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The one industry which is on a constant upward swing is the real estate industry. The Chennai Property market is considered to be one of the most stable and continuously growing markets in India. The advent of the IT sector, giving rise to SEZ and the IT corridor has catapulted the interest in Real Estate. Prices of properties for sale in chennai have been growing in between the range of 3% - 5% on a monthly basis over the last two years. The demand for houses has also been growing in between 1% - 2.5% per month over the last two years.
Chennai has always been a promising real estate market for both buyers and builders. It is indeed the ideal destination for all real estate activities, with studies showing that over 45 million sq. ft. of housing property in Chennai has been sold in the last two and a half years!
Over the last two decades, there has been a marked difference in the way properties in Chennai are being developed and promoted. Real estate in Chennai has truly evolved. The conservative Chennaite who once believed in living within the city, at a close proximity to schools, entertainment options and central business districts, is now open to considering other options as well. Investors who were once satisfied in putting their money in mid size projects with little or no amenities, are now looking at large sized townships that have generous landscaping, and a range of top notch amenities.
Further, this trend has also been fuelled by the sky rocketing prices of real estate within the city. With Chennai property in the heart of the city coming at a premium, developers are forced to offer basic residences in the range of Rs. 1.5 – 5 crores. Residential developers who want to put up their properties for sale at an affordable price are forced to look at suburban locations.
Real Estate in Chennai is increasingly moving into the outskirts of the city. Areas surrounding the 200ft road are showing a lot of promise, with a range of high profile companies sprouting there. IT has also cemented the growth for properties in Chennai along the corridor. Other emerging hot properties are situated in the midst of industrial hubs and automotive hubs, which draw in a lot of population.
The user driven market of Chennai is evolving rapidly. Developers are increasingly spending more time on client’s needs and requirements. They are quite literally coming up with something to suit every palette. In the current scenario, properties for sale include community living projects, theme based townships and mixed development projects. The new township projects have minimal built up area and thereby offer an increased land space. The serene environment in the midst of nature, Club Houses, Swimming Pools, Schools, Medical Facilities and entertainment options within the premises have got Chennaites aspiring for more. The proximity of these communities to different workplaces has drastically cut down on travel time, thereby paving the way for a better quality of life.
Despite its ups and downs, the real estate market has been doing well for itself. Pricing in the Chennai property market has also been stable with prices moving in accordance with actual sales. With unique and differentiated projects and irresistible deals, investors are indeed spoilt for choice. Before you invest, it is better for you to get to know your builder, check on the developer’s intention to complete the project and hand over on time, and if the pricing is reasonable considering the location and the amenities offered. The time is right to own a property in Chennai.
Residential Communities are the latest and new offering in the real estate domain. These communities typically consist of 500 apartments and upwards. They are self sustained, and also house good hospitals, schools, market places, shopping complexes, cinemas, restaurants, gym and health centres, club houses apart from other amenities which make them a separate and independent eco system. They are located a little away from the so called heart of the city, yet offer every facility that living in the city would offer. Additionally, they are less congested, have less traffic, are greener and are priced lesser! Many people, even long time residents of urban Chennai have enthusiastically and willingly moved into such communities! Many of these communities dot the fringes of the IT belt of Chennai, and some of them have also come up near Mahindra City and the SEZ regions.
The resale apartment buying market is also booming in Chennai. The growth rate is almost comparable to the growth of the new apartment markets. Buying a second hand flat/apartment/house and redesigning it is also a growing trend. This is a preferred option for many who would like to remain in the heart of the city, yet own a spacious home. In fact, quite a few buyers of resale apartments belong to the IT belt where a second hand flat is very inexpensive when compared to a new property.
Whether you are looking to buy your dream house, or are looking to invest in property, Chennai is a good place to do so. The economic downtrend had not affected the Chennai property market which is stable and unaffected by any global trend. The prices have consolidated and are growing at a rapid yet sustainable rate. The market is a mature market and is always bullish. Given the nice atmosphere and aura that Chennai as a city exudes, it is a wise investment and a very good decision! After all home is where the heart is and Chennai has always captured many a heart!
Like the weather, the people of Chennai are extremely warm, sunny, and cheerful! Madras is a proud home to people of many walks of life and is the melting pot of many traditions. It is one of the most culturally prosperous, economically forward, and technologically strong metropolitan cities of India. People in Chennai are all well educated and helpful. It is the only Indian city to be featured in the global list of top 100 cities to visit! For a stranger to the city, Madras is safe. The sunny tropical weather and the warm people make Madras an explorer’s delight!