The Hindu Business Line : Jewellers adding sheen to Chennai's Cathedral Road

In the old days, one went to Cathedral Road to attend a concert at the Music Academy or for a masala dosai at the Drive-In. But today, there is another reason — though a more expensive one. Most of Chennai's top jewellers have set up shop here to cater to the rich and famous.

Mr Tushaar Mehta, Chairman, Gold Club of Chennai, said that the main reason why the jewellery stores have come up on this road is the congestion and the lack of parking at the traditional hub of gold and textiles in the city - T. Nagar, a central business district (CBD). There are also security reasons, he said.

However, Cathedral Road will not replace T. Nagar, said Mr L. K. S. Syed Ahamed, President, Madras Jewellers & Diamond Merchants Association. Jewellery chains in Cathedral Road achieve only 25 per cent of the turnover of their own shops at T. Nagar, but are needed to cater to upmarket customers, who look for the ambience and comfort.

This is not always possible at T. Nagar, where land prices have soared.

For instance, on the days preceding Deepavali, the entire area is closed to vehicular traffic. But judging by the daily crowd, everyday seems to be a festival at T. Nagar. Crowds queue up to enter the gold and textile shops. And on certain days like Akyasha Tritiya, buyers start gathering from dawn.

The pavements are crowded with peddlers selling goods ranging from bath curtains, coat hangers and slippers to stuffed toys, books, fruits, flowers and steel vessels.

Regular visitors to T. Nagar say parking is a nightmare in the area. One has to park a long distance away and then dodge the traffic and surging crowds. Though there has been talk of a multi-tier parking facility and a flyover, nothing has come of it, said one jeweller.

The guideline value in this area is soaring and has touched a record of about Rs 3 crore a ground. Real estate sources said that very often, the last registered price is taken as the guideline. There have been cases when a narrow strip of land, which gave access to a shop or establishment, has gone for a high price. This has made expansion in T. Nagar itself an expensive proposition.

Nobody is willing to hazard a guess as to what the actual daily turnover of gold, gems or textiles in the CBD would be. Mr Princeson Jose, Managing Director, Prince Jewellery, said that on an average, each jewellery store would have about 1,000 footfalls per day. Mr Ahamed pointed out that shoppers at Cathedral Road who want the ambience and shopping comfort do not necessarily see the purchase of gold and gems as an investment.

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