The Booming Market of Second Homes Around Chennai

Chennai, the bustling South Indian city, known for its rich cultural heritage and beautiful beaches is now emerging as a booming destination for second homes. The city's flourishing real estate market has been the driving force behind the rise of second home culture.

The trend of owning a second home as a weekend getaway or vacation home is not new in India. However, in Chennai, the second home market is witnessing a paradigm shift. The investors are now primarily looking for second homes as a long-term investment. With the rise of the IT and manufacturing industries, the demand for second homes has been steadily increasing.

According to a study by Knight Frank, a real estate consultancy firm, Chennai has clocked a growth rate of 10-12% in terms of second homes over the last few years. The study also reveals that most of the buyers belong to the age group of 35-50 years and come from high-income households. The major driving factor for investment in second homes in Chennai is the proximity to major business hubs, presence of social infrastructure, upcoming projects, and accessibility to modern amenities.

Owning a second home in Chennai is not just deemed a lifestyle asset but also considered a lucrative investment option. One of the key factors contributing to the rising demand is the increasing cost of land in the city limits, forcing investors to look beyond the city limits for investing in a second home. The areas in and around the city are being developed for residential purposes, further contributing to the growth of the second home market.

The pandemic-induced lockdown has further fueled the demand for second homes as people look for isolated vacation homes to avoid crowded tourist destinations. With Work From Home becoming the new normal, owning a second home outside of the city is now a feasible option for many.

The development of infrastructure has been a significant driving force for the second home market in Chennai. The city’s expanding transportation network includes a metro rail system, suburban railway, and improved road connectivity, making it easier to travel and commute from the city to the suburbs. The growing presence of shopping malls, supermarkets, and healthcare facilities has further accelerated the demand for second homes in the city outskirts.

The potential for capital appreciation and rental income is a significant factor that attracts investors to the Chennai second home market. With the emergence of online rental platforms and real estate aggregators, the possibilities of earning rental income from the second homes have increased manifold.

In conclusion, the booming market of second homes around Chennai presents a favorable investment opportunity for potential buyers. As per the industry experts, the trend is expected to continue as the demand for weekend homes and long-term investment options rise. With the ever-growing infrastructure improvements, the prospects of the second home market in Chennai seem to be promising.