2004 April | Natural Health

Asylum Project

Introduction

Chennai property market has witnessed a sharp decline in its property prices due to economic and IT slowdown and global financial market crisis. But, there seems to be a great governmental support and initiatives to promote real estate – commercial and residential properties in Chennai city. Thus, Chennai city is an asylum for buyers who are interested in both affordable and luxury homes properties on a whole.

Affordable housing projects

Since the government of India has emphasized the importance of affording homes to all sections of the society, there is a spike in bringing and developing affordable housing projects in major cities in India. Chennai is not an exception to this real new trend due to economic and IT slowdown and global financial crisis. There are large pools of real estate developers are finalizing on mass housing projects in Chennai. The following are the mass housing projects coming up in Chennai realty market:

DLF and Merrill Lynch
IVR Prime
DivyaSree Developers

Chennai real estate trend

Chennai’s commercial property market is also poised for a real growth irrespective of slowdown. The real estate developers are coming up with innovative ventures in office spaces like Grade A office space catering to multinational IT/ITES firms and Grade B and Grade C office space catering to local and domestic companies. Last but least, they provide to buyers what they want.

In recent years, the conservative tag being affixed to Chennai city is undergoing an enormous transformation to a cosmopolitan city overall. Chennai is experiencing a massive growth in the organized retail space as well. In recent future, Chennai is about to get following shopping malls:

Ampa Skywalk – Aminjikarai
Express Avenue – Whites Road
Coromondel Plaza – Old Mahabalipuram Road
Spectrum Mall – Perambur

NRI’s are also playing a pivotal role in real estate growth in Chennai property market because they are willing to invest in buying a new residential and commercial space in the city. NRI trend brings a new real outlook to real estate market in the city and the developers are developing different styles of homes like villas, studio apartments, apartments and duplex house to cater to NRI’s demand in Chennai real estate market.

Conclusion

In recent years, Chennai is becoming a cosmopolitan city due to upsurge of large number of clubs, hotel and restaurant chains, shopping malls, multiplexes etc. Despite all efforts, Chennai’s infrastructure problems are sprouting in numerous ways will pose a great threat to real estate growth in the city in the long run.

About the Author:

Vaneet Gupta, a leading India property seller globally. We give necessary advise to the investor about the property where they can take good return as investors, no matter how far away you are currently located.
For More Information about Chennai Property Projects — visit: InvestInNest.com/

Article Source: ArticlesBase.com – Chennai Property and Real Estate Market

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