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Mumbai Real Estate Vs Chennai Real Estate Comparison
True to its essence, the financial capital Mumbai is well-developed and backed with ambitious infrastructure, connectivity and a commercial base.
Whereas, Chennai is a rapidly growing metropolis with futuristic infrastructure, posing a great yet affordable opportunity for homebuyers to invest now for lucrative returns in the future.
Mumbai is home to the largest number of billionaires in the country. Considering the Knight Frank Report, Mumbai sales stood at a 13-year high with 47,259 units sold in H1 2024 with a positive 16% YOY growth. Chennai housing sales rose by 12% in H1 2024 with 7,975 units sold against 8,855 launches.
Chennai VS Mumbai City Housing Price Trends
Mumbai Real Estate Price Trends
Source: Mumbai-residential-market-watch-h1-2024.pdf
Mumbai saw an increasing demand for luxury properties. It witnessed 3% YOY price appreciation for completed projects and 5% YOY growth for the under-construction properties.
Western and Central Suburbs experienced 12% to 21% of capital appreciation for under construction projects. Working professionals are choosing these locations to buy properties due to their premium segments and commercial infrastructure.
The average quoted price for flats in Mumbai stands at ₹ 52,800 per sq. ft. The average flat rate in Western Suburbs is between ₹ 28,000 – ₹ 30,000 per sq. ft.
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Popular Micro Markets In Mumbai
The rising micro markets in MMR are paving the way for investments in unsaturated locations. Dombivli, Panvel and Thane West are booming with ambitious infrastructure developments. Their average rates for these markets are around ₹ 9,800 per sq. ft, ₹8,950 per sq. ft. and ₹ 15,500 per sq. ft., respectively as stated in the Anarock MMR Q3 2024 report.
Panvel is poised to be the Mumbai 3.0, owing to its ultra-modern urban planning, futuristic connectivity and centralised location. The Atal Setu has already accelerated the housing demand in the region.
Apart from this, the upcoming Navi Mumbai International Airport and NAINA will enhance the living standards of the region.
The completed and under-construction projects in Panvel have witnessed a robust price appreciation as the airport is nearing its completion.
Rental Trends In Mumbai Real Estate
Source: Cushman and Wakefield india–mumbai–residential-q4-2024-final.pdf
The rental values in Mumbai Real Estate increased by 6% in H1 2024. Major markets gained momentum as homebuyers preferred bigger homes with in-house amenities for a lease.
The areas located near the metro stations, railway stations and the airport saw a drastic uplift in rental values. People are seeking convenience and comfort in travelling to their office from home and vice versa.
The speedy redevelopments of dilapidated buildings in the Mumbai Metropolitan Region also led to an increase in rental values.
Chennai Real Estate Price Trends
Source: https://websitemedia.anarock.com/media/Chennai_Q3_2024_b7fa0ed2e4.pdf
Chennai is the core residential hub of Tamil Nadu backed by its solid infrastructure and flourishing IT sector. According to Anarock, Chennai stood at 2nd after the Delhi NCR with the highest number of residential launches on an annual basis.
Chennai Real Estate witnessed a 5% YOY increase in property prices with the high-end segment gaining traction. The demand for luxury and ultra-luxury flats in Chennai have substantially increased with the expansion of IT and ITES corridor.
The average rate of apartments in Chennai is about ₹ 6,680 per sq. ft.
Popular Micro Markets In Chennai Real Estate
Chennai has been experiencing unprecedented growth in terms of infrastructure and IT sector. This has accelerated the growth trajectory of micro markets in Chennai real estate. Key micro markets in the city include OMR, Anna Salai, Oragadum, Perumbakkam, Perumbur, etc.
The average rate for properties in Old Mahabalipuram Road (ORM), Oragadum, Perumbakkam, and Perumbur is 6,800 per sq. ft., 4,600 per sq. ft., 5,850 per sq. ft., and 7,670 sq. ft., respectively.
Old Mahabalipuram Road starts from Adyar – a high-end locality in the city and ends at Mahabalipuram. Known for its augmenting IT corridor, it is one of the most preferred destinations among homebuyers.
Anna Salai and Oragadum offer affordable to upscale residential options. Apart from this, Perumbakkam, Perumbur, and more micro markets are attracting homebuyers due to its excellent connectivity and exceptional infrastructure.
Rental Trends In Chennai Real Estate
Source: Cushman and Wakefield india–chennai–residential-q4-2024-final.pdf
The rental values in key markets in Chennai rose by 5%-8% YoY basis. The affordable segment saw a swift decline whereas the luxury segments in Chennai witnessed a notable 35% hike in 2024 than the previous year.
This upward trend reflects the evolving customer preferences towards premium homes. Homebuyers are seeking rental apartments around the metro corridors. The infrastructure and IT hubs played a pivotal role in the rental growth.
The rental value mostly remained stable in micro markets and is poised to increase with the strengthening of infrastructure.
Chennai vs Mumbai City, Which Has The Best Connectivity?
Mumbai
Mumbai is known for its impeccable infrastructure and connectivity options. The Central and Western suburbs were the most proactive markets in 2024. These regions have seamless connectivity via the Eastern Expressway, Eastern Freeway, and metro lines.
The Bandra Worli Sea Link and Eastern Expressway connect South Mumbai with Western Suburbs and Thane, respectively. The Mumbai suburban railway is the bloodline of the city. Moreover, the metro line serves the commuting purpose to the key commercial hubs.
Monorail is also a key commuting source in the Central and peripheral Central suburbs of Mumbai. The Atal Setu is yet another sea link that has reduced the travelling duration between Mumbai and Navi Mumbai along with Pune.
The upcoming Navi Mumbai International Airport is ready to initiate its service by May 2025. This will alleviate congestion at the existing CSM International Airport and enhance the air travelling experience.
Apart from this, the Coastal Road will ease the traffic pressure on the Bandra Worli Sea Link and other arterial roads between South Mumbai and Western Suburbs. There are also plans to connect the metro line with the Atal Setu in the future.
Chennai
Chennai has excellent connectivity via the roadways, railways, and metro. The Old Mahabalipuram Road and Chennai Outer Ring Road ensure broader and smooth connectivity across the city.
The Old Mahabalipuram Road has witnessed a major uptrend in property demand and prices. This is due to its exceptional connectivity sources and IT corridor.
The Anna Salai Road or the Mount Road serves the connectivity purpose for the South and Central parts of Chennai. The Eastern Coast Road is a scenic road alongside Marina Beach, connecting the major neighbourhood along the coastline.
Line 1 and Line 2 of Chennai Metro has reduced the traffic congestion and elevated the daily commuting. There are three more metro corridors that will uplift the transit system of the city.
Chennai has massive bus services at minimal cost. There are also buses dedicated to women, especially able and third-gender individuals. Chennai city has a great network of railways that connects this port city to the key localities and other major cities in the country. Chennai is actually the birth centre of the railways in India.
Chennai International Airport is one of the busiest airports in the country. It serves both domestic and international air traffic. One of the highest cargo operations in India is conducted by this airport.
Ease Of Living In Mumbai Vs Chennai
Which City Is More Livable, Mumbai or Chennai?
Mumbai City is the financial capital of India. Thus, it offers a fast-paced lifestyle. The people are continuously proactive for their livelihood. The consistent crowds in the buses and trains reflect the speedy life of its residents.
Chennai offers a laid-back lifestyle with a comparatively lower crowd. There is very little migration from other states to this city as compared to Mumbai city, which prevents crowded streets and bustling neighbourhoods.
Though Mumbai has great law enforcement and police patrolling, Chennai is safer than Mumbai for women and others as well.
Which city has good infrastructure, Mumbai or Chennai?
Both cities have a solid infrastructure and benefits. However, Mumbai has more advanced educational, health, and entertainment facilities. Chennai is also developing rapidly but has lower pollution levels as compared to Mumbai.
Chennai is known for its flourishing automobile industry. It also has good IT infrastructure with big business stalwarts having their base in the city. However, Mumbai is already home to renowned MNCs across numerous sectors.
Mumbai has a commercial base of banking, financial services, textiles, fashion, FMCGs, IT/ITes, etc. Mumbai has extensive employment opportunities than Chennai, where the candidate can choose from an array of options.
Which city has great investment potential, Mumbai or Chennai?
The demand for properties in Mumbai is always high. The efficient infrastructure, a wide number of connectivity options, and employment opportunities have made it the ultimate housing destination.
Chennai is the core of the real estate industry in Tamil Nadu. The port-centric, automobile, engineering, IT, and manufacturing enterprises have led to a substantial demand for properties in Chennai.
The Peripheral suburbs and Navi Mumbai offer relatively affordable housing options with the best-in-class facilities. Navi Mumbai and especially Panvel is witnessing major infrastructural upheaval, laying a great opportunity for investors and homebuyers alike.
These manufacturing, logistics, and IT industries in Chennai are inciting a larger workforce towards the city. The upcoming metro corridor and its neighbouring regions pose a greater investment opportunity for higher returns and rental yields.
What is the cost of living in Mumbai vs Chennai?
The cost of living in Mumbai is higher than in Chennai. Mumbai has impeccable economic and social infrastructure. It offers a state-of-the-art lifestyle thereby, leading to a higher cost of living.
On the other hand, Chennai is one of the most affordable metropolitan cities. The living cost in the city is very low compared to Mumbai. It offers mid-segment and high-end properties at comparatively reasonable prices.
The property prices in Mumbai have skyrocketed due to saturation, rising affluence, and evolving needs for larger spaces. The cost of public transport in Mumbai is higher than in Chennai. The average property rate in Chennai starts from ₹ 6,000 while in Mumbai it starts from ₹ 30,000.
The rental value in Mumbai is again higher than in Chennai ranging between ₹ 15,000 – ₹ 2,00,000 while in Chennai it ranges from ₹ 8,000 – ₹ 75,000.
Top Projects In Mumbai
There are renowned builders in Mumbai namely, Hiranandani, Shapoorji Pallonji, Lodha, Rustomjee, Godrej, Kalpataru, Raheja, Wadhwa, MICL, etc. They are also exploring the peripheral regions of the key locations in the city.
Top Projects In Chennai
Real estate is burgeoning here due to the trusted and reputed builders in Chennai. They are transforming the landscape with their distinctive communities. Some of these builders include Prestige, Purvankara, Brigade, Sobha, Embassy Group, etc.
FAQs
| What is the average price range of flats in Mumbai city?
The average price of flats in Mumbai city starts from ₹ 52,800 per sq. ft. |
| Which city gives better rental yields in Chennai vs Mumbai City?
Mumbai City offers more rental yields than Chennai. This is due to its solid commercial base and connectivity mediums. The peripheral areas of the metro corridor and railway stations are driving the rental demand. |
| What is the average property rate in Chennai city?
The average property rate in Chennai city is ₹ 6,680 per sq. ft. |
| Which are the popular residential markets in Chennai?
The popular residential markets in Chennai are OMR, Anna Salai, Oragadum, Perumbakkam, Perumbur, Adyar, Boat Club, etc. |
| Which are the top under-construction projects by top builders in Mumbai?
The top under-construction projects in Mumbai are Runwal Gardens, Lodha The Park, Raheja Solaris, Kalpataru Advay, Hiranandani Fortune City, etc. |
| Is Chennai city safer to reside in?
Chennai is one of the safest cities in India and ranked 2 for the same. It has lower crime rates and good law enforcement. |
| Who are the renowned builders in Chennai and their projects?
These include Prestige Windsor Park, Brigade Residences Nebula, Hiranandani Verona, Purvankara Lake Vista, etc. |
