Hot Property Destinations in Chennai Focused By Chennai Property Developers
In the past few years, the residential real estate market in Chennai have witnessed a steady growth with high property appreciation. The focus of property buyers had changed with the usual property destinations to new upcoming areas of the South Chennai such as Kundrathur, Chrompet, Tambaram, and areas near to the Outer Ring Road of the city. As upcoming property destinations, these localities have witnessed enormous residential development with the help of several property developers in Chennai. Besides, owing to the success of Metrorail project up to the Chennai Airport, its neighbouring areas have seen a high real estate demand in the past 2 years.
On the other hand, few areas along the Grand Southern Trunk Road (GST) namely, Chrompet, Tambaram, Pallavaram and Sanatorium accessible with close proximity to the metropolis, this in turn had increased the rental property rates. In addition, the nearby Chennai airport adds value to the properties in South Chennai. Moreover, the localities beyond Tambaram such as Perungalathur, Vandalur and Guduvanchery have become an ideal choice of property investments in Chennai. Apart from this, the ongoing development plan of CMDA along the periphery of Vandalur will furthermore improve the property values in South Chennai and the other parts close to Outer Ring Road (ORR).
Why Property Developers in Chennai focus ORR?
With the escalated property prices, there are increased demand seen amongst property buyers in these localities. As a result, many residential property developers in Chennai have come forward in developing several gated community projects in and across South Chennai, especially in the developing areas near the ORR belt. Since, buying and selling of residential properties playing a vital role in the residential real estate sector. Although, these suburban localities proves to be liveable, many NRIs have starting investing in properties of South Chennai. In this way, it can also consider as to settle down or as an investment in Chennai. In addition, the advancements of flyovers, well-planned roads and easy transportation accessibilities has transformed the suburbs as hot investment destinations in Chennai.
The Outer Ring Road (ORR) that covers three segments, which is closer to the Bangalore highways, which is a gateway for Chennai people to Bangalore and other cities. Most of the property investors prefer buying residential properties near to ORR as it is close to the city and away from the hustles and bustles of the town. Moreover, the close by social infrastructures has raised a demand residential traffic near ORR properties in Chennai. On the other hand, several renowned property developers in Chennai have created a quick pace by constructing numerous gated township projects and established South Chennai as the residential hub over the past 2 years.
Furthermore, the key reason for people to prefer buying residential properties in the suburbs are the cost difference and it comes under the city limit. Comparing to the core of the city, one can afford to buy cheap plots or constructed homes in the ORR, also it sees moderate price appreciation while comparing to the city centre. Therefore, with the forecast of residential real estate boom near the Outer Ring Road of Chennai. As a result, these localities have seen increased interest among both property buyers and property developers in Chennai, owing to affordability and proximity.