Investing in the real estate market in Chennai has always been a safe bet. The realty sector here remains fairly untouched by speculation which is very rife in the northern markets of the Delhi National Capital Region or even Mumbai. The real estate slowdown which plagued the entire country did not give the city a skip though the market here was shielded to a certain extent from its impact.
The areas of growth are located in the northern part of the city and along the Grand Southern Trunk Road. With the saturation of the markets in the southern and central parts of the city the focus is moving towards other parts of Chennai.
The markets along the GST Road have been making real estate waves for some time now. The GST Road is an arterial road which is well connected to most parts of Chennai. The area has emerged as the manufacturing hub of the city and has a fair smattering of Special Economic Zones as well. Some of the markets which fall along this stretch are: Guindy, Alandur, Meenambakkam, Tirusulam, Pallavaram, Chromepet, Tambaram, Perungalathur, Vandalur, Urapakkam, Guduvancheri, Potheri and Kattangulathur. Areas such as Vandalur, Guduvancheri and Kattangulathur are quickly catching the fancy of buyers.
Some of the more established markets in this stretch are Tambaram, Guindy, Chromepet and Pallavaram. Pallavaram is located at about 17 km from city and is a part of the Kanchipuram district. The area has been in existence for Paleolithic Age and is a place of historically significance.
In modern times, the real estate of this micro market has been in demand. The going rate presently for apartments for sale in Pallavaram has been averaging at INR 4900 per square feet. This price bracket puts properties located in this micro market in the affordable range. The asking price for apartments for sale in Pallavaram shot up to INR 7000 per square feet on average in the third quarter of 2013. But since then the prices have fallen and have been ranging between INR 4500 and 4900 per square feet on average in the following quarters.
The area is not only well connected to the micro markets along the GST Road, it is also well connected to the micro markets along the Old Mahabalipuram Road. This fact has contributed to the rise of real estate demand in this area as the OMR belt houses some of the most important Information Technology and Information Technology Enabled Services companies. This is one of the reasons why properties such as plots for sale in Pallavaram are popular among property seekers.
There is maximum demand for small sized 2 BHK flats in this area. The budget range which most buyers seem to want to spend here falls between INR 30 to 40 lakhs. There is some presence of social infrastructure here. The area though not without its fair share of problems is predicted to do well once some infrastructural changes which are planned here taken shape. Hence investing in properties such as flats and apartments for sale in chennai might just fetch higher returns in the future.
Sulabha is a real estate expert and consultant from NCR. She deals with analyzing trends in the market of residential apartments in noida and commercial properties in Greater Noida
The areas of growth are located in the northern part of the city and along the Grand Southern Trunk Road. With the saturation of the markets in the southern and central parts of the city the focus is moving towards other parts of Chennai.
The markets along the GST Road have been making real estate waves for some time now. The GST Road is an arterial road which is well connected to most parts of Chennai. The area has emerged as the manufacturing hub of the city and has a fair smattering of Special Economic Zones as well. Some of the markets which fall along this stretch are: Guindy, Alandur, Meenambakkam, Tirusulam, Pallavaram, Chromepet, Tambaram, Perungalathur, Vandalur, Urapakkam, Guduvancheri, Potheri and Kattangulathur. Areas such as Vandalur, Guduvancheri and Kattangulathur are quickly catching the fancy of buyers.
Some of the more established markets in this stretch are Tambaram, Guindy, Chromepet and Pallavaram. Pallavaram is located at about 17 km from city and is a part of the Kanchipuram district. The area has been in existence for Paleolithic Age and is a place of historically significance.
In modern times, the real estate of this micro market has been in demand. The going rate presently for apartments for sale in Pallavaram has been averaging at INR 4900 per square feet. This price bracket puts properties located in this micro market in the affordable range. The asking price for apartments for sale in Pallavaram shot up to INR 7000 per square feet on average in the third quarter of 2013. But since then the prices have fallen and have been ranging between INR 4500 and 4900 per square feet on average in the following quarters.
The area is not only well connected to the micro markets along the GST Road, it is also well connected to the micro markets along the Old Mahabalipuram Road. This fact has contributed to the rise of real estate demand in this area as the OMR belt houses some of the most important Information Technology and Information Technology Enabled Services companies. This is one of the reasons why properties such as plots for sale in Pallavaram are popular among property seekers.
There is maximum demand for small sized 2 BHK flats in this area. The budget range which most buyers seem to want to spend here falls between INR 30 to 40 lakhs. There is some presence of social infrastructure here. The area though not without its fair share of problems is predicted to do well once some infrastructural changes which are planned here taken shape. Hence investing in properties such as flats and apartments for sale in chennai might just fetch higher returns in the future.
Sulabha is a real estate expert and consultant from NCR. She deals with analyzing trends in the market of residential apartments in noida and commercial properties in Greater Noida
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