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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.

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.

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.

Chennai bears a New Face. Luxury Realty has come of age in Residential and Commercial Landscapes

Luxurious residential apartments in OMR Chennai are no longer an alien concept. Chennai has transformed and expanded so as to incorporate several other suburban markets within its landscape. The suburban markets are interestingly observing real estate demand as much as the Central Business District. When there is such high demand, the landscape in these regions is abundant with luxurious apartments and villas that are rapidly filling up. OMR is the city’s famous IT corridor. Rapid advent of numerous international IT and ITES organizations accelerated housing demand in the city. Since the IT corridor employs a large number of top management professionals that seek luxury homes in the vicinity of their workplace, several builders are engaged in the construction of premium luxurious apartments and villas in places like OMR and ECR.

Why OMR is a preferred Real Estate Destination

Besides the establishment of IT parks, OMR is also connected to many other important places of Chennai. The scenic coastline and the more serene and less polluted ambience have increased the appeal of the region tremendously. At the moment, residential activity on this road is largely seen until Kovalam but in the years to come, a lot more real estate development can be observed even beyond Kovalam. Therefore, those who work in OMR, ECR and other adjoining neighborhoods or even in the prime areas of Chennai like Thiruvanmiyur, Besant Nagar and Adyar find staying at OMR a more desired choice. 

1. OMR has homes with large spaces and ability to expand further. Villas, integrated townships, farmhouses and sprawling apartments can be seen only in these suburban markets.
2. Luxurious residential apartments in OMR, Chennai are not just a class apart but are also more affordable than the real estate market in the Central Business District (CBD) of the city.
3. Properties in this region observe an overall lower cost when compared to the CBD. Lower prices are because of easy availability of land at lower rates. 
4. Capital appreciation is expected to be exponential since the scope of development is bigger.
5. Saturation will naturally take longer since these are the newly developed areas unlike the CBD.
6. It is closest to the IT corridor and other industrial parks of the city.
7. Great connectivity and exceptional infrastructural development facilitate easy access to all important parts of the city.

 Image Credits: commonfloor

The Market for Luxury Realty in Chennai

Chennai was once known for its conventional expectations and preferences in every field and real estate was no stranger to this concept. However, the mindset of the population today has undergone a paradigm shift. The modern real estate investor seeks luxury in residential real estate and there are numerous reasons that support their changing preferences.

1. Rising income levels. Numerous multinational companies have taken affordability to a new high with high remuneration.
2. Migrating population has a different lifestyle standard and the rest embrace the new lifestyle.

The rapidly increasing number of luxurious residential apartments in OMR, Chennai is a standing testimony of the lifestyle expectations the city has prepared itself for.

The Scope of Ready to Move-In Apartments in Chennai

Luxurious residential apartments in Chennai are a trend that has become an epidemic. The population of the city has a new standard of living and new-age industries have increased their income levels. And suddenly, investors have bigger affordability. The circle of employment and demand stops at the need for large and opulent homes that redefine their new standard of living. Today, yet another trend is defining Chennai realty market. Ready to move-in apartments are rapidly emerging as a smart and desired choice. Fast lifestyle and the need to execute diverse activities are driving this demand in a city like Chennai.

Why the Modern Day Investor Seeks Ready-to-Occupy Apartments?

Ready to move-in luxurious residential apartments in Chennai are a culmination of the activities of the modern real estate investor. Premium builders do not compromise on quality and style. As much as they are focused on the quality of construction, they are equally if not more concerned about the elements that obviously reflect the quality of construction. Therefore, furnishings and interiors are tastefully chosen even if at a price. And the modern day investor is willing to pay the price because it saves him a lot of time and effort or running around to get the work done.

Most luxurious residential apartments in Chennai have hence turned into ready to occupy havens of living that are holistic in every sense of the word. And so, as long as affordability levels observe an increasing trend; ready-to-occupy apartments will only be a growing demand.

Changes observed in Chennai’s Property Market

Residential apartments in Chennai are undergoing rapid transformation with every passing year or better still, every month. Chennai is marked by dramatic developments on all spectrum and is poised to demonstrate a lot of incredible potential in terms of progress over any other metropolitan city. The growth potential has attracted many domestic and international real estate builders to create their landmark residential and commercial properties in the city. While some pride in being the tallest structures, some others come with novel and one-of-a-kind invincible ideas for better living. Architectural beauty, technical acumen, creative competence and luxury blend in every creation to make the best home for customers.

Innovative Real Estate concepts in Chennai

Flats for sale in Chennai are growing in big numbers along the city’s arterial roads and regions like OMR, ECR, Sriperumbudur, Poonamallee, Porur, Medavakkam and GST Road are extremely popular with both investors and builders. Tall residential structures were always a part of Mumbai and Delhi until they began to make a peek in Chennai’s landscape as well. These residential structures are iconic by themselves since they are new in a city that has always been driven by conservative tastes in real estate. Today, the city has outdone in comparison with the other metros in terms of rapid industrialization and construction of innovative homes and commercial buildings.

Chennai for the first time has emerged with the concept of customized homes where customers can make their own choices. This is a very innovative and daring step in the world of real estate. Also, the number of green homes and Eco-friendly buildings are on the rise. The population has begun to understand the magnitude and need of Eco-friendly buildings and hence several real estate builders focus on construction of this kind. Landscaping has emerged as yet another need since most of the agricultural lands and vegetation has given way to the creation of properties. Therefore, homes, modern apartments and commercial buildings have good landscaping features making them environment friendly. All these go on to show the changes Chennai is gearing up for.

Rental Property Market of Chennai

The trend for properties to rent in Chennai has also undergone colossal changes. Chennai was once the land of first homes. But today, a large number of migrant population who have come to the city for better career prospects consider rental properties. This percentage is growing steadily in the recent times. The growth in numbers have attributed to construction of properties primarily for rental purposes. This has also become an ideal investment option since many real estate investors purchase properties and later give them out on rent. Not only are the rental prospects high but the property can further yield long term prospects as the region fetches great prices.

Is "To Buy or to Rent" a Lingering Question in Your Mind

Sound employment facilities, urbanization, flourishing economy and enhanced infrastructure usually form the determining factors when it comes to choosing a city to live in or operate a business from. City has over the years taken over the mantle of a flourishing economy and therefore the demand for living and working spaces has increased dramatically. Residential apartments have undergone rapid transformation from the more conventional and budget oriented spaces to luxurious and contemporary abodes. Despite a city's growth prospects, many buyers/investors are skeptical when it comes to purchasing or renting a property. They are most often undecided. There are several schools of thought that favor each of the cases but the eventual decision vests on each buyer.

Schools of Thoughts behind Real Estate Investment

Although, the dream of every resident or migrant in a city is to own a beautiful home; high prices, increasing home loan rates and other liabilities push him to consider rentals. He believes that renting is far more economical than buying. But, the other community strongly believes that if the rentals are directed towards payment of Easy Monthly Installment; in a few years, one can end up owning a home of their choice. Hence, the battle continues. Conventionally, gut feel or guidance from dear and near has been serving as the contributor to make a favorable decision.

Contributing Factors

If you want to rent or buy, there are certain elements you must consider. The first and foremost is your current financial situation. This will help you ascertain the kind of decision you want to take. If you have no issues with your financial position in the current and near future; flats for sale are a great option for investment. However, if you want to wait out; there is no dearth of good rental options in the city that you can take advantage of.

Secondly, the income category you belong to plays a big role. If the total net income of your family is conducive to payment of Easy Monthly Installment substantially; buying a property is a good decision. Thirdly, age of the investors is also a determining factor. Financial institutions look at the age, income standards and assets of the buyer before sanctioning a loan. If your years of service are frugal and also do not have assets to mortgage, then the amount of loan sanctioned will decrease.

While owning an apartment or any other property is a lucrative option owing to huge capital appreciation and/or rental gains; it involves liability. Therefore, your financial position should help you determine your choice when it comes to buying or renting. But all said and done, if you choose to purchase an apartment or villa; it is always wise to choose a strategic location because such areas offer high return on investment.

Concept Homes – The next in Real Estate Evolution?

Concept homes have begun a new era in residential apartments in Chennai. Although real estate builders that offer such concept homes constitute a small number today; it is a step in the right direction. The modern customer expects innovative concepts for his home since he intends to maintain a specific lifestyle. The modern customer has better affordability because of the advent of new age industries and lucrative career opportunities they provide. Therefore, the modern customer incessantly looks for innovation, creativity, style and luxury besides the conventional needs of quality and proximity.

Real estate developers in Chennai are gradually recognizing the value proposition of concept homes. One of the renowned builders in the city has recently tied up with Disney India in the design and creation of Disney concept homes. The idea is expected to become a large hit with the population since the cosmopolitan crowd prefers innovative concepts that can better their quality of living. While modern amenities like swimming pool, fitness clubs, sports courts, club houses and play areas continue to be sought for options; the population is also looking for more. This is where concept homes with scope for customization can strike a difference.

Flats for sale in Chennai are an ideal destination to experiment with high quality innovative concepts because the demand for such properties is gradually growing with the city population. Builders need to be cognizant of changing customer preferences and offer choices in order to beat competition and reign supreme.