One of the four largest metropolitan regions in the country, Chennai is certainly a top real estate destination for homebuyers and investors alike. The city has a highly evolved physical infrastructure as well as the presence of a large number of top education centers besides being an important cultural center as well.
Property in Chennai is cheaper than that at Mumbai and NCR, but it doesn’t necessarily mean it’s cheap. Just cheaper than some other large cities which means it can still be quite expensive, although at what point it is cheap or expensive will depend upon your budget and real estate trends.
Bucking the nationwide trend, property rates in Chennai have been on the upswing over the past few years and as the property market in the country improves remain likely to do for longer still. With an average appreciation of greater than 6%, the city has proven it remains a hardy real estate market while other markets have been facing headwinds.
With over 900 new upcoming projects in Chennai and over 200 projects about to be launched, the city’s appetite for real estate seems insatiable. Some of the most attractive developments are under construction at localities such as Padur and Navallur.
Locate upon the southern part of Chennai, Navallur ranks high on the livability index with a reasonable number of amenities in the vicinity and with apartments priced at approximately 4,300 rupees per square foot offers a modestly upscale residential living experience. The price of real estate at the locality have been choppy jumping higher and lower than where they now stand, prices of property here have largely returned to the same level where they had been 3 years ago.
With builders in Chennai lining up to construct at Navallur, 25 new residential developments are under construction at the locality and nearly 10 more slated to be launched. If the reader is keen to buy a 1 BHK flat in Chennai than you can be the proud owner of one at Navallur for between 20 to 25 lakhs, the size of such at flat at Navallur would vary between 500 to 640 square feet and the development where the unit is under construction is expected to be completed within 2 years.For a larger nuclear family which wishes to shop for 2 BHK flats in Chennai, Navallur has properties for sale priced at just over 30 lakhs. The size of the unit is just below 750 square feet and is expected to be completed by 2018.
Navallur is one of the prime real estate destinations for buyers looking for 1 or 2 BHK flats in Chennai; it does however also have larger 3 bedroom apartments as well. The price for a 3 BHK flat at Navallur may be just shy of 40 lakh rupees and the unit size may be just below 1,200 square feet. The unit price of such a flat considering the commensurate size of the flat is extremely favorable to the buyer as a similar sized flat many other metropolitan areas may cost several crores.