“The Detroit Of India” or  “Capital City” or “Namma Chennai” however you prefer it – Chennai has grown to be the one of the biggest industrial and commercial centers in South India. A perfect amalgamation of  both modern and traditional values, this city is host to the third-largest expatriate population in India after Mumbai and Delhi. But having said all this – the relevant question here is how has the real estate industry progressed over the last decade and what does the real estate future of Chennai look like?

{A study conducted by a global property consultancy Knight Frank, showed that south Chennai will continue to see growth, over the next six months, owing to the network of employment hubs, improving social infrastructure and lower prices in the area. The residential market is in a consolidation mode and infrastructure projects such as the metro-rail will definitely lead to further growth.

During the first half of 2015, south Chennai micro markets covering Kelambakkam, Guduvancheri, Sholinganallur, Chrompet and Perumbakkam saw an increase in its market share in terms of new project launches. Whereas, Pallavaram, Perumbakkam and Kelambakkam saw the highest development with 5,800 units launched during the same period. One-third of the units launched during the first half of 2015 were in west Chennai in areas like Porur, Ambattur, Mogappair, Iyyappanthangal and Sriperumbudur which offered affordable homes. Kundrathur and even Chembarambakkam saw a hike in development interest. Relatively affordable residential prices, proximity to employment hubs and improving social infrastructure continue to drive both the south and west micro markets. North Chennai localities such as Tondiarpet, Kolathur, Madhavaram and Perambur saw negligible growth during this period due to the lack of social infrastructure and poor connectivity to the city centre. Micro markets in Central Chennai, on the other hand, like Nungambakkam, R.A. Puram, Alwarpet, T.Nagar, Mylapore, Royapettah, Kilpauk, Anna Nagar, Teynampet and Adyar, with higher appetite for premium residential developments, has been insulated from market vagaries. With the increase in redevelopment of bungalows into apartments in central locations, the breakdown of joint families among the affluent and the dearth of lifestyle residential products have been strong drivers of the premium segment. So overall, it seems like the city’s real estate market is heading towards recovery in the coming year, it probably is a good time to weigh out your options well and invest wisely!}

Elysium Properties has a corporate office in Chennai as well.

Visit us at:

75, 1st Floor, Century Centre, TTK Road, Alwarpet, Chennai – 600018

or

Call us on: +91 8681055555 or +91 8681066666 for any information regarding our upcoming projects in Chennai.