Mapping of real estate growth in the city and suburbs is set to be completed by CREDAI in a month to help home buyers make decisions.
Inaugurating The Hindu Property Plus Living Spaces 2016 on Saturday, CREDAI Chennai president elect W.S. Habib said more buyers had started visiting sites to make decisions. “After the mapping, buyers will know more aspects of the stocks available in each locality,” he said.
Managing Director of BBCL and CREDAI Chennai Convener Ananth Vummidi said the Real Estate market had started witnessing positive trends. “There is a fantastic demand in the commercial and retail real estate sectors. These are the early signals for potential demand in the residential sector. With a decline in new project launches over the last 18 months and rising consumption of unsold stock, demand is bound to happen,” he said.
“Chennai is the second lowest in terms of unsold inventory in the country. Stable economic factors with possibility of higher economic growth rate will also certainly fuel demand,” said Mr. Vummidi.
CREDAI Chennai president Suresh Krishn said many buyers had started visiting sites four to five times to make decisions. “The market was down for various reasons. Now it is picking up. Properties priced at around Rs. 1 crore seem to be the most sought after. Buyers who have been waiting have started purchasing now,” he said.
Bank of Baroda General Manager P. Narasimha Rao said housing loan disbursal in the city had increased in the past one month.
The property show will be held at Chennai Trade Centre between 10 a.m. and 8 p.m. on Sunday too. With over 80 premium property brands participating, buyers will have an exciting array of options — from budget homes and functional apartment to lavish villas and luxury bungalows — all on a single platform. On Saturday, more than 2,000 buyers got an opportunity to connect with financial institutions and bankers.
The property festival was launched in the presence of The Hindu group CEO Rajiv Lochan.