Several reports by renowned international property consultants throw significant focus on South Chennai for Real Estate investment. Medavakkam, in particular has made tremendous progress in the last couple of years both in terms demand as well as supply of Real Estate residential properties. Apartments in Medavakkam are rising steadily and so has been their demand from 2010. Pallikaranai and Medavakkam are the southern star regions, expected to do substantially well, and reckoned as best destinations for investment in India. The significance on these two regions emerges after a thorough research on over 100 other regions in the country. There are a large number of factors that tilt the investment angle favorably towards Medavakkam- Physical and social infrastructure, proximity and connectivity to important hubs of Chennai, potential development and land availability.
South Chennai poised for further development
Builders in Medavakkam are today undoubtedly constructing premium Real Estate properties to cater to a large segment of population. A big percentage of this population represents the IT community. And it is only but natural for it to be so, because the technology industry constitutes about 70 percent of office space in Chennai. Chennai’s growth is largely driven by Information Technology and the Automobile industries. Studies show that over the next 5 years, Chennai’s industrial sector will utilize more than 21 million sq.ft and South Chennai alone would account for over 18 million sq.ft. This kind of land utilization not just benefits commercial realty but also offers great advantage to residential Real Estate in Chennai.
Additional Reasons favoring Development
Many infrastructural projects line South Chennai that includes the Metro Rail, monorail corridor and Outer Ring Road. Besides enhancing connectivity between South Chennai and rest of the city, these infrastructural projects create an upswing in realty prices in the future. Apartments in Medavakkam are likely to observe over double their current prices in the next 5 years. Also, in the next 3 years, South Chennai is expected to contribute to at least 63 percent of residential realty growth.
IT Parks and Villa Apartments
Builders in Medavakkam and rest of South Chennai are least deterred by economic fluctuations that have caused a Real Estate slump in Mumbai, Delhi and other metros. This is because Chennai has recorded price appreciations even during the crisis period. Strengthening of the IT and BFSI industries is expected to further fuel the progress of Real Estate investment in Chennai.
- Sumangali Homes
Builders in Medavakkam
No comments:
Post a Comment