The news item in The Hindu today that IDBI has sold a piece of property on Boat Club Road through e-auction for the staggering amount of Rs.175 crore highlights the levels which property prices in Chennai are touching.
This price works out to a rate of Rs. 4.02 crores per ground of 2,400 sq. ft. In many other places, the price touches about Rs. 3.5 crores a ground.
As a prime piece of real estate on the high value Mount - Poonamallee Road and the upcoming widenened Poonamallee - Kunrathur road via Mangadu, Jeeva Nagar is truly a gem of a place to have.
Already, all the signs of development around it are evident. In fact, by the time most of us move in there, it may acquire the contemporary "metro" look, without the benefit of solitude and quiet!
Let us do our best to improve its environs.
