Chennai property measuring 1,400 square feet sold for Rs 1.27 crore

KOLKATA
A residential unit measuring 1,195 square feet and located in the upcoming location of Rajarhat was leased by a leading corporate for a monthly lease value of Rs 35,000. Rajarhat has seen growth in the commercial as well as residential sectors.

due to the increasing leasing activities over the last few years mainly due to factors such as proximity to the IT/ITeS hub as well as the quality of construction in that location. Many regional and national players have mid-ranged and high-end projects in the location. The lease market here has seen an increase of 11% over the last year but is being sensitive to extreme price rise.

CHENNAI
A second-generation residential property, measuring 1,400 square feet and situated in Nungambakkam was sold for a total value of Rs 1.27 crore at an average capital value of about Rs 9,000 per square foot. The average value in the location ranges from Rs 6,500 to Rs 11,000 per square foot.

The value has seen an increase of about 2% to 11% over the last six months due to an existing interest in the location as it is in the heart of the city and is also the commercial and retail hub. The location is expected to see the same kind of interest in good-quality residential units. However, since there are not too many new projects, the actual number of transactions will be limited.

PUNE
A high-end residential apartment, measuring 1,805 square feet and located in Kharadi, was sold for a total value of RS 82 lakh. The average capital value commanded by the property was about Rs 4,500 per square foot, well within the range for comparable properties of about Rs 4,000 to Rs 5,000 per square foot.

Capital values in the location have remained stable over the last quarter, but it has seen a 38% increase in values over the last year backed by buoyant demand and conducive economic conditions. Going forward, however, the values are expected to remain stable as Pune remains an end-user driven market and is, therefore, easily influenced by factors like high inflation and tightening home loan rates.


Source: Cushman & Wakefield