Chennai remains the safest city to live in, especially for women

Excerpts from an interview with Pallavi Shah, Creative Head, Radiance Realty: 
What has been the impact of the recent floods on Chennai's real estate market and pricing? 
We have had absolutely no negative impact and all our projects remained bone dry. In fact, our enquiries have increased since we have been very careful to see that our projects are away from old water bodies. And further we have raised the ground adequately for under-construction projects. A set of other builders are facing cancellations if not pricing effects. 
Could you comment on the state of infrastructure or lack of it in Chennai? 
There are a lot of complaints about infrastructure in Chennai, especially after the recent floods. The government has woken up and is taking serious steps. Chennai's historic problem has been lack of drainage and this is being attended to on a war footing.
Power supply has increased tremendously over the last few years and we expect to be power surplus within a couple of years. Chennai used to suffer from a shortage of potable water. The same is being taken care of with two desalination plants, with the third one on the anvil. The infrastructure related to sewerage and storm water pipe lines have not kept pace with the city's growth. We are happy to see that the government is finally acting on this. 
How is Chennai's commercial and IT property sectors faring? 
Chennai's commercial properties, while still not doing well, has picked up over the last six months. IT absorption of property remains slow especially when compared to Mumbai and Bengaluru. 
Which are the fast growing areas of Chennai? What is the price range in these localities? 
Old Mahabalipuram Road (OMR) remains the area with maximum growth. Prices range from Rs12,000 per square foot close to the city and dropping to as low as Rs3,500 as we drive south.  
The Porur-Ponnamallee stretch is also looking up. Prices range from Rs12,000 to Rs5,000 per square foot as we move away from the city. GST road, which is the one beyond the airport, has also seen a lot of growth in the recent past. 
Is there NRI interest in the property market in Chennai? If so, what are the reasons? 
NRIs are interested in apartments, especially those ranging from Rs7.5 million to Rs20 million. About 35 per cent of properties chosen by NRIs is in this bracket. They buy apartments in good localities in Chennai to ensure comfortable living for their parents.
Apartments in our projects provide exceptional amenities and concierge services that make them NRI friendly. The dollar appreciation against the rupee makes it easier for NRIs. Chennai remains the safest city to live in India, especially for women and this is a big plus for NRIs. 
How has the Chennai Real Estate market fared in 2015 in terms of demand, supply and pricing? 
The real estate market in Chennai is like in most places in India. It has not been as bad as in the National Capital Region and Delhi, but has not fared as well as Pune and Bangalore. Pricing has remained stagnant but is expected to grow in 2016.
One reason specific to Chennai for fall in demand in 2015 was the fact that the conservative market was not allured by quick returns in the stock market and appreciation in gold which is Chennai's favourite investment.
People have now realised that land and property are the only investments, which provide a mixture of safety and growth over a long period of time and have hence started investing in real estate.

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