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.