Chennai has a steady residential market and has not seen any downfall or skyrocketing prices in the recent times. The state government's announcement to set up a new secretariat complex of 1.2 million square feet in Kotturpuram, south of Chennai, has caused a considerable amount of speculation in the real estate in this area. Also, there are huge government investments in the pipeline in IT and infrastructure sector, with expansion of the MRTS and making the IT corridor a 6-lane expressway.

This has led to a sharp rise in the interest of the residential property developers in the city. The real estate in Chennai is on an upward trend in mid as well as high-end residential sector. Despite a considerable increase in the land and construction cost, the city is witnessing a boom in the residential sector with a constantly increasing demand. Though the residential budget apartments top the demand list due to decrease in the home loan interest rates and registration charges, high-end apartments with state of the art facilities have also seen an increasing demand over the last few years.

Chennai will witness an upswing in real estate in the coming few years, as there is a demand for good quality residential properties due to the high IT related commercial activity. Among expats, the most preferred destinations are Kotturpuram, Boat Club, Poes Garden and Wallace Garden in the heart of the city, East Coast Road(ECR), Adyar, Vellacherry, Perringudi etc in the southern part of the city and Vadapalani, Saligramam towards the south east. Theme parks, multiplexes, entertainment houses, resorts, restaurants and motels have sprung up along the wayside and turned the ECR into a sought-after premium residential stretch & for others staying in the heart of the city a great weekend getaway.

Source: realtyplusmag
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  • Agree with your statements.Are you aware of a proposed plan to develop over 5K+ acres between ECR and OMR as KIT Knowledge intensive townships to meet the demands of the IT workers?
  • Hi

    I have no idea about ur query but i will try to find it out.

    If u have any informations or ideas regarding this issue then plz share ur ideas in the forum.

    waiting 4 ur reply.......
  • Already there is dreath of consumable water resource and people in OMR and ECR are bribing the water tankers any where between 2000 to 2500 for 10K liters to 13K liters. Now 5K township. Without drainage facility :(. Its draining out the hard earned money in the name of investment with gullible buyers. They will get them all in with low interest rates and after 2-3 years increase the interest rate sky rocket. Just see the bleeding in 2019-2020. Its going to be night mare.