Real estate is one of the very volatile markets and its fluctuation depends upon a lot of factors. Any change in either macro or micro-economic factor causes price fluctuation in the property market. The property market has slowed down since last two years with the demand for residential housing going down.
The same scenario has been witnessed by the Chennai property market in the last few years but the forecast for the coming few years shows a good sign for the developers and investors.
Chennai has been hot destination for manufacturing units, IT and ITES Park and for people working in the IT sector. The booming BPO business and IT services have led to the real estate boom.
The changing lifestyle and changes in cultural preferences due to the migration of well-paid of employees from IT companies and manufacturing facilities have led to the growth of commercial real estate property and residential housing properties.
But last few years, the property market showed a decline in demand for both residential and commercial properties. The commercial rent has shown correction.
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But, housing prices have increased by 5 to 7 percent because the real estate developers have reduced the housing availability in the market. They are trying to hold onto the property and waiting for the revival in the market. Even the investors have delayed their purchase decision hoping for a price correction in the market.
