Real Estate Trends 2018 in Chennai
As we come close to the end of 2018, the real Estate market of Chennai has gone through quite some transitions from the last year.
This can be attributed to the fact that the real estate market scenario in India which has gone through a significant change in 2017. With the introduction of Real Estate (Regulation and Development) Act (RERA), the incentives under Pradhan Mantri Awas Yojana (PWAY) schemes and the Goods and Services Act (GST), the transparency in the sector seem to have increased which has also brought forth an improvement in the buyer’s confidence.
Also added to the reasons in the improvements in the Chennai’s landscape including the Chennai-Bangalore Industrial Corridor and many other micro markets of real estate starting to increase in the new places, the real estate scenario has turned a corner.
Stable price range:
In comparison with the other major cities of India, the price per sq. ft. in Chennai has been stable across all localities, according to the Jones Lang Laselle (JLL) report of 2018. While the other major cities have gone through a significant correction, the majority of which shown an increase in the per sq. ft. price, Chennai was one of the few stable markets in the whole country.
Highest unsold houses:
According to the JLL report, Chennai has recorded the highest percentage of unsold houses in the whole country amounting to 20%. The southern areas of Chennai including the OMR and the ECR regions alone amount to about 75% of the unsold houses in Chennai. This can be attributed to the fact that that the natural calamities witnessed in 2015 and 2016 along with the change in the political scenario caused a bit of lessened concentration on the real estate markets which is one of the reasons for the unsold houses. Recently, the Chennai’s real estate market seems to be on the recovering side with more people looking to make an investment.
Primary share of mid-income housing market:
The mid-income housing market, which costs around Rs. 40 to 80 lakhs, seems to have a leading edge over the other segments. This contributes to the primary share of the real estate market in Chennai due to the various incentives and discounts offered by developers for the middle-class Chennaites.
Increase in uptake of commercial office spaces:
From the JLL report, it is clear that there has been a steady increase in the uptake of commercial office spaces in Chennai which shows the increase in the businesses and factories around Chennai. This can be related to the increase in employment opportunities which could bring the demand back for the residential spaces.
Ready-to-move homes:
With the past data, it is clear that Chennai has been a buyer’s market for quite some time and 2018 is no different. With a lot of available for the buyers, most are looking for ready-to-move homes instead of investing in plots. As many new projects of affordable compact homes and smart homes in communities being introduced, it is no wonder it seems the most lucrative option.
This post first appeared on Buy Flats In Chennai With Arun Excello, please read the originial post: here
