Chennai has been expanding rapidly and residential property prices in Chennai have Escalated the fastest among the cities in India, witnessing an appreciation of almost three times of what they were in 2007. Traditionally, buyers in chennai have been hesitant to move to the suburbs, however in the recent times areas like OMR (Old Mahabalipuram Road) have become hot spot for real estate development in chennai. OMR is the great Chennai Dream. The real estate growth around this 20km stretch from Madhya Kailash junction to Siruseri basts of IT development and good infrastructure. The stretch developed as a designated IT/ITâ€™s corridor over is the second higest exporter of Information Technology in India. The growth has fuelled real estate activity in the region and has made the region desirable.
Residential plots are gaining prominence as one of the most preferred property types. This trend was also reflected in our latest survey, where for the first time plots emerged as most preferred property-type with about 48 per cent respondents voting for it. While plots do score better over other property-types for better returns, this remarkable trend also indicates that buyers are now investing with mid-to-long term investment horizon.