Residential property in Chennai has seen a good demand over the last couple of years and is also known to be one of the most preferred cities for realty investment in India as well as abroad. So, it doesn’t come as a surprise to see a wave of positive buyers’ sentiments flowing. Potential home buyers and property seekers are now showcasing a keen interest to invest in property in Chennai especially for high ROI (Return on Investment). The appreciating capital values of homes are luring many local and national real estate developers to construct state of the art residential projects.
The steady housing demand has resulted in creation of many active residential areas. Recent reports suggest that regions along the western side of the city have recorded a high absorption rate. With the affordable segment selling more inventories, builders are now creating an array of homes that meet the needs and demands of MIG (Middle Income Group) individuals. Peripherals along the East Coast Road, OMR and Poonamallee are sprouting rapidly with construction activities. Factors like robust infrastructure and the growing IT (Information and Technology) sector have invited many white collared professionals to invest in smaller apartments in Chennai. Property in Chennai is witnessing increasingly great demand with each day passing.
With infrastructure being a major element that is roping in a lot of investment, the city has many projects in the pipeline. The Chennai Metro and Mono Rail and the proposed ORR (Outer Ring Road) on National Highway 4 have brought the city on the global map. Renowned real estate developers are now purchasing land in large parcels along these projects only to build extraordinary living spaces. They are now wooing potential home buyers by offering generous living spaces at relatively economical prices. Residential property in Chennai is also mushrooming because of the presence of many blue chip companies, acclaimed educational institutes and excellent medical facilities within the city limits.
Neighbourhoods like Oragadam, Ambattur and Sriperumbdur have witnessed significant escalation in the past few years. Property investments is expected to fetch higher returns in future.
The state of the art residential projects launched by Grade A builders and developers backed with luxurious amenities are also offering attractive payment plans, lucrative cash back offers and many more.
Apart from being an ideal investment destination, the city fast transforming into becoming a rental hub. The growing IT sector has attracted a fair share of the floating population and migrants are now showing keen interest in renting out spaces close to their office spaces. Investors and second time home buyers are now tapping into this demand and are purchasing properties only to rent them out on a later date. All these practices are creating provisions for more residential units. People are looking forward to grab the opportunity to invest in properties in Chennai as they not only promise high return on investment but also generate high rental returns. This makes the market a hit amongst many investors and property seekers.