In a recent report by the magazine Knight Frank, the real estate market is reported to have grown 3% every year since 2012.
In the latest report by Knight Frank Magazine, in the year 2018 alone, 2000 new housing projects were announced in Chennai. This is 20% higher than the 2017 year figures.
The TNCDR (Tamil Nadu Combined Development Regulation And Building) and Construction Rules 2018 have not been clarified yet.
After the state government has resolved various issues and released the TNCDR rules, additional construction plans are waiting to be released.
In 2018, most of the new construction plans are in South Chennai. Especially in the last 10 years, the regions of South Chennai have seen tremendous growth.
45% of the house construction plans announced in 2018 are priced at Rs. 45 lakhs. About 41% of middle-income group flats are priced at Rs. 40 lakh to Rs. 70 lakhs. 14% of construction is for deluxe apartments (cost over Rs. 70 lakh). The 4 regions of South Chennai are as follows.
Medavakkam
With the increasing value of the OMR (Old Mahabalipuram Road) area, buyers who prefer to make their residences near their offices choose Medakkam as the best option. Medavakkam is located on the Tambaram-Velachery main road. It also covers the junction road between the ECR (East Coast Road) and the Tambaram-Velachery Main Road.
Perumbakkam
The Perumbakkam region has also undergone tremendous change / growth over the last 4 years. Also, a large number of low-cost housing plans have been announced here. It is located in the middle of Sholinganallur, Semmancheri, Medavakkam, and Chittalapakkam. In the last 3 years, the price of Perumbakkam region has increased by 11%.
Vanagaram
Venangaram is located at the intersection between NH-2, NH-48, and Poonamallee High Road. As it is located 4 km away from the Coimbatore Metro Station, the area is experiencing rapid growth. Since it is near Anna Nagar, now most people prefer this place to Vangaram.
