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 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