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