The real estate in Chennai has witnessed an enormous growth mainly due to its suburbs. Lack of land, high prices, and traffic have always been the reason for people to shift interest towards buying house in Chennai suburbs. But has the real estate development in suburban regions happened simultaneously with the infrastructural development. Definitely the answer will be a big no. It is so because, even before the suburbs are ready with all proper infrastructure and amenities, the real estate there have started to find flourish. But though initially this lack of infrastructure did not deter people from investing in the suburbs of Chennai, people are now keen on looking for proper infrastructure, sufficient water supply, well-laid roads and easy connectivity to the city.
When you take in the case of cities, infrastructural development will help in increasing the real estate market. But it the vice versa in suburbs, where a residential projects are started first and then to cater the new population there, certain infrastructural development happen. For instance a builder who get a huge area of land at a lower price in the outskirts of the city launches a new residential project there even if the location does not have proper roads, water supply, sewage system, transport or any shops nearby. But the price of apartment for sale in Chennai suburbs has made people to buy flats there no matter how many drawbacks the location have. This huge demand has given builders a strong belief to start new projects in the expanded city limits.
Though the most of suburbs of Chennai are clearly witnessing a phenomenal growth, there are certain location that still lack in proper infrastructure. Though these areas get only a little appreciation in next few years, people are ready to invest here. Now there are two types of people who prefer these suburbs; those who just want to buy plots for sale in Chennai as an investment and the others who cannot afford to buy a house in Chennai city. In both these cases they are not worried about any infrastructural growth as of now. People who prefer suburban properties in Chennai are expecting a high return of interest may be after ten to fifteen years.
Another reason why this infrastructural deficiency is not affecting the real estate is that growing IT belts and industry belts in such areas. For instance Oragadam which lacks many infrastructural development has a high real estate growth only due to the industries flagged there. Because people working there wish to buy a house near their work place.
So the huge demand of houses in suburban Chennai and increasing number of residential plots and flats for sale in Chennai suburbs does not indicate that these locations fulfil all requirements of the buyers. The increasing prices of plots of sale here are mainly because of incredible real estate prices within the city limits.
Lack of infrastructures will definitely hinder the real estate in Chennai to a little extent but will not stop potential home buyers from investing there. Builders are also trying hard to provide basic amenities such as water supply, proper sewage system and more to attract buyers.