CHENNAI Real Estate, for every budget, preference and type

Chennai is characterized by a major sweep in the

Commercial and Residential Real Estate sector. A

number of premium and affordable builders in Medavakkam, Chennai have

much to rejoice ever since the report released by the Real Estate consultant

Knight and Frank declared Medavakkam as one of the most profitable

destinations of investment in Asia. Over the last two decades, Chennai has

observed a number of dramatic changes in the field of Real Estate. Not only

has the style of architecture and diversity in the kind and price range of

builders changed, there has been a huge transformation in the mindset of the

investing community. As a matter of fact, much of the Residential Real Estate

demand in the city is triggered by this transformed mindset and preferences by

investors.

Real Estate Changes in Chennai

Chennai’s Real Estate landscape is observing landmark changes in 2014. There

are at least over 16,000 residential units that are expected to be completed

in 2014. This is a steady increase in numbers from 2013 which saw completion

of 13,000 residential units. The nature of residential properties awaiting

completion and in demand is also as diversified as the preferences of property

buyers. The suburban markets have a number of ready-to-occupy apartments

because buyers in this part of the city prefer to move into ready homes without

having to wait for a long gestation period. The next major difference is the

significant increase in demand for high-end properties.

This steady jump from the previous year goes on to show the growth of Real

Estate in the city. This kind of growth does not just feature in the purchase and

sale of apartments and other residential properties but also in rental

properties. Rental prices were once high only in the Central Business District.

Today, Chennai’s suburban regions are also party to high rentals. Home buyers

that find it tough to invest in a property in Chennai and the city’s floating

population prefer rental homes instead of investing in property that may not be

of use to them.

Also, Chennai’s flourishing commercial segment has invited attention from a

cosmopolitan group of people from across the country. And as this group makes

Chennai their hometown, demand for rental properties are on the upward trend

easily. Real Estate in Chennai is hence eclectic and rapidly accelerating.

Demand for Luxury Housing in Chennai

Investors prefer customized homes that are equipped with all important and

luxurious amenities favorable for urban living. While Chennai has not done as

well as other metropolitan cities like Mumbai and Gurgaon when it comes to

luxury housing, this is the newest trend that is all set to create a revolution in

Chennai in the years to come. Several premium builders have entered the

market sensing the demand for high-end homes and properties since the city is

now showing immense potential for luxury housing. While 2013 showed a dip

in residential sector and more so with the luxury housing segment, 2014 holds

a lot of promise in this segment as a number of high-end properties are already

nearing completion.

Affordable Housing in Chennai

The more reasonably priced homes for the budget property buyers can never

go out of demand in Chennai. The city displays both extremes in term of

residential properties since investors in the city can be categorized into

different income groups. The mid range properties are available in locations

like GST Road and Sriperumbudur. Builders in Chennai have also

constructed reasonably priced quality properties. As residential properties

climb steadily, the commercial market is not far behind. A number of

commercial spaces have replaced barren lands in the suburban regions

thereby catapulting the economic scenario of the city. Thus Chennai strikes a

perfect balance in the Real Estate market and staying recession proof even

when many other metros faced a slump in realty demand and pricing.

Unlike Mumbai or Delhi, Chennai does not represent a volatile market where

buying and selling happen in a short span of time or even overnight. Such

activities contribute to high prices and a volatile market. Chennai is still a

market of genuine transactions primarily meant for end users and investors

that do not indulge in dynamic buying and selling and increasing prices

unreasonably.

Real estate in Chennai is a growing phenomenon with every passing day.

Chennai ranks high in the list of top 25 destinations in Asia for ideal real

estate investment options. Economic growth of the city has propelled every

industry thriving here to great heights. They have directly contributed to the

rising Real Estate glory of Chennai. Nevertheless, Chennai is also characterized

by diverse preferences, property availability and location requirements as

eclectic as it can get. This proves the fact that the city comprises of properties

for every budget, preference and type.

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