Future of Real Estate in Chennai

2024-01-24

Real Estate Investment

Chennai is a growing metropolitan and there is a steady influx of people in the city. This, in turn, is going to create a huge demand. This is seen in the increasing purchase of luxury apartments in Chennai.

The real estate market in Chennai is growing steadily and has been attracting both local and foreign investors. The city has a high demand for both residential and commercial properties. The IT sector has been a major contributor to the growth of the real estate market in Chennai. The city has a well-developed infrastructure, which includes a good transportation system, quality educational institutions, and healthcare facilities, making it an attractive destination for real estate investment.

In recent years, there has been a significant increase in the number of residential projects being developed in Chennai, particularly in the suburbs. The city has a diverse range of residential properties available, including apartments, villas, and independent houses, catering to the needs of different income groups.

There are some key points below about the future of real estate in Chennai:

1. Influence of IT in commercial and residential real estate:

Chennai real estate will gain momentum due to IT, urbanization, and the development of affordable housing. Increased demand increased supply. Many different parts of real estate are prospering in Chennai due to high demand. As soon as Chennai became an IT-town, it fired the commercial real estate sector.

Tidel Park in Tharamani and Olympia tech park in Guindy occupy 1.5 million square feet and 1.3 million square feet. There are many other technical parks in Chennai. If there is a Tech Park, there are several offices and office infrastructure to be built. An increase in IT leads to huge cash income and income growth. This, in turn, serves as a motivation for people to buy residential properties.

2. Investment due to development:

Chennai is attracting a lot of foreign investment due to the increase in real estate. Apart from Chennai being among the top cities in India, the reason for NRI investment is the return of rent in Chennai. Many people from other cities come to Chennai for higher education and work. They do not want to buy a house here, so, they rent one. The second reason for NRI investment would be high appreciation in Chennai. If you are going to invest in a property in Chennai with a reliable promoter within the city or areas with good connectivity, it is likely to appreciate within a few years.

3. Retail real estate growth:

T. Nagar and Anna Nagar are no longer the only retail centers in Chennai. Quality retail space is beginning to grow in residential areas. The reasons for the growth of retail real estate in Chennai include metro rail connectivity. The mall footprint in Chennai has doubled within a year. In 2018-2019 alone 7 malls were completed in Chennai. There has also been a large increase in F&B operations in Chennai. Each major F&B brand has at least 10 outlets in different parts of the city. Food roads in ECR and Rajiv Gandhi Salai would be great examples for increasing the number of F&B shops in Chennai.

4. Policy Support

The two policies that have made a difference are RERA and PMAY. The introduction of RERA (Real Estate Regulation Act) in 2016 broke the stigma associated with real estate. This brought transparency and protected buyer-interests. PMAY (Pradhan Mantri Awas Yojana), aimed at providing housing for all, offered various benefits to first time home buyers. This led to the middle-class population buying homes.

5. The rapid gain in the momentum of suburban areas in Chennai

The city is expanding. This is due to lack of space, increased population, urbanization. The real estate in the suburban area of ​​Chennai is gaining momentum due to the increasing infrastructure facilities by the government which brings a great connectivity. There are many flats for sale in Porur, Poonamallee, and Pallavaram as these locations are some of the areas which are going to become major hubs of Chennai.

It is clear that in the future Chennai real estate market is going to have more progress.

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