Chennai being the vibrant and development focussed metro city the demand for lands in Chennai has been increased in recent months. The online searches for Lands for sale in Chennai shot upto +23% in the past two months.
List of Lands for sale in Chennai
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Since decades real estate has been seen as the best investment option for beginners and veterans when it comes to diversifying the risk portfolio. A decade back Chennai witnessed the real estate boom around 2007 and the price of real estate touched the peak both part time and professional investors reaped the benefits out of it. Builders sold their units in their launch phase and the city witnessed many new launches.
For the past 5 years though it looks like real estate reached a stagnant point the demonetization followed by pandemic lockdowns impacted the real estate in a negative way, many small developers gave up the real estate business and buyers are sceptical of this market.
Pre-covid retail investors chose residential apartments in the IT corridors for rental returns but the rental segment was hugely impacted during covid, many houses were locked down even professional property management companies can’t support house owners in renting the flat.
Residential flat aggregators like OYO, Zolo,Nestaway and StanzaLiving experienced the same and terminated their agreement with owners.
Despite negative sentiment in the market, post covid Chennai is witnessing the surge in the plot demands. The buying trend of investors and self use buyers shifted towards the lands . Investors look at this as an option for quick returns in three to five years whereas self use buyers want to have their houses in their own land inside their own compound wall .
Since most of the IT companies are adopting a hybrid work model , employees are comfortable enough to have their own independent house in the outskirts of the city.
Influx of millennials in the real estate arena is also the reason behind surging demand for plots in Chennai
. They are seeing land as a safe and stable investment product for a return in three to five years.
Young investors working in MNC with a disposable income are looking at a sqfeet of 600 - 1000 in the price bracket of 1500- 2500 per sqft in the periphery of Chennai. They believe the rapid urbanisation will give better yield in three years.
Few years back the price per sqft of Land in Perungalathur and Vandalur were much cheaper than now. The upcoming Bus stand in Vandalur is more than enough for price revision in the locality.Investors are expecting faster growth under the new government rule.
Besides Chennai, people are going steps beyond and looking at Chengalpattu , Arakkonam , Kancheepuram , Oragadam and Thiruvallur as the next best destination for plot buying .
Investors having few lacs on hand or simply by swiping their credit card they can buy a plot in Chengalpattu
and Thiruvallur. One can buy land in Chengalpattu just for just 1000 persqft or less within a 3km radius from Chengalpattu collector office.
In the Chennai mainland the demand for plots in the IT corridor is still unbeatable because of the easy access of loans for IT employees compared to Chennai West and North.
Very few land projects are launched in Chennai west parts like Kundrathur, Kovur and Poonamallee but the demand in the market is less compared to Chennai south. Developers are spending a lot on marketing their product and have to wait to exit the project. This part of Chennai is dominated by real estate brokers and builders rather than the direct buyers.
The development of ORR has just hiked up the price per sqft of Chennai west land parcels.
The demand for land in Chennai is here to stay with a development of new localities in the outskirts of the city and the mindset of living in a pollution free environment on their own land
The YOY search for gated community plots in Chennai has increased +127% and Chennai is realising the huge demand for gated community plots with atleast 10+ amenities like children play area, club house, park , jogging track , security and few other sport activities. 7 out 10 plot buyers are ok to pay a little extra premium for gated community plots with amenities.
Few gated community plots in Chennai are :
Adityaram Township - Panaiyur , Fortune construction’s Park and Bloom - Padur , Propshell’s Sri Mangal Avenue - Chengalpattu , Janani’s Citrus County - Mambakkam , Purva SouthBay -Kelambakkam.
When it comes to amenities buyers want to see the amenities lively before making a buying decision. Many gated community promoters are showing the developments in paper plan and not in real .
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Few Prominent Land promoters in Chennai
Adityaram properties , Propshell developers, Sricity developers , Gsquare , Sameera estates , Purva Land, DLF , Budget housing and properties and Sameera Land Developers.