Real Estate in Chennai
In the past few years Chennai has seen a steady growth in the real estate market. Recently with prosper in economy in the country the real estate market has also grown enormously. The demand for real estate properties in Chennai has increased thus paving the way for the launch of new properties. The decision in buying a real estate property in Chennai always lies with the end user. Since 2010 the real estate market in Chennai has seen a stable growth thus giving more confidence to the end users for buying a property.
The demand for the real estate properties in Chennai has increased in the peripheral locations of the city where the cheap properties are located. Regardless of the economy subdued the real estate builders in Chennai went ahead with their plans of exploring the peripheral locations of the city and thereby the demand for the properties has increased greatly.
In the next three years, Chennai is estimated to have around sixty seven thousand five hundred residential units newly. Majority of these houses is to be constructed in the South Chennai around 68%, thus making South Chennai to lead the market when compared to the West Chennai were only 27% of units will be constructed.
According to the United Nations study, Chennai is deficit of around 60,000 housing units among which 6000 housing units are deficit within the high income cluster phase and 12,000 within the middle income cluster and 18,000 within the low income cluster and 24000 within the economically weaker sections.
Modifications have been done in the Chennai town to facilitate the addition of residential areas. With demand for increased residential properties the developers are also facing increased pressure on pricing the properties higher. Increased property prices also attribute to the rise in cost of construction.
The Old Mahalingapuram Road has been remodeled to cover up larger residential areas. The micro market areas like Perambur and Tondiarpet towards the north and Sriperumbudur within the west are also rising continuously with the launch of many residential areas in these micro market areas.
The other micro market which is seeing continuous growth in the residential areas is the ECR stretch within the south Chennai where premium villas are developed and it is being explored even today. In the peripheral locations of the town due to the lack of the social infrastructure the properties in these areas are being launched with reasonable costs.
Amarprakash is an independent real estate developer doing major launches in Chennai. Amarprakash does quality homes in reasonable prices. If you are looking for a property in Chennai please do not hesitate to contact us any time.