What’s The Current Position Of The Chennai Real Estate Market?
The real estate Chennai market is one of the most fastest growing markets, with brand new projects constantly being added up to the list. Thanks to the interest shown by home-buyers in investing into a property in the city.
Chennai is currently the fourth most populous city in the country. While the number of inhabitants seems to remain steady, the migration of individuals from other parts of India has largely added up to the population of the city. Thanks to the ever-increasing demand for properties in here.
The real-estate bloom in Chennai is not something that has been only noticed in the recent past. For decades, the city has been offering the best deals on properties to investors. This is the prime reason why the Chennai is currently cited as a major residential hub and a huge market for business investors.
What does the real estate Chennai Market have for budget home buyers?
Is it possible to buy a home that costs not more than Rs. 15 lakh in the present times? Well, if you are someone residing in one of the posh locations in Chennai, your answer would simply be ‘No’. Of course, you may not probably find a budget flat in the most prominent spaces in the city, but the locations on the outskirts do have a good number of budget residential properties.
Take, for instance, Gerugambakkam, situated just 20 km away from the city. Its efficient connectivity to Chennai and the neighboring regions have made way for some amazing residential projects with budget homes, costing as low as 15 to 20 lakhs. Also, Sriperumbudur, located at a distance of 40 km from Chennai is a home to budget residential apartments.
What Makes Chennai the next big thing?
Chennai is a city that has been welcoming skilled labours from across the city with open arms. As a result, new commercial projects have sprung up in the recent past, thereby adding up to the total number of active job opportunities.
However, there also seems to be a problem. While the demand for office spaces is high, the availability of the same is comparatively low. The current demand is roughly around 4 million sq. ft each year, which is tremendously high. However, the space available is around 16 percent. In such a scenario, real estate builders find it feasible to set up projects on the outskirts of the city, which is, in fact, the wisest thing to do.
Contrary to the rise in the demand for commercial spaces, the number of individuals buying residential accommodations has been quite steady. Places like Tambaram, Pallavaram and Padi, are some of the locations in Chennai that have witnessed a maximum number of residential project launches in the recent past.
Should you be investing in a property in Chennai?
According to experts, the real estate market in Chennai may witness a price increase in the days to come. Last year more than 8000 new units were launched, and over 20,000 units were sold. Although the number was less than its previous year’s sales, it was still a huge one. With developers folding their sleeves up high with an intention to launch more units, the number of sales is only expected to go higher. So, no wonder why you should be investing in a property in Chennai.