CHENNAI: Contrary to the rosy picture painted by the
property consultants, realtors and research firms, the realty scene in TamilNadu is not all that bright with property registration showing a negative trend
across the state in the first half of this fiscal.
Officials from the registration department claimed that the
property registration fell by around 50,000 resulting in revenue stagnation
during the first half of 2014.
With no big ticket projects coming up for registration, an
official of the Registration Department told a media network that during the
first half of 2013 a total of 12.85 lakh documents were registered compared to 13.36
lakh documents registered during the corresponding period of 2013. “This is
50,000 low. Yet, the revenue did not fall substantially,” the official
claimed.
During the first half of 2013, the revenue was recorded around
Rs 4,002 crore while for the same period in 2014 the revenue collected was
around Rs 4,001 crore.
As far as Chennai, the official said it was too early to conclude
the downturn of registration of properties in the metropolis.
In a recent report, Jone Lang LaSalle India, the leading
real estate research firm, pointed out that the residential realty prices in
Chennai have increased so much that the southern metro is the fastest among its
peers in India, showing an almost three times enhancement of prices compared to
2007 level.
Traditionally, buyers in Chennai are conservative and hesitant
to move to suburbs. But the situation is slowly changing due to high property
prices in the Central Business District and less availability of lands within
the city limits.
As the city is in an expansion mode with development
happening rapidly in Chennai’s physical and social infrastructure, suburbs and
extended fringe areas such as Perungudi, Velachery, Poonamalle, Perungallathur,
Amabattur ¸Avadi and OMR are witnessing an upswing in property prices.
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