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Top articles on Real Estate in Chennai

Real Estate in Chennai

Tamil Nadu’s capital, Chennai, is a well-developed city in South India. Despite being a trading hub identified by the East India Company in the 17th century, the city is also recognised as Madras with worldwide popularity for its original dance form, Bharatanatyam. Chennai holds a legacy in music also with classical singing and instrumental pieces. This posh city has its administrative set up at Fort St George, where the state performs legislative and executive tasks. As it is known to all, southern India has unmatched weather in which Chennai is also counted as a livable city. The place's history closely connects with the rulers such as Nayak and, of course, the British Colony. Due to this, it contributes significantly to great extent in the industrial and commercial market of the nation.

Market Size of Real Estate in Chennai

This city near the Coromandel Coast is active with corporate headquarters, which invites people to find their dream job and settle for an upgraded lifestyle. It offers big gated societies starting from 1 BHK to 5 BHK bedroom apartments in a price range of Rs. Rs.16 lakhs to Rs 24 crores.Nevertheless, you may always have options for independent houses, or vacant land may be for establishing your preferred housing architecture. Another factor that promotes the crowd to move-in Chennai is the retail business opportunities facilitated by the rental and saleable properties that are styled for any business type to start its success journey. Let us explore the land with segments to know what can be found at what price.

Infrastructure and Connectivity

In terms of infrastructure, the city never disappoints the residents with all kinds of leisure and comfort. It has multiple tall towers for commercial and residential purposes. Simultaneously, the roadways are well constructed with four major highways that connect the city effectively with other neighbouring sites. In addition, it facilitated the service of metro lines for a reasonable commute. Recently, the news about metro line extension also made the headlines announced by Chennai Metro Rail Limited Plans. The Chennai Mofussil Bus Terminus is Asia's best intercity bus service. The country's 3rd international busiest airport is also in Chennai. 

Demographic Statistics by Population

The metropolitan city Chennai is quite crowded to be considered a small country. In 2011, the population was 8.95 million, whereas a country like Singapore had a record population of around 5.399 million. Therefore, it won’t be wrong to say that Chennai is the most densely populated place in the world, with 26,553 population/sq km. Similarly, if we compare Delhi and Mumbai, this city has even higher migrants with the 4th biggest slum crowd in the country. It is spread over 426 sq km. Though, the good news is that it has a slower pace of growth in terms of population than other south Indian metro cities like Bengaluru or Hyderabad. 

Home and Living

Residential plots are great for people who wish to design their property per their wishes and fancy. A plot offers high flexibility as it enables you to construct your house as per your requirements, while any kind of modification stands limited in the case of a flat. Chennai, like its diverse population, caters to people with different budgets. The prices for renting a plot can be as low as ₹16 Lakh and can go up to ₹24 Crores depending on your chosen location. You can even buy a residential plot in the capital of Tamil Nadu from prices starting from ₹2.16 lakh to ₹18.7 Crore. 

Lifestyle

Chennai is all about culinary scenarios, monumental temples, vibrant culture and art with a bunch of blissful nature elements. These add qualities to make it a perfect tourist destination where travellers are witnessed on a large scale. It has a strong hand in offering excellent education institutes and progressive work culture. The undoubtful weather emphasises a happy living experience and offers residents a wide range of entertainment spots. Considering the food, the world-class yet traditional cuisines will always be served at some restaurants and bars. Here is a list of Annalakshmi, Dakshin, Saravana Bhavan and Amethyst, to name a few, to pay a visit on your weekends after a stressful week. 

Real Estate Future and Growth Opportunity in Chennai

Chennai has been considered a futuristic city where advanced technology has taken a great space in the growth process. This might help potential investors to find their investment interests. In 2019, Chennai garnered an 8% hike with the highest sales in the southern districts. The hotspot for this achievement was nominal properties, and even the newly possessed ready-to-move apartments. This is a globally recognised spot where investors from around the globe come to establish their commercial and residential settlements. Along with this, even the central government identifies it as an effective city to encourage tourism to gain an economic increment in the national income. 

Top Localities with Price Trends

Certain localities are worth offering the real essence of living a rich lifestyle in Chennai:

Top Localities In Chennai for Rent / Sale

If you are or you know someone who’s looking to buy a property in Chennai, then Old Mahabalipuram Road (OMR), Medavakkam, Velachery,  Guduvancheri and Porur should be the ideal choices. These five locations are the most preferred localities in the city for purchasing properties and have maintained their preference quotient.

OMR

Is recognised as a developing locality; Old Mahabalipuram Road offers several ready-to-move-in properties. In addition to this, abodes in OMR house a lot of the IT hubs and companies in the city. Since the IT Industry is a major economic driver in the South of Chennai, OMR serves as a great place to move into. And, hence it has become one of the most preferred localities for residential properties. As per the data with Squareyards, the average property values range from ₹27 Lakhs to ₹42 Lakhs.

Anna Nagar

Is an area in Chennai where residents are offered a balance of culture and creativity. The neighbourhood is socially prompt and has great infrastructural benefits with lush greenery. The locality has excellent connectivity to different parts of the city, with the cherry on top where multiple reputed schools and colleges are established. As per the data with Squareyards, the average property values range from ₹79.2 Lakhs to ₹1.24 Crores. 

Porur

An emerging real estate destination, Porur is a suburb in west Chennai. It is the selected locality to live in for all the techies working in the IT companies in Old Mahabalipuram Road and Ambattur. Porur is also preferred by medical students located in the area. Therefore, with good transport connectivity to other localities of Chennai and proximity to the IT neighbourhood, Porur in Chennai is one of the best areas to live in. As per the data with Squareyards, the average property values range from ₹32 Lakhs to ₹95 Lakhs.

Sholinganallur

Situated in the south of Chennai, Sholinganallur is a new upcoming residential cum IT suburb. Located amidst several IT parks and SEZs, Sholinganallur has seen huge infrastructure and real estate growth over a few years. Moreover, the locality is buzzing with many malls, hospitals, educational institutes, and banks, along with several IT companies making Sholinganallur a hot spot in Chennai for you to live. As per the data with Squareyards, the average property values range from ₹16.8 Lakhs to ₹70 Lakhs.

Velachery

Is the oldest yet elite residential locality, with some retail businesses emphasising a convenient living experience. It is also a junction from where different destinations are efficiently connected to the IT hub at OMR, GST Road, and other commercial areas. It is effortless to grab customers due to its proximity to New Chennai and Old Chennai. Yet another set of perks to gain are high-class hotels, malls, and other uncountable amenities. As per the data with Squareyards, the average property values range from ₹55 Lakh to ₹1.31 Crores. 

Projects in Chennai: New Projects in Chennai, RERA 

Properties Detail Price Range
TVS Emerald Aaranya ₹ 1.20 Cr to 2.14 Cr
Artha One World Villas ₹ 1.50 Cr to 3.44 Cr
Shriram Park 63 ₹ 96.94 Lakhs to 1.19 Cr
Prestige Courtyards ₹ 44.50 Lakhs to 1.39 Cr
Shriram Divine City ₹ 25.00 Lakhs to 75.10 Lakhs
DLF Parc Estate ₹ 24.00 Lakhs to 96.00 Lakhs
Urbanrise Manhattan Condos ₹ 37.78 Lakhs to 52.00 Lakhs
Shriram One City ₹ 9.50 Lakhs to 19.00 Lakhs
Alliance Urbanrise Jubilee Residences ₹ 16.85 Lakhs to 42.23 Lakhs
Godrej Palm Grove ₹ 21.55 Lakhs to 56.12 Lakhs

Property Investment Options in Chennai

Apartments are cost-effective and generally provide access to modern facilities like a lift, swimming pool, etc. They are also easier to sell, and the maintenance cost is usually shared with the owner. As per one’s budget, s/he can choose from apartments ranging from 1BHK to 3 or 4 BHK. The price range if you wish to buy an apartment in the city starts from ₹11 Lakhs and goes up to ₹3.8 crores. And if you’re interested in renting out a property, you can expect a market price starting from ₹4,500 to ₹6.4 Lakhs, all in accordance with the type of apartment.  Refer to individual properties built over land. They are generally low-rise buildings, open directly to the main road, and are usually part of gated communities with shared or private facilities. The occupants have full access to the autonomy of the house and enjoy complete privacy. Chennai is an abode for beautiful independent houses catering to people with different budgets. You can rent a house for 1 BHK independent house for ₹5,000 or a ₹3.5 BHK independent house for ₹2.1 Lakhs, depending on your budget. If you’re interested in buying an independent house, the prices can range from ₹17.5 Lakhs to ₹10 Crores.  Builder floor housing refers to a single, self-contained floor unit providing greater space, generally of more than 1500 square feet. It is a complete home space with separate electricity and water supply provisions. Builder floors are more expensive as they provide more Independence and flexibility. You can expect market prices ranging from ₹26 Lakh to ₹5 Crores if you intend to buy Builder Floors. But if you’re in the mood to rent, you can expect a rent of ₹8,000 to ₹60,000.  Villas, in most cases, are located and constructed in niche and exclusive spaces. As villa occupants demand more privacy, they must be constructed away from the hustle and bustle of a city. Also, a location hard to reach exudes a sense of luxury which is what a Villa carries. If you want to rent a villa in the city, you can either cash out ₹6,000 or ₹3.5 lakh; it all depends on your budget. If you want to buy a villa, the prices can range from ₹8 Lakh to ₹75 Crores. 

Chennai’s Top Real Estate Companies 

Builder Experience Total Projects
Casagrand Builder Private Limited 18 yrs 128 Projects
Brigade Group 36 yrs 85 Projects
Godrej Properties 32 yrs 166 Projects
Tata Value Homes 12 yrs 18 Projects
House Of Hiranandani 37 yrs 36 Projects
Prestige Group 36 yrs 161 Projects
Urban Tree Infrastructures 123 yrs 15 Projects
DLF 76 yrs 106 Projects
Adroit Urban Developers 50 yrs 14 Projects
Fomra Housing 15 yrs 11 Projects
Lancor Holdings 36 yrs 28 Projects

FAQs

1. How is the real estate market in Chennai?

Ans. The Chennai real estate is highly developed and still brewing with A-grade government infrastructure and IT firm’s headquarters, making it great value.

2. Why are property rates so high in Chennai?

Ans. Due to the population increase each year, Chennai’s property rates tend to be high for purchase or rent.

3. Is it reasonable to buy property in Chennai?

Ans. Investing in Chennai property is a great futuristic plan as the city is promptly growing in infrastructure and other amenities.

4. Which is the cheapest place to live in Chennai?

Ans. Ambattur is the most affordable area to look for land or independent house for purchase in Chennai. 

5. Which is the most expensive place to live in Chennai?

Ans. Adyar is the poshest locality in Chennai, with incredible real estate sites to invest in. 

6. How much does an apartment cost in Chennai?

Ans. At least an average expense of Rs. 30,000 to Rs. 50,000 is required to live a standard lifestyle in Chennai.

7. Chennai vs Bangalore Real Estate Market?

Ans. Compared to Chennai, the Bangalore crowd is a little fancier and developed regarding living standards and infrastructural benefits.  

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