Property in Chennai at the southern part of the city has outpaced many other parts of the city and gone on to attract a great deal of investment at the expense of other regions of Chennai. Hence there are numerous reasons for South Chennai to celebrate.
A Few Reasons that Make South Chennai Real Estate Attractive
- South Chennai is An Emerging Investment Hotspot
- Job Opportunities in South Chennai are increasing which is leading to more residents shifting to South Chennai
- The value of homes in South Chennai is rising
- South Chennai is experiencing greater demand from consumers.
Experts recommend that buyers who wish to gain attractive returns on their investment should certainly consider buying property in Chennai’s southern region. It is also recommended that those who wish to buy a house in Chennai to live in and who have a four-year time horizon in which to buy their real estate should certainly consider buying a property in South Chennai.
The Emerging Growth Nodes in South Chennai
Two regions which promise attractive growth in South Chennai are
Old Mahabalipuram Road and the Grand South Trunk Road both of which are very popular as growth corridors and promise great returns to investors. Chennai has grown a great deal along regions such as Old Mahabalipuram Road (OMR) and the Grand South Trunk Road (GST)
What makes OMR and GST attractive real estate destinations is a large number of the IT and ITES office spaces are found here. Special Economic Zones of other diverse industries are also found here. Residential development is also prominent in this region and the area attracts homebuyers who invest in these regions.
To put the popularity of South Chennai property in perspective, nearly sixty-two percent of people prefer to live in this region and nearly sixty-three percent of properties in Chennai which are bought and sold are found in South Chennai.
The Segment of Properties in Demand in South Chennai
Particular segments of properties in Chennai at its southern region are appreciating in value. The three price points of these segments of properties are between 3,000-4,000 rupees per square foot, 4,000 to 5,000 rupees per square foot, and 6,000 to 7,000 rupees per square foot. All the properties at these price points have fared well. In terms of the numbers of affordable houses and projects in Chennai, the locality of South Chennai has nearly the highest or second highest number of such homes in the entire city. South Chennai has the largest number of homes in Chennai which are priced between 3,000 to 4,000 rupees per square foot and also those priced between 4,000 to 5,000 rupees per square foot.
Going into detail and considering the secondary market in South Chennai, data reveals that nearly eighty-five percent of the supply of homes priced between 4,000 to 5,000 rupees per square foot in Chennai’s secondary market is found in South Chennai. When we look at the supply of homes priced between 3,000 to 4,000 rupees per square foot we find that nearly seventy-five percent of the supply in the secondary market is found in South Chennai. In terms of the total supply of residential properties in Chennai, South Chennai has nearly sixty-five percent of such homes.
The South Chennai Localities Preferred by Residents
The names of the localities which residents of South Chennai most prefer are as follow
• Madipakkam
• Medavakkam
• Old Mahabalipuram Road
• Tambaram
• Nanganallur
• Velachery
Real Estate in Chennai at all of these localities saw a rise in value barring three localities. Velachery, which is the biggest locality in Chennai in terms of demand for housing, but which also, saw a drop in the value of property by nearly three percent. OMR witnessed a fall in the value of homes of nearly 1 percent and Madipakkam was the backdrop of a fall in the value of its property by nearly 1.6 percent.
Overall the southern zone registered a rise in the value of property of nearly half a percent and all of the homes in the budget segment registered a rise in value.
Conclusion
Future homebuyers eagerly searching for their next home should certainly consider property in Chennai at the localities mentioned above.
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