Affordable Housing Booms In Chennai

There are several budget housing destinations in Chennai as demand for affordable housing has become one of the biggest growth drivers of the real estate in Chennai market. According to property India reports, there are innumerable properties being developed every year in the Chennai Metropolitan Area or CMA. An overwhelming majority of these properties are based in the suburbs of the city. However, there remains a shortage in housing units to the tune of almost a lakh. There is still a shortage of close to a lakh housing units in the affordable housing category going by the prevalent demand. However, estimating the present rate of development, this statistic should be rising to approximately eight lakh units as per statistics supplied by the authorities. The affordable housing segment is being catered to by several properties in Chennai, particularly in the suburbs. There are several reasons for this  development including the need for more supply to meet demand. This is prompting developers to launch projects in areas like the OMR and GST Road. These two areas are witnessing a major property boom of late and this has given a much needed boost to real estate in Chennai. Property in OMR and GST Road are being sold out within days of their launches according to several experts and market observers. Velachery was the first to witness this boom followed by the two areas mentioned above. Sriperumbudur is also witnessing a property boom in the affordable housing segment.

Even with the previously dismal state of real estate in India, these areas have kept Chennai’s property market alive with no shortage of buyers to seriously worry about. These growth corridors have also had investment in manufacturing units, offices and factories from leading companies like Tata Consultancy Services, Hyundai and Ford among others. Additionally, several people from Chennai city are migrating to the suburbs in search of better lifestyles and environments. Additionally, social infrastructure is also being developed rapidly in these areas including schools, malls, healthcare institutions and more. Hiranandani, DLF and other developers are foraying into the development of social and recreational infrastructure in these growth corridors and this has attracted a lot of investment to these areas.