Some Facts About Properties In Chennai

Chennai, which was previously known as Madras, is amongst the five major metropolitan cities in India. Being the capital city of Tamil Nadu, this city is the center for all cultural, business, and political activities in the state. Formerly, Chennai was known as a popular trading spot, but now it has developed largely in real estate field. IT and many other industries have also been experiencing a quick growth lately, lending a significant boost to Chennai property rates.

Finding a house in Chennai, now, within your budget may not be too hard; thanks to the city’s expansion process with the limits further extending to suburban areas, thus making it simpler for the real estate segment to discover new areas. Chennai real estate business is mainly driven by IT, residential and commercial segments.

Chennai Property Rates

Chennai property rates may vary based on the site location and other significant factors. People who are well-off and can afford expensive properties can find just the one of their choice in areas like Medavakkam, Old Mahabalipuram, Annanagar and other such posh localities. However, there are many other areas where middle-class buyers can find properties within their budget.

Looking at the actual ongoing rates today, a 1600 square feet 3BHK residential apartment in the vicinity of Mogapier would cost somewhere around Rs. 90 lakh, while the same may cost around Rs. 70 lakhs in Sholinganallu area. The cost may be even higher in areas like Annanagar and Old Mahabalipuram Road.

If we look at the land rates, you can buy a land measuring around 1000 square feet for less than Rs. 5 lakh in areas like Tambaram, Avadi AIF, and Ambattur, while price of the same land may rise to Rs. 15- Rs. 20 lakh range in places like Vandalur and Avadi Camp HO.

If you want to rent a residential apartment, here are the rental rates in different locations; a 3BHK apartment in Ambattur HO can be rented for as low as Rs. 11,000, while the same would cost almost Rs. 21000 in areas neighboring Valasaravakkam and Rs. 15000 in the locality of Mogapier.

These rates are more than enough to illustrate the boom in Chennai real estate market, indicating major changes in just within in a year or so.

Major Real Estate Players in Chennai Realty Sector

Chennai, being one of the biggest cities in India, is amongst the top targets for the leading real estate players in the market. Some of the big realty players who have invested in Chennai real estate are Ramky Wavoo Developers, Hiranandini, Arihant Foundations, Brigade Group, and Jain Housing and Construction Limited.

These developers have been investing in residential complexes, big chain of restaurants, IT parks, shopping malls, and other such commercial ventures, just like their projects in Bangalore and other metropolitan cities.

Latest Property Developments

Chennai is already experiencing a great development in this field with several ongoing construction projects from private builders. To add to this, the state and central government have also contributed projects like 4-lane Chennai bypass Phase II and a cloverleaf structure near the airport to directly connect to different National Highways to the city. Old Mahabalipuram Road is one location that is experiencing good development. So, you may want to invest in this locality to ensure great returns in the long run.

With all the major development that is happening in the city right now, Chennai real estate is likely to reach even greater heights with the ever-increasing demand for property. Invest at the upcoming areas at the earliest to bag in some serious profits over the forthcoming years.

The projects from Brigade Group & Hiranandani have a rapport of providing over 50-60% returns on investment just within 3-4 years, so we’d certainly recommend you to have a look at them. Additionally, Jain Housing, Vakil housing, and DLF builders are the other great builders that have a terrific track record too, so you may want to consider their upcoming realty projects too.