Chennai is one real estate market which has risen from the ashes as far as revitalization is concerned. Chennai’s real estate market was affected like the other metro markets with the global slowdown, market factors and overall country wide slump in real estate. However, the market has shaken off its slumber and buyers are once again making a beeline for residential realty projects in Chennai. There are several flats for sale in Chennai that you can check out, particularly in emerging locations that are close to the city. Prices are steadily stabilizing in Chennai and are not too over the top. There are several mid range and affordable housing options coming up in the city while there is no dearth of luxury housing options either.
It’s not just real estate; commercial and office space markets have also been booming in Chennai for the last few years. There are several projects being built along the Rajiv Gandhi Salai (Old Mahabalipuram Road) which is turning out to be a residential hotspot for the connectivity options and other advantages that it offers. There are several pre-toll stretches where realty projects are also witnessing high demand along the OMR. Navallur and Sholinganallur continue to be favored residential destinations in Chennai while the realty market has expanded to encompass suburbs like Medavakkam, Pallavaram, Padi, Tambaram and Perumbakkam among other areas. Adyar, too, has seen a rise in overall capital values due to a spike in demand.
The commercial realty space has been booming in areas like Anna Salai, Pre-Toll OMR, Guindy, Post-Toll OMR and R.K. Salai which is expected to give a fillip to subsequent residential demand in these areas and developers are already coming up with projects likewise. Even areas witnessing huge traction in the retail space are turning into the poshest destinations to live in including the LB Road in Adyar, T Nagar, Anna Nagar, Nungambakkam and Velachery among others. Other residential zones like Medavakkam, Tambaram, Anna Nagar, Adyar, Sholinganallur and Perumbakkam should witness the maximum market traction this year coupled with the OMR. Property prices in prime areas are going for anything between INR 20-30, 000 while it drops to between INR 5, 000-15, 000 in several other areas on an average.
Chennai’s housing market is set for a major boost in times to come and developers are all geared up to cash in on this new wave of housing demand in the city.
