Looking For An Affordable Home in Chennai? Read This

The real estate in Chennai has witnessed phenomenal growth in past one decade, fulfilling both growing demand for commercial and residential property. The city has seen many MNCs and Indian corporate houses setting up offices, and thus inflow of young professionals employed in these companies. Today, Chennai is home to high-rise buildings and residential projects that are at par with other Indian metros. The property in Chennai caters to both the affluent as well as affordable home buyers.

PropGuide talks about three localities that are a perfect fit for affordable home buyers:

GuindyLocated towards the south-west tip of Chennai, Guindy is the gateway to Chennai from the south. The area is well-connected to the Chennai International Airport and Guindy Railway Station. Being a hub for the iron and steel industrial sector, the area is home to a mixed bag of population. Hence, Guindy has residential properties that cater to all income brackets. A home buyer can choose from a 1BHK to a 4BHK apartment in Guindy in the price range of Rs 5,000-Rs 10,000 per sq ft. Also, the area offers freehold plots of 400-7000 sq ft in size, which are available in the price range of Rs 28 lakh-Rs 13 crore.

According to PropTiger.com, Guindy's highest livability index is 8.8.

MogappairMogappair, one of the leading localities of Chennai in terms of urban development, is known for affordable residential properties. Its proximity to entertainment, commercial and IT hubs like Annanagar, Sriperumbudur and Ambattur has given a boost to real estate here. With the completion of the Thirumangalam Metro Station, the area will be well-connected too. It also has the required civic infrastructure including schools and hospitals, making it a livable locality. Some of the key developers like P dot G Constructions, Golden Edifice Developer and Arihant are coming up with their projects in Mogappair. Currently, an apartment in Mogappair can be bought at an ongoing rate of Rs 5,391 per sq ft.

According to PropTiger.com, Mogappair's highest livability index is 8.6.

OMRIn past few years, OMR has gained popularity among home buyers and even investors. The area, which has an established social and civic infrastructure, is home to upcoming and under-construction projects as well as ready to move flats. Investing in property in OMR is viable as it is available at prices as low as Rs 3,700-Rs 4,800 per sq ft. You can easily buy a 2BHK apartment in OMR within a budget of Rs 50 lakh. Real estate experts advise that an investor can buy a property in OMR and give it on rent as the the rental returns are comparatively higher.

According to PropTiger.com, OMR's highest livability index is 8.7.

The Chennai real estate market is comparatively stable with regards to other regions in the country. While the fluctuations in property prices are marginal, there has been a huge demand for affordable residential property. Earlier, the city had more 3BHK or larger flats, but today, the builders are taking into account the changing buyer requirements of 2BHK flats and developing projects accordingly.