The present Real Estate scenario in Chennai is that the Real Estate builders should have to study the demand trends in the city’s Real Estate market to survive at least. Chennai has, in the past few decades, been identified as one of the safest destinations in India for the purpose of accruing long term ROI. Besides being more affordable than other metropolitan cities of the country, Chennai has been observing gargantuan industrial and commercial growth. Many regions that were once remote localities situated outside the city are today a part of the city. Hence, Chennai is on a development trend geographically as well. However, different parts of Chennai are growing at different rates. Proximity to workplace, infrastructural development, availability of amenities and connectivity to other localities and cities are some of the reasons responsible for diversified growth.
To Buy or to Rent!
Builders in Chennai mark their properties as per the location and property buyers are well aware of the differential pricing too. And because of the skyrocketing property price, people began to prefer rental options especially when their career prospects can move them from one city to another. However, there are multiple reasons why people prefer to invest on Real Estate in Chennai and hence the city presents to be a very lucrative option in the long run. Today, even rentals are growing higher not just in numbers, and therefore people find it tough to decide between property purchase and rental. The decision should usually be dependent upon the ongoing property prices.
Ongoing Property Prices
When ongoing property prices are increasing lesser when compared to the rental rate trend in the city, it is better to purchase properties for they are likely to grow higher in the subsequent years. Going for rental property may be a wise option only if you are insistent about a specific location where property prices are way above your budget or if you are likely to move from the city within a few months. Nevertheless, Chennai presents a great option regardless of whether you stay in the city or not since property prices are affordable when compared to other metros and returns skyrocketing. Yet another trend observed in Chennai is that even rentals have been growing dramatically. While the Central Business District (CBD) continues to rule the roost in both cases, regions like OMR, ECR, Poonamallee, Velachery, Tambaram and GST Road are witnessing increasing property prices and rentals.
Sandeep Mehta
Popular Real Estate hubs of Chennai
The most popular Real Estate hubs of Chennai continue to be the peripheral regions of the city. Not only these localities serve as home to new industries and workplaces, infrastructural development too has been great in these regions. Real Estate builders in Chennai have been creating residential and commercial architectural marvels in these regions that are developing at colossal rates today. Connectivity is at its best in places like OMR, GST Road, Medavakkam, Perumbakkam and Poonamallee. Moreover, there are no reasons why they should be inferior to the CBD. These regions have an abundance of amenities much like the CBD and what they have in excess that the heart of the city doesn't have is space.
- Sumangali Homes
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