The Chennai residential property market’s growth over the last few years has been amazing. The residential property market growth is in tandem with the overall economic growth, and the entire real estate segment.
Home to several important industries such as IT/ITES, automobile, education, entertainment, Chennai commands great respect amongst the cities in India. Chennai is known for its safety, infrastructure, quality of life, and low living costs compared to other cities in India. Property value is fast appreciating and yet affordable to many; likewise rental rates are far lesser than other cities.
In up market areas the rate per square feet ranges anywhere between 8,000 to 33,000 Indian rupees. Chennai’s up market areas include Adyar, Alwarpet, Boat Club, Besant nagar, Raja Annamalaipuram, Nungambakkam, Greenways road and Radhakrishnan Salai. Other hot areas include Mylapore, Royapettah, Velacherry, Loyds Road, Tiruvanmiyur, Anna Nagar where the prices per square feet range between 4000 and 7000 Indian rupees. The prices indicate average prices only.
Although each area has a certain market rate within that area depending on the street, proximity to the main road and other facilities such as hospitals, post office, schools etc the price will vary. Pricing also depends on the amenities and facilities offered by the residential builders.
Buying an apartment in the heart of Chennai would cost you 3.5 to 6 crore Indian rupees. However compare it to other cities such as Bombay, and Delhi you will be able to find an apartment for this range a little away from the city.
After the Tsunami property prices did drop considerably, but over a period of time the Chennai property market has stabilized. Now there is more demand than supply thanks to the influx of multinational companies in Chennai, the volume of jobs being generated and also migrants from other cities. Residential apartment builders are launching new projects to meet the augmenting demand for properties across Chennai.
Chennai is becoming a potpourri of culture and the changing scenario is reflected in the city’s buildings as well. Drive around Chennai and you will see modern apartment complexes with state of the art facilities.