Trichy Real Estate Skyrockets as Second Capital Demand Intensifies
In a significant development, residential flat prices in prime areas of Trichy have surged, now rivaling or even surpassing those in certain parts of Chennai. This dramatic increase comes amid growing demands to declare Trichy as Tamil Nadu's second capital, fueling a real estate boom in the city.
Land Prices Soar by 25%, Premium Flats Cross Rs 1.5 Crore
Over the past two years, land prices in Trichy have risen by nearly 25%, driven by substantial investments in public infrastructure. Key projects such as Tidel Park, industrial estates, airport expansion, and potential privatization bids have transformed the city's landscape. As a result, the cost of premium flats has escalated, with units now exceeding Rs 1.5 crore, and in some cases, reaching up to Rs 2.1 crore.
Expansion of Luxury Housing Projects Across New Areas
Until 2023, luxury housing in Trichy was primarily confined to areas like Annamalai Nagar and Woraiyur. Today, premium flats are widely available in Cantonment, KK Nagar, Crawford, and Puthur. Builders report that buyers are showing keen interest in high-end apartments featuring larger floor plans and modern amenities, spurred by the city's improving infrastructure.
S Anand, managing partner of Jeyam Builders, highlighted the shift: "Earlier, a budget of Rs 90 lakh could secure a 3BHK flat, but now it might only fetch a 2BHK in developing areas. Builders are offering spacious flats with numerous amenities, and people are willing to invest in ideal properties." He added that luxury flats priced up to Rs 5 crore per unit have been successfully sold, attracting wealthy entrepreneurs from nearby towns like Perambalur who seek better access to private healthcare and long-term assets.
Supply-Demand Equilibrium and Market Growth
V Gopinathan, vice-president of Credai Tamil Nadu, noted that supply and demand for residential flats in Trichy are nearly balanced, with few unsold units. "New builders are entering the market as Trichy's real estate ranks only behind Chennai and Coimbatore. This has naturally led to a spurt in luxury projects," he explained. More than ten luxury housing projects, including those by Chennai-based developers, are currently in the pipeline.
The demand is further bolstered by NRIs and professionals nearing retirement, who are increasingly purchasing flats in areas such as Srirangam and KK Nagar as investment options. Anupam S, MD of A-Steorra Realty, a TNRERA-registered agency, emphasized the need for more housing projects: "Companies scouting for office space in Panjapur Tidel Park inquire about ready-to-occupy homes. Proposed private tech parks and new super speciality hospitals will likely increase demand from tech professionals and doctors in the coming years."
Future Trends and Price Stability
Post-Covid hybrid work trends have influenced buyer preferences, with a growing demand for compact 3BHK units that offer additional floor area. Developers suggest that an increase in the number of builders and upcoming housing projects could help maintain stable property prices in the future, ensuring sustained growth in Trichy's vibrant real estate market.
