End users driving extreme demand in Chennai real estate

End users driving extreme demand in Chennai real estate - City has seen 75% of demand for residential properties which comes from end users. This is because 25% of entire demand is mainly from IT experts and 14% from self-employed people. Let us see the reasons for demand occurrence.

Chennai realty market posted positivity in comparison to the 2013 quarter, according to the (HSI) Housing Sentiment Index report. However, sentiments decreased by 4% in the past 3 months. Consumers getting yearly income of Rs. 10 lakh were the most positive one. Now the city is seeing seen utmost demand for properties in Chennai which arises from end-users and 25% from purchasers seeking property not as a place of home but as an investment. Over 25% of the whole demand is from IT experts and a strong 14% is from self-employed people.

In the last 2-3 quarters, Chennai real estate segment has not seen any substantial growth because of the slow interest. However, in the previous quarter, the city noted an increase in average capital rates. Nearly 65% of the entire areas in the city noted a surge in property rates and indicated new signs of resurgence.

Most desired housing type:

Flats in Chennai for sale remained to continue the most favorite residential type with nearly 50% of the whole demand across types. Properties in the price variety of Rs. 30-50 lakh were top in demand. Chennai properties in all other budget varieties either posted a fall of 1-2% or maintained constant.

Recent survey by the Housing Index reveals that supply was highest in this type. In this price range, the locality provided extreme supply of 2 and 3BHK apartments in Chennai ranges from 700-1000 sq. ft. Medavakkam, Kolathur, Madipakkam, Ambattur, etc. are the top active localities that have many choices in the above type.

Also, the forthcoming Chennai-Bengaluru Manufacturing Corridor, infrastructural re-development, Mass Rapid Transit System, Metro connectivity and growth of Smart Cities is expected to work well for the Chennai real estate segment and is expected to witness enhanced sentiments in the upcoming future. In the similar growth, projects in the micro markets are also driving demand as end users are primary movers in a rate sensitive market. With the loaning norms by all banks for small businesspersons made possible, this has reinforced the self-assurance of growing entrepreneurs to get into residential investment.

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