THE CHANGES IN THE CHENNAI REAL ESTATE MARKET ONE SHOULD KNOW

Introduction
The real estate sector the world over enjoys an enviable status. Across all segments of society, irrespective of whether you are a high net-worth individual or a middle class family, owning a property and living in the house of your dreams ranks as an important milestone in their lives. Real estate investments have its benefits such as providing an emotional succour, better self-image, including a financial blanket. This is especially rampant in India, where right from the time a child is born, parents start saving to invest in real estate to secure the child’s future.

Among the metros, in Chennai, the real estate sector has been witnessing a spurt in the number of projects that are being launched. Within the city, there are areas that have been identified as those attracting potential growth. These include Oragadam, which is home to a number of manufacturing units and the big Fortune 500 companies in the business. Other areas that fall in this category include Avadi, Ambattur, OMR, Sriperumbadur, Guduvancheri, and Tambaram. However, this is not an exhaustive list and is intended to give you a glimpse of the changing trends in the real estate

What’s Really Happening in the Real Estate Sector?
Nursing a dream of buying your property means taking out a long term home loan, at least an average of 15 to 20 years for many families, unless of course you are affluent or have been made some smart investment that is giving you returns when you need it the most. When you opt for a long term EMI or equal monthly instalments towards your home loan, it means bearing a heavy dent on your pocket. Is there any means to verify the land or

In India, this sector is not regulated and hard to define. However, in 2007, the National Housing Bank made an effort to publish data, known as the Residex. This data combines the Housing Price Index (HPI) and Housing Rental Index (HRI), and is available for 50 cities, among which, one of them is Chennai. The price index is further broken down into a sub-index categorizing prices of properties that are under construction and those that are completed. In fact, the NHB even had the practice of publishing zone wise data, which has since been discontinued due to changes in the zones.

The recent demonetization policy of the government has unleashed a wave of turbulence in Chennai’s real estate market. If there is a restriction of cash availability, then the first industry that takes a hit is the construction sector. Naturally, it leads to a mismatch in supply and demand. The number of units sold has fallen while the unsold properties remain high. Even for the end customers, it means having access to cash to block their property.