Real estate in Chennai has been going through a rough patch lately. This southern most metro has been able to find its footing as far as real estate in concerned in the first half of 2016. One of the primary reasons for this is the floods which took place in December 2015. It traumatized many people. People lost their lives and many incurred massive damages to their properties and lost their livelihood. The floods left a negative sentiment among the buyers and damaged the reputation of the city.
The city was previously known as a stable real estate market. It was considered to be free from speculation and hence did not go through the rough patch that cities like Mumbai and Delhi National Capital Region. The prices here were stable and buyers made informed decisions. They were cautious with their money and never really took any big risks when it came to their property purchase. This ensured that the city remained free of any kind of real estate related troubles.
Prices have always been rather high in this city. Markets which are well established are quite expensive. This has led to stagnation. If you look at areas which are traditionally considered to be posh like Nungambakkam, Adyar, Besant Nagar and Anna Nagar, property prices here are quite high. The markets in the southern part of the city are also not doing that well. The prices have hit a stagnation point and people are just unwilling to buy homes here.
It is the newer more affordable areas which are attracting the attention of buyers. There areas are located in the northern parts of the city. They are also located along the Grand Southern Trunk Road. These areas are well connected to the rest of the city. They also have decent infrastructure. These factors combined with the fact that the micro markets in both these belts are affordable is really ensuring that they click with the buyers.
One of the established localities in the GST Road belt is Chromepet. It is surrounded by micro markets such as Pallavaram, Tambaram, Keelakattalai, and Medavakkam. It is also located in close proximity to the Chennai International Airport. It is sandwiched between the Outer Ring Road and the Old Mahabalipuram Road. This makes the area well connected to the southern and northern parts of the city.
Chromepet is a decent area to live in. JBM Mytri is a project which is located here. There are about 700 properties in this part of the city which are available for purchase. JBM Mytri by JBM Shelter is an under construction property. JBM Mytri consists of one tower which has about 6 units. You can say that JBM Mytri by JBM Shelter is a compact project.
This project is priced between INR 42.12 to 56.12 lakhs. It will come into possession by January 2017. There are many such compact project available in Chromepet. It is considered to be one a haven for affordable residential properties.
Reshma is a person who works in journalism to report the news.She researches the real estate investment business in major Chennai City. She share about JBM Mytri by JBM Shelter is a compact project in this Article. For completed details about project view on indiaproperty.com