Chennai land transactions up 40 percent
Chennai
After a brief lull during the assembly elections, the state is recording an upward trend in registration of properties. There has been a 40% increase in land transactions in the city during May-July over the same period last year, while the 578 sub-registrar offices across the state have recorded an average of 18% increase in registrations.
Among the 61 sub-registrar offices in the city, Chennai south joint I, Neelankarai and Ambattur have recorded a notable increase in property transactions. Tiruvanmiyur and Pallikaranai revenue villages off East Coast Road and Rajiv Gandhi Salai, which topped the list of hotspots until recently, have been pushed behind. Large-scale business deals are now taking place in areas like Medavakkam, Kunrathur, Selaiyur and Guduvanchery in south Chennai.
The middle class is thronging Guduvanchery off Grand Southern Trunk Road and Kunrathur near Porur. Up to 100 properties get registered every day. “Flats are available at Rs 20 lakh in Guduvanchery. Rail and bus connectivity is attracting families,” said M Gnanasekaran, a central government official, who recently purchased a flat here.
The nearby Neelankarai sub-registrar office maintains a record of high-value property registrations in areas like Semmanchery, Okkiyam Thoraipakkam, Seevaram, Injambakkam, Palavakkam, Sholinganallur, Perungudi and Uthandi.
Agricultural lands are getting converted into individual villas and apartments. Official sources said that areas between Padappai and Kancheepuram have become hot cakes for major residential promoters. “At least 15 developers are coming up with high-rise residential buildings now,” they said.
Thanks to the presence of automobile majors like Renault, Hyundai and Nissan, plots between Sriperumbur and Chengalpet via Oragadam are much-sought after by city investors. In north Chennai, lands in Ambattur, Avadi and Sembium are being sold at a premium. Unable to bear the burden of high registration, the state government halved Sembium and created a sub-registrar office at Madhavaram last year. In south Chennai, a separate office was set up for Selaiyur, after bifurcation of Tambaram.
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