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Real Estate Market in Chennai

 

The real estate market in Chennai is a mixed bag to talk of. The city and the outskirts have a strong residential and commercial infrastructure. The medical, educational, and professional sectors account most parts of the commercial real estate market in Chennai. This has also attracted business travelers, tourists, and those requiring exclusive medical treatments to the state. On the residential front, Chennai has a diversified crowd that is spread throughout the city limits. There is not a large population that is centered in one area particularly. The city therefore has witnessed a tremendous boom in terms of building of hotels, malls, and entertainment centers along with housing complexes.

 

In order to attract the business traveler several up-market hotels have been established at Chennai in the past few years. International hotel chains like JW Marriott, Radisson has constructed hotels in Chennai. The financial institutions have been a great support to the hoteliers as the home loans and hotel loans came easily and faster.

 

As said earlier that the Chennai residents are highly fragmented, the Chennai real estate market investments also vary significantly. One time there is record sales in number of houses and another time the prices of homes are so high that ultimately the prospective buyers are scared away.

 

Beacon House located in Cenotaph Road has a selling price of Rs. 225-250 crore. The 3-acre property is a big name in the real estate market in Chennai.Another plot with an area of 3 acre is put up for sale in Anna Salai at a price of Rs. 270 Crore.

 

Residential real estate market in Chennai

 

There is also another segment of the Non Residential Indians who usually purchases high value luxury properties in Chennai that are often regarded as retirement or vacation homes that can cost you a fortune!

 

The land prices in Chennai gone up significantly in recent years. This has contributed in demand for rental accommodations in Chennai. The other properties that are costlier in Chennai are the ones located near the IT parks like the old Mahabalipuram Road.

 

Like the old industrial parts of Chennai situated in the western part of the city has attracted commercial developers, affordable housing has also showed the promoters a profitable avenue. It is seen that the affordable homes in Chennai sells faster than the costly ones.

 

Property rates in Chennai

 

The table below gives you a glimpse of the rates of office space and commercial centers on rent in the real estate market in Chennai. You can either opt for rental or ownership space.

Areas in Chennai
Rental Rates
 
Ownership Rates
 
T Nagar
For 2570- 3500 square feet Rs 12,000 minimum for ground floor and first floor
Rs 14 lakhs onwards
Spencer Plaza
Rs 20,000-Rs 35,000 for 800-1200 square feet
-

 

Residential housing rates in Chennai vary according to the location, facilities, square feet, type of home and the cost of land in that particular region.

Areas in Chennai
Rental Rates
 
Ownership Rates
 
New Alwarpet
2000 square feet Rs 1.25 lakh on lease
-
Near Chennai Trade Center
850-1000 square feet Rs 10,000- Rs 12,000
Rs 16 lakhs minimum on ownership if with 500m- 1 km of city center