Real Estate in Chennai is a very striking phenomenon. While the Central Business District has always enjoyed distinction of being the most preferred and the most invested in, there are other more silent counterparts in the city that have been growing steadily and today reigning supreme. The peripheral regions of Chennai have been witnessing immense residential and commercial growth in the last two decades. Large plots of agricultural lands have been usurped to make way for thriving Real Estate activities, since the demand for Real Estate in the city has been skyrocketing. Chennai’s Real Estate market has been largely end-user driven and hence economic slowdown has not affected the city’s realty prospects as much as it’s done with other metropolitan cities.
2012 through 2013 – Chennai’s Real Estate market
In 2012, the demand of Real Estate in Chennai observed significant movements in terms of buyer interest and large volumes of land and property transactions. 2012, therefore saw a big wave of property development and realty project launches in the peripheral and suburban regions of Chennai. Buyers and builders in Chennai engaged in large volumes of land transactions in regions like GST Road, Medavakkam, Perumbakkam, OMR and Sriperumbudur as the regions were poised for dramatic potential.
In 2013, markets began to slow down; While other metropolitan cities faced a slump in Real Estate demand, Chennai continued to do well undeterred by market drivers. But in the third quarter of 2013, the falling of rupee, market uncertainty and turbulent economic conditions made the sales velocity to drop its pace. However, Chennai picked up by the end of the fourth quarter of 2013. There was a sudden spurt of interest in the Real Estate market of Chennai especially from the NRI segment. Builders in Chennai introduced schemes and newer projects considering the dynamics of the market and buyer interest then. But 2014 is expected to take the path of its predecessor and cater to the demands of prospective buyers.
Source: ET Now
Chennai has always been considered as a favorable destination for Real Estate investment in South India. It has consistently attracted investors with the best of educational, infrastructural, healthcare and quality of life. However, Real Estate in Chennai assumed newer and larger proportions with the entry of multinational giants in IT/ITES, manufacturing, chemical and automobiles. This advent accelerated career prospects immensely thereby increasing the percentage of migrants to the city. This increase in residents of Chennai creates residential demand in the form of property purchases and rental options.
- Sumangali Homes
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