The last year (2017) was an important year for the real estate sector in India. The year witnessed several amendments that brought in significant changes in the industry. The government took major and critical steps forward in the form of GST regulations and RERA, with a view to curb the grappling issues of black money, and less transparency. Though it is too early for anyone to comment on the outcome of these implementations but one thing is sure that the customers have started to feel positive and are hoping for brighter days ahead.
Talking about the real estate is south India (specifically Chennai) it is robustly growing into one big sea of opportunity for anyone wanting to invest in property. Tambaram is one of the most posh areas in Chennai, and is even considered a gateway to the southern part of the city. Despite being one of the oldest residential areas of the city, it is still considered one of most premiere localities as it is well-connected to all parts of the city. With so many facilities, the real estate market of this place is pretty much towards to the higher side. But the buyer would himself understand after seeing the properties that it is a value for money deal.
Property price trend in Tambaram
Currently the property rate in Tambaram is between INR 3300- INR 5200 per square feet. Talking about the price trends in the area, it has appreciated significantly since the last year. As per sources, the property price in Tambaram has increased by nearly 27% as compared to the last year. If sources are to be believed, the price trend of Tambaram would be on a gradual high because the customer’s demands have been consistently increasing. And with increased demand, the prices would definitely surge high.
As per industry statistics, the average price of a 2BHK unit in west Tambaram would cost nearly 40 lacs, while the same property in east Tambaram would be priced approximately around 45 lacs.
While looking at investing in Tambaram, one must keep in mind some of the key localities in the region, such as, Balaji Nagar, Camp Road, and Sithalpakkam. These localities offer a very good range of properties to choose from. Below are the property details of a couple of locations, as mentioned:
- Balaji Nagar: The average plot/land price in this region is between Rs 2200 to Rs 2900 per sq feet
- Sithalapakkam: This region is slightly more expensive than Balaji Nagar. If you look at the good locations here, the average plot/land rate would be in the range of Rs 2600 to Rs 3500 per sq feet
So should you invest?
There are multiple reasons why one should be investing in Tambaram. Hosting a cosmopolitan population, the place is well planned and has a beautiful landscape. There are uber-luxurious societies and high rise apartments that speak for the lavish lifestyle that one gets to be a part of, through moving in here or shelling out money even for the purpose of investment.
Tambaram is still spreading its wings and is set to sore higher with more of infrastructural development, and builder projects. All of this would fuel the property price furthermore in the days to come, and hence it poised to be a super good investment option for anyone who is looking to invest.