Chennai’s real estate market has always been characterized by a somewhat conservative buyer mindset and developer vision. This has had a huge impact on its residential realty trends. Home buyers for upcoming residential projects in Chennai have earlier been driven by the importance of location over and above everything else in most cases. This sentiment alone has impacted the community living scenario in the city adversely according to several market experts. Even though several new projects in Chennai have been unveiled, large, integrated townships have not really taken off here. Chennai buyers have always wanted to live in close proximity to or within the Central Business district on account of better accessibility to several educational institutions, entertainment areas, convenience stores and restaurants along with other necessary social amenities.
Developers in Chennai have always launched new projects in Chennai that consisted of approximately between 12 and 30 housing units with minimal amenities and almost no natural greenery. Open spaces were not really present in these projects but these things are steadily changing as even Chennai’s residential realty market prepares for a transformation. The Chennai residential real estate market will now witness the influx of several new township projects by leading developers. Many of these projects are now being developed and will soon be ready for possession. These projects will come with several amenities for residents including outdoor and indoor sports facilities, landscaping, health club facilities, club houses, educational institutions within the campus, multiplexes, restaurants, health care facilities and swimming pools among others.
Community living is steadily going to be the single biggest trend in Chennai and several housing units are going to be offered to buyers in the price band between INR 35-60 lakh on an average. Most of the absorption of housing units will take place in the OMR region and in close proximity to the IT corridor. The market is quite stable in Chennai and several upcoming residential projects in Chennai are now centered on amenities and community living instead of only touting location as the biggest selling point. Volatility in prices has never been a problem area in Chennai though land parcels are quite scarce and this has scaled up the cost of premium Floor Space Index hugely indeed. This will create greater pressure on pricing of residential products in turn. Additionally, prices of apartments in Chennai city can usually start from INR 1.5 crore and can go all the way up to INR 5 crore in several cases. Affordable housing is only possible when developers are focusing on suburban locations.
The Chennai market will also witness the introduction of newer, more innovative housing concepts in addition to several premium amenities for residents as mentioned earlier. The Chennai customer is a discerning one in recent times and is not just focused on easy commuting to his/her workplace. This represents a strong shift in customer mentality and will definitely influence the nature of residential offerings by developers in Chennai. Chennai’s residential real estate market is in the throes of a steady evolution.
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