Here’s why real estate in Chennai is still a safe bet
Chennai is the capital city of the southern state of Tamil Nadu. It is steeped in tradition and can be considered as the cultural capital of the country. Population wise it comes in fourth after Bangalore. It is a port city and has a long tradition of being an important trading point due to its strategic location. This city has been for the longest time a melting pot of different cultures and influences.
Through the years the city has built up a reputation of being a safe city when it comes to real estate. IT was speculation free so the prices remained stable. Buyers here made very informed choices when it came to buying properties. So these factors came together to ensure that the market remained on a firm footing.
But times have changed. With time prices here started shooting upwards. Buyers who once flocked to this city and considered it a haven for affordable homes had to put off their buying decision. The supply and demand numbers have not been good in the city for nearly half a decade. This is not to say that all of Chennai is going through a slump. There are still pockets of development present across the city which is ensuring that some decent numbers are coming out of this city. There are also many infrastructure related developments which can also let the city’s realty segment reboot.
The biggest infrastructure development to happen in the city in the recent times is the Chennai Metro Rail Project. Parts of it have become functional. The line between Alandur and Koyambedu became functional in 2015. The next line to become functional is the one between Little Mount and the Chennai International Airport. The Chennai International Airport will also be connected to the Alandur Metro Station. Once the metro becomes fully functional, the real estate sector will gain an added advantage.
The city is divided into south, north, west and central zones. There is no eastern zone as this is a port city. The southern zone is hands down the more popular region in terms of real estate. The southern and central zones are home to some of the more expensive realty micro markets in the city. The western zone is relatively affordable and the northern zone is home to some of more affordable properties in the city.
The western part of the city has plenty of employment generators. Areas such as Oragadam and Sriperumbudur are a part of this zone. Kattupakkam is one of the micro markets in this zone. The SRM College is located in this area. It is also close to The Ramachandra Hospital. So it has many factors working in its favour. Vatsa by Stepstone Promoters is located in this area. Vasta is a ready to move in project which was completed in 2015. Vasta offers 1, 2 and 3 BHK apartments. Vatsa by Stepstone Promoters has 10 towers and 184 units.