Post tsunami in 2004, land prices of areas close to the sea front slumped. This was a temporary dip; the real estate prices on Chennai's coastal areas soon picked up. The demand for and supply of commercial as well as residential property in Chennai and its specific neighboring areas continue to experience a rapid escalation. Apart from office space and housing, there is a demand for shopping malls and hotels, preferably within a radius of 50 to 80 kms around Chennai. Old Mahabalipuram Road (OMR), Taramani has remained the center of real estate commercial activity soon after the Government declared the stretch as the IT corridor of Chennai. Sriperumbudur Taluk, 40 kms from Chennai is now home to top multinationals like Nokia, Ford, Hyundai, BMW and Flexitr. Even lands far from mainstream areas, like sleepy suburbs fetch good prices for sellers.
Lands on Vandalum-Kelambakkam road- the initial quote of Rs.8 to 9 lakhs per ground rose to Rs. 15 lakhs per ground in 4 weeks time.
Lands with little proximity to Padappai-Kancheepuram road- the initial quote was Rs. 4 lakhs and Rs. 15 lakhs
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