The recent unprecedented floods
in Chennai has indeed put a spanner in the works of the real estate firms in
the booming southern metropolis and its fledgling outskirts, albeit briefly.
After almost two weeks of
hibernation and bright sun shine for almost ten days now, it is business as
usual for real estate firms which are using innovative means to lure people to
sell their projects. While some draw
people’s attention by claiming that the areas where their residential projects
are coming up are safe as they have not been affected by floods, others are
making indirect attempts to sell their projects in worst affected areas in and
around Chennai by becoming good Samaritans.
The floods have virtually stopped
all construction activities in the southern city and its outskirts. The real
estate sector, which is already reeling under stagnation and negative growth
for the last few years due to sagging economic growth, will find it hard to
withstand the effects of the recent floods.
Several residential projects in Chennai’s
most sough-after fringe areas on OMR, ECR and GST Roads and other prominent
locations such as Maraimalainagar, Perungalathur, Thoraipakkam, Porur,
Poonamalle, Ambattur and Avadi were remained
unsold and the floods have made the situation even worse. People may go choosy
in selecting the areas now and most of the ground floor apartments will likely
to find ‘no’ takers, feel real estate experts.
Under pressure, the developers
and builders are worried to sell their homes. Take for example, the areas in
west Tambaram and Mudichchur, which have several independent homes and villas
bore the maximum brunt, with almost all of them went under water sinking the
silt and ground floors inundating several cars and destroying properties worth
crores of rupees.
Before the floods, these areas
were one of the hottest destinations for home seekers in Chennai and real
estate firms were making no mistakes in tapping the opportunities. But now, there is not even a single real
estate advertisement appearing on national dailies giving details about housing
projects in Tambaram, Mudichchur, Nandambakkam or Velacherry.
All these areas
were the worst affected as several lives were lost here and several well-to-do-families
virtually came on roads after losing their belongings due to the burgeoning
Adayar River on the fateful night on December 1 when officials suddenly opened
the flood gates of Chembarambakkam reservoir near Chennai.
After more than ten days now,
some areas in KK Nagar, Valasaravakkam, Madippakkam are still under knee-deep
water. But sun slowly has started
shining again on real estate firms in Chennai.
One can see a lot of real estate ads
making their way in local and national dailies luring people with discounts and
goodies to sell flats and plots, and in another month or so, people may even go
for sight visits in areas of west Tambaram, Madipakkam, Keelkattalai or
Mudichchur to purchase properties forgetting the fact that these areas were
once the water bodies and now busy residential areas, thanks to the “efforts” taken
by real estate sharks and corrupt officials.
With the state government,
private organizations and enthusiastic individuals taking efforts to help the
affected people, real estate firms in Chennai are now busy as usual, trying to
reach out to their customers by all available means to sell their projects
taking advantage of Chennaiites eternal affinity of owing homes.
K Ramanathan
Also published in Merinews.com.
