Tamil Nadu Real Estate Trends

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Tamil Nadu is a state situated at the southern tip of India. It is bordered by Puducherry, Kerala, Andhra Pradesh, and Karnataka. The cultural traditions of the state are known to be among the oldest in the world. The picturesque beauty of the state can impress anyone. Another aspect of the state that draws large interest from tourists is its temple. Popular temple towns in Tamil Nadu are Madurai, Trichy, Palani, Kanchipuram, Mahabalipuram, Tanjore, and Swamithoppe.Talking about real estate in India, it is highly flourishing in market of South cities as no other as the potential of property sector expansion here is high. And with land prices in Tamil Nadu rising steadily, people are jostling hard to buy a plot before it becomes unaffordable.

Property appreciation is the highest in Chennai, where the market is performing in sync with the ongoing trend of increasing end user investments in real estate. Thus, as more and more companies expanding to the city, the situation is leading to a corresponding growth in both commercial property market and residential property market.

However, an influx of IT industries and mushrooming BPOs are believed to be driving the property market in Chennai, and is creating high requirement for middle income housing for middle and lower level management.

Overlooking at the ongoing property projects in Chennai, the city appears to be a lucrative destination for making handsome investments. Although, there is a shortage of international standard residential accommodation in the city, but the trend will spurt with the strong demand coming from the Non Resident Indians (NRIs).

Most of the new luxury constructions, developed by leading property developers in the city offer an array of top notch facilities such as swimming pool, excellent back up power and health club for the residents. Contrary to the case of commercial properties, the residential sale segment powered by end users is leading the market and emerges as the money-spinner for most local developers.

From the point of view of making investments to reap good returns, one can think about the retail sector of Chennai, which is fast gaining popularity. Chennai also features some of the best malls such as Shoppers Stop, Spencer Plaza, Lifestyle, Westside, Landmark, Globus. All these listed shopping arcades are planning to expand their horizons. Recently, a newly developed mall ‘The City Centre’ has offered an awesome 1,50,000 sq. ft. of shopping area.

Boosted by the entry of IT majors, Madurai is witnessing frentic activity in the commercial real estate and has one of the highest growth rates in Tamil Nadu. This puts the ‘Temple City’ next to Chennai.

Also, the demand for housing units is growing at a rapid pace in Madurai, which would shoot high after the major industries start operations and bring their staff over here. Also, the shift in focus by a number of real estate developers has created supply constraints in the residential property market of Tamil Nadu. The trend has brought a significant hike in capital and rental values in the peripheral locations such as old Mahabalipuram road, Moggapair, Velachery and Tambaram.

Upcoming Real Estate Projects in Tamil Nadu

Click Map of Tami Nadu to Enlarge View

Many residential projects in Tamil Nadu are at various stages of development that envisages catering to the needs of the city within a few years time.

Residential projects: The famous Alliance Group is coming up with a 300-villa project in the west of Chennai. The apartments in this villa will cost in between Rs.6 million – Rs.50 million.

Vishranti Homes’ is believed to be the costliest of all residences with a 4,200 sq ft home costing about Rs.60 million.

The Vijay Shanthi group, offered only 15 apartments, each costing Rs. 40.25 million. Likewise, the Fern, close to Siruseri located in south Chennai, has developed 48 villas on seven acres of land.

Saidapet (near to Anna University and Rajbhavan) will see the construction of a lifestyle residential complex which boasts to feature a number of modern amenities. Conveniences like schools, hospitals, main market, and entertainment centers will be available within the radius of 1 km of the complex.