Realtors in Salem are a happy lot.
Neither inflation nor the steep hike in the prices of construction materials has diminished the value of sales both in terms of volume and value in the field of real estate in Salem and its neighbourhood.
“It is as good as ever,” exclaims a leading realtor, a traditional jeweller who has a finger in the real estate pie. The building landscape has also changed with multi-storeyed apartments and shopping malls.
With more than Rs 4000 crore investments coming in the form of various development activities in the past four-and-half years, including the 165-acre Tidel Park and two SEZs in the pipeline, expansion of the Salem Steel Plant, formation of Salem Railway Division and widening of arterial roads into four-lane National Highways, this town is fast becoming a bustling city.
And with all this activity, the demand for land and flats has also recorded a high demand in this Tier II city too.
Land value has appreciated very much. “One square feet of land costs somewhere around Rs 2500 to Rs 3000 today. It is Rs 1000 to Rs 1500 in the suburbs. With the land value constantly increasing, people do not hesitate to buy housing plots.
“The formation of the Salem-Namakkal National Highway has pushed land prices in the region to Rs 450 and Rs 600 per square feet,” says a leading real estate dealer.
With land becoming dearer, the ‘apartment culture’ has now become the `in-thing’ here.
“A square feet in the city costs Rs 3500 to Rs 4000. Many NRIs and businessmen from the north invest in apartments in Salem,” says P Rajeshwaran, Managing Director, Sri Kirthika Builders Private Limited, Salem. A Corporation official confirms that about 15 builders have begun using vacant lands in the city to put up high-rise structures for a premium.
With local builders ruling the roost, a few established firms engaged in apartment promotion elsewhere have also jumped into the fray.
A closed textile mill premises has been sold for constructing 600 individual houses. The famous Modern Theatres, has already been converted into a colony for luxury houses. And many similar projects are awaiting clearance.
Source: THE HINDU