2014 was not that great a year for real estate in Chennai. The city recorded a drop in sales volumes during all the quarters of 2014. But the real estate sector here has been fairly protected from the prolonged slowdown faced by many of the metros in the country. The buyers in this market are very conservative and don’t want to speculate. They don’t generally want to park money in risky propositions. The market here is driven by end users and is hence protected from speculation to a great extent.
2015 is expected to be a much better year for the city. The housing segment is expected to grow and stabilize during the course of this year. Property prices and rentals are set to increase through the year according to latest reports. This will bring good cheer to the industry here which has been witnessing a slump for the past year or so.
Though these predictions have been made there are a few things that need to happen in order for the growth to materialize. From the developers’ side, many of them feel that the approval process to begin a project is rather tedious. There are about 58 approvals which have to be given by the government of the state before a developer can even start a project. Many of them are clamouring for a single window approval system. They seem to believe that the market for properties in Chennai will pick up if there are no delays in approvals.
Infrastructure is also a key driver when it comes to enhancing the demand for apartments for sale in Chennai. The thing about infrastructure is that it should not be limited to only certain parts of the city. The distribution of these infrastructure projects should not be limited to the known areas of the city. It should be evenly distributed so that the far flung suburbs also benefit from it. Currently the project which is attracting a lot of attention is the second phase of the Outer Ring Road which will north Chennai to south. Apartments for sale in Chennai which are located along this stretch will fetch good returns.
In some areas of the city even the most essential civic infrastructure seems to be missing. Properties in Chennai which are located along these pockets tend to not fetch much and are not preferred among buyers. If the infrastructure situation improves here, it will benefit the housing sector present in the city.
Areas which are catching the eyes of the buyers seem to be located in pockets which are affordable. North Chennai is one such market and so are the western parts of the city. With north Chennai, infrastructure remains a problem. If the projects in the pipeline come together and work out, the real estate values here will increase exponentially. There are areas along the GST Road which are also attracting buyer attention. These three markets will drive the real estate growth of the city in the days to come.
2015 is expected to be a much better year for the city. The housing segment is expected to grow and stabilize during the course of this year. Property prices and rentals are set to increase through the year according to latest reports. This will bring good cheer to the industry here which has been witnessing a slump for the past year or so.
Though these predictions have been made there are a few things that need to happen in order for the growth to materialize. From the developers’ side, many of them feel that the approval process to begin a project is rather tedious. There are about 58 approvals which have to be given by the government of the state before a developer can even start a project. Many of them are clamouring for a single window approval system. They seem to believe that the market for properties in Chennai will pick up if there are no delays in approvals.
Infrastructure is also a key driver when it comes to enhancing the demand for apartments for sale in Chennai. The thing about infrastructure is that it should not be limited to only certain parts of the city. The distribution of these infrastructure projects should not be limited to the known areas of the city. It should be evenly distributed so that the far flung suburbs also benefit from it. Currently the project which is attracting a lot of attention is the second phase of the Outer Ring Road which will north Chennai to south. Apartments for sale in Chennai which are located along this stretch will fetch good returns.
In some areas of the city even the most essential civic infrastructure seems to be missing. Properties in Chennai which are located along these pockets tend to not fetch much and are not preferred among buyers. If the infrastructure situation improves here, it will benefit the housing sector present in the city.
Areas which are catching the eyes of the buyers seem to be located in pockets which are affordable. North Chennai is one such market and so are the western parts of the city. With north Chennai, infrastructure remains a problem. If the projects in the pipeline come together and work out, the real estate values here will increase exponentially. There are areas along the GST Road which are also attracting buyer attention. These three markets will drive the real estate growth of the city in the days to come.
Informative post you have shared on store for real estate in Chennai.
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