The Hot Spots of South Chennai
Chennai has always fallen under the list of the major cities in India. The realty prices in the city have always been on a fluctuating mode. But since the coming of a new Govt. in India and their idea to transform Chennai in a smart city, the buyer’s emotions have also converted from negative to positive. This has made a 26% expected growth in real estate by the next half of August 2014.
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The state has been announced to be selected to be transformed into a smart city with the help of the new Modi Government. By the year 2040, Chennai is expected to be redesigned with a large number of Smart houses, a unique and smart transport system having electrical buses and EV car share facility. All the smart buildings in the city will be made to be related with each other with the help of a regional EMS.
Real Estate Scenario in Chennai
Chennai has become a city with one of the minimum unsold properties when compared with all the top 6 cities on July 2014. It is known to have around 20 Million sq. ft. of vacant realty properties in the price range from Rs. 25 Lakh to 1 Crore.
While the number is lower than what is seen in rest of the metropolitan cities, the capital rate has been on a high as compared to its counterparts and the same holds true for the rental value. Between 2013 and 2014 the rental values increased by a whopping 17 percent, due the majority of projects coming in residential cum commercial formats, the growth in rental values is only expected to rise further.
With a large number of planning by the India’s government done for the coming years of this city, the realty price has started showing an increase in the year2014. Chennai is further predicted to show a 26% growth rate in the real estate market for the next half of the year 2014. If Gulam Zia who is the director of Knight Frank India’s latest report on real estate trends is to be believed, due to a consistent union government, realty demand for the living and investment need, and government’s announcement of the revival of economy, has transformed the real estate buyer’s expectations from negative to positive following last year, 2014.
In the present scenario, it can be predicted that a lot of new projects will be delivered for a discounted rate, and the improvement in projects that these launches promise, is probably going to present a good view for real estate buyers and also the renters who are looking for apartments on rent in Chennai as the rental value appreciation in the city is always on a high when compared to rest of the Indian metropolitans.
Chennai Hot – Spots
“If you compare Chennai with Mumbai, prices are much more realistic which has contributed to the consistent demand. Add to it the rise in infrastructure facilities, which has prompted many companies setting up their base here,” says Ganesh Vasudevan who is also the head of India Property Online. Chennai as a complete city is noted as one of the hottest places to invest currently, but like every second city in India, the city too has prime locations, which have been showing the signs for maximum returns. Those locations are Velachery, Adyar and Karasangal in south of Chennai.
Adayar, in the south of Chennai is one of the city’s most costly and thus prime neighborhoods. Real estate researchers analyzed that the realty prices now is not much when compared to what the house rate in Adayar is expected to become in the coming few years. According to Deepak Parekh who is the chairman of HDFC Ltd. India’s biggest housing lender, Mumbai has been overtaken by Chennai in their portfolio in 2014. He added that Adyar region of the total region is not only continuing as being a steady performer in the present year of 2014 but is also expected to grow more in future.
Velachery in South India has witnessed an 80% growth in realty for the past 5 years starting from the year 2009 to 2014. This micro market has shown evidence of growth rate of 0.78% as the last some quarters in 2014 for an approximate 7000 sq. ft. land area. This has made it the made it second hottest property to invest in Chennai currently.
Karasangal in south Chennai is another growing residential destination in Chennai. Based in not so crowded locality, the place has attracted a lot of attention from builders considering the future of this city.
A professional writer and an avid reader, Tripti has been in the writing industry for 2 years now. Her work ranges from articles on property to education and employment.
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