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.

The NRI Impact on Real Estate in Chennai

Housing demand continues to witness an upsurge regardless of economic conditions. When people find homes of their choice at ease with respect to location, price and comfort, their purchase decisions become quick, hence brings good to Real Estate investment in Chennai. Real Estate in Chennai is a great beneficiary considering these pointers vis-à-vis Real Estate market of other metros. Today, investor community in the country is a diversified group. Although, buyers continue to prefer apartments and homes in the range of 50 to 60 lacs, there continues to be pretty consistent demand for luxury homes. And this comes not just from affluent residents of the city but also from the NRI segment.

There is an increasing number of NRIs returning to India in connection with children’s education, need to live with parents or returning to their roots. Regardless of the reasons, demand for housing is also increasing simultaneously. The NRI population may have varied reasons to look at Chennai as a prospective market for Real Estate investment. 

Some of these reasons include

• Prices of apartments for sale in Chennai and other properties in Chennai continue to be relatively more affordable when compared to the prices in other metros like Mumbai or Delhi.

• Chennai offers more potential in terms of rising ROI since development trends are forecasted to be better in this city.

• Entry of diverse multinational industries showcase Chennai’s further potential to grow in the future.

Real Estate in Chennai is hence favorably considered by the NRI population. This community segment seeks luxury apartments for sale in Chennai and so the builders in Chennai have spawned a sudden interest in making opulent homes both in the Central Business District as well as in the suburban regions. The trend initially picked up in Bangalore and Hyderabad in the South and has today settled in Chennai. 

The term ‘luxury’ witnesses a landmark change in the Real Estate scenario today. Earlier, luxury homes meant a gated community with urban amenities, but today, luxury has assumed a mammoth change. People demand apartments/individual homes with exceptional interiors, bespoke fittings, swanky spa, pool in every apartment, private elevators, concierge and the works. They are willing to shell out anywhere between 5 to 24 crores for a property. 

Chennai is the most preferred simply because the buyers are most likely to invest in a very average home for this price in a metro like Mumbai. Real Estate in Chennai is thus a lucrative market to invest today since ROI prospects are very high and the city is also a safe place to live in.

- Sumangali Homes

Builders in Chennai

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.

- Sumangali Homes

Builders in Chennai