Chennai is not a dynamo of a city without any reason; it is already the automobile manufacturing hub of the nation and now has its eyes set to become the largest center of software production as well. The city on the coast of the Bay of Bengal is poised for great things ahead and is positioning itself to take advantage of rapidly changing events occurring all across the globe.
Such drastic changes in the city are keenly reflected within the real estate in Chennai where the price of apartments has risen by over 6 percent since 2013. The steady rise in the price of real estate in Chennai combined with nearly a thousand new residential properties under construction in and around Chennai reflects the optimism of the city’s residents as well as that of the builders in Chennai who deem the market capable of absorbing the supply that is in the process of being unloaded over the next few years.
An attractive location to own a new home in Chennai is perhaps the suburb of Sholinganallur which is located in the southern part of the city and superbly connected to the various IT Parks many of which lay within close vicinity. Due to its proximity to and easy connectivity with technology parks in the city, Sholinganallur is a highly desirable residential destination for IT professionals. Owing to a high demand for apartments in Chennai at Sholinganallur, largely emanating from tech workers, some of the best builders in Chennai and the country have deemed Sholinganallur a befitting location at which to construct high quality residential real estate in Chennai.
As a destination for buyers eager to own a 1 BHK flat in Chennai Sholinganallur does not disappoint, with prices of 1 BHK flats starting from under 20 lakhs, affordable one bedroom flats here can be found to suit the pocket of most budget home buyers, though at a carpet size usually under 650 square feet may be less than ideal homes for families. Larger and slightly more expensive 2 BHK flats at Chennai may also be found at this location and most such units are priced just below 40 lakhs and provide a carpet area of approximately 1100 square feet to the lucky occupants.
An interesting fact regarding this suburb of Chennai is the sharp and sudden spike in the price of real of estate at the locality over the past 5 months which may either be attributed to greater overall demand for property or to larger numbers of luxury properties being bought and sold as opposed to the buying and selling of more affordable lower priced apartments. If the case is the latter than it is a sure sign that the market for luxury housing in the locality is picking up steam and could lead to greater price appreciation in the future as well.
As far as looking for affordable Chennai property which is also of a high quality goes there may be few regions in Chennai which offer everything Sholinganallur does, with its great connectivity to places of employment in the city and the large numbers of high end builders in Chennai who have developments under construction in the area, the future of this locality is bright and better yet still nascent.