Chennai is a metropolitan full of opportunities and aspirations. Chennai is a diverse and modern city that has become a popular destination for the youth of India due to its social diversity and modern lifestyle. With its growing IT corridors, economic development, and educational opportunities, Chennai tops the list of most desired South Indian cities. The city’s real estate sector is prompted by end-users and sustained by the growth of several industrial and commercial undertakings. As a result, the future of Chennai’s real estate is predictable to develop further in the coming years.
Investing in a real estate in Chennai is a wise decision, given the city’s quick infrastructural development, increased commercial investments, along with job opportunities. The IT and automobile sectors are the primary contributors to Chennai’s property market, providing abundant job options to the city’s growing population. As a result, Chennai’s residential property market has also seen significant growth.
Chennai builders focus on providing aspiring house purchasers with lavish and comfy housing units near their work areas. This emphasis on convenience and comfort has helped make Chennai’s real estate market one of the most sought-after in South India.
Real estate future in Chennai as per the 2021-22 forecast
According to recent findings, residential property sales in the city grew by 8% annually. South Chennai is the most in-demand location for nominal and ready-to-move-in housing units.
Though the pandemic brought a fall in demand, Tamil Nadu RERA prolonged the project completion deadline by a few months offering relief to property developers. The pandemic steered aspiring buyers to choose energy-effective and eco-friendly homes. Prospects look for communities contributing to health and wellbeing, green facilities such as waste management, parks, rainwater harvesting, and energy-efficient lighting with commercial center connectivity. Such type of integrated township model is expected to rise in 2022-23. Properties in Chennai are expected to witness immense growth, with top priority given to spacious properties to house WFH options.
Top locations for investment in Chennai
The best places in Chennai for residential investment are:
- Old Mahabalipuram Road
Unlike others, real estate investments revealed significant growth in the demand-supply of cost-effective housing segments.
Commercial Property Investment opportunities in Chennai
The state government offered various initiatives to support industrial and commercial property investments. The first is the introduction of RERA to add transparency to real estate transactions. A good commercial property investment opportunity in the city involves spacious office areas, shopping center, malls, retail stores, and warehouses.
Residential property investment opportunities in Chennai
The city’s rapid growth has added to the demand for residential real estate in Chennai. Infrastructural development, IT parks, automobile and healthcare sector, and education institutes are the major factors attracting potential buyers for investments. The investments have rapidly increased because of the top-notch amenities, infrastructural services, and economic growth of the place.
Major residential investment locations in Chennai include OMR, Tiruvallur, Korattur, Porur, Anna Nagar, Pallikarnai, and many more.
Some points relevant to the future of property investment in Chennai are:
- Urbanization and modernization: With modernization, there is a rise in real estate launches and sales. This has led to a rise in the sale of luxury apartments in the city.
- Better rules and regulations: The real estate development regulations boosted customer confidence in investing in real estate
- Retail property development: Chennai’s real estate industry growth depends on several factors, some of them being Metro connectivity, proximity to malls, markets, and places of work.
- Growth of IT: The IT sector is off-lately prospering and gaining momentum, which has added pace to the demand for development of the real estate sector.
- High returns: These investments are straightforward, and of course, investing in an apartment in Chennai will yield significant returns in the coming time.
Reports according to 2022
- During the 2022 second quarter, Chennai witnessed a launch of 1950 units in residential locations close to the metro.
- Chennai also witnessed a growth in leasing activities, and the IT-BPM industry ruled it this part contributing a 42% share.
In conclusion, Chennai’s real estate sector will develop dynamically in the next few years, and this is the right time to make your investment to enhance your ROI.
If you’re looking ahead to purchase an apartment or housing unit in Chennai, check our premium projects in major locations with appealing ROI assured.