Villas an upcoming trend in Chennai
Real estate market in Chennai was predominantly a market for 2BHK and 3BHK apartments. According to a recent survey, it is reported that villas in Chennai are more in demand than conventional apartments.
The report also revealed that the demand for luxury and studio apartments is also catching up in Chennai. The report has said that, as the completion of residential apartments in Chennai and its suburbs are delaying, the absorption rate of newly launched apartments is increasing.
It is also noticed that the rental rate of the apartments in various areas of Chennai has increased. The small format stores in the central business district of the city were in demand during March. Canon Image studio, Gem Palace, Lasya, Kryolan, and Timex were some of the brands that occupied vacant spaces in Ramee Mall on Mount Road.
Low retail activity in commercial property market kept the rental and capital values stable across the sub markets.
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Source: IBN Live
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Real estate in Chennai has been undergoing a great shift in its trends lately, and more demand for villas is yet another example of this trend. Property prices in Chennai have been on rise since long, particularly the commercial property rates. With the growing entry of IT professionals, there is an increased residential demand, so the prices have come to a new high in Chennai over the last few years.