The current trends in Chennai’s real estate market

By far Chennai did not pay any heed to then large-sized residential township in the realty sector. The year 2015 has brought great overhaul in its real estate scenario. Recording a growth of five percent on an average as cited by the 99acres.com Insite Property Report, the city has given ample open spaces to the construction of many luxurious as well as reasonably priced plans.

The city has many key influencers that contribute to the fast paced growth of the realty sector. The lavish landscape, calm environment, thriving of educational institutions, the growth of recreational facilities, medical units in the locality aids in the flourishing of the real estate projects. . High Net-Worth Individuals has also started picking this city for buying properties, hence the construction of many new luxurious projects are laid over. The city’s demand is slowly shifting towards the affordable property market the city offers a robust social infrastructure with South Chennai becoming the emerging region for the residential development. According to a JLL report this region observed 50 percent of the residential projects occurring in the city. The growth of the IT industry coupled with the development of the road and rail connectivity makes it a desirable destination among the property buyers, developers and investors. The region has also witnessed a spike in the rental values. With more and more young professionals invading the region, it has led to the considerable rise in the apartments and properties that are available on rent. Hence the popularity of residential apartments has grown over time.

Due to the presence of all the necessary factors, many new residential projects are constructed in and around South Chennai. Some of them are as follows:

• Vijay Raja Kutty Veedu
  

This is a residential plan set up by popular developers Vijay Raja Homes at Chengalpet, South Chennai. The project vijay raja kutty veedu constructs 2BHK villas. The plan is stuffed with quality drinking water and widely constructed roads. Located amidst all the civic utilities the project is in proximity to the railway station, bus stop, industrial region and the upcoming SEZ. The region also has an extensive range of recreational areas that act as your source of entertainment. There are about 400 units of villas skillfully designed providing all the modern amenities at vijay raja kutty veedu residential project. The various amenities include a playground for kids, park, landscape, staff quarter, rainwater harvesting and car parking. The 2BHK villas are of size 509 Sq. Ft. available at a price of Rs.15 Lakh.

• VGP Rishi Hill View
  

Constructed in a self-contained locality, this project by the popular VGP Housing is beautifully designed with refined architecture. Located in a gated community, the plan is DTCP approved offering a pollution free environment and sweet drinking water. With proximity to all the social amenities, the plan is well- equipped with an exhaustive range of modern amenities that includes park and playground for kids, sports facilities, open space, firefighting equipment, power backup, rainwater harvesting, sewage treatment plant, car parking and water supply round the clock. The 1620 - 3055 Sq. Ft. sized apartments are priced at Rs. 13.2 Lakh to 26.4 Lakh.

Therefore the connectivity to the whole city and the infrastructural development has maintained the pace at which real estate flourishes in the city.

Author’s Bio: Agniva Banerjee is a professional writer who closely follows the real estate sector. Her articles offer genuine facts and information about the realty sector in India.