Real estate property in Chennai has emerged as a favorite destination for investors and buyers. The city is a home to many blue chip companies and also enjoys a robust infrastructure and excellent connectivity. Driven by these factors more and more people are willing to invest in residential property in Chennai. It also has several good colleges and acclaimed institutes that attracts a good footfall every year.
Let’s have a look on the factors that spur the demand of Chennai below.
Infrastructure in Chennai is constantly growing and emerging into a major IT, automotive and an electronic manufacturing hub. Commercial demand is also witnessing a positive growth. A spate of new companies are investing and setting base in the city, creating more employment opportunities thereby stimulating the residential demand in and around the city. Infrastructure is being developed to suit the needs of various industries that are setting foot into the city. Focus is on the Outer Ring Road (ORR) were the Phase I (Vandalur to Nazarthpet – NH 4) has already been completed. ORR Phase II where land acquisition is in advance stages will boost the real estate activity along this corridor. Chennai and its adjoining cities are among the best for primary and higher education in the country today. Healthcare and medical facilities in the city are also among the best available in the country. Development of new hospitals, schools, malls and multiplexes in the emerging locations are all stimulating growth for the city’s infrastructure. Thus real estate property in Chennai is expected to witness positive impact backed by these developments.
The Public Transport lines across the city are taking a turn for the better with more bus services and routes announced by the government facilitating faster and better commuting. Along with this, the Chennai Metro Rail project which is expected to be ready by the end-2015, and the Monorail project which has recently gained momentum will drive residential prices along their respective corridors.
A End-User Driven Market
The residential market in Chennai, unlike in other Indian metropolitan cities, is driven by end users who constitute a major strata of the buyers. This buyer base provides a strong foundation to long term investments in the city’s residential market as it reduces market volatility.
Flexibility, Availability and Affordable Price Tags
It is recommended that buyers make an investment decision keeping in mind the various schemes and offers that are being offered by developers. Also in the current market the buyers have a wide choice of locations, apartment sizes and prices, which going forward may not be available due to the increase in demand in the near future. Apart from Chennai city, locations close to the IT hubs, specifically on the OMR and ECR is expected to witness a lot of traction and interest from buyers on the back of employment opportunities and development of social infrastructure. All these factors have significantly pushed the residential property in Chennai to bring it up the curve. Chennai emerges as a hot property for investment in residential units as it is expected to reap in tons in near future.