Chennai is one of the most prominent cities in South India and just for this reason there is higher demand for all sorts of properties in the city. It is second only to Bangalore and so there are more job opportunities in the city now. A recent report stated that the city now out performs Bangalore in the growth rate. Though this is based on the fact that Bangalore has grown so high that it has no more scope for development, the growth of Chennai Real Estate is appreciable.
One thing is sure that there is higher demand for Chennai Property just because there is scarcity of new supply. The land has become a scarce thing in Chennai and so it is more demanded. This scarcity of land pulls up the property prices. The prices are shooting up beyond anyone’s imagination and control. The surging property prices have attracted a good number of property investors to the area as well.
If the main motto of investment is higher returns, then you have the best choices in any Property in Chennai. The investment on this fast-developing city will be never a loss but will boost your chances for earning better gains. Recently one of the top newspapers reported that the city is witnessing redevelopment due to the lack of sufficient housing units.
The scarcity of land parcels, surging property prices which have gone beyond the capacity of the buyers, etc. makes the redevelopment a necessary. There is no vacant land parcel. So to say there is no residential land left for development. This shows how fast the Chennai Real Estat has grown and reached a maturity level. According to the industry experts the floor space index has to be revised in the city for construction of taller residential development.
Vertical development will be the sole thing which can be done for meeting the demand for housing units. As long as there is no vertical development, there will be scarcity of residential Property in Chennai. Along with the development of residential properties, commercial properties also have to be developed. Only by doing so, the life of the residents will be made more convenient and comfortable. This is necessary too. How can we think of living in an area where there is no commercial centers? How we will meet our daily needs then?
So to meet the daily needs of all residents, there is sufficient number of commercial developments in the city now. The developers are also coming up with more numbers of commercial developments. However, as long as the vertical development made possible, there will be scarcity of Chennai Property for sure. The state government and the city officials have to consider this.
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