Despite of the slowdown in the real estate sector, Chennai property market at certain locations has been gaining momentum at a steady pace in terms of rent and sale of apartment. The Chennai market is highly driven by end users, due to establishment of IT majors and business houses. This in turn has resulted in the movement of inhabitants in a large number with a change in the lifestyle and spending power which is responsible for this growth.
The majority of buyers look for flats in the OMR region. What makes it a desirable location to stay is its close proximity to a number of BPOs, KPOs as well as global and national IT firms. The flats available in this area come in a varied range of budgets starting from few lakhs and going up to crores. OMR which is also popularly known as IT corridor offers easy accessibility to the IT parks as it is positioned adjacent to their residents.This factor reduces the buyers’ travelling time and also cost, making it an ideal location to reside in, especially for the employees working in this area.
Another region Adyar which is situated between IIT Madras and Besant Nagar and is also the opening point in OMR, has been emerging as a another favourable location for the buyers. It is situated close to the Tidel Park, which comprise of various large and small multi-national firms. It has experienced the rise due to the development drive in Chennai’s main areas. Like OMR, Adyar is also seen gaining popularity among buyers due its proximity to the corporate and the immediacy it offers to the resident while travelling to their work places.
Velachery is another crucial residential location in the southern part of Chennai, which has experienced escalation in the property market. In this area also the reason for the growth is the establishment of IT sector and its well connected with all the major parts of the city. It is an important hub, which connects the New and Old Chennai, by linking together the OMR corridor, GST Road and the Central Business Districts of Chennai. The apartments in this area are reasonably priced catering to everybody’s needs. According to Cushman & Wakefield report, Velachery has been projected to become Chennai’s one of the main street retail hubs.
Then comes GST, which is one of the busiest road that starting from Guindy. The stretch connects OMR, ECR and the other parts of South Tamil Nadu. It hosts a number of commercial hubs, outlet and IT firms which have transformed this stretch from being a deserted area to a land full of high rise constructions. Industry experts expect a higher growth in this region in the coming year.
However, it is quite evident that the reason for growth in the real estate sector in Chennai is mainly because of the setting up of the IT sectors as well as industrial and commercial sectors. But there are other reasons for the increase in the apartments for sale in Chennai, such as lack of space in the main areas of Chennai and shortage of water supply. This reason has led many families to shift to the outskirts of the city like the areas around Pallavram, GST road, OMR, Velachery, Adyar among others which provides easy connectivity through proper transportation, closeness to the IT and the commercial sector and setting up of various hospitals and educational institutions.
In addition, due to the growth and development of these areas, developers are focused on building new projects to offer a number of apartments in Chennai for sale in various configurations, equipped with all the essential modern facilities and design thoughtfully to maximise open spaces. Hence, if you are looking out for housing option near to the IT corridor and well connected to the other localities of the city in an affordable range, then you should make a visit to these areas.