A Gem for Buyers Looking for Affordable Property in Chennai
Despite the high salaries of some Information Technology wor kers in Chennai, property in Chennai still tends to favor the m id and lower segment homebuyers when considering the volu mes of property sold. Not everyone can afford luxury flats in Chennai and the city has therefore a strong market for buyers seeking homes priced between 20 to 40 lakhs. As a matter of fact, one possible sign of the vigor of this segment of the real estate market is the high synchronicity between the supply an d demand of such properties It would appear that builders in Chennai have a good sense of market sentiments when buildi ng homes for mid-income and lower-income buyers, most lik ely this has led to little distortion in the price of such propert y in Chennai.
One micro market named Urapakkam is the stage of large num ber of affordable apartments in Chennai. Urapakkam has advant ages for home buyers in that it is well connected with other maj or parts of the city and in the future is likely to be even more s o after the construction of an upcoming bus terminus. In additi on it remains an attractive destination for real estate prospector s hunting for flats in Chennai due to Urapakkam’s proximity to more than one prominent IT park as well as to major special ec onomic zones.
For an employee who is employed in Chennai’s expansive IT i ndustry buying a flat at Urapakkam is a wise decision due to the ease of commute to nearby IT parks and the relative affo rdability of flats in the region. Even speculators keen to inves t money in apartments in Chennai may gravitate towards Ura pakkam as the homes at the locality are evenly priced and b uyers are likely to make a modest profit once Urapakkam is b etter connected than it already is with other parts of the city.
This part of the city rates well on the livability index, in additio n it makes a good place to properties in Chennai as prices fo r apartments here had been steadily appreciating till close to 2 years ago, though since which time the rate of appreciation in the price of apartments at Urapakkam has been much more m odest. What augurs well for the destination is the inexpensive price for an apartment in a part of the city which is well conne cted with important employment zones and where the price of property has shown resilience at a time when much of the real estate market in the country has taken a beating.
To a buyer who regularly sips Chardonnay and drives a luxury car and only considers investing in ongoing residential proje cts in Chennai and other cities, Urapakkam certainly doesn’t deserve any significant attention as an investment destination. However, for a midlevel to upper management employee at a steady information technology company, buying at Urapakka m may be quite reasonable if not commendable. Furthermore ,Urapakkam too commands its share of the as currently there are well over 10 such new developments under construction i n the region. The locality has a well-developed physical infrast ructure and a large number of schools and restaurants in the vicinity; it may be neat locality at which to own a home in whi ch one intends to live or one to make a modest to significant gain on by selling in few years.