1. Urban Land Prices in Chennai
Chennai’s land prices vary significantly based on location and development status:
- Central and Premium Areas: Localities like Alwarpet and Anna Salai command high prices, with rates reaching up to ₹20,850 per sq.ft
- Mid-Range Neighborhoods: Areas such as Kilpauk and Royapettah offer rates between ₹9,000 and ₹13,000 per sq.ft.
- Emerging Suburbs: Regions like Medavakkam are witnessing rapid development, with prices ranging from ₹4,446 to ₹6,600 per sq.ft.
These variations reflect the diverse real estate landscape within the city.
2. Agricultural Land Prices Across Tamil NaduAgricultural land prices differ across districts:
- Pollachi (Coimbatore District): Fertile lands near the Aliyar River are priced around ₹14 lakh per acre.
- Maduranthakam (Chengalpattu District): Agricultural plots are available at approximately ₹18 lakh per acre.
- Thammampatti (Salem District): Lands in this area are listed at ₹65 lakh per acre. These prices are influenced by factors such as soil fertility, water availability, and proximity to markets.
3. Market Trends and Future Outlook
The Tamil Nadu real estate market has seen notable trends:
- Guideline Value Revision: In July 2024, the Tamil Nadu government increased land guideline values by 10% in major cities, including Chennai, Salem, Trichy, and Vellore.
- Price Appreciation: Chennai’s real estate market experienced a 24.6% annual price growth as of March 2023, indicating robust demand.
These developments suggest a positive trajectory for land investments in the region.