Real estate market trends in Chennai 2020

Real estate market trends in Chennai 2020

As understood by recent reports, in spite of the dip in economy in 2019, the real estate market exhibited signs of strength with unwavering development constantly happening in India. In the previous year, the trend remained this way: there used to be a meagre dip in real estate rates or remain stagnant. Well, coming on to the construction types, over 60 percent belonged to the budgeted segments.

Coming on to the present day scenario, in 2020, according to experts, a phenomenal development is likely in the real estate sector. And Chennai, in particular there was over 8% hike in housing sales particularly in south Chennai where the total numbers of new launches were constantly on a high.

In an effort to throw light on what to expect from the real estate segment of Chennai, here are some of the trends to look forward to in the ongoing year:

Noteworthy developments in North Chennai

With keen focus on the benefits of the end users, the real estate segment of Chennai city is growing multifold with a lot of industrial expansions invariably taking place particularly in northern part of the city. From north Chennai, it is just a hop away to reach the port. This being one of the prominent reasons, there have been a lot of industrial developments in northern part of Chennai and serves as a hub of commercial activities.

Apart from the elite players like the CPCL, Indian Oil, etc., the north Chennai also houses a host of IT companies and ITES service solutions that are promising to uptick the real estate market value of north Chennai in 2020. In addition, there is drastic developments in terms of connectivity to the northern part of Chennai and lot of infrastructural enhancements that altogether serve as reasons for real estate growth.

Dreams come true! Welcome home owners

According to reports, a number of renters residing in Chennai are eyeing on to get their very own property in the city in the year 2020. The two main reasons for this changeover are the unaltered real estate market rates and dip in home loan rates both of which are beneficial particularly for the burgeoning middleclass population.

Real estate builders out there, it’s your turn to attract the aspirants with your exciting offers!

It is also to be noted that there is no GST imposed on ready-to-move houses which adds up to the reason to buy new homes.

Balancing residential and commercial sector

With notable traction observed in the commercial building spaces as there are a number of IT and ITES companies venturing out in the city, there is great potential expected towards commercial real estate sector. There is substantial urbanization and people are eyeing on white-collar jobs which further escalates the commercial sector to great heights. This will naturally surge the demand for residential sector which brings in the balance between the two.

Endorse green living concept

Green technology is being largely received by potential home buyers as well as real estate developers. In 2020, this trend is promising to get continued with substantial growth likely in terms of technological advancements. This includes raw material procurement, creating sustainable designs that are sturdy despite changes in environmental conditions. And there are people opting for smart homes that don’t just add convenience to living spaces, but also offer sustainable living conditions.

Let’s look facts

In the year 2019, the real estate rates remained almost unchanged with the average rate per sq.ft. being Rs 4,170. Totally, there were close to 12k units launched in the city in the previous year of which close to 8k units were sold. The trend is expected to continue with more projects popping up around the corner and attract home buyers across economic ranges.

The verdict

In 2020, the city is hoping to see a lot of changes and expansions across regions including its southern and northern parts. With constant commercial activities taking place in and around the city, there is definitely the hope for substantial real estate market growth with a lot of enthusiastic home buyers desiring to get their dream homes this year! May you be the next! Simply explore our property listings to understand the busting city’s latest projects waiting to welcome you.

Reviews
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