Chennai property market

                                                                                         

Chennai being the capital of Tamil Naidu has blend of historic and modern traditional values. The city has grown at a faster pace and its growth can be attributed to its geographical location, its accessibility from sea route railways and airways. Chennai not only has well laid roads and rail facility but it has largest commercial and industrial center in south India, and according to a report soon it will be having south Asia’s largest international airport.

The prices of property in Chennai were at peak during starting of year 2007 but with year ending property market saw sharp decline in prices and this decline were due to economic and IT slowdown, crashing of global financial market due to which there were less buyers and more investors. The slowdown affected many cities and states of India but property prices were quiet stable in Chennai with little bit price correction. There was decline in sales of projects which were above Rs.50 lakhs and market moved form seller market to buyer market.

After the slowdown builders and developers have concentrated more on affordable housing. According to a report big builders are emphasizing on mass housing project and about 2 lakhs houses will be build taking into consideration middle income group people in seven big cities including Chennai. The price of these houses will be around 15-25 lakhs. Real estate giant DLF in collaboration with Merrill Lynch will come up with mass housing project in Chennai. Also Hyderabad based builder IVR Prime has announced mass housing project in Chennai .According to a real estate broker the township will cost around Rs.18-20 lakhs. Bangalore based DivyaSree Developers have shown interest in mass housing concept and they will also come up with affordable housing along East Coast Road, 12 km before Mahabalipuram near Chennai.

Due to many MNCs have set up in Chennai and its close proximity with other cities both residential and commercial property is in demand in the city. Chennai has both affordable as well as luxurious homes to offer. Searching a property is now not a tedious job in Chennai because either you can contact any real estate agent and he will help you with property search or you can search property online. Now a days there are many real estate portals where you can search or advertise you property. You can contact many real estate agents at same time tell your property requirement and your budget and they will ease your job and will take some percent commission depending on the price of property after deal is final.

Even after the slowdown also the commercial property is very much in demand and in next few years Chennai is expected to get six to eight new malls, retail outlets, cinema theatres, shops etc also Ampa mall in Aminjikarai and Express Avenue on Whites Roadwill be ready by end of year 2009.Investors think it is right time to invest in the property in Chennai as property prices are down but real estate experts believe that this would not remain for a long time soon realty market will rise and property prices will go up.

About the author:
Neha Chawla writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers & brokers can exchange information. At 99 acres, you can advertise a property in India , search, browse through Chennai Real Estate and Properties.

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