Tamil Nadu real estate sector promises flood-proof homes

Devastated by the recent floods, the real estate sector in Tamil Nadu has come up with a new plot, literally.

The sector on Wednesday floated the idea of a “Flood proof home” to revamp business. The advertisements promise that the construction site will be safe from flood waters, but does not mention facilities like transportation.

The real estate advertisements that were published on Wednesday in leading dailies of the state, show photographs of construction of buildings during the flood, instead of photographs of interiors of the newly-built houses.

Just a month ago, potential buyers may have showed interest in purchasing new houses in the suburban areas. But after the floods that land has turned into a lake, dampening any such hope. According to S Venkatesan, secretary, Chennai Urban Builders Agent Forum, the real estate sector in Chennai alone suffered a huge loss to the tune of Rs 40,000 crore due to the floods.

“Since we have invested several crore rupees, we have no other choice left. At least, some lucky owners are trying to sell their residential apartments which were not affected by floods,” he told Deccan Herald.

He said that Tambaram, Urapakkam, Mudichur, Perumbakkam, Keelakatalai, Pallaikarana and Velacherry in Chennai suburbs were inundated for several weeks. These were the favourite destinations for  buyers in November. “However, now most of the projects are stopped half-way in these areas not only due to the flood, but also because there are no takers,” he said.

Most residents who were affected by flood in suburban areas, are trying to sell their houses and are planning to shift to high rise places. “I have mentally prepared to even sell my property without any profit,” S Kanapiran, who constructed a residential apartment in flood-hit Mudichur area, said. The cost of a flat in this area starts from Rs 50 lakh.