Suppose you are planning to invest in Chennai’s real estate. In that case, it is essential to be aware of some information regarding the real estate market in Chennai. Investment in real estate is the most efficient way to earn profits or money. In addition, it is one of the top emerging areas for luxurious real estate. The value of properties in Chennai residences is expected to increase over the medium-to-long time. Massive FDI investments in the robust real estate market are cited to boost Chennai's profile in the world of investors. Chennai real estate has experienced a year of peace and calm despite the slowdown in economic growth. In the year 2019, Chennai has seen an annual increase of 6% in sales of residential properties. In the second part of the year, the city has experienced a rise of 8% in sales of residential homes annually.
No-cost housing and ready-to-move-in houses were the most prominent real estate market trend in Chennai.
Let's look at the most popular trends that will shape the real estate market in Chennai in the present years of 2022-23
The second round in the COVID-19 disease has had a detrimental impact on the property marketplace in Chennai. Sales and new supply both failed to reach the threshold of 1,000. Although only 490 new units came on the market in this quarter, April-June of 2021, 709 houses were sold over three months. This report is entitled HonestBroker Real Estate Insight April-June (Q2) 2021.
- For the 2nd quarter of 2018, locations such as Porur, Siruseri, Tiruvallur, Pallikaranai, and East Tambaram had the highest demand for properties for sale in Chennai.
- The majority of the latest launches were located lower than Rs45 lakh, accounting for eight-fourths of launches, as per the report. From the sales total, 40% of them were in the Rs45 lakh - the Rs75 lakh price range.
- Some popular areas with homebuyers include Pallikaranai, Pallavaram, Perumbakkam along Padur located in Chennai south and Mogappair to Chennai west.
- While the effect remained similar across all markets. Specific markets were more susceptible to the second phase of the pandemic. As a result, they were at the middle stage of the activity. The needs in these areas will take a longer time to recover from the shock they have suffered.
- The property that was not sold in Chennai, with a value of 37,478, witnessed a slight rise of 3% in the second quarter of 2021. Due to slow launches and slow sales. The number of units was 37,697 in the first quarter of 2021.
- Based on the research, the real estate industry will need approximately 42 months to sell the stock in hand compared to 36 months during the same period of the prior year.
The development in North Chennai: The Chennai real estate market is driven by the user. It can support rapid pace increases in the expansion of industries and commercial activities. North Chennai is a busy industrial zone, and the region's economic activity is always driven by shipping and trading. The future of real estate in North Chennai appears to be strong. It is caused by major corporations such as Indian Oil, Manali Petrochemicals, and IT corporations. The necessity for connectivity and infrastructure in the vicinity is an essential factor boosting the real estate market.
The development in South Chennai: Over the past several years, there has been an enormous expansion within South Chennai, with OMR and ECR becoming major IT centers in the region. Because of the increasing business activity in South Chennai. Suburbs like Adyar, Injambakkam, Velachery, and Thoraipakkam have seen a rise in the market for residential homes. They are situated close to the IT corridor and industrial areas that are South Chennai. Which led to the rapid growth of new residential projects that include facilities like hospitals, schools, colleges, and other amenities that attract buyers.
Top 5 Residential Areas In Chennai
1. Boat Club
It is located close to the Adyar River and surrounded by lush greenery everywhere and within. Boat Club is a posh residential neighborhood located in Chennai in which the homes are equipped with luxury automobiles. For instance, Rolls-Royces, Lamborghinis, Porsches, Jaguars, and Audis are where you will find business titans, politicians, and film stars. The rapid expansion of Chennai has had no impact on this area of residence. In the past, there has been a massive rise in the value of the property.
Price Trend in Boat Club: The average price for property in this region is 40k to 50k for a square foot.
2. Poes Garden
The plots here were expensive and sold to those who could buy the properties. It is no surprise then it is no coincidence that Poes Garden is home to the owners of big businesses and film stars. Poes Garden does offer a limited-located home in Chennai.
Price Trend in Poes Garden: The median property price in this region is between 30k to 40k.
Rental options In Poes Garden: Properties available to rent in this region can cost up to 1.50 lakhs per month.
Nungambakkam retains its European style, with the few new-age developments in these times aside. The upscale area located in the southwest of Chennai has transformed into an essential hub for commercial establishments and consulates of foreign countries, government offices, and high-end malls and cultural institutions recently. Nungambakkam offers buyers the option to give this an upscale address, as well.
Price Trend in Nungambakkam: The average property price in this region is 20k-30k per square foot.
Rental options in Nungambakkam: Average rents in the area can be as high as 2.50 lakhs per month. However, some regions have rental properties that cost as low as Rs 7000 per month.
4. Besant Nagar
Besant Nagar is located in the southern region of Chennai is a development in the Tamil Nadu Housing Board between the 1970s and the 1980s. Due to its historical significance, which blends seamlessly with contemporary residential and commercial developments, the property values in this area have increased. In contrast, a slowdown had little impact on it.
Price Trends in Besant Nagar: The median property price in the area is 17k to 25k for a square foot. Certain regions have homes that are priced lower in addition.
Rental options In Besant Nagar: Rents for the Besant Nagar area can be up to 3 lakhs per month, and some areas have houses for as low as Rs 10,000 per month.
It is situated on the banks of the Adyar River in the southern part of Chennai. This quaint region is often referred to as Adaiyaaru. It is considered among the most expensive places to reside in Chennai. The area also boasts its own colonial history. It is home to many of the most historic buildings in Chennai. Adyar houses properties priced five times more than similar properties in Chennai, an emerging region.
Properties price trends In Adyar: The average price of the property in the area is around 15k to 20k for a square foot.
Rental options In Adyar: Average rents in the area could reach as high as 3.50 thousand per month. Other places have homes that rent that cost as low as Rs 8000 per month.