Chennai is a commercial as well as cultural hub of Southern India. Apart from this repute Chennai is also fast progressing on the track of real estate focal point where domestic as well as foreign investors are taking substantial steps towards investing in India real estate sector. The Chennai’s real estate is a promising sector and is looked upon by buyers; sellers as well as investor as an effective tool that would help them generate immense wealth and new value.
Keeping in sync with the commercial sector growth, Chennai’s real estate market residential market is also gaining steady strength and witnessing appreciation at a fast rate. The property investment in the city of Chennai is a worthy idea that is proving to be precious for Chennai’s property market.
Chennai is a fascinating metropolitan city balancing tradition and modernity. It is also called the Detroit of India, with top automakers having made it a hub of their continental operations. The real estate of Chennai is turning hot with the upcoming Metro rail project that is giving a great leap in connectivity.
Chennai’s leading property micro markers are residential locations of OMR, Sriperumbudur, Valasaravakkam, Adyar, Velachery, Anna Nagar, Alwarpet, Tiruvallur, Porur, T.Nagar, Thiruvanmiyur, Oragadam, Perungudi, E.C.R Road, Pallikaranai, Madipakkam, Kilpauk, Medavakkam, Tambaram West, Thorapakkam and Anna Nagar.
For the buyer’s point of view, Chennai’s residential property market is positive and stable as the prices have risen only rationally in tandem with normal market trends. Now the preferred flat size has come down from 1700-2000 square feet to 800-1300 square feet in the last two years. In commercial office space, there is lot of improvement in supply with companies trying to relocate their offices to better Grade A buildings. In terms of IT office space, OMR is the favoured destination. The trend of corporate relocating to peripheral business districts to gain rental advantages and better facilities is continuing.
More and more retailers are entering the Chennai market as real estate occupancy costs are moderate. There is a spurt in the growth of standalone shopping centers and built-to-suit proposals. The malls in the city are Spencer’s Plaza, Ampa Skywalk, Chennai Citi Centre and Express Avenue. The malls in the pipeline include Forum Vijaya Mall, Market City, Marg Junction, Spectrum and Ramee Mall.
In the residential sector, many hot apartment projects are happening. They include Hexagon, Ashok Nagar. Golden Classic apartments at Tambaram West, Ishana Apartments, Kolathur, Anandam Apartments, Chitlapakkam; Ragamalika, Tambaram West, Blossom County apartments, Guduvanchery: Breeze Avenue at Tambaram West; RC Royal Grande, Thirumullaivayal;
Le Reve, E.C.R Road, Suncity, Sriperumbudur; Iris Court, G S T Road; Aqualily, G S T Road; Kay Arr Gateway, Sriperumbudur, Cosy Springs, Porur and Atlantis at Nelson Manikam Road.
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