Latest trends in Chennai real estate

Chennai is well-known for its traditional mind-set that reflects clearly on its realty market trends, also. For example, property buyers in Chennai have generally been focused on locality over and above most other considerations, and this had put certain limits on the demand and potential for community living in the city.

New Trends:

Up to now, there has been no possibility for the development of mega township projects in the city. Nowadays, Chennaiites are showing an unyielding preference to buy property in Chennai in the Central Business Districts due to the lack of schools, convenio, entertainment and hotels in other regions. But unfortunately, due to the dearth of spaces in central localities builders prefer suburbs to launch their projects. As a developer, they are glad to build projects of 12-30 units with all modern amenities, green cover and open spaces.

In the upcoming months, Chennai will witness a foremost change in this aspect, with a string of gated community projects by builders of nationwide stature under implementation and nearing its possession. These residential projects have minimum plot coverage that paves the way for larger greeneries and ‘lung space' within the township. This is an additional motivation to go for community living that was mostly unfamiliar till as late as 2006. At present, properties for sale in Chennai at gated townships are offered by large landscaping, tranquil environment, schools inside the campus, large clubhouses, health club services for both indoor and outdoor sports, multiplexes in the proximity, medical facilities, restaurants and big swimming pools.

As a result, community living in the right sense is lastly going to develop in Chennai. We expect that once these big projects are fully completed, we will get a significant forward momentum in the idea of large, well-furnished residential townships in Chennai.

General Situation - Supply & Demand:

Residential property for sale in Chennai is seeing a considerable demand in the affordable segments - particularly for units in the price band of Rs. 35-60 lakh - in localities which provide an acceptable degree of civic infrastructure. The report highlights that, Chennai's approximate absorption of residential properties are ranging from 28000-30000 yearly, with maximum of the absorption happening in the South Chennai localities like Tambaram, Chrompet, Pallavaram and OMR. Also, South Chennai properties are affordable for buyers as well as the investors.

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Pallavaram:

Nearly, 50% of the demand existing in Pallavaram is for flat projects. Properties for sale in Pallavaram occupy about 34% of the region. An important demand for commercial properties along plots also happens, consuming around 9% of the overall demand of the locality.

The region has been majorly seeing redevelopment projects. Lots of prominent names in the real estate constructions are focusing on their ongoing and upcoming projects in Pallavaram. New launches and available properties include Pallava Garden, Vibrants, Olympia Grande, Ram Nivas and a lot more.

Tambaram:

This area is positioned in the south Chennai in vicinity to the OMR road also it is a gateway to the Chennai city. This suburban region can be cited as the most sought after realty hot spot in Chennai. The demand is highly from IT sectors and fast growing infrastructural expansions.

This region has a very good livability factor with several shops, retail outlets, restaurants, etc. OMR and GST are the 2 major roads which connecting this area, hence there is a good commutation to all parts of the city. Flats for sale in Tambaram with the sizes varying from 900-1250 are available from Rs. 30-45 lakh in gated community projects.

Hence, the price of properties in South Chennai re relatively low compared to North Chennai. So, most people prefer South Chennai as their property destinations.

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