After a gradual increase in property market of Chennai, there has been a sharp decline in the property prices in this beach city in the southeast India. Home to the second largest beach in the world, Marina Beach, Chennai is a very traditional and conservative city. However, it has been the center of culture and education. Many people want to make Chennai their home for various reasons. Government there has been making constant efforts to promote the real estate market in Chennai. Capital of Tamil Nadu, Chennai offers good options to all those who want invest in affordable and luxury properties.
Like in all other cities of India, builders in Chennai are also bringing many affordable housing projects. For a long time, Government of India has been emphasizing on the importance of low cost and affordable housing for all. Global financial crisis and IT slowdown has given a boost to this trend. Some of the leading real estate developers who are providing mass housing projects in Chennai include likes of DLF, Merril Lynch, IVR Prime and DivyaSree Developers.
Real estate trends in any city depend upon the industries and businesses booming there. It is seen that many automobile majors are setting up their bases in Chennai for various obvious factors. This increasing growth in this industry is leading to the increasing demand in the residential property market also as large numbers of people come to this city for employment purposes. Along with residential properties, Chennai has many options for commercial properties.
The most popular residential areas for property investment include Mylapore, Raja Annamalaipuram, Adyar and Besant Nagar, Velachery, Egmore and Tiruvanmiyur. If you are looking to invest in farmhouses, villas, estate or bunglows, locations a like Anna Nagar, Egmore, Chromepet,Mylapore, and Nanganallur offer good options. Other upcoming localities there are Velacherry, Valasaravkkam, and K. K Nagar.
For commercial Chennai Property, demand can be seen in areas like Alwarpet, Nungambakkam, Guindy, Sardar Patel Road, Radhakrishnan Salai, some parts of Anna Salai (Mount Road).