South Chennai’s Property Market offers a Host of New Residential Launches

OMR continues to be a leading real estate destination for property investments in south Chennai with new launches registering almost every day. The following post takes a quick look at south Chennai’s property market.

Property market scenario in South Chennai

With the recent announcement of the Budget, the real estate sector has been given many reasons to smile about. The real estate market has been experiencing many challenging times over the past few years, especially last year with the rate of sales of properties going down considerably.

Chennai is known to be a price sensitive city when it comes to properties and after the budget, the market is estimated to be driven by the consumers directly and a growth in the sale of the residential properties may witness a stark increase. Localities such as ECR and OMR have new residential addresses with many new properties being developed by the builders. The idea of affordable housing has typically taken over the real estate market in Chennai with more and more people showing willingness to buy properties and lands in the suburbs as well as the main city.

South Chennai: Most Sought After Realty Destination

Reports prepared by the real estate consultants reveal that Chennai is increasingly becoming one of the most preferred destinations for people interested in investing in properties, both residential as well as commercial. Chennai, as a city, has always been preferred by most of the people for investing in residential properties and the rate of appreciation is estimated to increase by manifolds in the coming years as well.

According to reports prepared by Knight Frank India, residential properties in south and west Chennai is expected to witness maximum growth in the coming years owing to factors such as increase in employment and number of migrants, impeccable connectivity with the rest of the city and the important locations, development of infrastructure according to the plans, increasing proximity to the various commercial properties that houses the corporate offices and other commercial spaces such as shopping malls, movie theatres, etc. The biggest draw is touted to be the availability of land for building big residential projects at a much more affordable rate.

Shifting focus to South Chennai

While buying or investing in properties, budget and affordability is a big concern. But when it comes to investing in properties in Chennai, the concern may be overlooked to a great extent. In South Chennai, there are localities that may perfectly fit the buyer’s personality and lifestyle type. The increase in the employment market and growth of commercial spaces accommodating offices and others gives an opportunity to the builders to look for areas where the buyers’ focus is shifting. South Chennai has the advantage of providing land and water facilities. Localities such as ECR, Velachery, OMR and Tambaram are known to be registering fast growth in terms of real estate and are attracting many new buyers, including NRIs. The properties in these areas are less costly and stand good for long term investment plans.

New Residential Launches in South Chennai

Olympia Opaline Sequel, at Old Mahabalipuram Road is a promising residential project to look forward. Spread across an area of about 75 acres. This property houses luxury residential apartments that are known for their superior standards of construction and the amenities. The entire property has been beautifully landscaped and has backwaters to add to the value of the beauty of the property. One of the key highlights of Olympia Opaline Sequel is the presence of about 85 percent open space along with having one of the largest clubhouses that are present in any of the residential properties in Chennai.

The project has three towers, 250 units and 17 floors in each block. The towers are named Moonline, Topaz and Ruby. The sports enthusiasts can enjoy swimming and gymming in the society. There is also provision for rain water harvesting and residential space allotted for the society staff members, huge car parking area and the property is constructed according to the rules of Vastu Shastra.

 

Chennai is one of the cities in India that promises a comfortable yet luxurious living at an affordable rate. When localities such as Tamabaram, ECR or OMR has new residential addresses to offer, the rate of sale and investment in the real estate is bound to increase and show a positive growth in the overall realty market industry of the country.

Porur, Chennai’s Upcoming Realty Hub!

Chennai is often regarded as the most affordable real estate metropolitan city in India and is considered one of the safest investment bets, backed by comparatively lower initial investments and consistent value appreciation of properties. The article details a residential project in one of the upcoming realty hubs of the city. Have a look!

Property values in prime locations of Chennai, such as Old Mahabalipuram Road (OMR), Poonamallee, Porur, Velachery, to name a few, have been lucky to see an upward trend since the end of 2013. Porur is one locality that has hosted a number of new residential projects of late and has been a preferred choice of the homebuyers and builders, thanks to the rapidly growing infrastructure here. Let’s have a look at one of such upcoming projects in Porur, which has fetched a number of buyers.

Prestige Bella Vista

Prestige Bella Vista is an ecstatic mix of modernity and nature, which brings in well-designed flats in Porur, Chennai. The residential units are constructed in a total area range of 600 Sq. ft to 2621 Sq. ft. Spread across a big area, Bella Vista flats are designed keeping the day-to-day requirements of today’s generation. Price range for the project is Rs.28.8 Lac to 1.7 Crore. The project will be ready for possession by November 2016. Bella Vista is located on the Mount-Poonamallee Road, which is also popularly known as the second IT corridor of Chennai.

Project Specifications

This big project is spread across a whopping area of 25 acres, where 19.5 acres of area is left for developing greener spaces. Prestige Bella Vista, Porur, Chennai brings in a number of variants of 1, 2, 3 and 4 BHK residential apartments, which are designed to offer a gated community lifestyle to the residents. Equipped with all types of amenities and facilities, Bella Vista is worth to invest money in. Some of the specifications of the project are:

• A fully equipped clubhouse, 2 swimming pools, a health club and a children play area
• Landscaped garden and green spaces
• Uninterrupted water, gas and power supply
• Wi-Fi and Internet connectivity

Location advantages

Porur is one locality in Chennai, which has witnessed some rapid infrastructural developments lately. The location ensures proximity to the leading educational institutions, retail spaces, super markets & public transport, health care centers, airport, and bus stands, among others. This locality will soon witness construction of a MONO Rail Station, making commuting quite easier for the residents. Experts suggest that such infrastructural developments are expected to accelerate the appreciation of the investment.

Old Mahabalipuram Road Busy In Welcoming New Residential Projects, Invest Now!

OMR is the new pocket for residential development in Chennai. This IT corridor has become home to the IT professionals in the city and the population is expected to boom in future. The article tries to overview the realty segment of OMR and discusses two important residential projects in this locality.

Old Mahabalipuram Road (OMR) stretches from Madhya Kailash temple in Adyar to Mahabalipuram in Kanchipuram district and is home to a number of IT/ITES companies. This region is among the most rapidly developing suburbs of Chennai, which has ensured an annual land value appreciation of a minimum of 10%. OMR has witnessed a huge demand even for properties on rent, because of proximity to the IT corridor of the city.

The burgeoning population of professionals in this area has increased demands for properties. It is estimated that the builders have invested a total of Rs. 550 crore over new projects in this locality. Let’s have a look at some of these projects.

Akshaya Metropolis

Akshaya Homes is the renowned builder of South Chennai, which brings in Akshaya Metropolis, which is a top-class residential project offering best of specification at prices within the reach of common homebuyers. Located just on the GST road, Maraimalarnagar, Metropolis is spread over 10.36 acres of land and brings in 436 luxurious villas. These 2 and 3 BHK premium villas have a total construction area range of 1395 Sq. Ft – 1956 Sq. Ft., and the price range of Rs. 64.20- 73.38 lakh.

Akshaya Today

Sprawling over 20.7 acres of land,Akshaya Today is one eco friendly project by Akshaya Homes in Thaiyur, Old Mahabalipuram Road (OMR). Akshaya Today has over 83% of the open areas for developing landscapes, parks and pedestrian walking zones. These 2134 luxurious homes are available in 1, 2 and 3 BHK variants and have an area range of 612- 1335 Sq. Ft. 

Location Advantages offered by OMR

OMR offers all the advantages of living in a strategic location. Connectivity to all the important locations of Chennai, proximity to the corporate world, shopping and entertainment centers, schools and colleges, as well as wide roadways make this location a perfect place to invest in. Besides, a well developed social infrastructure and increasing property rates make OMR a place with high returns on investments.

Expert’s speak

Ramesh Nair, managing director – West, Jones Lang LaSalle India has some suggestion for the buyers that since the builders are offering freebies to attract more and more buyers, the buyers should try to negotiate on the base price rather than falling for freebies. The market is stable and the ROI will be great in future for properties in OMR.