It has been the umpteen times that the wherewithal of Chennai as a real estate market has been talked and written about. Thanks to its sturdy IT base and steady outsourcing market that the city has been able to attract the buyers and builders from all over India. The presence of good infrastructure, strong foothold of automobile and health-care industries have given the come-on to buyers of Chennai properties. The real estate in the city saw a slump in 2012, but this year, it is expected to fare well.

The expected positive trends in 2013 find their roots in last year's unsteady demand-supply ratio. It has been predicted that the unused stock of inventories may get consumed this year. This shall be able to correct the ratio and help in stabilizing the realty sector. The year has also been predicted to do well for long-term investors: the prices are predicted to escalate and this could bring fortunes to the investors on the Chennai properties that they have entrusted money upon. An appreciation of 23% in psf (price/ sq. ft) rate has been recorded over past one year. The price rate this August stood at Rs. 4779 while the corresponding value in August '12 was Rs. 3869.

Another trend that has been making waves is the revival of luxury housing. The builders are planning to launch apartments in Chennai in 2-9 crore bracket. Many such projects have been launched in Adyar, Nungambakkam, and Egmore localities. The viability of these projects, in terms of demand, is still to be seen. Though the prospect buyers are citing the rates as too high, the builders are giving the exorbitant land prices as the excuse.

The property rates for a 2 BHK flat varies from region to region in the city. In southern localities like OMR, Velachery, and Pallikaranai, the prices are somewhere between 60-70 lacs. Areas like Pammal, Maddikappam, and GST Road, the rates are lower and suitable for budget buyers. Flats for sale in Chennai in the central part of the city are quiet high. Here, the buyers would find a 2 BHK flat at 1-2 crore. The West Chennai is somewhat cheaper: at Poonamallee, Porur, and Ayapakkam, the property rates for a 2 BHK range between 30-45 lacs.

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