Realty Set to Crash in Velachery, Tambaram After Floods

Published: 21st November 2015 06:48 AM  |   Last Updated: 21st November 2015 06:49 AM   |  A+A-

CHENNAI:  Following heavy floods in the low lying areas of Velachery and Tambaram, realtors expect a crash in prices in this fast growing region of the city.

Regretting their decision of investing in  land or properties in this area, residents said they wouldn’t suggest anyone to buy houses, flats or plots there.

“I had invested all that I had earned for the past 20 years and I am extremely distressed to see the flat engulfed in water,” said Ramesh who had recently brought a 2 BHK for `60 lakhs in Ram Nagar, Velachery. He is ready to dispose it off at the earliest and relocate to some safe place on the East Coast Road to avoid facing the crisis next year.

C Sadish, working in a leading IT firm in MEPZ Tambaram, was aspiring to buy a home in Tambaram. “Looking at houses getting completely submerged in water during the floods in television news channels, I dropped the idea and am planning to buy a piece of land in Thiruvanmiyur or Adyar and construct a house which can withstand rains in the coming years”, he said.

President of Chennai Real Estate Agents Association, Amit Damodar Chugh admitted the rains would certainly have an impact on the minds of buyers or tenants.

“While some were unable to open the doors, some were stranded for hours before being rescued. Many who have purchased houses by spending a fortune are searching for temporary accommodations. The mental agony that people have endured will affect the real estate prices in Velachery, Tambaram and Mudichur,” he added.

S Aarthi, of Medavakkam, said “I would not suggest any one to move in here, not even my enemies.”

On the other hand, developers feel that the prices of land and apartments in these areas would not be affected in the long run. Citing the Tsunami that struck the coast of Chennai in 2005, when real estate prices in ECR dipped drastically, they said it took little time for that to sky rocket. For, public memory is short, said Confederation of Real Estate Developers’ Associations of India Chennai president Ajith Chordia. He told Express that the demand for land is more and hence prices of real estate in these areas would not come down.

“The focus now would be to ask the Public Works Department to come out with a 100 year flood line data to fix the average mean sea level for plinth,” he added.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp