Market Analysis On Booming Demand for Luxury Flats in Chennai

According to industry reports, Chennai is 9th on the list of world’s best cosmopolitan cities. If you have been looking for a luxury property in this city, you will not be disappointed. There are various ongoing residential projects in Chennai in which you might end up finding your dream home.

The city continues to witness stunning real estate developments in the forms of sprawling residential and commercial properties. The urban lifestyle in Chennai is improving and this has resulted in the burgeoning real estate market. Several reputed developers are taking advantage of this market condition, offering stunning properties to cater to the rising demand of city’s residents.

Landscaping, huge club houses, schools and healthcare facilities inside the campus and health club are some of the facilities being offered by developers in luxury projects. Community living is one trend that has become quite popular in the city. Developers are coming up with well-equipped, large residential communities.

From world-class amenities to heavy price tags, luxury flats in Chennai are becoming quite popular as even NRIs are showing interest in buying a plush second home in the city. Such properties are being considered a status symbol for young investors who are looking for a comfortable yet stylish home. They are willing to shell out huge amounts as long as the flat or villa is located in a posh area and offers best-in-class amenities.

Real estate companies from all over India are exploring the luxury property scene in Chennai and announcing various residential projects. They are redefining the concept of luxury, for instance, one of the real estate companies have developed hanging apartments to give an illusion of floating homes. Companies are coming up with stylish yet innovative homes to lure wealthy investors and buyers. They might be selling these homes at skyrocketing rates but the properties are laced with world-class amenities and facilities that one would need for a comfortable living.

According to Cushman and Wakefield (C&W), high-end properties saw increased demand in 2014. Around 13,000 new residential units were launched in Chennai in 2013 whereas in 2014, around 16,000 residential units across all real estate categories were completed. As per real estate reports, customer preferences are changing. They are willing to shift into posh homes with better amenities. Last year, various luxury projects were launched in areas such as Kotturpuram, Mylapore, RA Puram, Poes Garden and Nungambakkam.

As per a new report from Savills World Research, Chennai was among the rising stars in world’s luxury property market with the standard rate for a standard 2 bedroom apartment being $40,000 and $160,000 for a luxury 2 bedroom apartment.

Various points including economic factors like gross domestic products, job market potential were considered by the report when listing the cities.

Not just luxury properties but the demand for affordable housing has also increased in the city. Units in the price range of 35-60 lacs are in huge demand as people are looking for investment options in the Chennai.

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