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Chennai Metro And Infrastructural Projects Boost Real Estate Market
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Chennai city managed to have some traction in its real estate market in 2014. The trend is expected to continue in 2015 too, and with the coming of high-end infrastructural projects, the property prices are expected to see a leg-up. The upcoming metro project has already resulted in price rise over several areas. The city has several micro-markets that are deemed to give good performance in light of the metro project. Chennai Metro that is going to connect St. Thomas Mount to High Court under Corridor 1 and Chennai Airport to Washermentpet shall be connecting proemr residential areas of the city. In addition to reducing traffic congestion and vehicular pressure, the metro project shall result in price rise of properties by 10%.
The upward trend for real estates in Chennai has been observed in and around areas like GST Road, Porur, and Sriperumbudur. Across these, the total number of inquiries went all the way up. Conversation rates in these localities also witnessed a significant improvement. On the other hand, places like Oragadam and Old Madras Road(OMR) have not seen any major change in number of transactions. The realty market of the city is largely end-user driven, still, there was a good increase in the number of short-term investments in 2014.
In Central Chennai demand for residential spaces outstripped supply. In Central Chennai particularly, the demand market has performed well. Still, there are localities like GST, Oragadam, and OMR where the number of unused inventories is quiet high on account of lack of demand. The overall transactions buy property for real estates in Chennai improved last year.
In South Chennai, traction has been observed in some parts like Thoraipakkam, Perungudi, and Perumbakkam. Over Perumbakkam, a number of mid and high-end realty projects have been launched. Velachery, an area with a strategic location and super-connectivity, has seen price appreciation in last several months. With the construction of several integrated projects , Semnnachery has performed quiet well. Siruseri too has seen a plethora of mid and small segment housing projects going on; the presence of Asia's largest IT Park has awarded it with the commercial and corporate importance. East Coast Road(ECR) is dotted with a number of buy property luxury projects and is witness to a high demand for high-end bungalows.
Central Business District (CBD) has several high-growth corridors. Quiet a few integrated projects have been launched in Anna Nagar. On the same lines, some premium projects have been launched in Purusuwakkam and Kilpauk. Numgambakkam is yet another CBD locality that witnessed remarkable growth in realty market.
Makaan.com is a reputed real estate India website that lists 1 BHK, 2 BHK and 3 BHK properties in Chennai across variable price brackets. Cheap, budget, and luxury Chennai real estates are available for buying, selling , and hiring on rent.
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