Chennai Property: Chennai Real Estate

 

Project Spotlight Chennai

Top Localities in Chennai

Guindy

 

Current Price Rs 6689
per sq. ft.

Perungudi

 

Current Price Rs 5719
per sq. ft.

Testimonials

Recent Properties Posted in Chennai

Chennai Overview

Chennai, was popularly known as Madras till 1996, is the 4th (largest) metropolitan city of India. It's located on the Coromandel Coast and serves as the capital of Tamil Nadu state. Chennai was named from Chennaipatanam which got its name from the ruler of this region Dhamara Chennapa Nayukudu. Chennai is known as the gateway of the south. The rapid growth in economy and industrial activities has led to the migration of loads of people from different parts of Tamil Nadu and India.

Demographics:

The provisional population census of 2011 count says that the population of Chennai is 8,696,010 with a density of 204 per hectare. It experiences a rapid rise in population due to the natural increase and also the higher rate of in-migration. The population growth rate is 7.77 % in the year in the last decade.

Connectivity:

Chennai is connected by golden quadrilateral system of highways. Its connected to the other parts of India by NH-4 linking Mumbai, Pune and Bangalore in the west, NH-5 joining Buwaneshwar in the east, NH-45 also known as the GST road connecting Trichy and NH- 205 terminating at Mandapalle in Andhra Pradesh. It has two main railway terminals Chennai Central and Chennai Egmore. Further it's connected by LRT from different parts of the city. The new metro project CMRL is also being constructed with two corridors linking the city's different parts. The city is connected by two ports, Chennai port and Ennore port. The Chennai port is the second busiest container hub in India. The Chennai international airport located at Meenampakkam on GST Road.

Administration:

Chennai's city administration is governed by Chennai Corporation that was established in the year 1688. The region of Chennai is divided into north, south and central Chennai with its jurisdiction extending to 426 sq. km. CMDA, Chennai metropolitan development authority has jurisdiction spread over 1,192 sq.km which includes the peripheral areas of Chennai like OMR, GST roads.

Economy:

Chennais economy is well balanced between manufacturing and service sector diversified into automobile, software, healthcare, hardware manufacturing and financial service industries. It is expected to grow to 100 million dollars economy by 2025. This is 2.5 times higher than the existing. Chennais Tidel Park is the largest IT park built in Asia. Number of software companies have their offsets here with some having Chennai as their main base like Infosys. BMW and Ford also have their offices in Maraimalai Nagar which is a satellite town in suburbs of Chennai.

Infrastructure Projects:

 

Connectivity

Description

Expected Completion

Outer Ring road 1

Vandalur- Nazarathpet- Nemilicherry

The six lane highway is expected to decongest the3 city road by connecting the GST road with Chennai Bangalore highway and NH 205

2014

Outer Ring road 2

Nemilicherry- Nallur- Minjur

Will connect NH 205 with the Chennai-Kolkata highway and TPP road at Minjur through a six-lane highway

2016-2017

Chennai Metro Corridor I

Washerpet-Chennai Central station- Chennai Airport

Will enhance the connectivity between Chennai Airport and Central Chennai Via Guindy

2015

Chennai Metro Corridor II

Chennai central station- Anna nagar- Vadapalani- St. Thomas Mount

Will connect the heavy traffic route between city centre and St. Thomas Mount

2015

Chennai Monorail Corridor i

Vandalur- Velacherry

Better connectivity for Vandalur and thambaram with City centre via Velachery

2016-2017

Chennai Metro Corridor II

Poonamalle- Kathipara

Will connect west chennai via Porur

2016-2017

Chennai Metro Corridor III

Poonamalle- Vadapalani

Enhance connectivity of Poonamalle as vadapalani is also a node on metro corridor II

2016-2017

Residential real estate market:

Chennais residential properties is experiencing a steady growth in terms of price supply and absorption. Chennais real estate shows a price appreciation of 7 % every year. The peripheral areas of Chennai namely properties in OMR, GST, Maraimalai nagar experience a rapid growth phase. Areas like Guindy, Rajiv Gandhi Salai, Velachery, Taramani are expected to have a huge demand for residential unit supply due to the lack of land in the centre of the city. Commercially Guindy, Perungudi and Velachery are the micro markets that are going witness the hype due to the upcoming malls and other social infrastructure. The major changes are due to the fact that large number of MNCs and over 500 other companies have their bases set up in chennai. This drives a major demand in quality office space for IT, automobile and manufacturing companies. Around 45,162 properties for sale in Chennai. The real estate market in Chennai is distributed around 80% residential, 17 % commercial and 3% of retailing. The high end side rental commercial places are in T.Nagar, Nungampakkam and Anna nagar. The rent in these micro markets are 90 rupees to 115 rupees per sq.ft.

Chennai

Price per sq.ft. in Q3-2013

Rent per sq.ft. in Q3 2013

 

Locality

 

High

Low

Ambattur

4210

9

10

Adambakkam

5910

11

14

Adyar

12330

24

30

Anna Nagar

9080

9

64

Kilpauk

11520

23

26

Kolathur

4530

9

14

Madipakkam

4790

7

24

Pallavaram

4720

12

15

Perambur

5630

11

12

Poonamallee

3640

9

11

Sriperumbudur

2760

7

14

Charges by government:

  • Property Registration:
    • Stamp Duty: 7 percent (ready reckoner)
    • Registration Charge: 1 percent of property rate
    • VAT: 7 percent (on agreement value)
    • Service Tax: 3 percent (on agreement value only for under construction properties)

Electricity: TNEB ( Tamil Nadu electricity Board) is responsible for providing electricity in Chennai.

  • Electricity Charges:
    • Upto 100 units: 1 Re. Per unit and 20 Rs. Fixed charge for 2 months.
    • Upto 200 units: 1.50 Rs. Per unit and 20 Rs. Fixed charge for 2 months.
    • Upto 250 units: 2 Rs. Per unit and 30 Rs. Fixed charge for 2 months.
    • Upto 500 units: 3 Rs. Per unit and 30 Rs. Fixed charge for 2 months.

Water Supply: Chennai Metro Water supply and sewage board is responsible for water supply in Chennai.

  • Water Charges:
    • Upto 10 KL  2.50 Rs/ KL and Minimum charge of Rs.50 per month per dwelling unit.
    • 11- 15KL - 10 Rs/Kl and Minimum charge of Rs. 50 per month per dwelling unit.
    • 16- 25 KL - 15 Rs/KL and Minimum charge of Rs. 50 per month per dwelling unit.
    • Above 25 KL  25 Rs/KL and Minimum charge of Rs. 50 per month per dwelling unit.

Chennai Real Estate Growth

Real estate in Chennai is witnessing continuous growth. Residential, commercial and retail real estate market is currently witnessing an upsurge due to few favorable factors. Some of them are as below. *House for most of the leading industries, financial firms, IT parks and MNCs. *The city which is well developed city with world class amenities and facilities. *Real estate market in Chennai promises splendid returns in future. *Major trade center in India. *Existence of best educational institutions and universities.