Luxury Flats Largely Preferred Post Retirement in Chennai

Real Estate in Chennai is a dynamic scenario with even the smallest of changes causing major impact but change has nevertheless been the nature of the game especially in this South Indian city. Chennai has undergone gradual and rapid transformations in the last couple of decades. From being a primarily conservative Real Estate market to a liberal one, Chennai has seen landscapes rising and falling over the years. Even a few years ago, Chennai represented a highly affordable market but today many regions in this metropolitan city are inaccessible by the middle and upper middle income groups of people. Such is the magnitude of developments the city has witnessed in a very short span of time.

Changing Real Estate Landscape of Chennai

Having said that, Chennai also has its fair share of developing suburbs that are relatively affordable today but assure great returns in the years to come. While Chennai is expanding to encompass newer regions and suburban markets, the nature of residential properties here are no exception to the change. They are varied themselves and changing with the dynamic requirements of Real Estate investors and buyers. A number of builders in the city are today making relatively customized properties for the rich and elite who expect to see western influences and sophistication in their properties. The city that once housed a large share of independent homes is today inundated by modern apartments and high rises. Real Estate scenario in Chennai is today largely characterized by premium flats in every part of the city.

Preference of Flats post Retirement

While there can be many reasons that contribute to the preference of flats, a good reason for builders constructing these marvels come from the fact that the rich and elite of Chennai prefer to retire in posh flats that come with all urban amenities, safety and comfortable living during their retirement days. This is a prominent trend observed today. This community of investors have been selling their independent homes and moving to luxury flats that promise them a community living with safety, luxury and support. 

Video Courtesy: NDTV

Luxury was earlier associated only with certain regions in the city that included Adyar, RA Puram, Mylapore, Besant Nagar and Boat Club Road. Today, this perception is a little shaken as even suburban localities like OMR, ECR, Tambaram and Medavakkam are arriving with their fair share of luxury properties. Chennai is thus expanding in all dimensions.