Increasing Demand for Residential Apartments in Trichy

Trichy: The rapid increase in the price of residential land and individual homes in the city are making the people prefer apartments. Currently, the residential developers in the city are focused on construction apartment projects in Trichy that meets the needs and budget of every home buyer.

Through the builders have started to develop apartment projects in the city before 20 years, the demand for these types of residences have increased gradually. In the recent times, the real estate and construction fields are going at a dull pace. However, the flat promoters in the city are ready to launch new residential apartment projects in Trichy. As of now there are totally 120 apartment projects are under construction. .

According to the sources, the skyrocketing prices of the unapproved vacant plots is making difficult for the people to buy an individual house. Thus, the people have shifted their preference on to apartments in Trichy. Besides, most of the land promoters are not approaching the local planning authority (LPA) for approval, as they are not ready satisfy norms like broad roads.

To increase the demand for apartments further, the Confederation of Real Estate Developers (CREDAI) has recently conducted a three-day Fairpro-2015 to grasp the attention of the home buyers.   

The flat promoters in Trichy are focusing on developing apartments within the city limits. The price of the apartments that located in the main roads of the city are high when compared to the inner roads. According to sources, the price of an individual house located within a city limit is expensive. Thus, the home buyers are buying apartments which are available at affordable rates. Further, the resale value of the apartments in the city will increase in the future, as the city is witnessing an enormous range of developments in terms of infrastructure and industries.

The price range of 1 BHK, 2 BHK and 3 BHK apartments is ranging from Rs 25 lakh to Rs 1 crore. The price is fixed based on the area. Also, the price varies according to the number of amenities available in the residential apartment.

It is expected that the price of the residential apartments will increase in the next three months, as the cost of the construction materials has raised up.

When we consider these factors, it's the best option to prefer a residential apartments in Trichy rather than expensive individual houses.

Why Chennai real estate is in growth mode in 2015?

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.