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South Chennai Witnesses Rapid Realty Development In 2015
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Demand for Indian properties has been a little sluggish in several major metropolitan markets of the country in 2015 so far. However, real estate in Chennai has seen rising realty demand in the southern belt. Demand for quality properties Chennai is now skyrocketing in several South Chennai micro markets and experts feel that this trend is set to continue in the near future. Demand and sales have been really sluggish in Chennai over a period of 18-24 months and this has also led to limited project launches on part of developers and realty conglomerates. However, South Chennai witnessed several launches in the period between January and June this year. The increase was to the tune of approximately 39% according to market experts. This outstrips demand for properties in India in other locations including Mumbai, Bangalore, Delhi and even other parts of Chennai.
Market experts have identified several growth centres in South Chennai including ECR, Adyar, Sholinganallur, Velachery, Medavakkam and Perumbakkam among others. These localities are sparking development of real estates in Chennai on account of unwavering demand. This demand has mainly arisen from their proximity to several IT hubs and corridors in addition to the development and easy availability of top class social and physical infrastructure in addition to other civic amenities. Both residential and commercial demand has been quite high in these few localities. There are several areas along OMR and GST that are also witnessing huge growth in recent times. Additionally, South Chennai has witnessed a healthy supply ratio of approximately 60% in comparison to burgeoning demand.
These areas have witnessed top class job creation and employment opportunities have increased in these places owing to the fast growth of commercial hubs and spaces. Proximity to several IT hubs makes these areas key choices for several professionals employed in the IT and ITeS sectors. Tambaram, ECR, OMR and Velachery are areas which are also witnessing significant investments from the NRI community settled abroad. Additionally, buyers are snapping up properties in these localities owing to the comparatively affordable rates in these areas as compared to several other parts of Chennai. These areas herald the promise of lucrative returns on investments in the near future. The State Government is also working to complete several infrastructural projects in South Chennai including the four lane expressway stretching for 33.5 kilometres between Mamallapuram and Akkarai on the ECR. Social infrastructure is also being developed by the government in several areas.
The OMR IT corridor is also witnessing rapid expansion of social infrastructure and the Outer Ring Road is also being developed for connecting other suburbs to South Chennai areas. The upcoming peripheral ring road will also be a pioneering development and boost overall demand in the area to a large extent. Basic amenities are also coming rapidly to these areas including roads, water and drainage among others. The SIPCOT IT Park is also responsible for heady growth in South Chennai. Additionally, places like OMR have also witnessed growth in high office space leasing volumes.
Makaan.com is a leading property website that is focused on real estate in Chennai. The real estate website caters to the requirements of property developers, home buyers and agents.
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