Chennai, formerly known as Madras, is the fifth highly populated city in India. It is the capital of 'Tamilnadu' and is the most important center for trade.
Chennai real estate business has seen changing trends recently. The sales of commercial and residential properties in prime locations have reached saturation. The property prices have shot up. Commercial property rates are on the rise. The value ranges from 5lac to 50lac Indian rupees depending on the location and per unit price. The growth of real estate business in Chennai is attributed to the saturation of real estate business in other metropolitan cities of India.
The suburbs of the city are also slowly being occupied by software export companies. International companies in the automobile, manufacturing and chemical fields are opening up operation units all over Chennai. Malls and shopping complexes have mushroomed all over the main parts of the city. There is also an influx of Information technology professionals which is increasing the demand for residential properties.
Luxurious life style has caught up with the people of Chennai. Nuclear families prefer 3 bed room homes respectively the high cost. There is huge demand for apartment style living as there is no space in the city. Realtors are investing in furnished apartments and townships. When compared to local buyers, 'non resident Indians' are of more interest to the Realtors of Chennai.
The prices of properties in chennai may never decrease but investing in such properties now is bound to give you good profit in your later years.