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Chennai Real Estate Market: 74% Growth in New Supply in 2023, Top Locations for New Homes

Chennai's residential real estate market, thriving due to rapid urbanization and economic progress, is attracting investors and property owners due to its cosmopolitan atmosphere.

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Chennai Real Estate Market: The real estate market in Chennai, a city renowned for its swift urbanization and abundant cultural legacy, has undergone a substantial transformation in recent times. The extraordinary resilience of the city’s residential real estate market in 2023 exemplifies the city’s continuous development and transformation. The present condition of the market is a clear indication of the vigorous and prosperous housing industry in Chennai, reflecting the rapid urban expansion and economic progress of the city. Furthermore, the city’s growing cosmopolitan ambiance has significantly contributed to the growth of its residential sector, presenting an enticing prospect for investors and property proprietors.

Profound Expansion in the New Supply

The residential real estate sector in Chennai experienced a notable upswing in supply in 2023, witnessing a substantial 74 percent annual expansion. In total, 16,153 units were introduced throughout the year.

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Several areas became focal points for the introduction of new residential projects in 2023, illustrating the dynamic nature of the city’s real estate market. Pallikaranai, Manapakkam, and Sholinganallur emerged as frontrunners in the pursuit of real estate investors and prospective homeowners. These regions not only experienced the highest number of newly constructed units but also demonstrated a substantial surge in housing demand, which substantially contributed to the expansion of the residential market as a whole.

Pallikaranai: An Extensive Range of Both Affordable and High-End Housing Options

The southern Chennai suburb of Pallikaranai rose to prominence as a favored location for new residential developments. Numerous factors contribute to its widespread appeal, including its advantageous geographical position and the presence of adequate social infrastructure. Increased housing demand has resulted from the region’s proximity to key IT hubs, healthcare facilities, and educational institutions; this has prompted a surge in the number of new launches. Because developers recognize the potential of Pallikaranai, the region has emerged as a hub for both affordable and high-end housing options. In general, residential costs in this area range between INR 5,500 and INR 7,500 per square foot.

How to Buy an Apartment in Chennai: The Ultimate Guide

Major Employment Centers Invigorate Manapakkam

New residential construction has also increased in Manapakkam, which is located in the western region of Chennai. Well-connected roads have contributed to the region’s appeal as a residence for prospective purchasers by ensuring its accessibility. Additionally, the proximity to important employment hubs and the presence of commercial establishments have helped the burgeoning residential market in Manapakkam. The varied selection of housing alternatives, spanning from condominiums to detached residences, accommodates the inclinations of an extensive demographic. On average, residential property costs in this vicinity range from INR 5,000 to INR 7,000 per square foot.

Sholinganallur: Development of IT and ITeS Resulting in Demand Expansion

Situated along the IT corridor in the southern region of Chennai, Sholinganallur has maintained a strong track record in the residential real estate industry. Because of its status as an IT and business center, Sholinganallur has seen an increase in the construction of new housing units. The establishment of offices by numerous multinational corporations in the area has significantly increased the demand for residential spaces. Residential real estate activity in Sholinganallur has been hot-spotted due to the development of residential projects being stimulated by the influx of professionals desiring proximity to their workplaces. At the moment, housing costs in this region range between INR 5,500 and INR 7,500 per square foot.

To Succeed

The residential market in Chennai exhibits a compelling fusion of expansion, shifting consumer preferences, and fluctuating demand trends. In light of the increase in the supply of newly constructed homes over the previous year, a thorough comprehension of market dynamics is essential. Pallikaranai, Manapakkam, and Sholinganallur, among others, are not merely observers of these transformations; they are also active contributors who are molding the real estate discourse of the city. Chennai’s ongoing appeal for economic endeavors and urban progress indicates a bright future for its residential sector, which presents auspicious prospects for homebuyers and developers.

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