West Chennai Sees Unprecedented Boom in Luxury Housing due to Metro Connectivity
Discover how the upcoming metro connectivity is driving the demand for luxury housing in West Chennai, with sales witnessing a significant increase in the high-end segment.
West ChennaiMetro ConnectivityLuxury HousingReal EstateChennai Residential MarketReal Estate MumbaiJul 15, 2024
Homebuyers are now looking at houses in the 80 lakh to 1 crore and above bracket in the western region, which was previously a domain of South Chennai due to its proximity to the IT corridor, educational institutions, hospitals, and connectivity. The proposed metro rail connectivity till Nazarathpet has been attributed as the primary reason for this shift.
Srinivas Anikapatti, executive director (Tamil Nadu and Kerala) of Knight Frank India, noted that the western region always had everything except connectivity, which has now been sorted out. This has led to a surge in demand for luxury housing in the area, with many gated communities coming up beyond Koyambedu.
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. This demand is driven by the workforce in manufacturing, hospitality, and logistics sectors.
Builders are optimistic about the North Chennai micro-market, which is expected to witness growth due to infrastructure and employment upgrades. Navin Kumar, Treasurer of Credai Chennai, noted that any market getting an upgrade in infrastructure and employment is bound to do well, and the western micro-market is getting all three.
The North Chennai micro-market is next in line to witness growth, with builders expecting a surge in demand for luxury housing in the area.
Frequently Asked Questions
What is driving the demand for luxury housing in West Chennai?
The upcoming metro connectivity is primarily driving the demand for luxury housing in West Chennai.
What is the price range of houses that are in demand in West Chennai?
Homebuyers are looking at houses in the 80 lakh to 1 crore and above bracket in the western region.
What percentage of total sales came from the western region of Chennai?
More than 29% of total sales came from the western region of Chennai.
What is driving the demand for mid-segment residential market in Chennai?
The demand from the workforce in manufacturing, hospitality, and logistics sectors is driving the demand for mid-segment residential market in Chennai.
Which micro-market is expected to witness growth next?
The North Chennai micro-market is expected to witness growth next due to infrastructure and employment upgrades.
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