Wednesday 26 February 2014

What Chennai has that other Metros don’t when it comes to Real Estate?

There is something about luxury apartments in Chennai that makes its demand distinct and proliferating. Although, luxury comes at a price; there is a good demand from a substantial segment of population to invest in such opulent properties especially in the recent times. Earlier, luxury apartments and lavish villas were concentrated in specific areas of Chennai like Boat Club road, Adyar, Besant Nagar, Cenatoph Road and the likes. Today, almost every area in the city is characterized by opulence in some form or the other. While a larger part of investing community continues to prefer more affordable real estate; the demand for luxury residential apartments in Chennai is slowly making its presence felt.



Real estate in Chennai vs. other metros


Chennai has suddenly emerged as a place where the affluent and well-to-do have the means to buy and the city has the space to offer. And as the demand for housing and purchasing power increase in the city, more and more luxury apartments in Chennai are characterizing its landscape. These high-end homes have a number of substantial amenities that render a taste of urban living. The real estate market in the country has faced its fair share of ups and downs. Other metropolitan cities have faced severe decline in demand but there has not been much of a bad stir in Chennai and there are profound reasons for this.

Residential apartments in Chennai, regardless of price continue to face an upswing in demand when compared to other metros and this is because of two important reasons.
  • Space

    Chennai has considerably more space when compared to other metropolitan cities. Today, real estate investors prefer lung space when it comes to living. Chennai is a growing city economically, geographically and technologically. The sudden spurt of growth has thrown up vast expanses of land for the purpose of real estate development. Builders in Chennai are today conscious of the dearth of land in other cities and hence have constructed larger homes and apartments both within and a little further from Chennai. Luxury apartments in Chennai have a lot of lung space and urban amenities for comfortable living.
  • Price

    Price often is one of the most important determinants of property purchase decision. The price of residential properties in other metros is alarmingly high. But residential apartments in Chennai are relatively more affordable by most sections of the city. And differential pricing according to location helps to cater to all budgets.



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