in Dubai between August 23 and 25, NRIs from Chennai were the focus of attention.
Chennai’s emergence as an IT and automobile hub has raised the quality and worth of the properties in the city, and the average cost of a property is approximately Rs.4.5 million. Even after the 50% increase in property rates since October 2006, real estate in Chennai is more affordable than other metros.
The HDFC India Homes Fair in Dubai attracted genuine buyers who purchase
properties for their relatives in India or for their own future use. Participants
at the fair receive a good response from NRIs in Dubai. A fair amount of
sales are made – last year’s event recorded 200 sales, averaging Rs.3 million in value.
19 leading developers participated in the fair, with approximately 12,000
properties on display. The participants included the Alliance Group, Appaswamy
Real Estates Ltd, Chettinad Housing, Doshi Housing, Hiranandani Palace
Gardens – Chennai, Jain Housing, L & T Arun Excello Realty, Lancor Holdings, Ozone Projects, True Value Homes and VGN Enterprises .
Investment in Indian real estate is expected to touch USD 20 billion by
2010. Property rates in Indian metros have undergone a corrective phase
in the last 6 months, though industry watchers are expecting a steady growth
by the year-end.