“Chennai zooms ahead” may be the correct phrase to define this city. As undoubtedly the automotive capital of the country, the city has grown prosperous as gauged by any measure. It has great schools, some which provide excellent education with the option to go to prestigious universities abroad after the 12th grade. Some of the best hospitals in the country are to be found in Chennai and the city accounts for nearly half of the country’s medical tourism industry.
With all this prosperity in the city how has real estate in Chennai been affected? In one word, positively of course, well that’s three words but you get the idea. The city with the third highest per capita income in the country has builders in Chennai racing to create housing for the city’s inhabitants.
Certainly one region counted among the poshest in the city is Kotturpuram. The location is a hub for the well to do and is located near the haunt of billionaires, a locale known as Boat Club. If you are looking for luxury apartments in Chennai you may need to look no further than this lovely part of Chennai. Keep in mind however that real estate prices here, at 12,000 Rupees per square foot, rival those in some other upmarket regions of the country.
At a recent lunch party a friend told me that he was looking for luxury apartments in Chennai and had his eyes set on a beautiful building under construction at Kotturpuram. At a price of 3 crores for a 3 BHK it was certainly expensive yet still much more affordable than a home at Bandra and most parts of Gurgaon. The upcoming project in Chennai was set for completion by the middle of this year and as remarked by my friend was “an adorable building at a prime Chennai location”.
Some other upcoming projects in Chennai at Thoraipakkam and Karapakkam may not burn as big a hole in your pocket. I have been told of 2,500 square foot flats being constructed here at a price of only 1.6 crores. Considering the price and the size of these apartments in Chennai, these rank highly providing great value for money.
During my travels I have come across many people from diverse backgrounds, an international couple I had the chance to know (the husband is American and the wife is a Punjabi, both own a very successful interior design company) own several luxury apartments in Chennai and are now interested in buying a few more as an investment (they have a great regular rental income adding to their cash flow, which they invest to expand their business). This international power couple had their eyes set on buying two more 3 BHK flats in Chennai. They told me that before I would see them next they would already be the proud owners of a 1,400 square foot 3 BHK in Chennai’s Thiruvanmiyur region, and possibly when I would meet them after that for their daughters 7th birthday party the ink would have just dried on another property in Chennai, this time a 2300 square foot apartment at Guindy.