Investment Opportunities In Chennai Property Markets

Good news for Chennai residents. And property investors and real estate developers too! The city’s infrastructure and connectivity would be enhanced with its airport wearing an international look by year 2010.nnChennai would be able to receive a far greater number of national and international passengers everyday as the capacity of the terminal building will be enhanced. In fact, a whole new terminal building will be constructed at the airport that would be able to handle as many as 4-million international and 10 million national passengers.nnThe total cost of the project is estimated at Rs 2,038 crore. nnThe Impact nnChennai properties around the south-west part of the city are likely to enjoy a northward rally in the next couple of years. The business opportunities created by the modernization of airport would boost the property values in the areas around the facility. nnAccording to the property experts, the areas of Guindy and Vela Chery would be among the most-benefited. Besides, the property prices in Chennai’s Saidpet area are also likely to go up as the airport project would progress. nnThe property investors might also be interested in locking properties around Inner Ring Road, in expectation of earning handsome gains. The road connects the central city localities like Kodambakkam and Mambalam with the airport.nnMost encouragingly, the hotels and hospitality industry can leverage the benefits by securing suitable land areas in the areas. As the number of incoming passengers would rise in Chennai, demand for hotel rooms and service apartments would trigger like a bullet.nnNotably, the largest 5-star hotel Le Meridien has already set its footprint at Guindy, near the airport, but there is no dearth of opportunities for other players.nnOutlooknnTremendous business opportunities would surface up at these locations for retail players as well. Similarly, prices of residential properties will also rise in areas lying in proximity to the airport. nnAs per the reports of MagicBricks reports, the capital value for a residential apartment in Vela Chery hovers between Rs 2,500 and Rs 3,000 per sq. ft, at present. nnThe market observers say that the capital values and rentals have already corrected by about 10-20 per cent in the past 8-12 months and market is apt for investment purposes.nnFor more details on Chennai Property, log on to magicbricks.com