Developing Property Market in Chennai

By: Amitabh Kumar

Chennai property market, in recent times, has gained high popularity with several corporates and multi national companies looking at the city as a business destination. The ongoing developments in the city have given a major push to real estate sector here.

Demand for commercial property in Chennai has been soaring for the last couple of years. Although off late, the city is seeing the mall culture with entry of large retail chains and software companies. Major transactions in Chennai properties tend to be towards leasing rather than the outright purchase. For that reason, the rentals in some peripheral commercial part of the city are going through roof. The rents however depend on the facilities being offered along with the location of the property.

Taking a look at residential property in Chennai, it is certainly an important segment in the state real estate. Growing rapidly in lower and middle segment, residential properties in Chennai hover around Rs 5 lacs - Rs 10 lacs.

The trend of living in apartment is fast catching up in Chennai. The main demand for these housing units is primarily coming from the executive class who is settling in the city. Offered with an array of facilities, apartments in Chennai are seeing sharp appreciation in their value.

The high middle and high end segment also seem to witnessing buoyant trends prior to the third quarter of 1999. Since property prices in the city have stabilized, interested property buyers have started looking out for prospects in light of the stability that has come into residential market.

Rentals space in Chennai especially if talk about residential real estate remains to be attractive. However, the demand for high end property appears to be loosing its charm as more and more developers are coming up with large scale projects with improved facilities.

Ongoing developments in the city leave no grounds to wonder why big ventures are setting their operations within the city, with commercial space absorption increasing by almost 100%. This underlines the reason for developers being bullish to buy property in Chennai.

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