Tamil Nadu’s Capital, Chennai, is one of South India’s largest economic, commercial, educational and cultural hubs. Chennai is one of India’s safest and fastest developing metros and has a high population of expats as well. The city is also home to a major chunk of the auto industry in India. With commercial and economic growth and rising employment opportunities, demand has also grown exponentially for quality housing in Chennai. The real estate sector is seeing sizable demand backed by growth in sectors like banking and financial services, IT, automobiles, healthcare, education and hardware manufacturing. Chennai’s realty market is also benefiting from multiple infrastructural initiatives including MRTs, the East Coast and Inner Ring Roads, Outer Ring Road, expanding metro and monorail networks, Chennai-Bangalore Industrial Corridor, ORR Phase II and more such projects.
End users majorly drive the realty market in the city which is surrounded by the Bay of Bengal on one side. There has been steady growth seen for the property market in Chennai over the years. There are several top real estate developers in this market including the likes of Godrej Properties, Mahindra Lifespaces, Puravankara, PBEL and Pacifica among many others. Several top real estate developers are scaling up their portfolios in the city on account of its development potential.
Chennai has thus been a major investment hub in India, particularly in terms of real estate. West and South Chennai are the major zones for real estate in the city. The western and southern suburbs in Chennai are seeing skyrocketing growth over the last few years with the highest number of residential projects launched in these zones. Oragadam and Ambattur are key residential zones in West Chennai while South Chennai boasts of stellar micro markets such as Guduvancheri, Old Mahabalipuram Road (OMR) and Pallikaranai among others. Here’s taking a look at their core strengths:
- Ambattur- Ambattur is one location which has profited immensely from large-scale industrial development and growth. This has increased residential activity in the entire stretch. The IT and ITeS industry has also grown by leaps and bounds and there is sizable demand in the mid-range category for homes priced between Rs.40-80 lakhs as per reports. The property prices are quite reasonable till now although they are forecasted to witness steady growth in the future.
- Oragadam- The strategic location of the area along the National Highway 4 makes it attractive to property buyers along with the presence of top corporates and Fortune 500 organizations in the industrial zone between Sriperumbudur and Oragadam. There is decent residential real estate supply here and several projects are positioned in the mid-range category. The average property prices are still quite low and attractive here. Top projects like VBHC Oragadam are coming up in the area.
- OMR- OMR or the Old Mahabalipuram Road is one of Chennai’s hottest property markets although the rates are still pretty competitive here. OMR spans 45 kilometres and is one of the city’s largest IT corridors. This has scaled up demand for mid-range housing options in this area, particularly to the various SEZs and IT Parks in the area.
- Guduvancheri- This is one of the fastest growing affordable housing hotspots in Chennai. There are several industrial parks and IT hubs nearby in tandem with good infrastructure and connectivity. Several new projects have launched in the stretch with prices being really affordable.
- Pallikaranai- This area is located in close proximity to major industrial, IT and ITeS hubs in Chennai. The area has been brought under the City Corporation of Chennai, something that augurs well for infrastructural development and residential housing alike. The present prices of property are relatively stable and attractive for homebuyers.
