Here is an overview of Chennai Real Estate

Being the capital city, Chennai has been witnessing a stupendous growth in the residential real estate market in the recent years. This is owing to increasing demand for residential properties in Chennai. Following are some of the major reasons that increase the residential demand in the metropolis.

As the major hub for automobile sectors and Information Technology (IT) sectors, the city offers abundant job opportunities. Therefore, the number of migrants to the city has increased in the last few years for various employment opportunities. As a result, the requirement of homes has increased remarkably in the city for both renting as well as buying purpose. The areas like OMR, Oragadam, Chromepet and Ambattur are witnessing a huge residential demand, as these localities have close proximity to major IT and industrial corridors. According to the sources, the properties that are located in these areas have witnessed a good price appreciation in the recent years. Eventually, this reason has attracted the property investors to invest in these areas.

Frequent infrastructural developments in the city are one of the major factors that drive the residential real estate market of Chennai. The development of Metro Rail Project and Chennai Outer Ring Road has certainly flourished the residential real estate market in recent times. The phase 1 of the metro rail project that connects Koyambedu with Alandur was opened recently for the public. However, the areas located along the metro link stretch have seen huge residential demand since the project is in the developing stage. Thus, the residential developers have targeted these areas to construct a wide range of residential projects. Especially, the demand is high for apartments in these areas.

With an intention to ease off the city from heavy traffic congestion and to provide a separate way for the heavy duty vehicles, the Chennai Metropolitan Development Authority (CMDA) has developed Chennai Outer Ring Road. The phase 1 of the Outer Ring Road that connects Vandalur with Nemilichery was opened for the commuters in the mid of 2014. As a result, the areas located along the Outer Ring Road stretch have witnessed a boom in the residential property market. Apart from buyer’s market, this region has been witnessing a good housing demand among the home seekers who look out for rental homes in Chennai . Thus, investing in this region will fetch you a good return on investment via rental income.