2014 has begun with a positive outlook for Real Estate in Chennai. After the turbulent times faced in 2013, prospective customers have created futuristic demand for Real Estate properties in the city. There are a number of factors that support the growth and demand of realty in Chennai this year. These factors are going to be responsible for enabling prospective buyers make certain and good investment decisions in 2014. Apartments for sale in Chennai have been the highest-in-demand trend when realty in the city picked up. The trend is most likely to continue in 2014 with considerable increase in demand for independent homes and villa houses as well.
Reasons contributing to favorable Realty demand in 2014
IT/ITES Growth
Real Estate in Chennai has for a long time been influenced by the growth of technology companies in the city. 2014 is going to be no exception to the rule. In 2013, there was a massive absorption of 4 million sq ft of commercial office space in Chennai. This indicates further employment opportunities, increased population and higher demand for housing and development. Chennai’s IT population by itself stands at 4.5 lacs. This is a big number and is only expected to increase going forward.
No impact of Higher input costs
Construction and labor costs contribute to one of the biggest costs for the builders in Chennai. Although, they have been increased by 10 to 15 percent, it is not reflected in the price of apartments for sale in Chennai; Thanks to the Real Estate builders in Chennai. Also, land parcels in Chennai are dwindling owing to increase in land prices. However, these have not begun to translate in property prices. Hence, 2014 is a favorable time for Realty investment since prices are most likely to increase in the future.
Infrastructural development
The infrastructural scenario in the city has impacted the Real estate business. There are a number of development projects that escalate the commercial growth of the city. There is a lot of focus on the growth of Outer Ring Road that has seen the completion of Phase I and progressing to Phase II. Moreover, the Chennai Metro project is another most-awaited infrastructural development task in the city. Further, there are new schools, malls and hospitals that are sprouting in the city time and again.
Transportation
The apartments for sale in Chennai along with other kinds of properties are poised to witness tremendous growth since the government has enabled faster, easier and better public transportation facilities in the city.
- Sumangali Homes
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