Chennai Real Estate Market Shows Upswing

The realtors of Chennai couldn't have asked for more. Despite the concerns about rising input costs, delayed approval process and high-interest rates, the residential segment of Chennai didn't witness much boom in 2013. Be it premium apartments, budget homes, luxury villas, super-luxury houses or gated communities, this year the consumers got a lot of options to explore

though the real estate scene across the nation was cold, Chennai Real Estate market kept its momentum driven by end-users and a great approach by investors.“

 

2013 was a fantastic year for TN developers, “said T.Chhity Babu,national secretary of the confederation of Real Estate Association of india (credit). “the job opportunities which is created by the state,through many government initiatives,there was a chance of outsiders to settle here,creating the need for residential spaces,”he added

For last three years, more than 1 lakh jobs has been established by Tamil Nadu. Interestingly, this was not only limited to IT sector. “ IT jobs are only thirty to forty percent; it was other sectors such as ancillaries, auto, textile,telecom,etc.,that kept up the flow, ”says Babu

Redrawing city corporation's limit to include more suburbs to the extent of better Chennai proved boon for the developers promoting projects along the peripheral areas.

Revision in guideline values and stamp duty registration charges during the year may have swelled the government's kitty but have eroded profits, complain developers. “Though scheme launches kept happening throughout the year, such price hikes had an impact on the number of actual registrations," said Mu.K. Selvaraj, secretary of Builder's Association of India, Chennai.

Despite all odds, with Chennai being perceived as a safer place to live, a steady demand for residential spaces kept the market momentum, said Babu.