Real Estate Momentum moves from CBD to Peripheral regions in Chennai

Chennai is not just all about Egmore, Adyar, Nungambakkam, T.Nagar and Mount Road; It is about regions like Medavakkam, Perumbakkam, Poonamallee, Sriperumbudur, Oragadam, OMR, GST Road...etc. Although the latter has developed much after the places mentioned in the first list (comprising the Central Business District), they have seen tremendous changes and growth in a very short span of time. While Real Estate properties in the Central Business District (CBD) are undoubtedly the most preferred, there is another big segment of buyers showing great interest on apartments for sale in Medavakkam, Perumbakkam...etc in the peripheral regions of Chennai. Apartments in Medavakkam, in particular, are selling like hot cakes and there are reasons for their soaring popularity. Here are some striking features of evolution in Real Estate in Chennai.

The CBD has turned exorbitantly expensive with premium builders declaring launch of projects worth several crores. This segment is today accessible only by the most affluent. However, the peripheral regions and suburban markets serve as a breather to the middle and upper middle class segment of the city’s population with affordable apartments for sale in Chennai. OMR and ECR set the trend of shifting popularity from CBD to the more remote localities. The other regions were quick to take cue and follow suit.

The major industrial players began to set their establishments along this region since the CBD could no longer provide large spaces for commercial centers and large multinational companies. This further accelerated the growth of suburban markets by which Medavakkam gained immense popularity and the demand of apartments in Medavakkam picked up pace and the area suddenly became popular.

Apartments for sale in Medavakkam are the most sought after residential Real Estate properties because the region is in close proximity to the airport, other significant regions of Chennai like OMR, industrial corridor and is also well equipped for major infrastructural development.

Most pockets became coveted landmarks of heavy Real estate demand. Perumbakkam is another destination located closer to Medavakkam and not too far away from Tambaram and GST Road. As Chennai expands, these locations have become hotspots of investment on Real Estate in Chennai. 

The peripheral regions are today affordable when compared to the CBD and hence offer scope for better returns on your investment. The scope and opportunity of development is almost saturating in the CBD but there is a lot more potential left in the suburban markets. Hence, Medavakkam, Perumbakkam, Sriperumbudur, Oragadam and every single region along OMR and ECR are up for grabs. 

- Sumangali Homes

Builders in Chennai

How Mall culture has influenced the Real Estate scenario in Chennai?

If you think that Mall culture is new to the Chennai city, then you might be wrong. The city may perhaps be one of the oldest to have brought in the mall culture with Spencer Plaza in Mount Road. But the world never stopped experimenting and contemporary malls do not just represent convenience and comfort but also affluence and luxury. Today, Chennai is inundated by malls of all kinds in every prominent part of the city. As the population moves to peripheral regions, the need for development of malls in those regions also increases tremendously. Perumbakkam, one such kind of region, is a Real Estate investor’s paradise. Flats for sale in Perumbakkam are on a high as they are close to a number of malls, serving as recreation destinations, thereby influencing the modern lifestyle of the urban population.

Entry of Major Multinational Retail Players in Chennai

Although Chennai is seeing an inflow of several modern and beautifully architected malls; a number of multinational retailers are making their way into the city and these developments are proposed in the second half of 2014. The investment scenario in 2013 may not have been so conducive to the entry of these major players but 2014 demonstrates to be a more open stage for them to make their advent. A fresh supply of retail space can be seen in different pockets of Chennai that includes suburbs such as Perumbakkam. In a day and age where weekends are dominated by visits to a mall, the retail spaces are caching in on the presence of residential communities in and around their premises. Hence, most malls are located in residential localities that show great potential of development.

Mall Culture and Real Estate

As mall culture occupies a significant position in the lives of city people, both the CBD and suburban markets have fair share of malls and retail spaces where people can shop, buy, eat and enjoy. Today, flats for sale in Perumbakkam have even accelerated in their momentum mainly because being enhanced by the construction of shopping malls in and around the region. Malls like The Laurel Mall and Gold Souk Grande Mall in GST Road, MARG Junction and Coramandel Plaza Mall in OMR are some of the retail spaces that are located in and near Perumbakkam. Chennai by itself has seen a deluge of malls in the last 5 years and their development has been massive. The growth of malls is indicative of the kind of development a city is witnessing or expected to go through.

- Sumangali Homes

Builders in Chennai

An Overview of Properties in Perumbakkam, Chennai