The property market in Chennai was not as affected by the real estate slowdown as the rest of the country was. Properties in Chennai withstood this test primarily because the real estate in the city is driven by end users rather than speculators. Residential and commercial real estate here are showing signs of growth with areas in the periphery coming to the fore to meet the residential demands of the increasing population of the city.
Here are some of the localities that have caught the eye of the home buyer.
Guduvanchery is a locality situated on the Grand Southern Trunk Road. It is considered to be one of the most promising upcoming suburbs in the city. The area is well connected to the rest of the city through buses and trains. It is surrounded by areas such as Urapakkam, Vandalur and Kattankulathur.
The going rate for properties in Chennai located here stands at INR 3200 per square feet on average. Guduvanchery is a good investment option for those who are looking to invest as the property rates here are steadily appreciating. The most preferred configuration for apartments for sale in Chennai located in Guduvanchery are 2 BHKs followed by 3 BHKs. The most preferred budget range for properties here falls between INR 20 to 30 lakhs followed by the INR 10 to 20 lakhs range. Smaller size units are preferred here as apartments which are sized between 751 and 1000 square feet are most preferred here.
Sholinganallur is a popular locality situated in the southern part of the city. There is a heavy presence of Information Technology / Information Technology Enable Services companies here as this area is located on the Old Mahabalipuram Road which is considered to the IT hub of Chennai. The area is populated by the IT crowd and hence it is considered to be a good destination for rental returns. The going rate for apartments for sale in Chennai located stands at INR 4800 per square feet on average.
The most preferred unit size for apartments here falls between 751 to 1000 square feet, followed by the 1001 to 1250 square feet range. 2 BHKs are the most preferred apartment configuration here followed by 1 BHKs. 1 BHKs are usually more easier to rent out to the working crowd. The most preferred budget range for properties here falls between INR 30 to 40 lakhs followed by the INR 40 to 50 lakhs range.
Perambur is a north Chennai locality. It is surrounded by localities such as Anna Nagar, Villivakkam Kolathur and Madhavaram. Most of the localities in northern Chennai are enjoying popularity among home buyers in the city.
These areas are very affordable when compared to the localities in the southern and western parts of the city. The going rate for apartments in chennai located here stands at INR 5300 per square feet on average. The most preferred budget range for properties here falls between INR 30 to 40 lakhs followed by the INR 20 to 30 lakhs range.