The growth in price of plots in Chennai and how it will affect real estate

Chennai, Madras, and Southern Metropolis- the city has several names and a rich history. The city is considered to be hugely influential on the trade as well culture of south India and is considered a centre for the arts. Being a metropolis it is obviously very well connected with the rest of the country as well as the world so reaching here won’t be a difficult task.

This ease of travel combined with the fact that Chennai is a huge commercial centre has attracted companies and executives from everywhere. This has led to the growth in job sectors which has a direct effect on property prices. The recent times have seen meteoric rise in property prices in and around Chennai, especially in the posh and commercial centres.

Not only is Chennai a port city but has also earned a reputation for being one of the fastest growing IT destinations in the country. These have been the major reasons behind the city’s exponential growth in the number of commercial and residential buildings and apartments. There are several areas in the city such as the Old Mahabalipuram Road, Central Station area, Mylapore, etc where this growth is being clearly seen. The prices of plots in Chennai, especially around these areas have increased dramatically. But the unheard-of prices for plots and apartments in Chennai are being seen mostly in and around the IT corridor and in posh locations like Anna Salai, Mount Road, and Cathedral Road, etc. These areas are the posh locations of the city and it is understandable that the prices would be high there.

But this price rise has been seen in almost all parts of the city and even in the growing outskirts. This price rise has actually attracted real estate developers and builders in Chennai to invest in them. The rising prices of plots will pay back handsomely after some years and it is also safe to invest in plots. The reason is that land or immovable properties are non-depreciating assets whose prices never fall thus maintaining a safety net. In short words, the property price bubble won’t burst.

The increased interest in plots, and development of commercial buildings and residential apartments in Chennai has indirectly led to increase in the city’s commerce. Those who have invested in real estate will find the value of their properties increase manifold in the coming years, therefore if you are interested then start investing now.

Omshakthy Agencies (Madras) Private Limited (OSAL) is a highly reputed real estate developer and contractor that has an impressive list of projects under its belt and is considered to be a frontrunner in project developments. The company is known for its transparency and professionalism and could turn out to be the best possible developer in Chennai for you.

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