What are the best places to Invest in Chennai?

A couple of years ago, the real estate market of Chennai was booming with heavy rise in prices and even bigger demand for residential and commercial properties. 2013 saw a dip in realty demand. Although the city has been facing its fair share of ups and downs in the last one decade, there are numerous positive factors that continue to make Chennai more endearing than the other metros. Properties to rent in Chennai also continue to face relatively high demand simply because the city demonstrates a lot more potential to grow and expand. Government initiatives, infrastructural development, commercial progress and potential to expand are some of the reasons why Chennai ranks in the top list of investment destinations. Premium builders continue to make modern flats for sale in Chennai that are up for grabs.
 
Ideal destinations to invest in Chennai

Although Chennai’s real estate market can be classified into different directions; there are some localities that are growing by leaps and bounds over other areas. If you are considering in investing in real estate in a city like Chennai, you must first gather a good understanding of these regions before making a decision.

OMR/ECR 
 

One of the first few areas to observe landmark developments in real estate progress; OMR is also referred to as IT/ITES corridor of Chennai. Even after so many newer localities have started gaining significance, properties here are still up-market and one of the firsts to be sold. Even properties to rent in Chennai hold a significant position in OMR/ECR and the nearby Thaiyur. This scenic location has lifestyle homes, contemporary apartments, opulent villas and sprawling farmhouses that offer a lot of lung space and even better returns on your investment.

GST Road 

One of the busiest intersections of the city, the GST road is near the most popular destinations of Chennai. Located in close proximity to Tambaram, Velachery, Maraimalai Nagar, Medavakkam and other popular suburbs; GST road strikes gold when it comes to real estate ROI for its investors. A lot of flats for sale in Chennai are focused in this area for there is abundant commercial activity surrounding GST Road.

Poonamallee High Road 

One of the busiest hubs of Chennai, Poonamalle is not just closer to the city’s central business district but also enjoys the amenities of a suburb. There is immense infrastructural work that lines Poonamallee easily making it one of the best destinations for choosing flats for sale in Chennai. The destination is also the best bet for choosing properties to rent in Chennai.

Reasons for the Rise in Popularity of Properties to Rent in Chennai

Properties to rent in Chennai have turned out to be the latest fad in the city and there are distinct reasons for this transformation. Chennai’s real estate scenario has been burgeoning over and above most other metropolitan cities of the country. Several premium builders and developers have introduced prestigious milestone projects in the city thereby accelerating realty demand and pushing the economy to an all time high. High demand has pushed the prices of these properties and also expanded the city in order to accommodate the inflow of population from other parts of the country. Commercial projects in Chennai are also increasing simply because the city demonstrates greater potential to emerge supreme in the years to come.

While there are a huge number of flats for sale in Chennai along with other kinds of residential units; the city has observed an increasing demand for rental properties. Properties to rent in Chennai have become exclusive and there is greater demand for such properties today. Here are the reasons that substantiate this sudden spurt of interest in rental properties.

Migrating population

The new age industries have created ample employment opportunities in the city. IT/ITES, manufacturing and automotive organizations have recently created strong presence in Chennai. They require a large manpower base that has attracted interests of professionals from other parts of the country and elsewhere. This segment of migrant population may or may not make the city as their permanent base. But even in the short run; they require comfortable, secure and urban residential hubs and this is where rental properties have become a huge hit. Also, there are several investors that have demonstrated interests in caching in on the commercial viability of the city. Thus commercial projects in Chennai on lease and rentals are also thriving immensely.

Cost of homes

Chennai may be relatively affordable when compared to other metros but the cost of flats and apartments here is still a little inaccessible especially for those in the middle income segment and amongst those who have made the city their temporary abode. Properties to rent in Chennai are therefore an easy resort to such communities of customers. They enjoy the benefits and amenities offered by these new high rises and modern apartments but do not have to pay a large sum to make it their own at least considering their short term prerogatives. 

As more and more premiums sale and rental residential properties and commercial projects in Chennai spring up every other month; the city is all poised to witness large scale economic development.

What makes Chennai prefer Residential Apartments and Flats?

If you have observed the realty scene in Chennai, you are likely to have noticed the dramatic increase in the number of flats for sale in Chennai. Chennai was always known as a conservative market with real estate investors having concrete preferences when it comes to location of home, nature of property and amenities in the surrounding areas. Today, the city is witnessing innumerable changes with respect to all three factors. The abundance of residential apartments in Chennai especially in the suburban regions stands testimony to the changes in the mindset of the average real estate investor in the city. 

What has caused this transformation? Why have flats for sale in Chennai become the hottest fad in the last two decades and expected to burgeon going forward?

Community living

Many aspects in the country are today a result of the influence of the west. Community living, for one, came to the country from the west. There are several apartments in the city that are complete with amenities for the urban residents. This kind of shared space implies a hassle-free lifestyle, round-the-clock security and societal dependencies that the modern investor requires.

Lack of space

Chennai is not a new city. Although the city has big expansions plans, the availability of land is not adequate to cater to the construction of independent homes. Every residential unit today is home to many residential apartments in Chennai. The problem of land parcels is thus eliminated especially when the population of the city is growing by leaps and bounds.

Abundance of amenities

The availability of land for the construction of independent homes and villas may be relatively less but the number of amenities available within every residential unit is a large number. People today desire these amenities that make life simpler and lifestyle upscale. There are several home owners and real estate investors that prefer those flats for sale in Chennai that come with a profusion of amenities for the entire family.

Security

Security is a factor of concern in every city today and not just Chennai. It is a universal thought that apartments or flats offer better security than independent homes since there is not just an appointed security personnel to take care of the premises but the presence of other homes in the closest vicinity.

Hence, residential apartments in Chennai are today preferred by the modern day investor.

Why should you own a Home in Chennai’s Sterling Road?

Properties to rent in Chennai have risen exponentially over the past few years. The price of land has increased and so has the demand for housing and commercial real estate. This pattern of increasing trend has been sudden and as recent as one decade and a half. Large scale commercial development, rise in migrant population due to higher employment opportunities and increased purchasing power are often cited as number one reasons for this sudden increase in supply and demand in Chennai’s real estate market. A large number of high rises and luxury flats for sale in Chennai can be seen in every area at varying prices.

Location, location and location

There is something very obsessive when it comes to investing in flats for sale in Chennai or any kind of real estate for that matter. Although Chennai is witnessing a paradigm shift in location preference from Central Business District (CBD) to the more remote places; there continues to be an unparalleled appeal to the CBD and its elements. This is primarily because the kind of urban appeal that the CBD has cannot be compared to many other distant places in the city. Even properties to rent in Chennai have bigger demand and rental gains in the CBD in comparison with remote areas. 

 

Sterling Road, Chennai

Sterling road in Chennai has always been the apple of the city’s eye. The road has posh and luxurious homes. It is one of the few areas in Chennai that is still lined with some greenery and is pleasing to the eye and the lungs. It is the central hub of transportation and alive throughout the day. The road assumes a cleaner, greener and more opulent form. It is closer to various urban amenities and has a very upscale appearance. There can be none who do not desire a home or apartment in this locality.

Located in close proximity to the very up-market College Road and Haddows Road, Sterling Road may be a 100 years old but home to luxurious flats for sale in Chennai and other prime residential and commercial properties. Right in the heart of the metropolitan city, Sterling Road offers several choices to spoil you with urban living and being eco-friendly at the same time. There are several prestigious projects that are coming up on this road that are sure to steal the show. Properties to rent in Chennai also find their solace in Chennai’s Sterling Road.

What Chennai has that other Metros don’t when it comes to Real Estate?

There is something about luxury apartments in Chennai that makes its demand distinct and proliferating. Although, luxury comes at a price; there is a good demand from a substantial segment of population to invest in such opulent properties especially in the recent times. Earlier, luxury apartments and lavish villas were concentrated in specific areas of Chennai like Boat Club road, Adyar, Besant Nagar, Cenatoph Road and the likes. Today, almost every area in the city is characterized by opulence in some form or the other. While a larger part of investing community continues to prefer more affordable real estate; the demand for luxury residential apartments in Chennai is slowly making its presence felt.

Real estate in Chennai vs. other metros

Chennai has suddenly emerged as a place where the affluent and well-to-do have the means to buy and the city has the space to offer. And as the demand for housing and purchasing power increase in the city, more and more luxury apartments in Chennai are characterizing its landscape. These high-end homes have a number of substantial amenities that render a taste of urban living. The real estate market in the country has faced its fair share of ups and downs. Other metropolitan cities have faced severe decline in demand but there has not been much of a bad stir in Chennai and there are profound reasons for this.

Residential apartments in Chennai, regardless of price continue to face an upswing in demand when compared to other metros and this is because of two important reasons.

• Space

  Chennai has considerably more space when compared to other metropolitan cities. Today, real estate investors prefer lung space when it comes to living. Chennai is a growing city economically, geographically and technologically. The sudden spurt of growth has thrown up vast expanses of land for the purpose of real estate development. Builders in Chennai are today conscious of the dearth of land in other cities and hence have constructed larger homes and apartments both within and a little further from Chennai. Luxury apartments in Chennai have a lot of lung space and urban amenities for comfortable living.

• Price

  Price often is one of the most important determinants of property purchase decision. The price of residential properties in other metros is alarmingly high. But residential apartments in Chennai are relatively more affordable by most sections of the city. And differential pricing according to location helps to cater to all budgets.

Why should Chennai be an obvious choice when it comes to Real Estate Investment?

Chennai represents the breed of fastest and prominently growing cities of the country. The city is as old as the most ancient cities of India. However, the quantum of development the city is witnessing today especially in the real estate market can be observed in the flats for sale in Chennai. The high demand for property in the city has emerged due to several reasons and escalating demand indicates increasing prices. Property investors are reaping rich profits with their investment decisions in Chennai. Chennai is all poised to witness strikingly bigger increase in property demand thereby making the city an obvious choice in real estate investment. So, what makes Chennai so appealing?

• Industrial development 

  Chennai was once a conservative market with traditional industries doing extremely well. But this scenario changed a few decades ago. Chennai’s IT/ITEs corridor has been responsible for eyes to turn towards the city. There is an abundance of employment opportunities the multinational organizations have to offer. Besides the Information Technology sector, Chennai also received a wave of automobile and manufacturing companies. The biggest names in the world today have a plant and manufacturing unit in this city. Population is bound to follow when there is massive industrial development focused in any destination. 

• Prices 

  Metropolitan cities like Mumbai and Delhi have several prestigious properties but are largely afforded only by the affluent. Flats for sale in Chennai are relatively more affordably priced when compared to the properties in other metros. Hence, a larger segment of the population finds interest in properties of Chennai. 

• Expected returns 

  Residential and commercial real estate in Chennai may have prices that are accessible today but are expected to reach the levels of those in the other metros in a few years. Hence, investors who have made the wise decision of investing in Chennai real estate yesterday or today will sit on large sum of profits tomorrow. Also, rental properties are following close. Even those regions that were once considered remote are yielding high rental returns. And this number is only expected to go up.

Flats for sale in Chennai are great investment options not just when the market does well but also during economic slowdown. Because even in the case of the latter, people are bound to choose real estate for investment rather than other trade securities that are risky.

Luxury apartments in Chennai - Where Comfort meets Style

When it comes to residential apartments in Chennai, the city’s population has had diverse demands and preferences over the years. Today, luxury in residential spaces emerges as one of the primary choices. While increased purchasing power is one of the clear reasons why luxury reigns supreme, upmarket choices and changes in lifestyle are attributed as other factors. Chennai is a prime commercial, economic and educational hub of South India. In the recent years, changes in real estate have made the city one of the most sought after destinations for real estate investment. Real estate projects in several locations of the city bring high resale value and greater rental prospects thereby encouraging investors to choose the city for investments.

Premium real estate builders have entered the flourishing market and constructing luxury apartments in Chennai owing to increased demand. Contemporary and luxurious amenities and comfort of living are two important factors that investors are looking for in properties to invest.

How luxury makes a difference in real estate

• Luxury apartments indicate the presence of contemporary amenities like swimming pool, sports courts, medical centers, schools, integrated retail hubs for shopping and entertainment, fitness centers and the likes so the urban population does not have to search or travel far to complete the circle of urban living. Modern apartments are self-sufficient paradises of lifestyle living.

• Living in upmarket residential apartments in Chennai means that you are leading a higher and more sophisticated lifestyle thereby boosting levels of confidence and influence.

• Luxury apartments in Chennai have better resale value since they are constructed with the best of materials and resources and hence are more durable and enjoy better longevity than budget apartments. Moreover, they are maintained in great condition since they come with a price.

• Interestingly, most luxury apartments in the city are focused in areas that are commercially abundant. These residential units are located in close proximity to the IT/ITES corridor and manufacturing hubs thereby encouraging professionals working in these technology and manufacturing parks  to invest in properties here and cut down on travel time and cost.

• The economy of a city is many a times evaluated by the number of luxury homes it houses. In that order, luxury apartments in Chennai have transformed the perceived economic value of the city dramatically. 

Modern residential apartments in Chennai are thus all set to create landmark changes in the city.

What can Investors look for in the Real Estate market in Chennai today and tomorrow?

Real estate of Chennai has been observing continuous and rapid growth in the last two decades. And the forecast with the new residential projects in Chennai is also big. There are different factors that contribute to this kind of upsurge. Demographic attributes represent one of the segments that are responsible for the colossal change the city has been witnessing. Demographic factors include age, occupation and income of Chennai residents that trigger the development of real estate in the city. A few decades ago, when Chennai was not characterized by new age industries had a different community of people compared to the ones now. Traditional occupations are replaced by the more contemporary kinds. Salaries have grown larger and so is the residents’ purchasing power. With an overall increase on several factors, it is only but natural for lifestyle changes to become larger than life.

New residential projects in Chennai have undergone a transformation from small independent homes to large green buildings, integrated townships, luxury apartments and opulent villas much like other metropolitan cities of the country and other parts of the world. So, what caused such a mammoth change?

• Chennai has nurtured a strong economic base with several industries becoming a part of its economy. Financial services, automobile and hardware manufacturing and Information Technology have grown in large proportions thereby making Chennai one of the most sought after cities for industrial growth. The realty sector is fuelled by large scale industrial development.

• Business Process Outsourcing (BPO) is another industry that has contributed to the boom of diverse sectors in Chennai; the real estate market included. Real estate boom in Chennai has developed primarily because of the working population in the BPO and software services industries that have big employment rates and handsome salaries.

• Purchasing power is a direct result of good salaries. The working population today can afford a lot more luxury and hence luxury apartments and villas are meeting high demand today. Both residents of the city and the migrant population have developed interests in Chennai’s real estate market.

• Consumerism is growing rapidly into a big culture in the city. This kind of development in retailing is because the purchasing power of people has increased and thereby accounting for better lifestyle and seeking better options and choices. The hospitality sector is also growing dramatically with several up-market international hotels choosing Chennai as their next destination.

New residential projects in Chennai today have innumerable reasons to grow.