Demand For Residential Realty Soars In Chennai
The upswing in the service sector of Chennai is impacting the quality if life infrastructural facilities and real estate market of the city. The growing IT/ITES sector is good news for Chennais property market.
The property prices for commercial spaces in Chennai are very reasonable as compared to Bangalore. Also the city offers good infrastructural facilities and healthy business environment. These factors are prompting IT companies MNCs and other big corporate houses to choose Chennai over Bangalore. International companies are keen on opening their facilities campuses or branch offices in the city. This trigger in the demand of commercial and retail property is ultimately reflected on the residential segment as well. Professionals who flock to Chennai because of employment ultimately look for affordable houses. Hence the demand for individual houses plots guest houses serviced apartments paying guest and all such facilities goes up.
Property brokers too have noticed this trend. A broker source informs that the cost of residential property in Chennai has doubled in the last three years. Areas like the Boat Club Road have witnessed a four fold increase in residential values in last couple of years adds the source. Areas which are near to the IT corridors have registered 100150 growth in residential real estate values such as Adyar old Mahaballipuram Ambattur and Kotturpuram.
Property developers too have sensed this phenomenal potential in Chennai Real Estate. New residential projects are priced at 2500 4500 Rs/ sq ft for the apartment ranging from 12001500 sq ft. To make the most of this situation some developers have even increased the launch prices of their upcoming projects. In some cases this price rise is as steep as 2025.
Chennais residential real estate is poised for further growth. The commercial and retail infrastructures are also being braced up to cater to the new demand.
About the writer: George Gonigal provides you the best and latest information on Chennai Real Estate Builders if you want to Buy Apartments in Chennai. he suggest you log on to magicbricks.com
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