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Flats Under 60 Lakh for sale in Kovilambakkam, Chennai
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About Properties in Chennai for Sale
About Chennai
Strategically located by the Bay of Bengal, Chennai is a convenient commercial and residential locale as it is well-connected to major ports, airports, highways, & metro routes. The city is well-connected via a major network of roads such as the Old Mahabalipuram Road (OMR), Grand Southern Trunk Road (GST), Anna Salai, Outer Ring Road, & Chennai Bypass Road.
With a mix of automotive industries, electronic hubs, financial sectors, and IT parks - Chennai has steadily emerged as a city that provides immense job opportunities. There has been a rapid rise of IT and business hubs along the OMR Road such as Thoraipakkam and Perungudi in the recent decade. This has in turn led to the increase in demand for properties in Chennai
The quality of life here is excellent as well, as it houses a developed social infrastructure in the form of reputed schools, colleges, universities, hospitals, and malls. There is further a presence of strong constructions, built by reputed developer firms such as Alliance Group, Casagrand Builders, Brigade Group, Hiranandani, & Prestige Group.
About Chennai Real Estate
As per a Knight Frank Report, the housing sales in Chennai have been steadily improving since late 2020. The sales growth has remained steady post pandemic, and 2022 saw a 19% YoY rise in housing sales.
The residential sales in Chennai are mostly concentrated in the South & West micro-markets, which contributed to around 92% sales in the second half of 2022. Areas along the OMR & GST Road are popular in South Chennai, while Porur & Poonamallee in West Chennai are in demand as well.
Flats in the 50 Lakhs to 1 Crore range usually contribute around 45 to 50% of residential sales. However, the 2nd half of 2022 also saw an increase in sales in flats priced above 1 Crore. Compared to under-construction projects, ready-to-move-in flats attract a higher demand.
There was also a good increase in supply in 2022, with properties being launched by prominent developers such as Alliance Group and Casagrand Builders. In fact, there was also a 6% price appreciation in the metropolitan areas of Chennai. Overall, with the presence of IT hubs that bring job opportunities, there is an increasing demand for properties in Chennai.
Key Features About Chennai
- Properties in Chennai are generally more affordable and cost effective as compared to other cities, with good return on investment options
- Chennai is home to some of the most reputed IT parks, and automobile & electronic industries in India.
- Some of the finest residential locales here are Porur & Anna Nagar. Micro-markets along the OMR & GST Road are popular for housing as well.
- Stamp duty in Chennai stands at 7%, while registration charge is 4% on the market value of property.
- Top developers such as Hiranandani Group, Brigade Group, & Prestige Group are present in the city.
- The city offers quality higher education, featuring reputed universities such as Loyola College, IIT Madras, & Anna University
- You also get access to the top IT parks at Porur, Thoraipakkam, Perungudi, & Sholinganallur.
- Connectivity is quick across the city via the OMR, GST Road, Outer Ring Road, Anna Salai, and Chennai Bypass Road.
- The two major ports of Chennai & Ennore along with the Chennai International Airport at Meenambakkam serve the city.
- Another proposed airport at Parandur will bring further development to this region.
- There is also a metro rail system in Chennai with 2 lines being operational - Blue Line (Wimco Nagar - Chennai Airport) & Green Line (Chennai Central - St. Thomas Mount)
- 3 more metro lines are being planned in Chennai - Purple line (Madhavaram - Siruseri SIPCOT), Orange Line (Poonamallee Bypass - Lighthouse) & Red Line (Madhavaram - Sholinganallur)
- The upcoming Chennai Peripheral Ring Road is set to provide seamless connectivity from Ennore Port to Mahabalipuram
- Chennai also features beautiful beaches & national parks such as Marina beach & Guindy National Park.
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Frequently Asked Questions
Adyar, Anna Nagar, Besant Nagar, Mylapore, Boat Club, & Thiruvanmiyur are some of the best areas to buy a home in Chennai.
Yes, Chennai is a good city for real estate investment as it features good infrastructure. There are fine IT companies, manufacturing firms, and automobile industries here, especially along famous routes such as OMR. A thriving economy, rising price trends, job opportunities, & presence of good developers has increased the residential real estate investment in Chennai.
GST Road, Tambaram, Anna Nagar, Porur, & Medavakkam are a few affordable localities in Chennai.
A few luxury projects in Chennai are -
Hiranandani Verona, Egattur
Purva Somerset House, Guindy
Ozone Gardenia, Anna Nagar
Below are some projects that offer good 1 BHK in Chennai -
Prestige Windsor Park, Vanagaram
Purva Windermere, Pallikaranai
Hiranandani Verona, Egattur
Prestige Courtyards, Sholinganallur
Sobha Gardenia in Vengavasal & Casagrand Auburn in Perungudi are 2 projects that offer villas in Chennai.
Here are a few ready to move in flats in Chennai -
VGN Notting Hill, Nungambakkam
Casagrand Esquire, Perungudi
Prestige Courtyards, Sholinganallur
VGN Fairmont, Guindy
Here are a few projects that offer 2 BHK flats for sale in Chennai -
Alliance Jasmine Springs, Kelambakkam
GP Imperial, Korattur
Hiranandani Verona, Egattur
VGN Fairmont, Guindy
Below are a few projects that offer a 3 BHK in Chennai -
Purva Jade, Valasaravakkam
VGN Notting Hill, Nungambakkam
Casagrand Flagship, Pallikaranai
TVS Emerald Aaranya, Medavakkam
Risland the Ace, Perungudi
Porur, OMR, Velachery, Sholinganallur, Korattur, Choolaimedu, & Urapakkam are a few localities that are good for investment in Chennai.