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Chennai Real Estate News

Chennai, the city with inspiring intellectual inheritance and shrine architecture is one of the popular metro cities down in south India. Industries especially the IT, hardware and healthcare are widely based here. Today Chennai stands to be one of the rapidly developing cities in India where there are plenty of opportunities for the employment seekers. The rapidly increasing population of the city is in turn creating demand for its properties.

The Chennai real estate market has witnessed a steady and constant increase in last few years. In spite of the elevated interest rates and high inflation, the property market in Chennai has still witnessed a meaningful and considerable appreciation in the past few months. According to report of a top property news website, OMR, Velacheri, Thiruvanmiyur, T. Nagar and Singaperumal Koil are the top localities in Chennai that are today witnessing maximum real estate activity. Therefore those looking to invest in real estate Chennai should consider the properties in these areas. By investing in these properties one can expect to yield high returns for a long time in the near future because these areas are rapidly developing and prime commercial areas of Chennai with lot of scope for real estate growth in the coming days. There is good demand for properties in these areas which is expected to be constantly increasing in the coming days along with the commercial developments.

The Chennai property market is mainly divided into three types of properties called the residential property, retail property and commercial property. The residential property forms a major part of real estate sector in Chennai followed by the commercial property sector which has seen constant rise in past few years because of entry of several reputed IT and business firms in the city. Recently there has been news that more than 45000 properties are available for residential sale today in Chennai. This is all because of the real estate developers in Chennai who know the demands of residential properties in Chennai and are constantly putting their efforts to supply residential properties to the Chennai people in different specifications, formats and suitable to their budget requirements. Lot of new Chennai real estate projects have come up in the recent times and yet to come to attract the property buyers. Pacifica’s new Aurum villas project at OMR, Hiranandani Upscale Chennai OMR project by HIRCO Hiranandani Infrastructure & Real Estate Company, Kensington project at Thiruvanmiyur, Le Chalet residential project in Sriperumbadur offering independent house/villas in Chennai are the much talked about real estate projects in Chennai.

Talking about the Chennai real estate prices these have been constantly shooting up and are on verge of good rise as compared to past two years 2010 and 2011. The year 2010 saw the constant falling down of prices and demand for real estate in Chennai due to factors like global inflation and increased property loan rates and interests. However the outlook for property market in year 2011 remained quite positive with prices rising rationally in tandem with normal market trends. The Chennai real estate price in year 2011 improved by nearly 20-25% within city, 10-15 % in OMR and by 1-5% in select pockets of GST and Sriperumbudur regions. The year 2011 was the year of optimism for residential real estate in Chennai and the trend seems to continue in 2012 too. The property prices in 2012 are expected to elevate by 15-30% in OMR, 10-15% in GST while remaining 20-25% in the city. Therefore there is no doubt in the fact that this is the good time for the property investors to earn good profits by investment in Chennai properties.

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