Chennai is attracting buyers from the neighbouring cities of Tirupur, Madurai and Coimbatore, who prefer to buy homes in the southern part of the city, due to the infrastructure available here.
Luxury has seen progressive number of buyers over the years and in places such as Anna Nagar, prices inclusive of land price can even go up to Rs 15 crore here. Such properties do get tenants though not buyers, and much of the crowd from Coimbatore, Madurai, Tirupur and even Kochi are now moving to Chennai.
Data also suggests that among the top preferred destinations for sale and rent, a majority of them are in South Chennai.
The student population from nearby colleges also take up flats in and around Nungambakkam on sharing basis so the rental is divided and they do not compromise on lifestyle.
The rental market in premium localities is better than the capital market. Tenants do not hesitate to spend Rs 30,000-50,000 monthly if the amenities are good. These localities are close to the city, have easy accessibility to their workplaces and also reflect their aspirations.
These buyers, tenant profile consists of local businessmen. Depending upon their business, they decide to rent or buy in Chennai. Popular commercial area is T Nagar and its vicinity.
Re-development is also opening up stock in KK Nagar, Besant Nagar, Indira Nagar and Shastri Nagar. Close to 30 years back, the Tamil Nadu Housing Board had developed these areas which require renovation and repairs today.
North Chennai also seems to be picking up with small investors. This helps them to enter the market with lower entry costs.
Heading towards an investment in Chennai? Now is the time ……