As far as real estate in Chennai is concerned the southern part of the city is a very popular destination for home buyers. Though most of the markets in this part of the city are saturated, these areas still remain high on a buyer’s list. The micro markets in the northern parts of the city and on the Grand Southern Trunk Road are catching up to the micro markets in the southern part of the city.
Independent homes in this locality were priced at INR 5600 per square feet on average in the 1st quarter of 2014 between April and June. This was a major drop of about 50% when compared to the previous quarter where the prices stood at INR 11300 per square feet on average. In the 2nd quarter of 2013 the going rate for homes here stood at INR 11500 per square feet on average. This was an increase of about 21% when compared to the previous quarter. In the following quarter the going rate for houses here stood at INR 15000 per square feet on average. This was an increase of about 30% when compared to the previous quarter.
Apartments for sale in Chennai were priced at INR 6600 per square feet on average in the 1st quarter of 2014 between April and June. This was a drop of about 4% when compared to the previous quarter where the prices stood at INR 6800 per square feet on average. In the 2nd quarter of 2013 the going rate for flats here stood at INR 7600 per square feet on average. This was an increase of about 31% when compared to the previous quarter. In the following quarter the going rate apartments in Chennai located in this micro market stood at INR 12000 per square feet on average and this was a drastic increase of about 58% when compared to the previous quarter.
Properties in Chennai are the most sought after. This is followed by 3 and 1 BHKs. The most in demand unit configuration for flats here falls between 751 and 1000 square feet. This is followed the 1001 and 1250 square feet range and the 1251 and 1500 square feet range. Buyers looking for apartments in Chennai located in here are willing to spend anywhere between INR 50 to 60 lakhs on them. This is followed by the INR 40 to 50 lakhs range and the INR 60 to 70 lakhs range. Buyers are willing to spend anywhere between INR 4501 and 5000 per square feet on flats here. This is followed by the INR 5501 and 6000 per square feet range and the INR 4001 and 4500 per square feet range.
Since Velachery is located close to the Information Technology hub of OMR, it attracts a fair share of those who are working out of OMR. The area is well connected to most of the city and is also had a very strong social infrastructure. All these factors work in its favour.
