Prices at Chennai's premium locations grew at 3% in 2016 - double the rate of overall Chennai residential market. But this segment came under pressure during the second half of the calendar year 2016.
South and west Chennai accounted for half of the new launches in the city. The South Chennai market is a big draw for home buyers with affordable pricing along with availability of employment opportunities and social infrastructure. The West Chennai market such as Kolappakkam and Maduravoyal is also seeing traction - due to lower prices and good connectivity with suburban business district locations.
Chennai metro phase II is a major trigger for the Chennai residential market - especially OMR. It will connect OMR to the central and the western locations of Chennai.
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