Chennai has always been a promising real estate market for both buyers and builders. The ever growing need for residential and commercial spaces, especially in the Central Business District (CBD) area has catapulted real estate in central Chennai. The city 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 over just the last two and a half years!
The state-of-the art infrastructure and ease of doing business ensure Chennai is considered one of the best cities to live and work, in India. The exponential growth of residential and commercial real estate in central Chennai has made it a hotspot for most leading developers. It has been observed that the cost of properties in central Chennai which includes prime locations like Nungambakkam, Mylapore, Poes Garden, Alwarpet, T Nagar, Teynampet, Royapettah, Nandanam, Egmore, Chetpet, Santhome and Kodambakkam have been consistently increasing over the years.
Residential and commercial real estate in central Chennai has clearly witnessed an astoundingly quick development cycle with the emergence of numerous projects. The architecture, infrastructure and connectivity is ever expanding, with modern real estate development trends becoming a central focus in every project undertaken.
Residential properties in central Chennai span across luxury and premium categories with flats, housesand land that boast of top of the line amenities. One can enjoy the sheer opulence of high technology and superlative products that offer maximum convenience, luxury and aesthetics. With a plethora of options in the market, high end investors are truly spoilt for choice.
In the recent past, commercial properties in central Chennai saw a slump, owing to natural calamities and changes in central government policies. However, a trend of renewed interest in the city has been witnessed. Chennai boasts of an inventory of around 50 mn.sq.ft. of currently operational office space in the city. The city has a strong CBD, comprising micro-markets such as Nungambakkam, Anna Salai and TTK Road and the neighboring location of Poonamallee High Road. The micro-locations have a good mix of small and large sized office spaces that are favored especially by banking and financial institutions. Further, shared office spaces and co working facilities are highly sought after place by startups and budding entrepreneurs to develop their ideas, work, connect and network with a group of like-minded people and also, meet their future partners
Considering the shortage of land for real estate in central Chennai, erstwhile hotels, single screen theatres that are suffering stiff competition from global hospitality chains and glitzy multiplexes have given way to plush residential complexes.
Residential areas in the Chennai’s CBD including locations like Egmore, Mahalingapuram, Alwarpet, Purasawalkam and Nungamabakkam inherit qualitative social infrastructure like reputed educational establishments, healthcare, shopping, entertainment and access to an excellent public transportation network. Demand for apartments, flats, houses and land in these areas is bound to remain steady in the mid to long term. While demonetization implemented last year and GST and RERA introduced this year has had a temporary impact on residential realty across the city, a revival is already being witnessed.
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