Chennai has some of the most attractive properties to be found in India. As a large metropolitan city and the largest city in South India it has a population of just less than 10 million people.Manufacturing plays a vital role in the economy of Chennai, as does information technology. The city of Chennai is the capital of Tamil Nadu.
As such a vital Indian city, Chennai has a property market which also a large extent reflects upon the state of the Indian economy.Many parts of Chennai have bucked the property trend in India; hence regions of Chennai have shown a healthy appreciation over the past few years. Property rates in Chennai at localities such as Anna Nagar have appreciated by over 20% in defiance of the decline in property prices in other large Indian urban centers.
Anna Nagar is one of the most desired residential neighborhoods in Chennai, property rates in Anna Nagar are on average a bit shy of 10,000 Rupees per square foot making it an exclusive address for most buyers in the country. New projects in Chennai at Anna Nagar by some top builders in the city include several by India Builders and Ozone.
As one of the top builders in Chennai India Builders has an exclusive property which has 3 BHK flats for 3.4 crores. The flats have 2000 square feet of carpet area and are one of the most sought after flats in Chennai. The property is expected to be completed by the middle of this year and has already appreciated by over 6% since being launched.
Another desirable neighborhood in Chennai, Mogappair offers buyers affordable apartments in Chennai. This part of the city offers buyers the option to purchase 2 BHK flats in Chennai for less than 40 Lakhs.Houses for sale in Chennai may not necessarily be out of reach for those with less than 1 crore to invest. At Mogappair Chennai 3,4 and even 5 bedroom homes may be bought for under 1 crore. Many houses at such location display an abandonment of real estate norms with a few quoting below and other well above the average price of property in Mofappair, offering perhaps a windfall for the adventurous yet adroit speculator.
As Chennai grows with the trend towards increasing urbanization in India, the demand for apartments in Chennai shall almost certainly increase as well. The city of 10 million souls may within the next few decades increase substantially in size with demand for residential property in Chennai skyrocketing.
With a population whose size is already close to 1 crore the city of Chennai has seen its population grow substantially over the past 7 years, such inflow of new comers brings with it opportunities as well new challenges. Property in Chennai over the next few decades is almost certain to remain dear as demand grows from new immigrants as well as current citizens who demand greater facilities and space.The government of Tamil Nadu is keen to adopt a growth model for the city which almost certainly points towards the expansion of the cities boundaries.