Trichy’s luxury flat boom finds ready buyers

Trichy: Amid growing demands to declare Trichy as the state's second capital, residential flat prices in prime areas have skyrocketed or surpassed those in parts of Chennai. With land prices rising by nearly 25% over the past two years, the cost of premium flats has crossed Rs 1.5 crore per unit. Builders say buyers continue to show interest in high-end apartments with larger floor plans and modern amenities as the city's infrastructure improves.Real estate developers said the sharp increase in land prices was largely driven by investments in public infrastructure such as Tidel Park and industrial estates, along with the airport expansion and potential privatisation bids. The rising input costs have pushed up flat prices across the city. Until 2023, luxury housing projects in Trichy were limited to areas such as Annamalai Nagar and Woraiyur. Premium flats are now available in Cantonment, KK Nagar, Crawford, and Puthur, with prices ranging between Rs 1.5 crore and Rs 2.1 crore. "Earlier one could buy a 3BHK flat for a budget of Rs 90 lakh, but now, for that cost, a 2BHK flat can be bought in a developing area. Builders provide spacious flats with dozens of amenities, so people are not hesitating to spend on an ideal property," S Anand, managing partner, Jeyam Builders, said. He added that luxury flats priced up to Rs 5 crore per unit have been sold. Wealthy entrepreneurs from nearby towns such as Perambalur investing in premium properties for better access to private healthcare and as long-term assets "Supply and demand for residential flats is almost equal in Trichy now. None of us have many unsold units. New builders are making an entry as Trichy's real estate market is only next to Chennai and Coimbatore. So obviously there is a spurt in luxury projects too," V Gopinathan, vice-president, Credai Tamil Nadu, said. More than ten luxury housing projects, including those by Chennai-based developers, are in the pipeline. NRIs and professionals nearing retirement are increasingly purchasing flats in areas such as Srirangam and KK Nagar as investment options. "Still, there is a need for more housing projects. Companies scouting for office space in Panjapur Tidel Park enquire about ready-to-occupy homes. The proposed private tech parks and new private super speciality hospitals will further increase housing demand from techies and doctors in the next two years," said Anupam S, MD, A-Steorra Realty, a TNRERA-registered real estate agency. Developers said buyers now prefer compact 3BHK units with additional floor area, driven by hybrid work trends post-Covid. They added that an increase in the number of builders and upcoming housing projects could help keep property prices stable in the future. MSID:: 128260768 413 |