Its month of research reports. Looks like everyone started giving research findings like JLL, Cushman Wakefield, DTZ. This time, 99 acres has come up with a report on its findings on chennai real estate market for the last quarter of the financial year 16-17. Who ever presents, lets look at the insights for our awareness. Below quick takeaways,
- The properties which are ready built has attracted lot of traction in market, then under construction projects. Reasons, naturally, buyer doesnt want to wait endlessly paying emi’s.
- Property prices remain stable, in Chennai, in some places the prices have marginally down, 5 – 9% .
- Political uncertainty hurts the sentiment in the market.
- The prime raw material for building construction – Sand has sky rocketed, due to Cauvery river issue and sand dispute.
- Due to frequent cyclones, flood IT companies are in mood of moving out of OMR to cities like HYD and BLR.
On Property Prices
- Land Properties in Porur, Nungambakkam, Anna Nagar and Medavakkam have seen marginal increase in property prices.
- T Nagar saw a major correction, downwards in prices.
- Apartments in Thiruvanmiyur, Ashok Nagar, Poonamale, Ramapuram – saw price appreciation.
- Surprisingly Oragadam tops the list, on rental demand. Might be due to other state crowd working in manufacturing companies.
- Shockingly Velacherry and Iyappanthangal finds place in the bottom of the list, as least preferred area for rentals. Might be traffic reasons.
- Properties which are 40Lakhs and below are in huge demand, by middle class.
- There is acute short supply of flats around 25 Lakhs budget homes.
- Luxury homes are the ones, which saw growth in the last quarter.
lets wait for next Quarterly results and accordingly validate our findings with the report.
Realtor, Blogger, IT Professional, Agriculturist - Am into many! This blog is to share what I learn, listen and share with others!