The real estate sector is the second largest industry after agriculture and experts have stated that the real estate growth in India will be around 20 per cent in the next decade according to flat promoters Chennai. The real estate sector consists of four sub-sectors – housing, retail, hospitality, and commercial. For the past decades, the high growth of the real estate sector is due to the growth of the corporate environment, since there is a demand for office space as well as urban and semi-urban accommodations.
What makes the Chennai real estate more popular According to flat promoters Chennai
Chennai has become home for several migrates, and other state people because the city offers the simplest living lifestyle. Over the last decade, there are many migrations to Chennai because the city provides great job opportunities and a greater education system. As a result of migration, there is a standard requirement for quality housing like flats and apartments for sale in Anna Nagar, Chennai. Other than this, here are certain reasons that forecast the growth of real estate in Chennai according to flat promoters Chennai.
Chennai is increasing its space by expanding its land coverage area, so there are vast options for property buyers from luxury villas in Chennai or flats for sale in ayapakkam. Even the real estate act and regulation has enhanced the trust and confidence of the investors to make a property investment according to flat promoters in Chennai.
The year 2020 may be a greater boon for Chennai real estate market as there’ll be an increase within the land sales and launches of latest projects within the city. There is an immersive responsiveness for the unique infrastructure and locations.
The real estate dealers provide the best payment plans, which will be a flexible and comfortable option for property buyers.
Chennai-centric
In Chennai, prices remained unchanged between April and June this year, compared to the previous quarter. As per Insite, the quarterly report by property portal 99acres.com, the three-month period witnessed increased interest from serious homebuyers (several choosing virtual tours) for projects nearing completion.
However, there is an inherent demand for the affordable segment and plots at any point in time.
Localities with good social infrastructure and connectivity within the northern and southern belts remain popular among tenants. Two-bedroom units remain a popular choice, as do localities such as Sinlinganallur, Thoraipakkam, and Tambaram, which have a high inventory of properties under ₹50 lakh, according to Insite. Kelambakkam saw a sharp 9% rise in rentals, owing to its proximity to Siruseri IT Park and road connectivity. Localities such as Pallavaram, Egmore and Porur remained popular, reporting an average rental hike of 7% each.
The affordable to mid-income segment is the ₹4,000-₹6,000 per sq.ft. the segment, and has attracted the most demand from home buyers in the IT sector. “This has been the simplest performing segment historically in Chennai. One of the key reasons for this segment to recover the quickest is the relative resilience of the IT sector in the last six months. The luxury sector has been the most impacted and can be the slowest to recover.
Real Estate Market Forecast 2021
The Indian real estate market is expected to reach USD 180 billion by 2021. The housing sector alone is predicted to contribute around 11 per cent to India’s GDP by 2020. In the period FY2008-2021, the market size of this sector is predicted to increase by around 11.2 per cent. Retail, hospitality and commercial real estate are also growing exponentially, which will be offering the much-needed infrastructure platform for India and also support the growth of the real estate sector in India.
