I was having a look at Residex - which is a housing price index created by the National Housing Board a wholly owned subsidiary of RBI
The data is from 2007 to March 15. The base year 2007 is 100.
Chennai trounces all cities in terms of property price appreciation and that too by a wide margin. Property prices in Chennai have grown 3.64 times from 2007 - 2015 followed by Pune at 2.51 times. The data for 2016 is yet to come in though. If the RBI data is true then Chennai is the hottest property market of the last few years.
Ref : http://nhb.org.in/data-graphs/
looking within chennai which NHB has divided into 10 zones the data paints a story that strengthens my conviction further. Perambur where the JDA with SPR is, is in Zone 3
From 2012 to 2015 - Zone 3 has displayed the highest price CAGR amongst all the other zones in Chennai clocking an impressive 16.04% over the last 3 years
I have compiled the price CAGR for all the 10 zones in Chennai and they look as follows :-
The data certainly points to the fact that Chennai prices have grown the fastest compared to any other major city in india and within Chennai property prices in Perambur & surrounding areas have grown the fastest over the last 3 years. In effect, Perambur is Indias hottest property market in the last 3 years!
I wonder why any media / research house hasnt picked this obvious story - especially since it comes from the RBI’s own files and is also freely available on the NHB website.