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Chennai Real Estate

For anyone thinking about buying or renting property in Chennai, here are some key points from a real estate viewpoint:

Market Performance and Outlook

Chennai's real estate market is on a growth track, thanks to steady economic progress, infrastructure boosts, and urbanization. In 2024, residential sales have soared, with 230,000 homes worth Rs 380,000 crore sold in the first three quarters. Experts forecast this momentum to continue in 2025, with up to a 25% growth in apartment sales and a 15%-20% rise in new projects starting, especially in budding areas.

Price Trends

Home prices in Chennai are projected to increase steadily, up by 6.5% in 2025 following a 7% rise in 2024. This trend is largely thanks to luxury homes, but mid-range and affordable housing markets are also seeing a steady growth. Residential asset prices have appreciated by around 32% over the past five years, with a 9% rise in the past six months.

Emerging Micro-Markets

A noticeable trend is the rise in newer micro-markets in areas such as South Chennai and North Chennai. Districts like OMR (Old Mahabalipuram Road), Medavakkam, Sholinganallur, Tambaram, Velachery, and Porur are experiencing significant price growth due to better connectivity, bigger residential areas, and proximity to business centers and IT parks. These areas offer affordable choices and larger homes with modern amenities compared to traditional prime areas.

Luxury and Affordable Housing

There are options for every budget in Chennai. The luxury housing market is booming, featuring homes with state-of-the-art amenities and eco-friendly designs, while affordable housing options are available in peripheral regions.

Rental Market

Chennai’s rental market is also growing steadily, with rental values going up by around 7% from 2018 to 2024. Regions with ongoing or planned infrastructure projects, near IT hubs, or new office spaces will likely see higher rents. Yet, renting will not completely overshadow buying due to tax benefits on home loans and the investment upside.

Infrastructure and Connectivity

Projects like expanding the metro services and developing highways are boosting connectivity between peripheral areas and the city center. This infrastructure enhancement eases commuting for homebuyers and offers benefits of living in quieter, more spacious neighborhoods.

Affordability and Challenges

Despite all the positives, affordability is still a challenge, especially for first-time buyers and people from lower-income groups. Though interest rates are forecasted to go down, the surging property prices, particularly in prime areas, will continue to be tough. However, emerging micro-markets provide opportunities for more affordable investments with long-term growth prospects.

To sum it up, Chennai's real estate market shows promise for both buyers and renters in 2025, with opportunities in emerging micro-markets, a robust luxury sector, and steady growth in sales and rentals. However, prospective buyers should be aware of the affordability challenges and the rising property prices in the market.