Residential Price Trends Across India's 14 Major Cities

5. Chennai

304 (Jan-Mar 2012 Index)

296 (Oct-Dec 2011 Index)

Year: 2007 = 100

Chennai, the fourth populous metropolis is one of the hottest real estate destinations in India. The major growth in Chennai’s real estate is because of IT, ITES, manufacturing and SEZs. Maximum number of IT companies and industries are located in the suburb area of Chennai and so developers are constructing large townships in places like ECR, OMR and Sriperambadur where buyers have shown positive reaction in buying the property.

According to a recent survey conducted at a property fair at Edison, New Jersey, about 31 percent visitors at the fair chose Chennai for investment. The report also revealed that the Chennai real estate market is seeing soaring demand for Villas as compared to conventional apartments, reports Nidhi Adlakha of Times Property.

Each day new buyers are emerging and so the new trends in building have come up.  With the rising new trend, the multistory apartments are changing the existing tradition of stand-alone bungalows. The city is going through redevelopment phase wherein the single floored and multistory buildings are ruling the whole city resulting in high sales.