This is the part two of Chennai property article. Read on. The evolving dynamics and surrounding environment of Chennai property market has resulted in some evolving trends of property. The city is scaling new opportunities for success and the trend would go on
According to Frank Knight report Factors such as slowing economic growth, high inflation, a weaker rupee and higher interest on housing loans have resulted in a decrease in demand among the investors. The sales volume has dipped to 33 percent in comparison to last year’s figure. The number of project launches has also decreased in comparison to previous year.
The demand for 2BHK and 3BHK ready to move in flats are in huge demand by the MNC employees who are earning well. The ready to move in flats in the range of 60 lakhs are being preferred. The prime factors for the location choice are transport connectivity and price affordability. There is a growing trend of people have been buying lands in the suburbs for permanent residence.
The prospect of the property market is good in the time to come owing to the revival in the economy’s growth and more business coming from the IT and ITEs industry. People working in these sectors constitute a significant portion of the rented property in Chennai.