Chennai: The city of Chennai is going through phenomenal growth with respect to real estate. In the list of hot locations in Chennai, Anna Nagar tops the chart. This location is considered to be a paradise for budding real estate investment. The predictions have come true with the real estate of Anna Nagar recording a 10% hike in property prices within a span of 3 months. Residential spaces which were costing Rs. 8,500 to 10, 000 per sq. ft are now priced between Rs. 9, 000 and Rs. 15, 000. This location is in an upward trend considering the soaring property prices in Chennai.
Anna Nagar is better identified as a luxury investment destination in lines with its soaring property prices. Buying a residential space in this location is almost impossible for the middle income groups. The luxury segment seems to have taken over the real estate development of the location. The connectivity is yet another influential factor which is trigger realty growth in areas adjoining Anna Nagar. The Avenue roads and other major connectors give it quick access to the heart of the city.
Property rates are expected to shoot further with the Metro rail becoming operational. The Avenue road will be the closest Metro station which connects Anna Nagar to the city’s core. The location has a commendable infrastructure and a smooth functioning administration. All these have played a major in making Anna Nagar a promising investment destination of Chennai. The soaring property prices are a factual indication of this persistent growth phenomenon.