A Gem for Buyers Looking for Affordable Property in Chennai

Despite the high salaries of some Information Technol-ogy workers in Chennai, property in Chennai still tends to favor the mid and lower segment homebuyers when considering the volumes of property sold. Not everyone can afford luxury flats in Chennai and the city has there-fore a strong market for buyers seeking homes priced between 20 to 40 lakhs. As a matter of fact, one possi-ble sign of the vigor of this segment of the real estate market is the high synchronicity between the supply and demand of such properties It would appear that builders in Chennai have a good sense of market sen-timents when building homes for mid-income and lower-income buyers, most likely this has led to little distortion in the price of such property in Chennai.

One micro market named Urapakkam is the stage of large number of affordable apartments in Chennai. Urapakkam has advantages for home buyers in that it is well con-nected with other major parts of the city and in the future is likely to be even more so after the construction of an upcoming bus terminus. In addition it remains an attrac-tive destination for real estate prospectors hunting for flats in Chennai due to Urapakkam’s proximity to more than one prominent IT park as well as to major special economic zones.

For an employee who is employed in Chennai’s expan-sive IT industry buying a flat at Urapakkam is a wise decision due to the ease of commute to nearby IT parks and the relative affordability of flats in the region. Even speculators keen to invest money in apartments in Chennai may gravitate towards Urapakkam as the homes at the locality are evenly priced and buyers are likely to make a modest profit once Urapakkam is bet-ter connected than it already is with other parts of the city.

This part of the city rates well on the livability index, in addition it makes a good place to properties in Chennai as prices for apartments here had been steadily appreciating till close to 2 years ago, though since which time the rate of appreciation in the price of apartments at Urapakkam has been much more modest. What augurs well for the destination is the inex-pensive price for an apartment in a part of the city which is well connected with important employment zones and where the price of property has shown resilience at a time when much of the real estate market in the country has taken a beating.

To a buyer who regularly sips Chardonnay and drives a luxury car and only considers investing in ongoing residential projects in Chennai and other cities, Urapakkam certainly doesn’t deserve any signifi-cant attention as an investment destination. However, for a midlevel to upper management employee at a steady information technology company, buying at Ura-pakkam may be quite reasonable if not commendable. Furthermore,Urapakkam too commands its share of the as currently there are well over 10 such new develop-ments under construction in the region. The locality has a well-developed physical infrastructure and a large number of schools and restaurants in the vicinity; it may be neat locality at which to own a home in which one in-tends to live or one to make a modest to significant gain on by selling in few years.