Chennai Property Real Estate Market 2008
India is witnessing a rapid growth in real estate industry thats leveraged in all parts of the country be it Chennai Hyderabad Bangalore or Cochin real estate the property prices are touching unforeseen heights.Chennai real estate has massive demand in all real estate development areas like commercial residential and retail. Chennai real estate is developing as strong real estate market in India. The market demand for both residential apartments and individual houses is on the rise Chennai property amp; Real Estate prices differ depending upon the parameters such as location type of building construction accessibility amenities and other services . SEZs are the major growth drivers of Chennais property market. Chennai real estate market is witnessing an upward trend in terms of values.
Real growth drivers
There is a huge demand for Chennai property market is due to the following factors:
It is well connected to its satellite cities and other parts of the country
It is well equipped with hightech communication channels like high speed internet connectivity and digital telephone networks
The city is home to many prestigious educational institutions and
The city is home to a lot of advanced medical and healthcare facilities
IT/ITES and SEZs growth
Rising incomes from the IT/ITES sector
Flexible home loan options
NRIs who are returning to Chennai for better opportunities
Residential Real Estate
After undergoing recession for the last few months Chennai residential property market is moving towards recovery path. The demand for residential apartments and individual houses are the hottest one in Chennai property market. The most expensive areas for Chennai apartments are: Besant Nagar RA Puram Mylapore Egmore Adyar and Annamalaipuram.
Commercial Real Estate
Chennai real estate market is witnessing an unparalleled growth in the commercial sector. There is a large number of commercial projects are under construction. This is due to the IT companies demand for commercial space in Chennai property market.
There is always a continuous upward trend in commercial property values because demand for commercial activities surpasses its supply and expected to increase in future as well. The preferred business areas in Chennai property market are: Cathedral Road Lloyds Road Guindy Ambattur Nungambakkam Tharamani Old Mahabalipuram Road and Anna Salai.
Chennai real estate market is exploring alternate avenues in commercial sector to attract companies from different industry verticals. Thus the offerings are customized in design to suit the specific needs of the industrial sectors. There is availability of different grades for office space like
Grade A: Catering to the needs of multinational IT and ITES firms
Grade B and C: Catering to local and domestic companies
Future Perspective
Chennai property market has seen an upward trend in pricing almost by 200 in the last two years but its witnessing a downward trend. Even office rentals are also seen a 15 drop. Real estate experts say there has been a 90 drop in demand for residential projects since the start of the year 2008 but it is for short term only. Otherwise Chennai real estate market seems to be vibrant in nature forever.
The investors who have invested in Chennai properties in turn generate sizeable returns which seem to be a good design. Chennai property market is offering the buyers investors and NRIs the space what they want who are showing great interest in the city.
About the writer: Vanky Raman is an Professional India Property consultant to provide the service to Mostly NRI to invest money in Indias booming real estate Sector since last 10 years He is now the Managing Director of an leading property Management company and To learn more about this kit and receive your FREE Real Estate Wealth Newsletter go to http://www.investinnest.com
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