An end user driven market, the Chennai property market has loads to offer. The following post takes a close look at the residential real estate market of Chennai. Read on to know more. The Chennai Real estate market is essentially end-user driven. While the residential real estate segment occupies more that 80% of the market, the commercial and most importantly, now the retail segment is also growing rapidly. In a recent survey conducted it was revealed that an upward movement is expected within the residential real estate market. While in the short term, investments from top-notch builders are expected, in the long run, the prices of the residential segment are expected to see corrections. Features Dominating the Chennai Realty Market Some of the features that currently dominate the Chennai realty market are explained below: An end user driven market, some of the major boosters of the Chennai realty market are the automobile hub, manufacturing hub and now the entire gamut of Information Technology. Areas like the Grand Southern Trunk (GST) Road, Porur, Sriperumbudur and the Old Mahabalipuram Road (OMR) have witnessed a rapid growth in the recent past. There are very less expectations and mis-match in the demand-and-supply category with the demand lying within the bracket of INR 30-50 lakhs while the supply unit has been ranging between INR 70-100 lakhs bracket. The residential realty market of Chennai has been witnessing an increased demand from NRI investors who have their ancestral roots in Chennai. Builders are always encouraging of South Chennai – the Hub of Real Estate Activities Of late, south Chennai has become a hotspot for residential real estate activity. Areas like Perungudi, Karapakkam, Velachery and Meeenambakkam are some of the favourite realty destinations. While the Old Mahabalipuram Road are more focusses on the development of the commercial real estate, other areas have been focusing more on the residential realty segment. While the localities of Thuraipakkam, Perungudi and Karapakkam witnessed a moderate increase in prices and also demand, the locality of Sholinganallur have recorded a noticeable growth in the recent past, especially owing to a stable demand from the end users. Perumebakkam, a neighbourhood lying close to Sholinganallur offers residential projects that fall within the mid and higher-mid segment. These projects usually come within the price band of INR 4200 to INR 4700 per square feet. Experts opine that the region is expected to witness another lump sum growth in the next twelve months. Several residential projects are also being launched in this region by a host of other builders. On the other hand, the micro-markets of Tambaram and Velacheryhas been recording an upswing; this is more so because this area enjoys a strategic location clubbed with great connectivity to the rest of the city. This area has witnessed an appreciation of approximately 10% over the last one year and this trend is expected to continue in the coming quarters. The micro-markets of Vengaivasal, Medamvakkam and Pallikarnai continue to attract multiple investments from a plethora of developers. So much so that products belonging to the higher-mid segment are coming all across. South Chennai is also home to the largest IT Park in Asia, located in Siruseri. Such a presence has already taken the commercial real estate market to different level altogether. Other Areas within the Property Market Just as South Chennai has been witnessing a rapid growth in the residential realty market, similarly north, east and western parts of the city has also been riding high on the realty boom. Areas like Porur, Oragadam, and Sriperumbudur have witnessed the growth of affordable housings to a great extent. Apartments have been more in demand in these areas. Porur is emerging as a grand real estate destination. Property prices in the region have appreciated to at least 20% in the last two years and the momentum is expected to pick up even more in the coming months. End users who are looking forward to invest in the Chennai realty market should make the most of the opportunity right now. So, do not waste time, just go ahead and make the required investments. - See more at: chennairealty.biz/blogs/trends-dominating-the-chennai-residential-real-estate-market.php#sthash.C5oPSNiU.dpuf
Posted on: Fri, 14 Mar 2014 10:25:11 +0000
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