Standing tall on the pedestal of IT and backed with good infrastructure, Chennai properties are faring well in market this year. The prices have got a considerable boost of about 20% over past 12 months. The scenario seems to be promising enough for the coming quarter too. One of the major factors that have contributed well to the rising demand is the development of Outer Ring Road(ORR). It is intended to connect Vandalur and Minjur and is projected to give real estate in Chennai a further step-up. Upon the completion of this 62-km long expressway, the city areas shall get interconnected to the remote villages too. Not only this, the city shall also be hooked up with other other cities like Kolkata and Bangalore.
Depending upon the location, the price of a flat for sale in Chennai can vary considerably. The areas in south like Velachery, OMR, and Kelambakkam have high prices for flats, thanks to a plethora of IT companies and steady industrialization in these localities. The rate of a 2 BHK flat, occupying an average area of 1000 sq. ft., can cost you anywhere between 50 lacs and 1crore, though cheaper options are also available. Same is the case with Velachery and K.K. Nagar. You can look for cheaper apartments at GST Road, Tambaram, Thoraipakkam, and Padur.
The prices in the Chennai real estate located centrally carry a high price tag, if compared to the peripheral region. Choolaimedu, Kilpauk, Arumbakkkam, T. Nagar that form part of the Central Chennai, have 2 BHKs lying in 70 lacs-2 crore range. For middle-class and low budget buyers, apartments in Chennai in the north part present themselves as the best option. At Avadi, Ambattur, Thiruvallur, Thirumullaivoyal, and Thirumalla, you can expect 2 BHK apartments within 15-40 lacs. Anna Nagar and Kolathur in North Chennai, on the other hand, are costlier places if compared to the other areas. It is because of the tremendous progress at which these localities have made in terms of IT industry.
In most parts of the cities, the prices have escalated at a good pace. Both northern and central regions have seen a 15% appreciation in the first quarter of 2013. Towards South too, the rates have increased by about 16%. This is really a good scenario for long-term investors who can hope high returns for their money.
Purchase, sell or rent properties over real estate website, . This property portal lists lacs of residential and commercial spaces from top-class developers, brokers, and owners. Individual rooms, independent houses, bungalows, villas, shops, and godowns in different locations and under different price tags are available for making a purchase.