What Is New In Real Estate?
Investment options have increased multi-fold in Chennai and the real estate developers in Chennai are trying to come up with new ideas to pull the customers towards them. Integrated townships in the outskirts of the city are one such initiative taken up by many builders in Chennai.
In the past six months, there have been many such integrated townships in the outskirts of the city where the prices seem to be comparatively affordable to the people. Integrated townships have a balanced mix of residential and commercial spaces along with well-developed infrastructure and recreational amenities besides green and open spaces. They should encompass all aspects of modern day living within the gated community. They are generally located in the suburbs or outskirts of the city where such lands are easily available. The cost of units in these townships is comparatively lower because of cheap land available on the outskirts of the city and the huge project size that has a large number of units constructed on mass scale, providing the necessary economies of scale. Catering to a broader demography one can get a 1BHK unit (600-640 Sq. Ft.), a 2BHK unit (1200-1350 Sq. Ft.), 3-4BHK units (1700-2200 Sq. Ft.) and even villas (2500-3500 Sq. Ft.) in this area. Broadly the prices for these offerings are in the range of Rs 4,200-4,800 per Sq. Ft., depending on the location and the amenities provided.
Present primarily in the newer areas of OMR, GST and along the Chennai-Bangalore corridor, these offerings are large well integrated townships with about 800 and above units per project. Most of these projects are offering possession by end 2016 to 2017. The existing manufacturing hubs in the GST and the Chennai-Bangalore corridor, the ever growing IT professionals migrating to the city in the OMR seem to have triggered the need for these projects.