Kanchipuram Real Estate

Kanchipuram or Kanchi, popularly known as The Temple Town, is one of the oldest cities in the Southern part of India. Situated on the banks of Palar River, this city is famous for its silk sarees and temples. Today, it is not only famous for its religious constructions or temples, but also the flourishing handloom industry which beneficed this city with the tag of ‘Silk City’.

Moving our focus over to Kanchipuram real estate, the city has seen a huge change in realty sector with increasing demand for sarees that get manufactured here. People from all over India pay visit to this city to deal with the saree trading business; there are many customers who come from many parts of the country just to buy sarees that are traditionally manufactured here. For the ample of oppportunities, there are more and more people looking out for residential properties for staying. There are more dealers looking out for commercial properties in Kanchipuram for establishing their businesses.

Absense of Big Builders

Though there is a huge demand for Kanchipuram properties, there aren’t any big players in the market, as such, except for some local real estate agencies and housing societies. The two main players who have set up layouts in the Kanchipuram real estate market are ‘The Lands’, and ‘BLB Real Estate’.

There are very few plots with DTCP approval and most of them are approved only by the panchayat. With the entry of more big players, more outsiders would be interested in owning a Kanchipuram property; lack of confidence on ROI, and maturity of Kanchipuram realty sector is the decisive factor. One important thing to be mentioned here is that the majority of Kanchipuram property development is taking place in the areas surrounding National Highways, but not too much in the city center.

Some of the local players in the field of real estate are Arun Builders, SRB Associates, Maruti Builder, Sri Kumaran Construction and Kandavel Constructions.

Kanchipuram Property Rates

Now that we have seen the status of Kanchipuram real estate market, let us take a look at the property rates in various parts of the town.

A 2600 sq. ft. land in the vicinity of Govindhavadi for residential purposes would cost around Rs. 7.5 lakhs, while the same plot dimension would cost Rs. 11 lakhs in Vishnukanchi. In areas like Paruthikulam, 2000 sq. ft. land would cost only around Rs. 5 lakhs, and the rates are mostly in the range of 5-10 lakhs for 2000-3000 sq. ft. properties.

Speaking about the house rents, a 1BHK house in the city center would cost around Rs. 3000, and a 2BHK house would cost around Rs. 5000. However, when you consider the rental value of properties in cities like Bangalore or Pune, the cost of purchasing a 2BHK flat would easily be in range of 20-30 lakhs, which would fetch you monthly rent of Rs. 5k-8k per month. On the other hand, you’d be better off investing just 5-10 lakhs in Kanchipuram real estate markets and enjoy decent monthly rental incomes of Rs. 4000-5000 per month.

Ongoing Projects in Kanchipuram

There are many ongoing apartment projects in Kanchipuram, and you can expect to shortly see the residential properties’ trend changing over to apartments from the traditional houses.

Some of the ongoing apartment projects include Ruvanthika Square in Pammal by CC Builders, Empire Flats, Medavakkam by Akshaya Foundation, Ramky Cennet in Kelambakkam by Ramky Wavoo Developers and Vel Sundhara in Urapakkam by Vel Foundations Private Limited.

With the increasing popularity of this Silk City, Kanchipuram real estate market is expected to see a good increase in its property rates over the next five years. So, this is the right time to invest in plots, lands, apartments or any other commercial purpose and derive profits of almost two-fold in the next 3-4 years.

However, we would suggest you to invest only in prime locations where the demand is high; not only will you get assured rental incomes from the first day, but also a good resale value and high chances of selling off your property at premium rates pretty quickly, just a few years down the line, should you want huge money in return to your property.