Chennai real estate after tsunami Chennai woke up to gutsy morning

 

 
 

 

 

Chennai Real Estate After Tsunami

Chennai woke up to gutsy morning on 26/december /2004, a day after Christmas. Chennai has a pleasant weather in December. Mornings are chilly, afternoons are mildly warm, evenings cool, and nights cold. Marina, the lovely beach of Chennai was bustling with activity. Walkers were having their busy schedule, joggers were sweating out, Eliot’s beach was filled with banter. Boys were playing cricket, and the fisher folk were involved in their sojourn. At half past 8 in the morning, giant wave rose dived towards the shoregilping the walker joggers, cricketeers, and fisherfolk. Wave after wave charged the shore. The coast line was in tatters. Tsunami had originated from Indonesia as early as six in the morning,travelled acrossPhillipines, Malaysia, Andaman Southern peninsular India, and Sri lanka. The sea was inexplicably furious, and its hunger was enormous, Millions fell a prey to the wrath of the sea.

The terror struck Chennai saw its people moan and wail. The Government evaucated the people from the coastal belt. The madras Metropolitan authorities enforced strict regulations as to the predicament of the construction in the coastal ares Construction should be carried out at a distance of 300meters from the sea. The buildings near the sea were badly hit. The beautiful beach houses and resorts were in rags. The east coast road which was dotted by such retreats wore a weary deserted look. Inhabitants at Kottivakkam ,Palavakkam,and Neelankarai were awe struck. Though no damage wass done to their habitudes,,they were in tenter hooks. The MMDA took the cudgels. It appointed valuers and meticulously maonitores the rules.

Price of the properties inthese areas tumbled by 5-10%

Lesser known areas like Gudavancheery,Velachery,Vandalur, and Tambaram which had a low profile and equally low price tag rose to prominence. Realtors flocked to thes areas. Surveyed the areas, which came tobe labeled as safe pockets.

Cultivable lands were plotted, metal roads were laid, infrastructure was developed in no time. A plot of 2750 sg ft bought by a Chennaite for 1.25 lakhs,who was working elsewhere,a few years ago. He came to Chennai with the intention of selling it in late 2005,for 1.95 lakhs. When he enquired about the rates in Chennai he was flabberghasted,Realtors were ready to buy it for 6 lakhs -a neat profit 4.75 lakhs. His mind prompted to postpone the sale. He went back to his work spot-a happy man. His plot will surely fetch him 12 -15 lakhs. Let us wish him well.Thanks to Tsunami. Meantime the coastal areas again came to limelight. Human spirit is stoic and human memory is weak. Apprehensions and terror faded from human mind. The buying spree started, Prices increased by 10-15%.Now the cost per sq ft is 2400-2800Rs.Santhome ,MRC Nagar,and Besant Nagar score 3500-3800 per sgft.

C.V Subba Rao of Ceebros ,quoths"land demand is unmet"
Naresh Jain of Vijay shanthi builders quips "land is a rarity wihin city limits"
Dinesh Hemdev sums up "Every inch of land is Valuable".

If any house comes for sale,the realtors beseige the owners,Each one vying to clinch the deal. Recently a rich man died bequeathing his property in Chamiers road to his three sons,The sons put the property for sale. The brokers tiraded thm with bids 8,12,14, crores. The sons were totally beguiled. The three of them decided on price of 16 crores.But as a practical joke the tagged it as 30 crores,chuckling and grinning at human fallacy.THeir joke became trus. The deal was concluded for 28 crores. The sons were spell bound and stunned. A very specctacular deed!! Another sprawling bungalow was sold for 36 crores.Old timers who made little investments in 1950's and 1960's, if alive will be exhilerated,if dead will be turning in their grave to see their progeny minting gold out of their saving,
Areas near Anna salai are exorbitantly expensive,quoting 10000-12000/sq ft.

Chennai, atraditional,orthodox city is losing its garb ofcosrvatism. A few years back it was a country cousin ti its counterparts Mumbai and Delhi. Banagalore inrecent times has over taken Chennai inits moderniyty. Varnatic music- the classical is now matched by pop music, ethnic food outlets face stiff competition from Mac Donalds and Pizza huts,Bhakthi is outclassed by erotic,

Setting up of I.T corridor in Tatramani,establishing of multinational manufacturing units, have added to the price boom.Investment in properties poses no problem to 25-35 age group,as they earn a lot and spend alot. This was not found a few decades ago.

Tje Tsunami which devestated Chennai,has unfolded many pockets -very much unknown to the commoner, areas to the south of the metropolis. Tsunami was a temporary one The permanacy lies inthe property price upheavel.A permanent syndrome.