Saturday 26 November 2016

A Glimpse into Property in Chennai’s Southern Region




Property in Chennai at the southern part of the city has outpaced many other parts of the city and gone on to attract a great deal of investment at the expense of other regions of Chennai. Hence there are numerous reasons for South Chennai to celebrate. 

A Few Reasons that Make South Chennai Real Estate Attractive

  • South Chennai is An Emerging Investment Hotspot
  • Job Opportunities in South Chennai are increasing which is leading to more residents shifting to South Chennai
  • The value of homes in South Chennai is rising
  • South Chennai is experiencing greater demand from consumers.  



Experts recommend that buyers who wish to gain attractive returns on their investment should certainly consider buying property in Chennai’s southern region. It is also recommended that those who wish to buy a house in Chennai to live in and who have a four-year time horizon in which to buy their real estate should certainly consider buying a property in South Chennai. 

The Emerging Growth Nodes in South Chennai 

Two regions which promise attractive growth in South Chennai are

Old Mahabalipuram Road and the Grand South Trunk Road both of which are very popular as growth corridors and promise great returns to investors. Chennai has grown a great deal along regions such as Old Mahabalipuram Road (OMR) and the Grand South Trunk Road (GST)

What makes OMR and GST attractive real estate destinations is a large number of the IT and ITES office spaces are found here. Special Economic Zones of other diverse industries are also found here. Residential development is also prominent in this region and the area attracts homebuyers who invest in these regions. 

To put the popularity of South Chennai property in perspective, nearly sixty-two percent of people prefer to live in this region and nearly sixty-three percent of properties in Chennai which are bought and sold are found in South Chennai.  

The Segment of Properties in Demand in South Chennai

Particular segments of properties in Chennai at its southern region are appreciating in value. The three price points of these segments of properties are between 3,000-4,000 rupees per square foot, 4,000 to 5,000 rupees per square foot, and 6,000 to 7,000 rupees per square foot. All the properties at these price points have fared well. In terms of the numbers of affordable houses and projects in Chennai, the locality of South Chennai has nearly the highest or second highest number of such homes in the entire city. South Chennai has the largest number of homes in Chennai which are priced between 3,000 to 4,000 rupees per square foot and also those priced between 4,000 to 5,000 rupees per square foot. 

Going into detail and considering the secondary market in South Chennai, data reveals that nearly eighty-five percent of the supply of homes priced between 4,000 to 5,000 rupees per square foot in Chennai’s secondary market is found in South Chennai. When we look at the supply of homes priced between 3,000 to 4,000 rupees per square foot we find that nearly seventy-five percent of the supply in the secondary market is found in South Chennai. In terms of the total supply of residential properties in Chennai, South Chennai has nearly sixty-five percent of such homes.   

The South Chennai Localities Preferred by Residents

The names of the localities which residents of South Chennai most prefer are as follow
Madipakkam
Medavakkam 
Old Mahabalipuram Road 
Tambaram 
Nanganallur 
Velachery

Real Estate in Chennai at all of these localities saw a rise in value barring three localities. Velachery, which is the biggest locality in Chennai in terms of demand for housing, but which also, saw a drop in the value of property by nearly three percent. OMR witnessed a fall in the value of homes of nearly 1 percent and Madipakkam was the backdrop of a fall in the value of its property by nearly 1.6 percent. 

Overall the southern zone registered a rise in the value of property of nearly half a percent and all of the homes in the budget segment  registered a rise in value. 

Conclusion

Future homebuyers eagerly searching for their next home should certainly consider property in Chennai at the localities mentioned above. 

Friday 25 November 2016

Latest Residential Property News in Chennai







After the demonetization done by the NDA govt, black money will get curbed to some extent for sure and this will lead to the expenditure on property made by almost only by the end user,which is bound to bring down property prices in india for short run.

Chennai has always been a popular tourist destination and a port city. It is also one of the gateways to Andaman & Nicobar Islands through air and sea. It is also known as the Detroit of India, as it is base for the automotive industry. It is the 4th largest and 6th most populated city in India. Chennai also has the 3rd largest expatriate population in the country behind Mumbai and Delhi.


 Even though real estate property in Chennai companies like DLF have set foot, the market sentiment has been kept in mind and the property costs have not been allowed to increase exponentially in Chennai. The city has seen reasonable expansion towards south as well, due to its connectivity to Mahabalipuram.

Chennai like any other cosmopolitan city has witnessed high growth rate in terms of population, mainly due to migration of population. A city’s expansion plan and growth depends as to how it handles this sudden influx of populace migrating for better job opportunities and career enhancements. This aspect is largely contributed towards by two factors; the enhancements in infrastructure and growth of the real estate sector.

The Chennai real estate sector has received a huge blow due to the unexpected torrential rains followed by floods; caused by water logging due to faulty planning of the city. The flooding of the city has left a serious doubt in the minds of potential investors whether it is safe to invest in Residential properties in Chennai, it would be sometime before the market gains back its sentiment.




Real Estate Market of Chennai after Demonetisation



The Indian economy has become quickly amid the previous 15 years, which added to exponential development in land properties crosswise over India. As indicated by a late article by Indian government, Residential property in india, realty market in India records to an incredible 11% of the National GDP. 

Chennai, the city of diverse landscapes has earned the tag of the most revered destination in South India. This has happened on many accounts (a) Development of Infrastructure in terms of roads like ECR and Ring Road and Metro. (b) Opening up of MNC corporate IT parks. (c) Availability of international airport and Port. (d) SoPs doled out to the IT as well as the manufacturing sector.
Real estate property in Chennai has grown at a steady pace in the past few years. The city has expanded south as well as westwards. The RG IT expressway has come up as a major axis of growth. A number of IT parks, SEZ and commercial buildings have come up, which has further initiated development of residential projects. 

The real estate and property in Chennai has retained its property index as compared to other cities in India, as the property rates have not gone up exponentially and are still in the range where the end user or middle class household can afford it. Another factor which has contributed towards the stability of real estate market is the fact that Chennai has seen an all-round healthy growth in terms of the manufacturing and IT sector. 
Chennai has seen a healthy realestate trends in Chennai growth, due to the ever improving infrastructure, in terms of roads connectivity, internal as well as external; local rail network and now development of metro. The airport is located in the heart of the city and adds to the city’s TRP as a real estate destination.
Chennai scores high on the Liveability Index as compared to other cities in India, which earned it the tag of the most desired city in south India and would remain a popular real estate and property destination in the years to come.



Tuesday 22 November 2016

Remodelled social Infrastructure and connectivity entice buyers in Chennai



Like in any other metro city Chennai has also got saturated and there is very less scope of growth left in this city. Hence, the developers have started searching for options of expansion in outskirts. Avadi is one such area which has got the attention of the builders. This area is situated in the north western part of the Chennai. In recent years area like Avadi have improved a lot and lot of people are now interested in buying Property in Chennai. The outskirt areas like Avadi are closely located to the IT Park which makes it a number one choice of the service class home buyers. 



Let us evaluate some of the key factors that are influencing people to buy property in Chennai

•Property prices- The housing properties in these areas are offered in variety of price configuration. An average 1 BHK is available in a price range of Rs.10-25 lakhs while you can get a2 BHK apartment in price range of Rs. 17-35 lakhs. Furthermore a 3 BHK house can be available in price range of s.30—35 lakhs.  It estimated that 90% of the apartments are ready to move in which is a definitely a good news.

•Connectivity and base work- Generally the infrastructure and connectivity of the city has improved a lot. All the major sub-urban areas are now connected with road and recent addition in the connectivity module which the metro rail in changing the experience of travelling in the Chennai.  Linking up all the peripheries of the city will give a major boost to the properties in Chennai. Other basic infrastructural requirements are being developed in different parts of the city. Amenities like hospitals, school and entertainment are being developed at a faster pace.

•Forthcoming Potentials- Under the Atal Mission  for rejuvenation and Urban Transformation (AMRUT) scheme which the extension of the  JNNURM, Central government has identified many sub-urban areas of Chennai  which will funded to upgrade their infrastructure base like water supply, sewerage management, storm water drainage ,  expansion of green spaces and parks for children.


There are several builder in chennai like Mahindra life spaces, VGN developers and southern builder who are now venturing in this areas and encouragement from government is giving them the extra impetus. With all these improved infrrasrture, connectivity the suburban areas of Chennai are surely going to shine.