Chennai will be the next hub for real estate investors
Chennai has become an important centre for residential real estate, especially in suburbs where most of the residential projects has been sprouting out. There is a heavy demand for residential houses in Chennai especially the affordable houses. Recent surveys point out there is 73 % demand which is not met by the supply. The demand is increasing rapidly and supply is not able to meet up to the demand.
Luxury apartments:
Luxury apartments when compared to the MIG affordable projects constitute a very small portion. Luxury is a relative term. It varies from one individual to another. For someone a flat of 1 crore could be luxury while for another it could be 5 crores. But generally on definition luxury apartments include well furnished apartment and social amenities like wi-fi, swimming pool, gym etc. There is good demand for luxury apartments. But luxury apartments in Chennai when compared to the ones in Mumbai are way much cheaper. NRIs that come back to India prefer this type of apartments.
Affordable apartments:
At the range of 30 – 50 lakhs this apartments constitute on the range of affordable apartments and constitute the major portion of the ongoing projects. These are confined to mainly the suburbs. The only problem in suburbs is under developed infrastructure. No proper drinking water supply nor sewage systems exist in some areas. But still people resort to the suburbs hoping the development pace will be faster soon.
Investor’s profit:
The city’s main advantages towards real estate are robust demand, safe to dwell and there is a definite chance for a profitable investment for the investors to invest. They are build small houses to guard their profit margins. A 3 BHK flat which was 1,800-2,000 sq.ft. in 2007 now is reduced to 1,200 sq.ft. to save the profit margins.The investors offer bundled offers like more parking space or an apartment with modular kitchen. Some developers with brute confidence build homes in regions where school and other basic amenities hoping it would turn our profitable.
Buyers who are ready to buy should buy their houses now before there is more increase in price since there is no way there’s a way the prices would reduce. The earlier the property bought the good it is luxury apartment or small houses whatever the case maybe. It is wise to invest in real estate as early as possible
