Saturday, January 19, 2008

Bangalore builders set to ruin Chennai outskirts

Rising prices in the real estate sector in Bangalore, the IT capital of the country has turned the attention of several realtors to Chennai, a city which is slowly but surely set to beat Bangalore in the real estate space.
Experts point out that Bangalore is becoming crowded and there is hardly any space for new construction. Moreover due to the demand and supply mismatch, a large number of apartments are lying vacant.
Realtors point out that there were plans to slash the prices of the apartments, but they realised that it was not a feasible option as huge amounts of money had been invested. Builders however may reduce the prices marginally to ensure that the apartments are sold.
Keeping this scenario in mind, several builders are shifting base to Chennai. There is plenty of land available in the outskirts of the city and there is no mismatch in the demand and supply in Chennai, realtors point out.

Builders also have in mind the fact that several IT and automobile giants are shifting base to Chennai. Thanks to this, there would be more demand for apartments in the city, realtors point out.
Builders say that they have been assured of more infrastructure in Chennai compared to Bangalore. In Bangalore, people are scared to invest in certain areas such as Hosur road and Koramangala due to the chaotic traffic. On working days, one would have a three-hour battle with the traffic to reach home.

However, the scene is different in Chennai. The city is better planned and the traffic is well managed. Constructing apartments in a 20-kilometre radius of the city would not be a bad deal as the travel time is negligible thanks to the excellent management of traffic.
Purvankara builders are moving into Chennai in a big way. The firm is constructing 2072 apartments at Pallikarani in Chennai. The builders feel that Chennai is a better bet at the moment thanks to infrastructure available in the city.
In Chennai, builders expect their apartments to be sold off faster compared to Bangalore as there is a huge difference in the prices. In Bangalore, where there is a synthetic pricing, apartments are being sold at Rs 10,000 per square foot, while in central Chennai, the prices are Rs 5000 per square foot.
Builders see Chennai as an emerging market when compared to Bangalore. The prices are affordable in comparison to the unrealistically high prices in Bangalore. With more realtors shifting to Chennai, the city is set to beat Bangalore in the real estate race. But will Chennai go the Bangalore way? Only time would tell.


Anonymous said...

Fantastic blog!

But... anyone who says Chennai is "better planned" than Bangalore is smoking the best weed in the city. Or maybe it's fumes from the Cooum.

I am a Chennaite myself. I remarked to my friends that Chennai traffic moved faster than Bangalore because it had a larger composition of 2 wheelers than Bangalore which had many more cars. Prosperity has its own drawbacks.

But all those are accidents of the situation. No central planning and no infrastructure development happened in Chennai in the 70s, 80s and 90s. I say that despite Gemini flyover, parakkum rayil and the new and improved airport. A city & administration that had its head screwed on right wouldn't have tolerated the misery that is Kodambakkam road, and wouldn't have let the chennai port destined trucks into the city limits.

I think there is a lot more awareness of infrastructure issues now and the government is finally moving in the right direction. But 3 decades of abuse are hard to overcome, which is why I think using the words "planning" and "Chennai" in the same sentence is a big error in judgment.

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