Real estate sector plans new initiatives in Chennai
CHENNAI: Several stakeholders in the real estate sector are planning new initiatives in various localities on the fringes of the city with a mix of hope and caution. Perungudi is one such locality.
“Most of the leading retail brands are planning to have showrooms in Perungudi,” says L.Dhayanidhi, vice-president, Chennai Real Estate Agents’ Association.
As some of the recently established retail outlets in the locality have reported relatively better sales, it has given rise to enthusiasm among others planning similar venture, he says.
Interestingly, the toll gate on Rajiv Gandhi Salai has emerged as one of the factors that determine the rentals, particularly commercial space.
Recently, three new companies opted for a commercial space located before the toll gate, he says. According to real estate agents, the commercial rentals beyond the toll gate have a reduced value of around Rs.5 per sq.ft.
Many builders agree that they expected the toll way to serve as a catalyst for real estate development, particularly of residential construction projects.
The construction of houses for earning rental income is a lucrative business in Perungudi.
News Published Under: The Hindu