Chennai is undergoing a paradigm shift when it comes to its real estate sector. The commercial properties in Chennai have reached a saturation point and today it has become extremely hard for anyone to get hold of commercial property in all the prominent locations of Chennai.
There has been a noticeable change in the preferences of Chennaiites when it comes to purchasing residential property in Chennai. This has led to the emergence of new builders and construction companies in Chennai who have taken a special note on the preferences of people and are coming up with flats and apartments accordingly.
According to all the leading real estate agents the property prices in Chennai has been on a hike especially with regards to its commercial property rates. In areas such as Anna Nagar, T.Nagar, IT and Adyar the rates of the property is extremely high. Normally the value ranges from INR 50 lakh to INR 5 crore depending upon the area and the facilities. And if you need one in the vicinity like the 2 BHK flats in Perumbakkam, these are slightly cheaper and start from 40 lacs.
However these localities have already crossed the saturation mark and new software companies and industries are coming up in the areas such as NH4, GST Road, and OMR. This is the reason why there is a hike in requirement of apartments in OMR. The flats here are usually available at affordable prices.
The boom in the commercial sector as well as the growing influx of professionals in Chennai has raised the demand of residential property in Chennai over the last few years. Also, with the increase in the property tax by the state government of Chennai the rental value of the residential flats has increased manifolds.
With the increasing exposure to the other developed nations and the rise in the salaries of people across the country, people have an attraction towards the luxury life style. The trend has also caught with the demand of properties in Chennai and now people are interested in buying the newly designed 3 bedroom lifestyle homes.
The rise in population of Chennai and lack has accentuated the popularity of apartment and flats in this metro city. A number of top notch builders are coming up with luxurious apartments that are equipped with modern day facilities. These lifestyle apartments are also popular amongst the NRIs.
The growth in the infrastructure as well as the rise in the number of industries is sure to deliver 100 per cent profit returns in the coming future. Thus, investment in this metropolitan city is sure going to be a wise decision for all.
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