Why properties in Porur are in demand

The real estate sector is Chennai has never really seen the bad days witnessed in the northern markets of the country. The economic slowdown and high inflation did have an effect on the market, but not to the extent that it slumped. The city is considered to be one of the most liveable cities in the country and the real estate here is driven primarily by end users rather than investors. This fact has actually proved to be very beneficial to the realty sector of the city. Since the market is primarily driven by end users, this market is relatively free from speculation which has kept it relatively stable. 

Pockets of growth have been found in northern and western parts of the city. The more well established micro markets in the city which are located in the southern part of Chennai are either saturated or nearing saturation. The number of properties which are available here are also very limited and can be bought by only the affluent folks. The situation is the exact opposite in the northern and western parts of the city were the property rates are much more affordable and there is decent availability of land as well. 

Porur is a micro market which is located in the western part of the city. The area is considered to be one of the most sought after real estate destinations in the city. Multiple factors have worked in the favour of this micro market. The area enjoys great connectivity with the rest of the city. Some of the major roads in Chennai are either passing through this locality or are located in close proximity to it. Major connectors such as the Chennai Bypass Road, the Arcot Road, and National Highway 4 pass through here. The Poonamalle High Road is located in close proximity to the micro market. Apartments in Chennai which are located here tend to be popular among buyers because of the connectivity factor. 

The going rate for apartments in Chennai which are located here are priced at INR 4500 per square feet on average. An individual house for sale in Porur is priced at INR 5200 per square feet on average. There is maximum demand for 2 BHKs in this locality. The unit size which is most preferred here falls between 700 and 1200 square feet. This shows that small to medium sized flats are catching the buyers’ attention as far as this micro market is concerned. The most preferred budget range for flats here falls between INR 30 to 50 lakhs. 

Another reason why a property such as a plot or an individual house for sale in chennai is popular is because of the presence of the Information Technology sector here. There are about three IT parks in this micro market which house many well-known companies. The presence of the Ramchandra Medical College has led to the increase in demand for rental properties here. Areas which surround this micro market have also enjoyed real estate appreciation.

Why you should in real estate in Hyderabad right now!

Positivity seems to be the key word which has permeated into minds of those who are working in the realty industry in Hyderabad. They feel that 2015 is the year that good things will happen to the market here. The market for properties her which was once vibrant had slumped to the lowest ever in its history.

The political unrest which plagued the state of Andhra Pradesh affected the city of Hyderabad in more ways than one. The property market was the hardest hit with many micro markets which were previously doing well showing a dismal decline in prices. But with the bifurcation of the state and the city being named the joint capital of the two states, the economy of Hyderabad was expected to recovery along with the real estate sector.

But this was not the case in the 2014. Sales remained low with a large pile of inventory which was far from being sold. The prices for properties such as plots and apartments for sale in Hyderabad have really not recovered at all. Prices here remain have remained very affordable through 2014. In that year, the fact that buyers were willing to spend less than INR 2000 per square feet on average on properties here shows that the market has remained slow. Apartments for sale in Hyderabad which were priced between INR 20 to 30 lakhs were the top choices for buyers looking for properties. In fact most of the flats which are being sold in this city fall between the INR 10 to 40 lakhs range which is a very affordable range indeed.

But in 2015, Hyderabad real estate is expected to recover. This could happen as early as in the first quarter of this year. The atmosphere here has become conducive for this kind of recovery. The state government of Telangana has gone into over drive to ensure that the city gets good infrastructure. The focus has been on developing the outskirts of the city.  As a result micro markets which surround these areas are picking up real estate traction among buyers and developers.

Areas which are dominated by the Information Technology are the ones which have found favour among buyers. There was a point when there was no stopping the IT story of this city but things did not go as planned. Now that the political dust has settled and the economy is looking up, the city which was once the darling of this sector is back in business. This will only be good news for the city as this kind of movement bring in good cheer to the realty industry.

Since Hyderabad real estate is heading into recovery mode, now might be the right time to invest here. The prices are still pretty low here currently. But once the prices start to recover the market will not be as affordable as it is now. So if one can invest wisely now then he will be able to reap the rewards in the months to follow.