Booming Housing Market of Chennai
December 17th, 2018
The city of Chennai is a major industrial, automobile, hardware and healthcare hub of India. As one of the fastest growing cities in South India, Chennai has developed well over the years. The city has witnessed a considerable growth as a financial, IT and BPO hub.
Essentially, Chennai’s housing market is fuelled by the end-users, which is similar to that of Bengaluru’s housing market. Additionally, Chennai has one of the largest expat population in the country. The housing market in the city offers a decent mix of affordable and luxury housing projects. The home buyers in Chennai prefer ready-to-move-in projects. There is also an increased demand for affordable homes.
Some of the key and upcoming housing markets in the city include:
- Tambaram: The suburb of Tambaram is Located in the southern part of Chennai. It is not only one of the oldest neighbourhoods of the city but has also become an important commercial centers of Chennai. This part of the city is also considered as one of the up-market localities and offers good social infrastructure and rail and road connectivity. SOBHA Gardenia is one of the noteworthy projects in this locality. It is a villa project spread over 6.85 acres of land, offering 79 lifestyle villas in different configurations.
- Porur: Another oldest locality is Porur, which is located in the western part of the city. This part of the city has emerged as a major housing destination, thanks to the three IT parks in the vicinity. Additionally, Porur has some well-established schools and colleges in close proximity along with medical facilities. One of the significant projects around the area is SOBHA Serene. The project is spread across 3.15 acres of land with 176 distinctive 1 BHK, 2 BHK, 2 BHK+study and 3 BHK units.
- Pallavaram: This housing market in Pallavaram is expected to grow manifold over the next few years due to increasing infrastructure development. This housing pocket is witnessing the development of several affordable housing projects. Additionally, it is well-connected to the airport as well as key areas in the city. The absorption of commercial space in Pallavarm has witnessed a surge in the recent past, offering employment opportunities. This is likely to boost housing demand in the locality further. A prominent project from SOBHA around Pallavaram is SOBHA Winchester. Spread over 4.29 acres of land, the project offers 344 apartments in configurations of 1 BHK, 2 BHK, 2.5 BHK, 3 BHK and 4 BHK.
- OMR: The locality of Old Mahabalipuram Road (OMR) is one of the most prominent centres for IT and industrial sector. As a result, there is a huge population of working professionals who are augmenting the demand for housing in this area. OMR road has several upcoming housing pockets that have a mix of housing projects, including many affordable homes. OMR offers good connectivity to other parts of the city through roads such as East Coast road and metro in the vicinity. SOBHA Meritta is a key project around this locality with556 units spread over 6 acres of land.
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