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Real estate in Chennai has been undergoing a shift in its real estate trends recently. While, the commercial properties of Chennai have reached a point when it is very difficult to purchase a property in prominent locations, the residential property preferences are also changing.
Kumar, a Chennai real estate agent says that Chennai Property Prices have been on rise since long, especially the commercial property rates. The rates of commercial properties are very high in areas like IT, T.Nagar, Anna Nagar, Adyar. The value range varies from Rs 50 lakh to Rs 5 crore depending upon the unit area.
As these localities have reached saturation new industries and software companies are coming up at NH4, GST Road, and OMR. Notably, the new developments are coming in affordable limits and larger areas.
Further, the booming commercial segment and growing influx of IT professionals have pushed the residential demand and prices to a new high in Chennai over the last few years. Now, with increase in property tax by the state government the residential rental values have increased manifolds.
Moreover, with more exposure to other developed countries and salaries going up, people all over the country want a luxury life style. This trend has also caught up with Chennai properties as well, wherein people are now more into 3 bedroom lifestyle homes.
Also apartment flats in Chennai are gaining popularity day by day due to the increase in population and lack of space. Many prominent builders in Chennai are building projects comprising of luxurious apartments, providing ultra modern facilities. With young professionals going in more for rented units the lifestyle apartments are attracting huge investments from NRIs.
Since, growing industries and infrastructure development is bound to give 100 per cent profit in the future; investment in the Chennai property is considered a wise decision by industry experts.
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