Southern suburbs: Much demanded hotspots of Chennai

Chennai’s residential demand has been  growing due to the increasing population  by natural growth and heavy migration in the city by people in search of employment and better livelihood from different parts of the state of Tamil Nadu and other parts of India. To match the fast growing demand, there has been a drastic increase in the supply. Recent surveys show there are over 100 new projects have been proposed in South Chennai and 70 % of these projects are expected to be apartment type. Others are individual houses like villas and bungalows.

South Chennai has most of its high demand confined to the IT corridor. The supply rate has increased to keep up in pace with the demand for the residential units. The other reason why the demand is really high in this specific part of the city is due to the availability of large parcels of land, high increase in infrastructure development rate, proximity and strategical location factors. All these reasons complement each other in whole boosting the demand for the area exponentially.

Every aspect of South Chennai promotes the realty demand in that area. The OMR (Old Mamallapuram Road)  and the ECR (East coast road) connects the suburbs inside and outside of the city and the LRTS  has frequent suburban railway connectivity to this region too. There are few important railway junctions like Tambaram, Chrompet etc. and the proposed monorail is about to connect both ends of the city. Units constructed here mostly belong to the criteria of affordable housing, but there are luxurious projects and villas too which are significantly priced depending upon the size and the location of the projects. One can probably fetch a 2 BHK on the size range of 950 – 1150 sq.ft. of area on the prize range of 35 – 45 lakhs of affordable segment.

The prices is appreciating consistently in these suburbs, especially the ones close to the IT hub. The price appreciates with respect to the demand increase for the residential units which actually implies the demand is also escalating at the same pace.