Boom Time for West Chennai Real Estate: Metro Connectivity Fuels Growth
Discover why West Chennai is becoming a hotspot for homebuyers due to the upcoming metro connectivity, with a surge in sales of larger spaces and high-value homes.
West Chennai Real EstateMetro ConnectivityKnight Frank IndiaCredaiChennai Residential MarketReal Estate NewsJul 14, 2024
A total of 7,957 units were sold between January and June 2024, primarily concentrated in the south and west micro-markets. While the south region still dominates the market, the west has seen a significant increase in sales, accounting for 29% of the total sales.
Homebuyers are now looking at houses in the 80 lakh to 1 crore and above bracket in the western region, driven by the promise of improved connectivity and amenities. Srinivas Anikapatti, executive director (Tamil Nadu and Kerala), Knight Frank India, attributes the major shift to the western region to the proposed metro rail connectivity.
Despite the shift towards high-end housing, the city's mid-segment residential market, priced between 50 lakh and 1 crore, accounted for 44% of total sales. The demand from the workforce in manufacturing, hospitality, and logistics sectors led to this.
Builders are optimistic about the North Chennai micro-market, which is expected to benefit from upgrades in infrastructure and employment opportunities.
Information
Knight Frank India is a leading property consultancy firm that provides comprehensive services in the residential and commercial real estate markets. The firm's report, 'India Real Estate - Residential and Office Market - Jan-June 2024,' provides insights into the Indian real estate market.
Credai (Confederation of Real Estate Developers' Associations of India) is a leading industry body that represents the interests of real estate developers across India.
Knight Frank India is a renowned property consultancy firm with expertise in residential and commercial real estate markets.
Credai (Confederation of Real Estate Developers' Associations of India) is a prominent industry body that represents the interests of real estate developers across India.
Frequently Asked Questions
What is driving the growth of the West Chennai real estate market?
The proposed metro rail connectivity till Nazarathpet is driving the growth of the West Chennai real estate market.
What is the price range of homes in demand in the western region?
Homebuyers are looking at houses in the 80 lakh to 1 crore and above bracket in the western region.
What percentage of total sales is accounted for by the mid-segment residential market?
The mid-segment residential market, priced between 50 lakh and 1 crore, accounted for 44% of total sales.
Which micro-market is expected to benefit from upgrades in infrastructure and employment opportunities?
The North Chennai micro-market is expected to benefit from upgrades in infrastructure and employment opportunities.
What is the year-on-year increase in residential sales in the Chennai residential market?
The Chennai residential market reported a 12% year-on-year increase in residential sales.
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