#chennai real estate
Chennai – The real estate trend
As the economic condition improves in India buyers are more confident in investing in real estate. A whopping 10 million square feet of land is needed for the IT/SEZ sector which indicates the kind of demand presently witnessed in the commercial sector. With the Indian economy getting back on its foot after the global meltdown, buyers have come forward towards investing in real estate property as an investment option.
Chennai city has witnessed a dramatic increase in the number of real estate investments. Developers are going with the stride in constructing new projects in prime parts of the town. The demand has been rising consistently and corresponding number of housing units are supplied to meet the demand. Thus, there is a balanced demand supply ratio in the city of Chennai.
However, there is an inconsistent proportion of demand supply in regions like GST road and OMR region. The housing units exceed the demand ratio leaving a pile of stock of housing complexes unused. The rest of the city is however maintaining a good trend with positive real estate scenario.
The real estate property prices have increased by 40 percent in certain areas which cause price sensitive buyers to be hesitant. The demand for quality homes in localities like Velachery, R.A. Puram, Nungambakkam, Annanagar and Adyar are on rise. An investment in these localities is most likely to bring in huge returns.
The city’s realty market has got a facelift through excellent social infrastructure, good transport connectivity, entertainment centers etc. The upper middle class segment and middle class are showing keen interest to invest. The property prices are also being corrected in places where the demand has been reduced. Overall, to buy a property in Chennai is a wise choice and one can expect good returns after a certain period of time.