Chennai: Chennai's land prices are so expensive that people now want to buy land on the moon.
Buying land in Chennai could be like asking for moon. That's why this real estate developer, Yasser Rahman, bought a piece of moon.
Real estate developer Yasser Rahman says, “An acre of the moon costs about Rs 1,800 and in Chennai one square foot of this very same area costs about Rs 13,000. So it makes the moon less expensive than the place we live in.”
Ahmed's point is taken. Chennai is more expensive than Bangalore, when it comes to real estate. Land prices range from Rs 10,000-Rs 20,000 per square meter in the city, and experts say part of this is due to government policy.
Trammel Crow Meghraj Regional director N Ananthanarayanan says, “In Tamil Nadu extra 50 per cent FSI is allowed if the building is for IT purposes. So builders anticipate this and build more and hence they subsequently charge more for their apartments.”
Add to that, the Tamilian's wish to stay connected with homeland.
Tamilians abroad always want to come back home sometime in the future so they buy land in Chennai for the future. Also they usually have parents living here so they provide for them by buying them houses, “Ananthanarayanan adds.
Well, whatever the reason, experts say that for the next one year at least, for land prices in Chennai, the sky is the limit.
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