Chennai - The housing paradise
2/9/2012 9:30 PM Thursday
The real estate market in Chennai has been flourishing for some time now, with property prices sky rocketing. The Chennai property market has displayed an unsurpassed potential to attract huge investments from the state government as well as from other states. Many developers have remarked that Tamil Nadu has been developing significantly, with real estate market transactions reaching almost Rs 30 billion. The growth in the IT industries and the BPO companies hasmade commercial Chennai properties very popular. To add to this, leading housing companies are coming up with innovative buildings and villas thus augmenting the housing opportunities in Chennai and adjoining areas. Along with the growing demand for Chennai properties, even ready constructed houses have attracted investors. Hence, people from all walks of life are seeking affordable flats and apartments for sale. The sheer number of buyers has made housing companies and builders in Chennai focus more on the availability of flats or apartments. Thus, it can be said that the real estate market in Chennai is on a high with huge investments being made into it and with a lot of professional activities cropping up around it.
According to a report by Property One Asia, the low interest rates and exciting home financing avenues provided by the Home Loans Companies have made owning house in Chennai possible for all even in plush localities such as Adyar, MRC Nagar, Royapettah. Owing to the influx of corporate professionals, houses on rent are available at competitive rates while the serviced apartments in Chennai can be bought by availing appropriate Mortgage Loan. The residential areas within the city are highly saturated and no new supplies are coming up in these areas. The areas include R A Puram, Adyar, Nungambakkam, Chetpet, Poes Garden, Alwarpet, T Nagar, Anna Nagar and Chilpauk.
The major growth in real estate sector in Chennai is because of IT, ITES, manufacturing sector and SEZs. The maximum number of IT companies and industries are located in the suburb area of Chennai. This has forced people, who are into IT, to look for properties in suburb rather than commercial areas as they would have the advantage of residing nearby to their workplace. As a result, developers are constructing large townships in places like OMR and Sriperambadur where buyers have shown positive response in buying the property. Each day new buyers are emerging and so the new trends in building have come up. With the rising new trend, the multistory apartments are changing the existing tradition of stand-alone bungalows. The city is going through redevelopment phase wherein the single floored and multi-storeyed buildings are ruling the whole city resulting in high sales. In the residential sector, the plotted developments have shown good profits and also the number of sales has increased. Overall, the present market scenario of Chennai is in a state of fluctuation. The real estate, construction, infrastructure and manufacturing have shown an increased movement in the market.
There has been a change in the preference and demand in Chennai in recent months. The demand for three BHK flats has witnessed an upsurge with the area increased from 1200-1300 square feet during the recession to 1400-1500 square feet in the revival phase. The preference for two BHK apartments has also increased from 850-950 square feet to about 1100-1200 square feet in recent months. Again, the main reason for this upgrade in preferences is increased budgets made possible by improvement in the performance of the IT / ITES sector.
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