Chennai Realty Market in 2012

Chennai Realty Market in 2012

By siliconindia   |   Tuesday, January 10, 2012

Bangalore: Chennai, the fourth populous metropolis is going through a fluctuating situation in the realty market. The real estate market of Chennai can be categorized into three areas- residential, commercial and retail.

According to Chennai property portal, MagicBricks, Chennai is facing mixed trends in real estate market an example given by them justifies this statement: the property value of Anna Nagar has decreased whereas the neighboring areas Anna Nagar East and West have shown cost escalation which depicts the mixed trend. With the growing real estate market, the fluctuating nature has been observed within buyers as well. Buyers in Chennai are in search for the best deals so they discriminating and looking for better property options and buyers who are interested in quality living are ready to deal and fit in cluster areas if it provides best value-for-money.

The major growth in real estate sector in Chennai is because of IT, ITES, manufacturing and SEZs. Maximum number of IT companies and industries are located in the suburb area of Chennai and so more number of people who are into IT are looking out for properties in suburb rather than commercial areas as they would have the advantage of residing nearby to their workplace. As a result, developers are constructing large townships in places like OMR and Sriperambadur where buyers have shown positive reaction in buying the property.

Day by day new buyers are emerging and so the new trends in building have come up.  With the rising new trend, the multistory apartments are changing the existing tradition of stand-alone bungalows. The city is going through redevelopment phase wherein the single floored and multistory buildings are ruling the whole city resulting in high sales.

In the residential sector, the plotted developments have shown good profits and also the number of sales has increased. Overall, the present market scenario of Chennai is in a state of fluctuation. The real estate, construction, infrastructure and manufacturing have shown an increased movement in the market.

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