West Chennai Real Estate Boom: Metro Connectivity Drives Demand for High-End Homes
Discover the latest trends in West Chennai real estate market with the upcoming metro connectivity. Find out why homebuyers are shifting towards larger spaces and high-value homes.
West ChennaiReal EstateMetro ConnectivityHigh End HomesKnight Frank IndiaCredaiChennaiReal EstateJul 14, 2024
In recent years, homebuyers have been shifting their focus towards larger spaces and high-value homes in West Chennai, driven by the proposed metro rail connectivity till Nazarathpet. This has led to a significant increase in demand for homes priced between 80 lakh and 1 crore and above in the region.
Previously, homebuyers in this segment preferred South Chennai due to its proximity to the IT corridor, educational institutions, hospitals, and connectivity. However, with the promise of metro connectivity, West Chennai is emerging as a preferred destination for those looking for high-end homes.
The mid-segment residential market, priced between 50 lakh and 1 crore, accounted for 44% of total sales, driven by demand from the workforce in manufacturing, hospitality, and logistics sectors. The share of sales for homes under 50 lakh fell from 39% in the first half of 2023 to 28% in the first half of 2024.
Builders are optimistic about the North Chennai micro-market, which is expected to benefit from upgrades in infrastructure and employment opportunities. According to Navin Kumar, Treasurer, Credai, Chennai, any market that gets an upgrade in infrastructure and employment is bound to do well, and North Chennai is next in line.
Information
Knight Frank India is a leading property consultancy firm that provides research and advisory services to the real estate industry. Credai, Chennai is a trade association that represents the interests of real estate developers in the region.
Knight Frank India is a leading property consultancy firm that provides research and advisory services to the real estate industry. With a strong presence in major cities across India, the firm provides expert advice to developers, investors, and homebuyers.
Credai, Chennai is a trade association that represents the interests of real estate developers in the region. The organization aims to promote the growth and development of the real estate industry in Chennai.
Frequently Asked Questions
What is driving the demand for high-end homes in West Chennai?
The promise of metro connectivity is driving the demand for high-end homes in West Chennai.
What is the average price range of homes in West Chennai?
The average price range of homes in West Chennai is between 80 lakh and 1 crore and above.
What is the current trend in the mid-segment residential market in Chennai?
The mid-segment residential market, priced between 50 lakh and 1 crore, accounted for 44% of total sales.
What is the outlook for the North Chennai micro-market?
Builders are optimistic about the North Chennai micro-market, which is expected to benefit from upgrades in infrastructure and employment opportunities.
Who are the key players in the Chennai real estate market?
Key players in the Chennai real estate market include Knight Frank India and Credai, Chennai.
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