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Where to buy a property in Chennai

Chennai, the fourth largest Metropolitan city in India, has become the most sought after location for Real Estate industry in recent years. The city has been a powerful economic engine for the country with the second place in IT and ITes exports. Also, the city is called “Detroit of Asia” for its powerful Automobile market.

The real estate market of the city is growing at a breakneck pace. The growth of urbanisation in the city demands integrated physical, social, economical and institutional infrastructure. The real estate sector has seen high growth few years back and slowed down in the demonetization period. However, the implementation of RERA (Real Estate Regularization Act) and launch of buyer-friendly schemes like Pradhan Mantri Awas Yojana and other real estate ventures experiencing the boost of the sector. The city witnessed a considerable growth in 2017 and expecting to reach heights in coming years.

Real Estate developers continued to focus on affordable housing and office markets. Especially, the south and western suburbs are witnessing a massive growth with maximum residential projects are being launched across the city. These regions are converting into employment generation clusters hosting various IT/ITEs and Financial Service companies. Old Mahabalipuram Road, Ambattur, and Pallikaranai, etc. places in south Chennai are the top destinations for residential properties for buyers and sellers.

The estimated average property prices in various locations are as follows:

Ambattur – Rs. 4000 – Rs. 4400 per sq.ft.

Oragadam - Rs. 3500 – Rs. 4000 per sq.ft.

OMR - Rs. 4500 – Rs. 5000 per sq.ft.

The city is significantly has become hub for lot of employment opportunities, educational institutions, tourism spots. With the increasing population, the real estate market has grown and spreading across various zones.

Also, the city residential market is witnessing demand from the NRI investors, majorly who have their roots in the city. The city has proved to be an end user market with the market reporting of 80% end users.

The real estate developers have always had their primary focus on the affordable housing segment and a lot of 2BHK, 3BHK ad duplex housing projects are being launched in several areas. Also, the gated community apartments are in the rise and they are next trend among the investors across the city. People who are looking to buy a property in Chennai are not looking for second options. The investment in real estate market is growing due to several reasons especially infrastructure and connectivity are the major driving factors.

Cosy Realty, a prominent real estate and a rental market place devoted to providing consumers like home buyers, sellers and dreamers providing the most perfect databank of for-sale properties.

For more details, visit https://www.cosyrealty.com

[cosyrealty12-blog]

The Real Estate overview of Chennai

Chennai, the capital of Tamil Nadu is one of the biggest, industrial, commercial and cultural centre of South India and also the fourth largest Metropolitan city in India. The real estate market in Chennai has been witnessing an unprecedented growth over the years and it is expected to increase in coming years. Property prices in Chennai vary depending upon the influencing parameters such as location, accessibility to SEZ or IT/ITEs corridors, and presence of other social and physical infrastructure.

People looking to buy properties mostly in the IT corridor set up along Old Mahabalipuram road starting from Madhya Kailash to Serusri. This location plays a major role in the growth of Chennai residential sector. Chennai is India’s second largest exporter of IT and ITes services. Apart from IT/ITes, Chennai accounts for 60 percent of India’s automotive exports and 35 percent of tourism sector.

There are several fast growing residential/real estate hubs in Chennai like Adayar, T. Nagar, Pallavaram, Velachery, Valasaravakkam and several other growth corridors around GST Road and OMR. Also, with the expansion of Metro rail and improving performance of commercial real estate agents, the market is growing rapidly.

There is an increasing demand for mid end and affordable real estate projects in Chennai and these projects are mostly 2, 3, 4 BHK apartment type offering multiple facilities and comfort and are priced higher than the market. Chennai has the port advantage also which draws the top manufacturing firms and prime realtors to the city. The city offers a stupendous inflow of real estate developers and builders due to the raising commercial scenario.

Also, being the cultural and heritage city, Chennai is drawing attention of the people who prefer for short term rentals. The rental industry is also witnessing huge growth in the city and surrounding areas. Especially, the booming BPO and IT have been playing a key role in the real estate and rental markets across the city. The city also emerging as one of the most sought after junctions by foreign buyers and investors who are looking to buy and sell properties. Also, the several duplex homes and villas are being constructed in the IT zone with all the amenities mainly to cater needs of all the top level executives.

The demand for purchase of office/commercial space in the city continues to be strong and giving attractive returns on their investments. Since the growth of real estate in Chennai is unstoppable, many new projects are being launched by the top most real estate developers of the country.

Cosy Realty, a prominent real estate and a rental market place devoted to providing consumers like home buyers, sellers and dreamers providing the most perfect databank of for-sale properties.

For more details, visit https://www.cosyrealty.com