Chennai has always been in the forefront of realty business; it has set and changed trends in the same. The city is considered one of the biggest cultural, educational, and economic centers in Southern India. Its booming IT industry has turned it into a residential hub, primarily driven by IT and IT enabled services companies.
The IT sector has also changed people's residential preferences, in terms of location, thus transforming the suburbs into Chennai's residential hotspots. Some of the top real estate developers in Chennai are thriving on this growing number of IT parks in these areas.
Here are the top 5 residential areas in Chennai.
The OMR corridor attracts home buyers for many reasons like price appreciation to efficient physical infrastructure. The housing market is witnessing an impressive amount of influx of several residential projects in OMR. Flats remain the most supplied property type with options for 1, 2 and 3BHK apartments. Since new flats are available in huge numbers, the demand in some areas is no match to the supply.
It is considered a top residential area in Chennai, and buyers often ask questions on investment options and price appreciation in the stretch. The average price per sq ft of flats is Rs. 4,644 per sq ft whereas residential plots are available within a price range of Rs. 30 – 70 lakhs.
A Chola settlement of the 8th century, the place is currently the biggest Assembly constituency in the state with a high population density. Its prospering economy and vibrant IT sector have made it a popular residential spot in Chennai. Connecting ECR to Thambaram, Mudichur and Adyar to Mahabalipuram, it has excellent connectivity reinforced by its road infrastructure. The influx of IT employees is in favour of the growing realty sector owing it to the presence of IT giants like Wipro, Cognizant, Infosys, Trident Solutions, and other IT enabled services companies. Its proximity to shopping hubs, schools, colleges, hospitals, and other civic infrastructures also make it desirable. Residential hotspots in Chennai such as Sholinganallur have significantly contributed to the growth of residential property investment in the city.
A suburb with fresh significance, Thalambur is a favoured by builders and buyers for various reasons. It is close to important residential areas such as Sholinganallur and Navalur and is backed by excellent road infrastructure. Chennai International Airport which is 22.5 kilometres away adds to the value of the place. Like Sholinganallur, Thalambur is also close to IT hubs; hence, the scope for employment opportunities. The resultant migration has helped it become one of the top Chennai residential hotspots. Its proximity to shopping hubs and other basic amenities also make it a hotspot in realty business.
Tambaram is a well-developed suburban area that has good connectivity, infrastructure and lesser prices as compared to the city. This works as an advantage for people seeking larger homes at a lesser cost. Tambaram, a suburb of Chennai, is located 27 km away and is a part of Kanchipuram district. The Chennai-Trichy National Highway (NH45) or the Grand Southern Trunk (GST) Road runs through Tambaram. It is one of the busiest national highways in the south and covers almost 470 km. There are electric trains which go up to Chengalpattu and Kanchipuram. Tambaram is also the third busiest railway station in Chennai after Central and Egmore.
GST Road is one of Southern India's prominent national highways that has been witnessing constant growth in infrastructure and other facilities. Also known as the Chennai-Trichy highway, the road has several residential and commercial developments along the way. With several global and domestic corporates establishing their operations in the area, the demand for residential real estate has grown here.
GST Road boasts of connectivity to several key localities of Chennai including Guindy, Pallavaram, Tambaram, Urapakkam and so on. It is also well-connected through various modes of public transports available in the city. Apart from being close to the Chennai International airport, a number of MTC buses run through the area ensuring good accessibility to and from the area. The region offers several residential options ranging from apartments to plotted developments.
The growing presence of corporates in the region, as well as proximity to other hubs in Chennai has led to the development of a robust social infrastructure here. Apart from quality educational institutions, several hospitals, retail establishments, cafes, restaurants, hotels, fitness centres and supermarkets are also present here.
With a large number of residential properties for sale in Chennai, realty business is flourishing predominantly due to the growth of the IT sector and the resultant migration. The current realty scenario provides an opportune moment for all the aspiring homebuyers. The city is now one of the most desirable cities people want to call their home.
Chennai used to be considered a city of old money. Where inherited wealth was commonplace and self-made millionaires, a one-off statistic talked about over drinks at the Boat Club. Today, Chennai has evolved into a favoured destination for the wealthy with all its residential hotspots.
Driven by the Chennai government's commitment to developing the city as a leader in IT and IT Enabled Services, OMR or Old Mahabalipuram Road is a stretch of 45 KM with Adyar’s Madhya Kailash temple on one end and Mahabalipuram on the other.
Recent years have witnessed an increasing trend of NRI investment in India. According to Liases Foras, a real estate research company, a major share of real estate investment in India comes from the UAE (20%), the US (18%), the UK (7%) and Canada (6%).