New housing projects in K K Nagar

By Our Staff Reporter

The rental values of residential spaces in and around K K Nagar  have fallen upto 25 % for premium class units in the neighbourhood, following the financial slow down, says a local broker.

Land prices have gone down by atleast 10 %, a builder says. However, the promoters of ongoing projects are not ready to reduce the prices.  

The procurement prices of land for the earlier projects have been high” he says.

Builders are also facing labour problems. (Puravankara in Valasarawakkam had some difficulty and there is a slow down in the work too). Though there is a drop in number of transactions/registrations now, they are sure that it will pick up momentum in another six months time, feels the builder.

 

Harmony Residences Pvt. Ltd, is developing two residential projects in K K Nagar. One, is Malola Nilayam, just overlooking PSBB School, and the eight flats sold like hot cakes as soon as the board was put up, three months ago. The rate per sq ft is Rs. 7250. Any project around this school, has had this type of response even before.

Another one Zen Garden, on Rajamannar Salai, Munuswamy Salai junction near the MTC depot will have 23 flats in two blocks. Two of the old housing board blocks have been pulled down.

Eight flats are remaining to be booked.

The sq ft rates have dropped a bit, say real estate businessmen. This project which was planned at Rs. 6900, has dropped to Rs. 6500. Call the promoters at 4203 6100, 4203 7400.

 On Arcot Road, in Valasarawakkam’s Purvankara’s Jade project, all the flats have been fully sold at Rs. 4500 per sq ft. Another project has been planned by the company in the 10 grounds area, adjacent to it. The bookings will start in six months time, according to Puravankara Projects Ltd. Contact - 24997890/92/93/94 for more details. 


 
 
This entry was posted on Monday, January 5th, 2009 and is filed under News, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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