Being the largest commercial and industrial market in the country, Chennai is growing at a steady pace. With the increase in the number of IT companies, education and automobile sectors along with other major industry players venturing into the state, the economic and social infrastructure has developed immensely, that has further led to the rise in the real estate market in Chennai.
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Interestingly, the real estate sector in the city has been experiencing the rise in property demand from the end user side. This change in demand is due to the establishment of various MNCs, corporate headquarters as well as several manufacturing and machinery units. The establishments have further increased the standard of living, average cost of capital of the city and the purchase power of the inhabitants.
The demand mostly comes from the professionals working in the corporate sector and then from the self employed professionals. In terms of housing preference, apartments wins the race. Apartment ranging between Rs 30 to Rs 50 lakh is seen mostly to be in demand.
Areas like Mylapore, Perumbakkam, Poonamallee, Porur, Ashok Nagar, Perambure, OMR road are witnessing a high demand in the property. With notable developers such as Tata Housing, Case Grande Private Limited, Pacifica Group and many more offering best-in-class properties like Tata Santorini, Casa Grande Cherry Pick, Pacifica Aurum among others, located at prime location in an attractive price range and equipped with the best required amenities and utilities, buyers are more interested in buying properties for staying purpose.
However, it is quite prominent that the city is in its expansion mode with some major plans in the pipeline to develop the infrastructure. The strategy of setting up smart cities, along with forthcoming Mass Rapid Transit System, Metro connectivity as well as the Chennai-Bangalore Industrial Corridor project, all of these will work in favour of the rising sentiments of the Chennai real estate market. This evolving strategy for development will also encourage job opportunities, referring to the rise in earnings and most prospective home buyers. Therefore the developers can definitely expect an increasing number of end users for the housing demand.