Chennai Suburbs witness better Real Estate Growth
The property market has been showing better growth in Chennai especially in developing places, owning to the fast growth in sectors like financial services, IT, automobiles, telecom and other service sectors. These sectors are the key drivers of the suburbs areas. In the month of July-Sept,2012, property transaction noted 15-15% rise while it was 20-25% in the year 2013 over property investment. Owning to the betterments in the social infrastructure in the suburban localities, good sales rate over residential properties is spotted in some major localities. But, the current scenario is witnessing more change since the land prices in the suburbs are increasing making people to rush for buying properties.
Despite residential developments, commercial industries are not spreading out in the outskirts of the city like Navalur, Thaiyur, Kazhipattur, Oragadam, Kelambakkam, Thalambur and Karapakkam. The state government is planning many projects to link the suburb locations to the city and offer better livability. The capital return over properties in the city outskirts registered 10-17% of appreciation in the year 2013 second quarter. Since the availability of assets are less in sq.ft in the metro, construction of Chennai apartments are facing problems, so the city government and the builders have decided to house the commercial and residential projects in the suburb places. According to the statement given by the realty experts, the Chennai city is projected to change to a great level because of the huge growth in the outside areas of the metro. The price rise are skyrocketing and many areas are noticing high number of ready-to-occupy properties in the running year.
Areas like Thaiyur, Navalur, Oragadam, Kazhipattur, Thalambur, Karapakkam and Kelambakkam in the outskirts are surely going to see high appreciation in the next 5 years, said the recent report. Among the above mentioned areas, Navalur is the top locality in its capital return with a rate of 160% followed by Kelambakkam and Oragadam at the second and third position with a value return of 120% and 105%. All the 7 localities will be flourishing with high appreciation. However, this report clearly shows the need for people to invest in property to gain better returns. The key factor for this change in property price is its improved infrastructure with well accessibility, affordable price and increased supply in the assets with huge square feet space. These places topped the list of destinations and supported people to own a house here.