Flats for sale in Chennai witness a stable demand trend even when economic slowdown has affected most industries across the world. One of the most important reasons for this is that South India’s major metropolis is largely an end-user driven market. Other metros like NCR and Mumbai demonstrates major price upheaval throughout the city but Chennai observes such price increase only within certain pockets. This means that there continues to exist many regions that are still accessible by the middle class community price-wise. Apartments for sale in Chennai have differential price tags depending upon their locations and hence a large cross-section of buyers can make these properties their home even today.
Here are some quick and obvious reasons that keep the Real Estate demand and growth in Chennai relatively stable regardless of the economic conditions in the country or outside.
Chennai Property Market Tops Mumbai, Delhi-NCR
Courtesy: Bloomberg TV India
1. Lack of speculation
It has now become obvious that Chennai’s Real Estate market is influenced by end users. Investor participation here is long term and people prefer apartments for sale in Chennai largely for investment or residential purpose. Unlike other major metropolitan cities, Chennai does not witness immediate buying and selling of properties to realize quick money. Such Real Estate dealing trend cannot be seen in Chennai and hence the market is least speculative when compared to other metros.
2. Buyer preferences
The demand of apartments for sale in Chennai is backed by concrete preferences of people since they are used for the purpose of primary consumption. Real Estate investors are specific about what they want to buy, their requirements are concrete and long term. So, the market is not filled with flats and homes of low standards and quality. Anything and everything do not sell in Chennai and because of that prices are also more or less stable.
Although there is a strong preference towards the Central Business District when it comes to buying flats for sale in Chennai, people have begun to move towards greener and more open pastures in search of the right property. Therefore, the paradigm shift towards the city’s peripheral and suburban regions has opened up the market and resulted in steady prices.
4. Increase in township projects
Chennai over the years may have seen considerably fewer township projects but this is expected to be a new trend since many builders in Chennai are today focusing on the creation of integrated townships over and above the regular flats for sale in Chennai.
- Sumangali Homes
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