How has Perumbakkam evolved over the last decade in Chennai?

Real estate in Chennai represents a big market in India. Commercial, Residential and Retail Real Estate have been burgeoning and Chennai is ranked top on the list of Real Estate destinations demonstrating great potential today and tomorrow. While many regions in Chennai are progressing rapidly, Perumbakkam seem to outdo the performance of other properties in other regions. Connectivity, affordability, proximity and ROI are the main drivers of Real Estate growth and demand of the flats for sale in Perumbakkam. Each of these factors play an important role in driving progress of Real Estate market in Chennai.

Evolution of Perumbakkam

Perumbakkam has in the recent years seen an upsurge in the number of residential projects, particularly flats. But this was not the case even a decade ago. Vast expanses of agricultural land lined Perumbakkam and the nearby regions. The region was dotted with sparse civilization and little or no sign of development. But today, this is the same region that promises exceptional returns on your Real Estate investment. Flats for sale in Perumbakkam, today are hot properties that attract investor attention from not just the residents and occupants of the city but also by NRI population and expatriates. Perumbakkam’s proximity to SEZ and the IT corridor is perhaps the biggest reasons for the region to enjoy the Real Estate status it is enjoying today.

Rentals in Perumbakkam vs. OMR

Rental demands have always been high in the OMR belt owing to the rapid demand for housing. With increased demands, rentals have also dramatically catapulted to new highs. While many professionals resort to OMR region for residing, there is a greater number of IT and manufacturing professionals that prefer Perumbakkam, Medavakkam, Vengaivasal....etc, that do not compromise on proximity but are relatively more affordable than OMR. So, while they enjoy the benefits of proximity, they don’t really pay exorbitant rentals.        

                                          

Properties in OMR

Purchase of Properties in Perumbakkam vs. OMR

Flats in Perumbakkam are not just ideal as rental properties but also are perfect for purchase. Buying a property in the OMR may be near impossible for many buyers. However Perumbakkam can offer nearly the same amenities and advantages at much lesser property purchase costs. Hence, the flats for sale in Perumbakkam enjoy more demand and requirements amongst the Real Estate investing community in Chennai. 

How ECR became the Most Blessed Real Estate Destination of Chennai?

Some regions are home to excellent properties, great infrastructure, exceptional returns on investment and a wonderful lifestyle altogether. There are many pockets of Chennai that enjoy such privileges, and there are some others that do very well for themselves and for their residents. ECR(East Coast Road) is one such preferred Real Estate hotspot of Chennai. This scenic two lane highway along the Bay of Bengal stretches from Chennai to Tuticorin. Home to a number of premium resorts, theme parks, theaters and recreation destinations, ECR sits as the lovable cherry on the big Real Estate cake of Chennai.

ECR promises a number of advantages to those residing in its stretch. 

• The apartments for sale in ECR stretch of Chennai enjoy the benefits of a scenic backdrop as well as spacious and opulent homes that promise immense breathing space for the cosmopolitan culture. 

• There are plans proposed to extend ECR beyond Tuticorin to touch the southernmost tip of Chennai, Kanyakumari.

• Residents of ECR derive dual location benefits. They are in close proximity to the city and yet away from busy roads, congested traffic scenario, pollution and narrow roads.

• A large percentage of IT population prefers to stay in ECR because their workplaces are just a hop, skip and jump away.

• ECR is home to large homes like villas, farmhouses, beach houses, townships and spacious apartments that render an up-market lifestyle appeal to the entire region.

• Property rates, over the last 5 years, have jumped skywards in ECR. This stretch was one of the first suburban markets in Chennai to develop and is also easily one of the few that will be subjected to maximum capital appreciation in the long run. 

• Neelankarai and Palavakkam are two of the highly sought after destinations in ECR. These are two regions that receive maximum housing and commercial demand from Real Estate investors.

• Better infrastructure facilities in the form of bridges at Neelankarai, Kottivakkam and Palavakkam are expected to improve connectivity between OMR and ECR. This will ease the traffic situation in OMR for the IT population traveling between these places.

Source: NDTV

Properties in ECR are amongst the best in all terms and clear favorites when it comes to  farmhouses and the best answer for luxury apartments for sale in Chennai. There are properties in ECR for every section of buyer and thus makes an interesting choice for Real Estate investment in Chennai.

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Property sale in Perumbakkam reaches New level

The new interest of the property buyers or Real Estate investors in Chennai is the flats for sale in Perumbakkam. Some years back, Perumbakkam was a no-man’s land with very frugal residential activity in the region, but today, Perumbakkam has emerged as one of the hot spots of Real Estate investment in Chennai. There are a number of reasons that easily make Perumbakkam a favorable investment option.

Price

The middle income and upper middle income segment of Chennai population find it near herculean to invest on properties in the Central Business District of Chennai. Regions such as Valasaravakkam, Tambaram, Perumbakkam..etc are in close proximity to CBD and yet offers relatively more affordable pricing in flats and other Real Estate properties for those community of property buyers.

Location

Perumbakkam enjoys a favorable location in all terms. Bound by OMR, GST Road, Tambaram, Medavakkam and Sholinganallur, Perumbakkam is all set to witness great progress along with these regions.

Infrastructural Progress

OMR’s IT expressway, the Metro Project, new transportation systems and other infrastructural developments tilt favorably towards the flats for sale in Perumbakkam.

Metro Project: Indiavision

Social Infrastructure

The region is today home to a number of avenues catering to the urban community. Perumbakkam has a number of premium educational institutions, several entertainment avenues like malls and best-in-class medical institutions thus creating more reasons for Real Estate growth.

Potential growth

Growth potential of Perumbakkam is quite high. Global property consultant Knight and Frank has researched that Real Estate appreciation is expected to be the highest in Medavakkam in the next five years. Perumbakkam is in the closest vicinity to Medavakkam and hence stands tremendous potential in terms of growth.

Owing to such current and potential demand, a large number of builders in Chennai are constructing landmark properties at Perumbakkam. Homes here are complete with aesthetic appeal, functional competence and best architectural standards. Today, the landscape of the region has changed tremendously. Vacant pieces of land have given way to construction of residential and commercial properties.

Finally, flats for sale in Perumbakkam are today the obvious hot properties promising exceptional ROI in the long run. These factors clearly contribute to the rise in housing demand in this region. Perumbakkam is a prime residential destination of Chennai that is home to a large variety of homes and properties. Studio style apartments, budget and economy flats, townships, opulent homes and spacious apartments are some of the kinds of properties one can choose from at Perumbakkam.

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Why 2014 presents to be a Lucrative market for Real Estate in Chennai?

2014 has begun with a positive outlook for Real Estate in Chennai. After the turbulent times faced in 2013, prospective customers have created futuristic demand for Real Estate properties in the city. There are a number of factors that support the growth and demand of realty in Chennai this year. These factors are going to be responsible for enabling prospective buyers make certain and good investment decisions in 2014. Apartments for sale in Chennai have been the highest-in-demand trend when realty in the city picked up. The trend is most likely to continue in 2014 with considerable increase in demand for independent homes and villa houses as well.

Reasons contributing to favorable Realty demand in 2014  

IT/ITES Growth

Real Estate in Chennai has for a long time been influenced by the growth of technology companies in the city. 2014 is going to be no exception to the rule. In 2013, there was a massive absorption of 4 million sq ft of commercial office space in Chennai. This indicates further employment opportunities, increased population and higher demand for housing and development. Chennai’s IT population by itself stands at 4.5 lacs. This is a big number and is only expected to increase going forward.

No impact of Higher input costs 

Construction and labor costs contribute to one of the biggest costs for the builders in Chennai. Although, they have been increased by 10 to 15 percent, it is not reflected in the price of apartments for sale in Chennai; Thanks to the Real Estate builders in Chennai. Also, land parcels in Chennai are dwindling owing to increase in land prices. However, these have not begun to translate in property prices. Hence, 2014 is a favorable time for Realty investment since prices are most likely to increase in the future.

Infrastructural development

The infrastructural scenario in the city has impacted the Real estate business. There are a number of development projects that escalate the commercial growth of the city. There is a lot of focus on the growth of Outer Ring Road that has seen the completion of Phase I and progressing to Phase II. Moreover, the Chennai Metro project is another most-awaited infrastructural development task in the city. Further, there are new schools, malls and hospitals that are sprouting in the city time and again.

Transportation

The apartments for sale in Chennai along with other kinds of properties are poised to witness tremendous growth since the government has enabled faster, easier and better public transportation facilities in the city. 

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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. 

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Basics of Buying Flats in Chennai

One of the most popular sayings goes by the lines, “There is no place like Home”. Real Estate in Chennai is on a rapid growth mode with the advent of IT companies and parks establishing their presence in the community. If you are ready to buy your new dream home, then there are certain things you need to be wary of the apartments for sale in Chennai.

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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.

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Perumbakkam proves to be a Big Name for Real Estate Investment in Chennai

Real Estate experts vote South Chennai as the hot and best destinations of investment on Real estate in Chennai. Flats for sale in Chennai are good investment choices while they observe more demand in certain parts of the city than other locations. South Chennai as studies show is a good place for property investment because there is substantial infrastructural development and abundant commercial and retail activities that cater to urban living. GST Road, Tambaram, Medavakkam, Perumbakkam and OMR make hotbeds for Real estate investment. There are ace and premium Real estate projects in south Chennai that observe rapid bookings as soon as they are launched. Among them, Perumbakkam is a fine location that includes high and low priced flats surrounded by modern commercial centers, malls, luxurious restaurants and recreation complexes.

The Real Estate Scenario in Chennai

Real estate in Chennai shares space with those of Bangalore, Delhi and Mumbai to occupy the top investment choices when it comes to realty hot choices of the Asia-Pacific region. Although, a general economic recession poses challenges and risks in the Indian realty market, heavy interests on high returns is

Courtesy: Bloomberg TV India

one of the primary reasons why demand for housing is not meeting its saturation in Chennai. There are specific locations in the city that are consistently observing high demand and increasing prices. Flats for sale in Perumbakkam fall under this category of locations that are up-market today and expected to be enhanced in their market value in the years to come as well.

Perumbakkam rules the roost 

Perumbakkam is a rapidly developing suburb. Located just a few kilometers away from OMR, Perumbakkam is situated in close proximity to the IT corridor. Bound by Sholinganallur, Medavakkam, Chemmencheri and Sithalapakkam; Perumbakkam has more than a few reasons to be considered favorably for investment on Real estate in Chennai. 

Residents of this locality work at the IT corridor and hence staying at Perumbakkam gives them the location and commute advantage. Chennai airport is only 15 kms away from Perumbakkam. Hence, the region is also home to a large percentage of migrating professionals, NRIs and expatriates visiting from other countries. Flats for sale in Perumbakkam are today modern homes that are spacious, Eco-friendly, complete with modern amenities and guarantees high returns on investment. 

Perumbakkam is a fine choice of location for Real estate investment; It is proving by the day that the locality is considered one of the finest locations of investment on Real estate in Chennai.

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How OMR wins over the Central Business District of Chennai for Real Estate Investment?

When Real estate in Chennai started gaining momentum and attracted interests of premium builders and investing public, OMR(Old Mahabalipuram Road) was the first locality besides the Central Business District (CBD) to weave its magic wand. Very naturally, Chennai extended its geographical reach to the scenic, pleasant, less congested and beautiful OMR, a simple transition that brought a lifestyle of change to the city. A large number of modern flats for sale in Chennai suddenly sprouted in the city, especially in OMR and adjoining regions of OMR. 

Real estate in Chennai has thereafter jumped to a new path of rapid development and progress. OMR has never stopped growing since. There are numerous reasons that make OMR the preferred Real estate investment destination.

1. IT corridor

Needless to say, commercial activity and scope of employment opportunity drive the population of any city to settle down where their livelihood is. OMR makes the IT/ITES corridor of Chennai. Ever since technology parks have set up in these regions, the demand for housing has risen to the zenith. There continues to be a seamless and consistent demand for residential properties in OMR, leading the highest demand among rental homes and flats for sale in Chennai. Because of the soaring popularity of OMR, the adjoining areas Medavakkam, Perumbakkam and Tambaram have begun to receive maximum attention.

2. Scenic beauty

People, will any day prefer to stay in a beautiful home surrounded by exotic natural beauty. OMR is blessed with a scenic coastline, beautiful roads, fresh air, free lung space and a serene environment. In a day and age, where you want to escape from pollution, congestion, traffic, lack of greenery and poor health, OMR serves as a refresher and hence presents no surprise when it comes to the rising demand for housing here.

3. The price factor

Thinking of Real estate in Chennai, the very first thing to strike our mind will be the exorbitant prices in the CBD. The heart of Chennai is today a little far-fetched even for the affluent. This leaves a whopping percentage of population to shift interests to suburban locations where price combines with other amenities to make investment worthwhile.

4. Urbanization

As the population moves to suburban localities in search of land, career and living, urbanization has become the need of the hour. The Government of Tamil Nadu has made big inroads in infrastructure and has better plans for the future. The builders in OMR, Chennai offer the best amenities in their flats for sale in Chennai, regardless of the location. OMR, the priceless jewel of Real estate in Chennai.

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Why is Chennai the default choice for NRI Investment?

Although there has been a sizable share of ups and downs the city has faced in the last decade, Real estate in Chennai is still a hotbed for investment. Realty has always been the preferred destination of investment choice by non-resident Indians who seek less volatile markets for investing in. Chennai in this respect is an ideal choice owing to several reasons and the most important one being the maximum growth amongst the metros in the last five years. Other metropolitan cities have faced staggered growth but housing demand in Chennai has been unmistakable and less risky even during times of economic recession.

If you are an NRI and consider investment in the country, here are the distinct reasons why Chennai makes a default choice.

1. Real estate in Chennai has been flourishing in the past decade. While major metropolitan cities like Mumbai and Gurgaon/Delhi have been growing in the realty market quite exponentially for a longer time, Chennai is fairly new in the path of development and hence holds better potential in the years to come.

2. Chennai has overtaken the growth of Mumbai with several industries that have made an entry and wanting to establish their commercial centers of excellence in the city. IT/ITES and technology parks, manufacturing giants, automobile empires, healthcare and chemical industries and other hubs are all set to make Chennai their hometown. The recent past stands testimony to this growth and the futuristic trends showcase the potential the city possesses.

3. Chennai is interestingly one city that perfectly blends cosmopolitan culture with conventional flavors. There is something for everyone in this city. Regardless of the nature of your personality, lifestyle, budgets and preferences, you are most likely to find an apartment or home of your choice in the city. This is quite unlike the nature of other metropolitan cities where pricing is a big affair.

4. Chennai never stopped growing geographically as well. As a stark contrast from other metros, Chennai has abundant land parcels thereby making the city extend beyond its peripherals. And these once-considered remote locations are not just sprouting modern homes and apartments but are also growing quickly in terms of infrastructure.

5. There is no dearth of excellent health and education infrastructure in the city. Chennai has always been known for the best medical and educational facilities in the country. And this status has always been maintained till date.

Real estate in Chennai is a market of the future and hence the city becomes a natural choice for NRI investment.

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Variety and Innovation integrated with Real Estate in Chennai

Real estate in Chennai has been growing at a very rapid pace due to several factors with industrialization serving as the topmost reason. Real estate builders who propose housing solutions that are affordable, qualitative and guarantees high return on investment are preferred much. Also, since the number of commercial ventures in the city is increasing; the need for commercial Real estate projects is also at an all time high. Residential builders in Chennai also cater to the commercial Real estate market with the construction of state-of-the-art commercial buildings that are functional and aesthetically appealing. Chennai has certain features and advantages like location that make it unique and more interesting when compared to other metros and major cities of the country. Hence, industrial advent is a lot more prominent here than elsewhere.

Variety of Housing Options 

Flats for sale in Chennai today come in all shapes, sizes and prices. The need for customization is widespread and hasn’t spared the realms of Real estate industry as well. Despite the massive colony of apartments that are being constructed, there still exists some scope of customization since customer requirements and preferences are varied. And immense competition has driven the builders in Chennai to introduce some extent of customization in the apartments today. Extensive research on client preferences before conceptualizing the design of every residential and commercial project is performed by the builders and they also offer a lot of scope for personalizing within an apartment complex. Therefore, bespoke homes and apartments are no longer a distant dream.

Sumangali Homes, one of the builders in Chennai has over the years constructed several modern and Eco-friendly residential spaces at different parts of the city. Medavakkam, Perumbakkam and Vengaivasal are some of the prime locations in Chennai since they are in close proximity to the international airport, IT corridor and other important areas of Chennai. Further, large scale infrastructural development marks these regions and several proposed facilities define the future of these areas in the city. The builders in OMR has exceptional properties in these areas that guarantee exponential capital appreciation in the long run. Sunday, Grand RIO and Vasantham are the residential apartments for sale in Chennai from the house of Sumangali. When strategic location combines with exceptional project; your home becomes a delightful piece of investment.

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