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Chennai Real Estate Market Boom And Investing Advantages

There are been a fast growth in the real estate in India, that has uplifted many part of the country such as Bengaluru, Cochin, Hyderabad, and Chennai. The value of the properties in these areas has touched a far unimaginable price. Out of all these cities, Chennai is the one not to be missed.

In Chennai, every real estate sector such as residential, retail, and commercial has a huge demand. In residential sector, both individual houses as well as apartments are preferred. And in commercial sector, SEZ’s are on the rise. And due to this factor, it is emerging fast in laying a strong real estate market, in the whole country and facing an upward trend.

The prices of Chennai Real estate varies depending on the factors like building construction type, location, amenities, accessibility, and so on.

Reasons for Phenomenal Growth:

With this uptrend scale, everyone might be left wondering why the Chennai property is worth. Listed below are some of the few reasons.

1.The city is properly connected to the other countries and satellite cities

2.The city has some of the credible educational institutions in its kitty

3.The city offers a world class healthcare and other medical services and facilities

4.The city has some high-tech communication channels equipped well, for e.g. High speed internet

5.Growth of SEZ’s, IT, and ITES

6.High level income from the IT and ITES division

7.Non residing Indians, who turn back to Chennai for an enhanced opportunities both personally and
professionally

8.The home loan options which are flexible

During the recession period, there was a small downfall in the Chennai’s real estate market. With the situation getting better, the demand has risen again. The expensive areas for getting residential apartments in Chennai are Mylapore, Adayar, RA Puram, Besant Nagar, Annamalaipuram, and Egmore. These are considerably closer to the city area. Apart from this, the other farther from city places such as Perungalathur, vanderloo, and Shozinganalur are also growing rapidly. GST road and OMR road is coming with a lot of residential projects with lots amenities.

In Parallel the commercial real estate market is showing an equal growth. A lot of new projects are under construction, due to the space demand created by the IT companies. The evergreen place preferences for the commercial properties in Chennai are Cathedral Road, Lloyds Road, Nungambakkam, and Anna Salai. If you are a factory or a heavy duty factory owner then you will be ideally looking for places in Ambattur and Guindy. The IT sector has its offices mostly in Old Mahabalipuram, Tharamani, and Tambaram.

Chennai real estate marketers are looking out for every avenue to attract the companies. They segregate the companies in different levels and offer intricate designs and other amenity which is suits the specific sector.Those differences are:

.Grade A – Specifically for Multinational ITES and IT firms.

.Grade B and C – Specifically for domestic and local companies.

People, who invest in Chennai real estate market, can expect a great amount of return, as it has grown in 200 %.

Current Property Rates Of Mumbai

The financial capital of India, Mumbai has always been the leader in the indicative prices of the Indian real estate market. Even during the slowdown, Mumbai is the frontrunner when it comes to property. In the past as well, it has shown a record rise in real estate prices at par with some of the highest property prices in the world. That is why Mumbai is called the Manhattan of India.

It is not only the residential market of Mumbai that boasts of skyrocketing property prices but the commercial market of the city as well touch the sky. But these days, due to the slowdown, the city is witnessing a correction in prices both in residential and commercial markets. In fact, it is the best time to buy a property in the city with the developers offering lower prices and discounts. Also, one should consider buying property now with lower interest rates on home loans provided by banks.

The real estate prices as well as the increase in rental values in Mumbai can be credited to the large scale investments in the commercial sector and the residential sector. Mumbai has always been the favorite spot for the corporate sector for developing their headquarters in the city. Besides that, increasing investments by MNCs in the IT, ITES and the BPO sector have led to a growing demand for office space; which as a result have created an imbalance in demand and supply for residential property. The rental values in Mumbai are also high in comparison to that in other metros and cities.

The retail market of Mumbai also witnessed a huge hike in prices during the boom in the real estate market. In fact, it is one of the foremost cities to be hit by the retail buzz. With the coming up of the retail market, there has been an increasing demand for retail properties in the financial capital of India. This increase in demand has created a viable market for mall space and other kind of retail stores and showrooms. These retail stores and malls are either owned by a business or some brand outlet or leased for hefty prices as their demand is usually very high.

Mumbai has been ranked seventh among the most expensive cities in the world to carry out a business and to live in.

Although, the prices of different kinds of property in Mumbai differ from location to location, the following is an indicative list of realty prices of both the residential as well as commercial spaces in Mumbai.

Here are some indicative rates to apprise you of the market conditions.
Prices in South Mumbai in April 2009:
Cuffe Parade – Rs 20, 000 62, 000 per sq ft
Churchgate Rs 18, 000 30, 000 per sq ft
Marine Lines Rs 14, 000 22, 000 per sq ft
Malabar Hill Rs 20, 000 65, 000 per sq ft
Napeansea Road Rs 20, 000 65, 000 per sq ft
Worli Rs 18, 000 45, 000 per sq ft
Prabhadevi Rs 13, 000 24, 000 per sq ft
Mahim Rs 8, 500 14, 000 per sq ft

Prices in Central Suburbs in April 2009:
Byculla Rs 8, 500 11, 000 per sq ft
Wadala Rs 5, 000 8, 000 per sq ft
Sion Rs 6, 500 9, 500 per sq ft
Kurla Rs 4, 000 6, 500 per sq ft
Powai Rs 4, 500 9, 000 per sq ft
Chembur Rs 3, 750 7, 000 per sq ft
Ghatkopar Rs 4, 500 7, 500 per sq ft
Bhandup Rs 3, 750 6, 000 per sq ft
Mulund Rs 3, 750 7, 000 per sq ft
Thane Rs 4, 000 6, 000 per sq ft
Dombivalli Rs 1, 400 2, 500 per sq ft
Kalyan Rs 1, 400 2, 200 per sq ft
Ambernath Rs 1, 100 1, 600 per sq ft

Prices in Navi Mumbai in April 2009:
Vashi Rs 3, 250 5, 500 per sq ft
Airoli Rs 2, 500 4, 000 per sq ft
Kopar Khairane Rs 3, 500 5, 000 per sq ft
Sanpada Rs 3, 000 5, 000 per sq ft
Nerul Rs 3, 000 5, 000 per sq ft
CBD Belapur Rs 3, 000 5, 000 per sq ft
Kharghar Rs 2, 000 4, 000 per sq ft
Kalamboli Rs 1, 400 2, 200 per sq ft
Panvel Rs 1, 800 2, 700 per sq ft

Prices in Western Suburbs in April 2009:
Bandra (E) Rs 7, 000 11, 000 per sq ft
Bandra (W) Rs 16, 000 28, 000 per sq ft
Khar (E) Rs 7, 000 11, 000 per sq ft
Khar (W) Rs 13, 000 18, 000 per sq ft
Santacruz (E) Rs 9, 000 12, 000 per sq ft
Santacruz (W) Rs 12, 500 18, 000 per sq ft
Vile Parle (E) Rs 7, 500 11, 500 per sq ft
Vile Parle (W) Rs 10, 000 17, 000 per sq ft
Andheri (E) Rs 6, 500 9, 500 per sq ft
Andheri (W) Rs 6, 500 14, 000 per sq ft
Jogeshwari Rs 5, 000 8, 000 per sq ft
Goregaon (E) Rs 4, 500 7, 000 per sq ft
Goregaon (W) Rs 4, 800 7, 000 per sq ft
Malad (E) Rs 4, 500 7, 500 per sq ft
Malad (W) Rs 4, 000 6, 500 per sq ft
Kandivli (E) Rs 4, 500 7, 500 per sq ft
Kandivli (W) Rs 4, 500 6, 500 per sq ft
Borivli (E) Rs 4, 500 6, 500 per sq ft
Borivli (W) Rs 4, 000 6, 500 per sq ft
Mira Road (E) Rs 1, 800 2, 500 per sq ft
Naigaon (E) Rs 1, 200 1, 800 per sq ft
Vasai (E) Rs 1, 100 1, 800 per sq ft
Vasai (W) Rs 1, 000 1, 800 per sq ft
Virar Rs 1, 100 2, 000 per sq ft