The real estate sector is Chennai has never really seen the bad days witnessed in the northern markets of the country. The economic slowdown and high inflation did have an effect on the market, but not to the extent that it slumped. The city is considered to be one of the most liveable cities in the country and the real estate here is driven primarily by end users rather than investors. This fact has actually proved to be very beneficial to the realty sector of the city. Since the market is primarily driven by end users, this market is relatively free from speculation which has kept it relatively stable.
Pockets of growth have been found in northern and western parts of the city. The more well established micro markets in the city which are located in the southern part of Chennai are either saturated or nearing saturation. The number of properties which are available here are also very limited and can be bought by only the affluent folks. The situation is the exact opposite in the northern and western parts of the city were the property rates are much more affordable and there is decent availability of land as well.
Porur is a micro market which is located in the western part of the city. The area is considered to be one of the most sought after real estate destinations in the city. Multiple factors have worked in the favour of this micro market. The area enjoys great connectivity with the rest of the city. Some of the major roads in Chennai are either passing through this locality or are located in close proximity to it. Major connectors such as the Chennai Bypass Road, the Arcot Road, and National Highway 4 pass through here. The Poonamalle High Road is located in close proximity to the micro market. Apartments in Chennai which are located here tend to be popular among buyers because of the connectivity factor.
The going rate for apartments in Chennai which are located here are priced at INR 4500 per square feet on average. An individual house for sale in Porur is priced at INR 5200 per square feet on average. There is maximum demand for 2 BHKs in this locality. The unit size which is most preferred here falls between 700 and 1200 square feet. This shows that small to medium sized flats are catching the buyers’ attention as far as this micro market is concerned. The most preferred budget range for flats here falls between INR 30 to 50 lakhs.
Another reason why a property such as a plot or an individual house for sale in chennai is popular is because of the presence of the Information Technology sector here. There are about three IT parks in this micro market which house many well-known companies. The presence of the Ramchandra Medical College has led to the increase in demand for rental properties here. Areas which surround this micro market have also enjoyed real estate appreciation.
Pockets of growth have been found in northern and western parts of the city. The more well established micro markets in the city which are located in the southern part of Chennai are either saturated or nearing saturation. The number of properties which are available here are also very limited and can be bought by only the affluent folks. The situation is the exact opposite in the northern and western parts of the city were the property rates are much more affordable and there is decent availability of land as well.
Porur is a micro market which is located in the western part of the city. The area is considered to be one of the most sought after real estate destinations in the city. Multiple factors have worked in the favour of this micro market. The area enjoys great connectivity with the rest of the city. Some of the major roads in Chennai are either passing through this locality or are located in close proximity to it. Major connectors such as the Chennai Bypass Road, the Arcot Road, and National Highway 4 pass through here. The Poonamalle High Road is located in close proximity to the micro market. Apartments in Chennai which are located here tend to be popular among buyers because of the connectivity factor.
The going rate for apartments in Chennai which are located here are priced at INR 4500 per square feet on average. An individual house for sale in Porur is priced at INR 5200 per square feet on average. There is maximum demand for 2 BHKs in this locality. The unit size which is most preferred here falls between 700 and 1200 square feet. This shows that small to medium sized flats are catching the buyers’ attention as far as this micro market is concerned. The most preferred budget range for flats here falls between INR 30 to 50 lakhs. Another reason why a property such as a plot or an individual house for sale in chennai is popular is because of the presence of the Information Technology sector here. There are about three IT parks in this micro market which house many well-known companies. The presence of the Ramchandra Medical College has led to the increase in demand for rental properties here. Areas which surround this micro market have also enjoyed real estate appreciation.
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