Chennai Property Prices of 3 BHK Independent Houses

Chennai city offers many choices for the seekers of residential and commercial properties. The rates and availability of these spaces does not remain static in different localities. For the buyers who are eying three room independent house, only a few options are present in the central region, while towards the southern part, one is at the disposal of a number of them. In this blog, we are going to garner our attention towards the rates of three-room independent houses across city's different regions.

Though there is no dearth of 3 BHK property in Chennai, independent houses are hard to find. In the central part, Aminjikarai is the main locality where such a property can be purchased. The price range for the same varies between 60 lacs and 1.3 crores. The average per square feet rate (psf) at Aminjikarai ranges between Rs. 3700/- and Rs. 8700/-. Coming to North, a three room independent house is available in localities like Manigadu, Kolathur, Ambattur, and PH Road. While Manigadu and Kolathur offer affordable houses (40 lacs-60 lacs), at Ambattur and PH Road, the rate is pretty much higher: it generally varies between 90 lacs and 1.5 crore.

 

Chennai property in the western part too has only a few localities where one can find three-room independent house. At Ayapakkam, it is available at around 60 lacs, while at Porur, the rates are flexible: between 70 lacs and 2 crores. South Chennai, on the other hand, has a plethora of areas for the seekers of such houses. In the affordable bracket come localities like Singaperumal, Oragadam, Tambaram-Mudichur Road, Maraimalai, Manimangalam, and Iyapanthangal. Here, one can expect the rates that lie in 20-40 lacs bracket.

In the higher bracket, i.e. 50-85 lacs, come Tambaram, Adambakkam, Kovur, Perumbakkam, and Selaiyur. In most of the the southern region, come the localities where a 3 BHK independent house touches the crore figure. Neelangarai, Kelambakkam, Medvakkam, Thoraipakkam, Santoshpuram, Villivakkam, K.K.Nagar, Mahindra City, Sholinganallur, Padurai are a few names in this regard.

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The Current Price Trends in North and South Chennai Property

The prices of Chennai real estate in South region is facing a mismatch between demand and supply, the reason being high appreciation of prices here. As a result, a huge pile-up of inventories is giving the developers sleepless nights. But the situation is not that bad in the North part; the demand and supply are still in sync in this region.

Though North has also witnessed the appreciation of prices in the current quarter, there is an active demand for flats for sale in Chennai. This has made a cover for the present set of inventories. A boost in real estate has also been witnessed in peripheral regions of the city. The prices in localities like Anna Nagar, Mogappair, Kolathur, Ayanambakkam, and Korttur have escalated too much. A 2 BHK flat in Anna Nagar or Mogappair can cost a buyer up to crores, though the less pricey options are also available. In localities like Thirumullaivoyal, Thiruvika Nagar, Ambattur, Villivakkam, Thiruvakkadu, Madhavaram, Avadi, and Ayyapakkam, a two-room apartment can be bought in the range 20-60 lacs.

At OMR(Old Mahabalipuram Road), a South Chennai property, has a lot to offer to buyers from all the segments. The buyers seeking a 2 BHK flat here can opt for anything lying between the broad price range of 15 lac-1 crore. Areas like Pallikaranai, Poonamallee, Porur, Kelampakkam, Kodambakkam, and Medvakkam have apartments with purchase value up to 60-70 lacs. The budget localities include Selaiyur, Ayapakkam, GST, Navalur, Maraimalai Nagar, Semmenchery, Perumbakkam, Guduvancheri, Sriperumbudur, Sembakkam, and Kovilambakkam. A 2 BHK flat at Maraimalai Nagar and GST can be purchased at around 13 lacs. For the seekers of 20-30 lacs range, two room flats are available in localities like Navalur,Semmenchery, Guduvancheri, Perumbakkam, Kattupakkam, Ayapakkam, Kovilambakkam, and Sriperumududur.

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Chennai Properties Fallen Prey to Rising Inflation

No city in India has left untouched with the inflationary rates. And the real estate too has been struck hard by this boom in prices. Talk of Chennai real estate and they do are stomaching the pain. The residential properties are in exodus here, while the demand does not match up to them. What's the result? Lacs of houses are lying vacant right now. As the economy is bearing the brunt of the falling rupee, people are wavering in their decision to buy a property in the city. Until the inflation changes its demeanor and the prices fall back, at least to their previous values, there is little hope that the demand for properties in the city shall see any swelling.

As per a report from National Housing Bank, an overall decline of 2.3% in the rates of flats for sale in Chennai was recorded in Apr-Jun quarter of 2013. The sharpest decline has been witnessed in peripheral areas of the city: a slow-down by 30-40% clearly shows that inflation and oversupply have played a negative role in falling of rates. The overall sales have plummeted. Such a scenario has left enough scope for negotiation; buyers can they can make a purchase at cut-prices. As the market is hard for developers, they are coming with freebies and other discount offers.

 

Anna Nagar West, a region where demand mainly comes from the elite segment, has seen a decline of about 13% in price rate. At Kilpauk, where per sq. ft rate of a property is a whopping Rs. 11600/-, a depreciation of 3% has brought down the rates a bit. On the same lines, Medavakkam, Kovilambakkam, GST Road, and Thiruvanmiyur are some of the localities where Chennai properties have come down from their original values.

The above trends are not uniform. In spite of the fall in prices, there are still regions where apartments in Chennai have seen an appreciation. Take, for instance, Thoraipakkam: the property rates in this locality, have escalated by 7%. Same is the case with Kelambakkam, Navalur, Pallikaranai, Madipakkam, and Korattur: the real estate rates have increased between 5% and 9%. At other localities like Padur, Selaiyur, Velachery, Ambattur, Chromepet, Mogappair, and OMR too, the trends are on higher side.

Rent House in Chennai: Tidbits Related to Price Rates

Chennai is largely inhabited by a population that has relocated from neighboring states in search of jobs. This chunk prefers to live in rental residences; such houses being affordable and flexible to these users are well-liked. Locating a house for rent in Chennai is not too big a deal; a little bit of research work can prove handy in doing so. We have gathered a few tidbits of city's rental residences; this shall give you an idea of how things are faring there.

For economical options, go for Sriperambudur and Avadi. Here a monthly rental as low as 4-8k can be expected for a two room flat. For such lower rates, the facilities available won't be up-to-the-mark, or even below average. If price is not an issue, you can hunt an apartment for rent in Chennai in Central Business District(CBD). But then, the prices too are very high in these localities: at Adyar, it can vary between 22-30k, while a similar property at Alwarpet, T. Nagar, and Anna Nagar can be hired at a rate ranging between 20-25k. Most of the apartments in the CBD region are well-furnished and are equipped with good infrastructure.

A 2 BHK apartments in Chennai, specially in the southern part, is available within the price range 8-16k. While in localities like Chrompet and Urapakkam, you can look for flats that have rental range between 8 to 10k, while at Semmancherry, Tambaram, and Medavakkam, a two room flat shall be available at a slightly higher price rate: 10-14k. At Sholiganallur, the prices are still higher, with rent going as high as 16k. At present, properties in Chennai tends the demand-supply ratio in the city is facing a lopsidedness, thanks to high prices and lower demand. Once the balance seeps in, the rental rates shall too fall in place.

At Medavakkam, though the cost is average, but the possibilities of future employment generation are somewhat bleak. In that case, locating a rent house in Chennai in localities like Oragadam and Sriperambudur would be better option. But, on the flip side, these two places fare poor in terms of proximity to the commercial infrastructure.

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Property in Chennai: The Twin Localities Favorable for Investment

Conflagration caused by the hike in Chennai properties is attributed to it being a major IT hub, with boom in major projects in the coming years. And talk of the town are two of its localities where the interest in investment is scaling new heights. The maximum demand for property is going high in the localities, Medavakkam and Pallikaranai. The parts of South Chennai, both these places can be seen as the “next-big-things” on the map of real estate in India.

 The strategic location of Pallikarnai attributes the expected appreciation of prices a few yaers from now. It is well-connected to other important localities like OMR. By 2017, the prices are likely to see a rise of amazing 93%!! Though the last 12 months have seen a price rate that was relatively stable, the rate is expected to rise more. So, the buyers who are going to buy apartments in Chennai, this locality can be one of the best choices, among others. Here, the price per sq. feet in the month of July, 2013 stood at about 4382 per sq ft. ,which is a little below the price rate in the July last year: Rs. 4392 per sq ft.

 On the same lines, in Medavakkam, the property prices are expected to soar to double of the present rate in 5 years, thus making the locality a lucrative choice for theinvestors. Let's explore the price rate scenario here prevailing from the past one year. The figure of RS. 3704 per sq ft in July, 2012 got a sharp decline in August, with the rate of property being 2475 per sq ft. This continued till September, but after that, a staggering rise to 4451 per sq ft and the relative stability after that made Medavakkam a much sought after spot for investing in property in Chennai.

The southern and western parts of city are particularly favorable for flats for sale in Chennai. And their contribution to the real estate is the largest, as compared to other regions. The demand is maximum for 3 BHK units that contribute to about 40% of the total demand for the residential houses. The connectivity to monorail and Outer Ring Road has given the much-desired push to the real estate here. In the years to come, it is expected that the demand will come at par with the supply of the units, with more requirements coming for office space.

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