There is an air of optimism surrounding the real estate situation of Chennai. Most experts are of the opinion that both the commercial and residential real estate segments in the city will get a good boost in 2015. The city has never seen a big slump realty wise but the market has been semi-dull for the past few years. The general economic down turn, high home loan rates and high cost of construction were some of the factors which were cited to be the cause of the small slowdown in the market.
Experts have made their predictions based on a few facts. They say that the economy is on the rebound. This will put money into the pockets of the common folk which will increase their spending power. Once that issue is sorted, most people immediately think about getting themselves their first or second home. Real estate is generally considered to be one of the top choices where people want to park their money. Another reason why there is increased optimize among those who are in the industry is the repo rate cuts by the Reserve Bank of India. This essentially means that those who are paying home loans can expect a cut in the EMI. Taking all these positive factors into account, some feel that the southern city stands to benefit immensely realty wise.
Most of those who are buying up Chennai residential projects are end users. This has ensured that Chennai property prices have not been wildly fluctuating because of speculation from investors. This trend has been seen in 2015 as well as vast majority of those looking for Chennai properties have been buying them for end use.
Buyers from the low and mid segments are hoping that the Chennai property prices will stabilize this year. In 2015 there have been a lot enquiries for properties which fall between the INR 20 to INR 30 lakhs range. This is followed by the INR 30 to INR 40 lakhs range. This shows that there is good demand for affordable properties here. North Chennai and the micro markets along the GST Road are considered to be quite affordable. There is also demand for properties in the luxury category. Properties which fall in the INR 1 to INR 2 crores range have also been generating interest among those who are looking for high end properties in the city. Areas such as Adyar, Beasant Nagar, Nungambakkam and RA Puram cater to those who are looking for such high priced properties.
The city’s suburbs are enjoying immense real estate resurgence. Once ignored and rejected, these areas are quickly becoming favourites among those who are looking for housing options on a budget. These areas are spread across the city and are well connected to the central business districts as well. Infrastructure projects are being planned with these localities in mind which has also given these localities a much needed boost. All in all things are looking up for the real estate sector in the city.
Experts have made their predictions based on a few facts. They say that the economy is on the rebound. This will put money into the pockets of the common folk which will increase their spending power. Once that issue is sorted, most people immediately think about getting themselves their first or second home. Real estate is generally considered to be one of the top choices where people want to park their money. Another reason why there is increased optimize among those who are in the industry is the repo rate cuts by the Reserve Bank of India. This essentially means that those who are paying home loans can expect a cut in the EMI. Taking all these positive factors into account, some feel that the southern city stands to benefit immensely realty wise.
Most of those who are buying up Chennai residential projects are end users. This has ensured that Chennai property prices have not been wildly fluctuating because of speculation from investors. This trend has been seen in 2015 as well as vast majority of those looking for Chennai properties have been buying them for end use.
Buyers from the low and mid segments are hoping that the Chennai property prices will stabilize this year. In 2015 there have been a lot enquiries for properties which fall between the INR 20 to INR 30 lakhs range. This is followed by the INR 30 to INR 40 lakhs range. This shows that there is good demand for affordable properties here. North Chennai and the micro markets along the GST Road are considered to be quite affordable. There is also demand for properties in the luxury category. Properties which fall in the INR 1 to INR 2 crores range have also been generating interest among those who are looking for high end properties in the city. Areas such as Adyar, Beasant Nagar, Nungambakkam and RA Puram cater to those who are looking for such high priced properties.
The city’s suburbs are enjoying immense real estate resurgence. Once ignored and rejected, these areas are quickly becoming favourites among those who are looking for housing options on a budget. These areas are spread across the city and are well connected to the central business districts as well. Infrastructure projects are being planned with these localities in mind which has also given these localities a much needed boost. All in all things are looking up for the real estate sector in the city.
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