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R.S. Rangarajan

30 per rise in general; up-country promoters charge Rs 2,300/sq.ft. basic price

Madurai , Nov. 22

Land prices have spurted significantly in the city since July. The announcement by the District Administration during the month that it has identified two sites, one in Madurai Kamaraj University campus and the other near Mattuthavani bus stand, for establishing an IT park and a TIDEL Park, respectively, has further added to the momentum.

For its part, the Madurai Corporation has identified an area near Kochadai in the outskirts of the city.

Prevailing rate

While the increase is around 30 per cent in general, the sites near Mattuthavani bus stand and Kochadai have risen manifold. Sites that were on offer between Rs 20,000 and Rs 30,000 before July near Mattuthavani bus stand, cost Rs 2 lakh and more and near Kochadai, the quote is Rs 1 lakh and more, according to Mr S. Seetharaman, Managing Director, Visvas Promoters (P) Ltd. Not lagging far behind are flats in apartment blocks with up-country promoters charging a basic price of Rs 2,300 per sq.ft. The local promoters, however, are not able to pitch that high despite an increase in the cost of construction and the spurt in land prices, says Mr A. Chandramouli, Managing Director, Sashwath Constructions (P) Ltd.

Bid to promote city

The Electronic Corporation of Tamil Nadu has agreed in principle to set up an IT park that would become operational in two years. The Confederation of Indian Industry and Tamilnadu Chamber of Commerce and Industry and other industry organisations are organising an IT event in the city soon to showcase Madurai as a destination for the IT sector.

Welcome as these initiatives are, they may help escalate the prices further. What may hurt development is the lack of infrastructure in the city, mentions Mr Chandramouli.

More Stories on : Real Estate & Construction | Tamil Nadu

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