It isn’t surprising that Chennai, the vibrant capital city of Tamil Nadu, is witnessing rapid growth in the real estate sector. As more professionals throng to buy plots in Chennai for its varied options and pocket-friendly prices, the demand for land for sale in Chennai has also been increasing. So, if you are a buyer or investor, it is wise to understand the price movements of the plots for sale in Chennai and the factors influencing the same. Here is a concise guide to help you navigate the volatile real estate landscape.
Key factors that influence the prices of plots for sale in Chennai.
Location.
The most significant factor is the location of the plots in Chennai. Areas in the city’s prime like Nungambakkam, T Nagar etc are exorbitantly priced while emerging areas like Thirumazhisai, Perungalathur, and Ponmar are popular for their affordability and growth potential.
Plots in booming areas like Thirumazhisai & Perungalathur are priced from ₹1,800 to ₹4,000 per square foot. While plots in Ponmar are more accessible between ₹1,200 and ₹2,500 per sq ft, owing to its proximity to the Outer Ring Road.
Proximity to essential landmarks.
This is the 2nd most important factor that impacts the prices of plots for sale in Chennai. Buyers prefer plots that offer quick access to schools, hospitals, IT Parks, & entertainment hubs. Plots in Thirumazhisai have the advantage of several renowned educational institutions & shopping centres and those in Ponmar are rapidly evolving with the latest modern amenities.
Zoning laws & Government regulations.
Understanding government regulations and guidelines is critical when you buy plots in Chennai. Certain places may be restricted for residential use only while some plots are solely set aside for commercial, or industrial use, influencing prices. These plots often experience increasing prices due to business potential. Plots in Perungalathur with the ongoing government projects will lead to an increase in land prices in the future.
Matching the market trends and economic circumstances.
The real estate market is primarily swerved by economic trends like inflation rates and the fall or rise of the economy, pulling along the prices of land for sale in Chennai. In recent times, the demand for plots in Chennai’s micro areas like Perungalathur & Thirumazhisai has gone up as a segment of buyers are looking for more affordable & spacious living places.
Related: How do you manage hidden costs when you buy plots in Chennai?
Why buy our plots?
- Located at the most-developing locations in Chennai
- Few minutes from the IT hubs, schools, hospitals, malls.
- Proximity to Chennai highways & city connecting roads.
- Potential for high value appreciation.
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Size and Shape of the Plot.
A plot’s size & shape also influence the demand & in turn the price. Bigger plots in desirable locations are usually priced high. While standard rectangular plots with a good set of amenities are often more desirable at affordable rates. Sometimes, the plot developers in Chennai offer extra discounts for irregularly shaped or corner plots to those customers looking to buy plots in Chennai as an investment.
Infrastructure development in the locality.
The development of neighbouring areas can significantly influence plot prices. Areas with growing residential projects, well-maintained roads & amenities attract more buyers, driving up the plot’s demand & price.
The Chennai Metro Rail Phase II expansion and Ongoing improvements to the Thirumazhisai-Sriperumbudur road have made it a popular real estate investment option.
Investing in a plot in Chennai can be rewarding. By conducting in-depth research & consulting real estate professionals, you can align your investment goals and make informed decisions. Elephantine Enterprises which is one of the renowned real estate developers in Chennai with over 12 years of industry experience offers plots (with properly plotted community plans) at the most competitive prices. Some of its successful ongoing projects include:
- Aztec in Thirumazhisai
- Haven in Thirumullaivoyal
- Easton Enclave in Perungalathur
- Bliss in Town in Ponmar
- Park Town in Vengal.
The plots are all RERA-approved and CMDA-certified and carefully planned with the best of amenities. Wish to buy plots in Chennai at the most happening locations and at the best prices, then head to Elephantine’s website to book a site visit today.
