Residential property in Chennai emerges as a promising destination.

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.

Best Real Estate Property In Chennai

Chennai real estate has witnessed a massive boom in the recent past significantly because of the IT/ITES empowerment in the city. This has majorly affected the investment rate in the area as  the city is burgeoning on a rapid pace and gives an extra mileage from other cities as well.

With the presence of numerous IT parks, Chennai has seen a lot of cosmopolitan  migration in the recent part as everybody wants to stay near to their work station. Hence people are migrating from different parts of India in search of better employment opportunities every day. With each passing day, the cosmopolitan grace of the city is growing. This has significantly increased  the demand of residential property in Chennai.

The outer ring road has emerged as a hot residential property in Chennai  due to strategic location. While South Chennai has continuously beaten the record in pulling the buyers interest , the Outer Ring Road (ORR) made Northern Chennai captured a good amount of traction among the buyers on the back of robust connectivity. Number of Grade A+ builders are showcasing their interest with a slew of upcoming projects in Chennai.

All the projects are crafted with finest details and offers world class amenities. The variety of Chennai properties ranges from flats, villas, pent houses, row houses etc.North Chennai was earlier known to be place for blue collar workers. But the place has witnessed a drastic change in the recent past with lots of giant companies entering into the space.

It has generate thousands of white collar jobs which also had an inverse effect on the real estate property in Chennai. Another factor that has significantly contributed to the popularity is the affordable prices. Demand for properties here is constricted to plots and land. but  good demand for flats is also seen .

The immense land bank that lies in the suburbs attracts many new  constructions of latest residential trends. The affluent constructional activities equipped with all the facilities in Chennai’s CBD has set new benchmarks  in  the development and expansion of its boundary. It has been observed that the areas close to the IT parks and business hubs have witnessed massive appreciation. The areas which have been hitting the list includes like ECR, Navalur, Porur, Varasvarakkam, Pallikaranai, GST Road, Velachery, Padur, Siruseri, Perumbakkam, Pallavaram are all swanky areas.

With the help of aids from all over the country and government, Chennai has witnessed robust development. With a spate of upcoming projects in Chennai, targeted to satiate the core needs and offer world class amenities, the residents are now spoilt for choice. They can relish every facility and enjoy a premium infrastructure in their given budget, which makes it an amazing deal for the investors and end users.

Lucrative Projects in real estate Chennai

Chennai has some of the most attractive properties to be found in India. As a large metropolitan city and the largest city in South India it has a population of just less than 10 million people.Manufacturing plays a vital role in the economy of Chennai, as does information technology. The city of Chennai is the capital of Tamil Nadu.

As such a vital Indian city, Chennai has a property market which also a large extent reflects upon the state of the Indian economy.Many parts of Chennai have bucked the property trend in India; hence regions of Chennai have shown a healthy appreciation over the past few years. Property rates in Chennai at localities such as Anna Nagar have appreciated by over 20% in defiance of the decline in property prices in other large Indian urban centers.

Anna Nagar is one of the most desired residential neighborhoods in Chennai, property rates in Anna Nagar are on average a bit shy of 10,000 Rupees per square foot making it an exclusive address for most buyers in the country. New projects in Chennai at Anna Nagar by some top builders in the city include several by India Builders and Ozone.

As one of the top builders in Chennai India Builders has an exclusive property which has 3 BHK flats for 3.4 crores. The flats have 2000 square feet of carpet area and are one of the most sought after flats in Chennai. The property is expected to be completed by the middle of this year and has already appreciated by over 6% since being launched.

Another desirable neighborhood in Chennai, Mogappair offers buyers affordable apartments in Chennai.  This part of the city offers buyers the option to purchase 2 BHK flats in Chennai for less than 40 Lakhs.Houses for sale in Chennai may not necessarily be out of reach for those with less than 1 crore to invest. At Mogappair Chennai 3,4 and even 5 bedroom homes may be bought for under 1 crore. Many houses at such location display an abandonment of real estate norms with a few quoting below and other well above the average price of property in Mofappair, offering perhaps a windfall for the adventurous yet adroit speculator.

As Chennai grows with the trend towards increasing urbanization in India, the demand for apartments in Chennai shall almost certainly increase as well. The city of 10 million souls may within the next few decades increase substantially in size with demand for residential property in Chennai skyrocketing.

With a population whose size is already close to 1 crore the city of Chennai has seen its population grow substantially over the past 7 years, such inflow of new comers brings with it opportunities as well new challenges. Property in Chennai over the next few decades is almost certain to remain dear as demand grows from new immigrants as well as current citizens who demand greater facilities and space.The government of Tamil Nadu is keen to adopt a growth model for the city which almost certainly points towards the expansion of the cities boundaries.