Property Rates in Chennai Nearly mirror Those at a Chennai Locality
As the largest city in the southern peninsula Chennai is also the most dynamic with a powerful regional economy that touches every corner of the country and many corners of the globe as well. The national and international impact of the city’s economic might has not been felt wanting on the city’s real estate sector; as a matter of fact it has led to escalating real estate prices in Chennai and the city’s real estate sector is now one of the most important in the country.
Buying property in Chennai is one of the surest real estate bets an investor and homebuyer can possibly make in the country, there is associated with buying real estate in Chennai a certain glamor which though as yet may not have the same degree accorded to it as owing property in other parts of the country, nevertheless leads to great pride and wellbeing in the psyche of the homebuyer.
Mugalivakkam is one such region of the city at which a homebuyer may bask in the glory of homeownership. This region of the city located approximately 15 kilometers from the city center has a large number of relatively newer developments already standing which offer buyers the opportunity to own apartments in Chennai which many may find to be priced just right.
For a price just slightly north of 50 lakhs a home seeker could, if they so wished, proudly proclaim to be the master or mistress of any one number of 1100 square foot 2 BHK flats in Chennai and if the same buyer were willing to shell out a little over 75 lakhs those cozy and comfortable 2 BHK flats could with ease morph into more spacious and regal 3 BHK flats in Chennai, all located only 15 kilometers from the center of Chennai.
The rate of increase in property rates at Mugalivakkam has remained largely in sync with the increasing real estate trends in Chennai, having appreciated by approximately 6 percent since 2013. Though unlike the average steady upward climb of property rates for the city at large the rate of appreciation in the value of real estate at this microcosm of Chennai saw a significant dip in value nearly 2 years ago before once again resuming its upward climb to stand at its present value of nearly 5,200 rupees per square foot.
The locality of Mugalivakkam has an excellent and well developed social infrastructure surrounding it with numerous schools, banks and hospitals in the vicinity. However a poor score on the livability index may bring into question either the quality of such amenities and/or the quality of the services provided to the residents under the upkeep of the regions municipality as well bringing into question the quality of physical infrastructure in the area and regularity of power and water supply to the residents. Either or all of such deficits may play a role in the inability of the neighborhood to be less than well regarded as a place to live.
Within a few years this locality of Chennai may grow and blossom as have many other neighborhoods in the country after going through some initial growing pains. In the long run however buying property in Chennai is a win-win and in the future with the availability of more comforts and access to an easier lifestyle owning a home at Mugalivakkam may be as well.
