RESIDENTIAL PROPERTY

Chennai's Residential Property industry seems to have recovered from its recessionary phase last year. Prices seem to be stabilising, even as the demand for residential flats keep rising.

By and large, builders are concentrating on the middle-income group and upper-middle group, for their buyer base. With an increase in the number of software professionals in the city, apart from the usual Non-resident Indian (NRI) investors, there is increased demand for flats even in the range of Rs 15-25 lakhs.

With many Banks and Financial Institutions offering reduced rates of interest and 'never before' loan schemes, people are encouraged even more now to invest in properties. Another impetus is the feeling that prices may start rising again by small levels. And this is inducing people to buy their 'dream homes' now.

The hottest residential property areas in Chennai are: Raja Annamalaipuram, Mylapore, Egmore, Adyar and Besant Nagar.

Average Price per square foot in select residential areas in Chennai:

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