Chennai’s real estate market is experiencing significant growth, with property prices rising and demand for quality housing increasing, particularly in the mid-segment and luxury sectors. Areas like OMR, ECR, Porur, and Sholinganallur are seeing booms due to infrastructure and connectivity.
Price Surge:
Property prices in Chennai increased by 16% in the past year, driven by rising input costs and sustained demand.
Mid-Segment Dominates:
Properties worth up to Rs 75 lakh claim a significant share of overall demand, indicating a strong preference for mid-segment housing.
Luxury Segment Booming:
The luxury segment is experiencing a fillip, with more people developing an interest in premium gated complexes and services.
Rental Market:
The demand for rental properties is expected to increase, attributed to IT professionals, students, and expatriates.
Senior Living:
Chennai has emerged as the epicentre of India’s booming senior living housing sector, with a notable increase in demand.
Plotted Developments:
Chennai has become a catalyst in the plotted development market, driven by urban expansion, infrastructure growth, and increasing demand for both residential and commercial real estate.
Investment Hotspots:
OMR (Old Mahabalipuram Road):
A prominent area for real estate investment, known for its infrastructure and connectivity.
ECR (East Coast Road):
Another area with strong real estate potential, offering access to beaches and other amenities.
Porur:
Emerging as a real estate powerhouse, driven by enhanced connectivity and employment opportunities.
Sholinganallur:
A rapidly growing area, experiencing a real estate boom with over 5,000 units planned for the next year.
Vandalur:
A growing real estate hub, offering seamless connectivity and modern infrastructure.
Madhavaram:
Gaining traction among investors due to its proximity to North Chennai’s industrial zones and upcoming metro expansions.
Tambaram East:
Remains a top choice for investors due to its strategic location, growing infrastructure, and employment hubs.
Challenges and Considerations:
Rising Property Prices:
Potential rise in property prices due to lack of affordable land, hikes in construction material costs, and inflation could impact affordability, particularly for first-time homebuyers.
Regulatory Changes:
Developers need to navigate potential regulatory changes and ensure compliance.
Infrastructure Development:
Continued focus on infrastructure development is crucial to support the ongoing growth of the real estate market.