Real estate scenario in Chennai has always been engulfed by preference on the Central Business District primarily because of lack of infrastructural development in the outskirts.

1. Changes in Chennai Real Estate for the better(!)
Real estate scenario in Chennai has always been engulfed by preference on
the Central Business District (CBD) primarily because of lack of infrastructural
development in the city’s outskirts. Absence of good schools, modern retail
centers, state-of-the-art hospitals, contemporary recreation centers and
deficient connectivity were often cited as reasons why the city and its CBD
emerged favorable for several decades in terms of Real Estate investment.
However, this mindset has taken a nosedive with the establishment of
numerous multinational companies from every industry in the suburban and
micro-markets of Chennai. Commercial development formed the basis for
heavy infrastructural development in the city. The Government has laid down
big plans in terms of infrastructural progress in these regions in order to
decongest CBD traffic and these plans are underway today.

2. Game Changers in Chennai Real Estate
All these years, builders in Chennai only considered development of
farmhouses in places like OMR, GST Road and ECR. But today, the place is no
longer what it was even 6 years ago. Large scale development that can defy
even the most modern of countries can be witnessed in Chennai’s outskirts.
The demand for housing has suddenly skyrocketed in these regions.
The new game changers in the Real estate map of Chennai include Ecofriendly landscaping amenities, tranquil environment, integrated selfsufficient townships, modern entertainment options, multiplexes, fullyequipped healthcare facilities and world class hotels and restaurants. OMR,
ECR, ORR, Sriperumbudur and GST Road are no longer remote inaccessible
places. They have transformed into self-reliant destinations with round-theclock connectivity with the CBD.

3. The Modern Real Estate Climate
Community living has finally realized its potential in Chennai. Since many
such townships and modern home concepts are underway in the suburban
markets of the city, the complete potential and further surge in housing
demand will be observed only when they reach the stage of completion.
Modern residential communities are reminiscent of global living spaces that
are often the dream destinations of both residents of the city and migrating
population especially from other countries.
Despite the high momentum in demand for high priced homes, Chennai’s
Residential market continues to be dominated by demand for affordable
homes in the range of Rs. 35 to 60 lacs with substantial social infrastructure.
Interestingly and expectantly, most of the residential space absorption in
Chennai happens around the IT corridor or OMR and GST Road.

4. Places like Medavakkam and Perumbakkam are observing heavy
development of modern residential units since such is the demand. Also, the
Real Estate in Chennai has changed in one more way besides the choice of
location and nature of homes.
Location plays a huge role when it comes to investing on Real estate. The
region must do well and hold immense scope for giving you good return on
your investment. Proximity to important amenities and good neighborhoods
will not just make living there simpler but also fetch exponential capital
appreciation in the long run. Today, end users are not just looking at buying
homes for self-use but are also investing in properties for rental gains. The
quantum of invest-able income has increased and hence such significant
changes. Chennai is all set to witness a Real estate high.
Behind the Colossal Growth of Real Estate in Chennai
Real estate market in Chennai has been a subject of surprise for Real estate
experts across the world. What once was a city with conservative outlook and
a lot of agricultural land in its outskirts is today a sprawling city with amazing
potential for a Real estate boom. So, there must have been more than one
trigger that caused the major boom.

5. Industrialization: Advent of several new age and traditional industries
along the arterial roads of Chennai paved way to the demand for many
state-of-the-art commercial buildings. Chennai was the most sought
after owing to its location, abundance of land, favorable climate and
potential for growth and hence the city slowly became a hub for
industrial development. IT/ITES corridor at OMR/ECR and electronic,
automobile and glass manufacturers on Sriperumbudur and several
others in the Central Business District and other regions of the city are
stellar examples of commercial development.
Increased Employment opportunities: Tremendous commercial
development and accelerated scope easily attracted migrants from
other parts of the country and also from many quarters of the world.
Rising employment opportunities have created the demand for
numerous housing units thereby causing an upsurge in residential realty
as well.
Heavy Infrastructural development: All round realty and industrial
growth made the city equip itself in its infrastructure as well. So, the
advent of other industries further accelerated.
Expansions: Real estate in Chennai really began making its mark as the
city began its geographical expansions so as to accommodate regions
that were once deemed remote.
A number of infrastructural projects are focused on different parts of Chennai
instead of focusing on uniform growth. The most prestigious of them all is the
Metro project that plies through specific regions. Regions that lie in and
around the areas of massive infrastructural development also receive
maximum real estate investor attention. With increase in residential and
commercial real estate demand in these areas, builders in Chennai also
increase supply in these high-in-demand areas.

6. A number of industrial projects including the ones on the IT/ITES corridor,
Sirperumbudur industrial belt and even the Central Business District area
have a lot of takers in the residential real estate market as well. People prefer
to be based out of areas that are closer to their workplaces and hence
industrial growth prone regions are also hubs of residential development.
Demand patterns have known to be phased in Chennai. Real estate investors
prefer certain regions in the city due to a wide variety of reasons. And as a
significant number of people begin to invest in a specific region; the trend
catches on and larger groups of people are attracted by the area’s sudden
appeal. And as demand for real estate increases in that specific region, prices
also increase. Thus it becomes a desired circle for Real estate builders as
well.
Real estate in Chennai may have suddenly and rapidly burgeoned due to
various factors that have made the city a preferred hub for industries, builders
and investors alike but the trend is likely to stay on and offer bigger returns to
those who act quickly.
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