Real
estate property in Chennai has emerged as a favorite destination for investors and buyers.
The city is a home to many blue chip companies and also enjoys a robust
infrastructure and excellent connectivity. Driven by these factors more and
more people are willing to invest in residential
property in Chennai. It also has several good colleges and acclaimed
institutes that attracts a good footfall every year.
Let's have a look on the factors that spur the demand of Chennai
below.
Burgeoning Infrastructure
Infrastructure in Chennai is constantly growing and emerging
into a major IT, automotive and an electronic manufacturing hub. Commercial
demand is also witnessing a positive growth. A spate of new companies are
investing and setting base in the city, creating more employment opportunities
thereby stimulating the residential demand in and around the city.
Infrastructure is being developed to suit the needs of various industries that
are setting foot into the city. Focus is on the Outer Ring Road (ORR) were the
Phase I (Vandalur to Nazarthpet – NH 4) has already been completed. ORR Phase
II where land acquisition is in advance stages will boost the real estate
activity along this corridor. Chennai and its adjoining cities are among the
best for primary and higher education in the country today. Healthcare and
medical facilities in the city are also among the best available in the
country. Development of new hospitals, schools, malls and multiplexes in the
emerging locations are all stimulating growth for the city’s infrastructure.
Thus real estate property in Chennai is expected to witness positive
impact backed by these developments.
Transport
The Public Transport lines across the city are taking a turn for
the better with more bus services and routes announced by the government
facilitating faster and better commuting. Along with this, the Chennai Metro
Rail project which is expected to be ready by the end-2015, and the Monorail
project which has recently gained momentum will drive residential prices along
their respective corridors.
A End-User Driven Market
The residential market in Chennai, unlike in other Indian
metropolitan cities, is driven by end users who constitute a major strata of
the buyers. This buyer base provides a strong foundation to long term
investments in the city’s residential market as it reduces market volatility.
Flexibility, Availability and Affordable Price Tags
It is recommended that
buyers make an investment decision keeping in mind the various schemes and
offers that are being offered by developers. Also in the current market the
buyers have a wide choice of locations, apartment sizes and prices, which going
forward may not be available due to the increase in demand in the near future.
Apart from Chennai city, locations close to the IT hubs, specifically on the
OMR and ECR is expected to witness a lot of traction and interest from buyers
on the back of employment opportunities and development of social
infrastructure. All these factors have significantly pushed the residential
property in Chennai to bring it up the curve. Chennai emerges as a hot
property for investment in residential units as it is expected to reap in tons
in near future.
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