Major Trends of Property in Chennai

Chennai’s real estate remained a promising market this year, thanks to its quality infrastructure and high residential property-index. These factors attracted developers and buyers equally well. The market trends for the current year, upon analysis, have brought to light the progress that this city made in terms of real estate. Let us have a look at a few of these.
NRI (Non Residential Indians) investors displayed a good interest for property in Chennai, the reasons being many. Some of them already have roots in this city, so they felt connected to the place. In addition, those who are planning to return back intend to use the property for themselves and their families back in India. Their investment in commercial ventures was another major highlight of the real estate. These Non Residential Indians mostly invest by forming partnerships with local Indians or by framing private companies.
Another noticeable trend was relatively higher demand for property as compared to the supply available. So, much correction in prices did not happen this year. The exorbitant rise in the construction prices was also the reason behind low price-correction. The trend for commercial property in Chennai was just the opposite: plenteous office spaces remained unoccupied, even in an IT-driven locality like OMR (Old Mahabalipuram Road)
Now, let’s talk about the price trends in some hot localities of Chennai. Data show that the current per square feet rate for cities like Thoraipakkam and Velachery lies in the range Rs.5000-6500/-. In case of Velachery, a small rise in demand for real estate came to light, due to better means of connectivity available there. This rise in demand can go on steadily over the next two months. Thoraipakkam, in spite of lack of basic amenities, expects to see a slight rise in the demand for residential properties.
Property in a region like Thalambur is a spectator of some of the top-class villas and the row-houses. The buyers are showing interest here and in the months to come, housing projects of some renowned developers shall see a launch, in the months to come. In addition, several plotted constructions can also be seen dotting the area. An area where construction of luxury and super-luxury structures took place on a wide scale was ECR (East Coast Road). For buying a property in this locality, a purchaser needs to have a budget ranging between Rs. 30 million and 65 million.
At present, the city’s real estate is doing well, and when the economic recession is over, the demand for properties shall increase considerably.

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