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Now, the residents of Chennai & TN showing huge interest in the property registrations!!!
Posted on: 14/Feb/2023 9:15:57 AM
It seems that these days many people are showing interest in buying new properties in Chennai and across Tamil Nadu. The news is that the property registrations have increased now.
There are few important reasons for the spike in the property registrations like upcoming Parandur airport, construction of Kilambakkam bus terminus plus other infrastructural projects that would be carried out in Tamil Nadu. It is really sensational to mention here that from April 2022 to January 2023 there has been a 40% spike in the property registrations in Chennai. In TN, there has been a 30% increase in the property registrations in the same period mentioned above when compared to the same previous fiscal.
Around 30lakhs documents were registered between April 2022 and January 2023 and it has provided a mammoth revenue of more than Rs 14700 crores in TN. Information gathered is that in Chennai city alone 4.7lakhs of documents were registered and Rs 6000 plus has been generated as the revenue.
Just 25lakhs documents were registered in the same fiscal in TN in the previous year and the revenue generated was Rs 11300 cr plus. From the registrations of 3.5lakhs documents in Chennai, the revenue generated was Rs 4000 cr plus. The spike in the registrations of documents has been attributed to the infrastructural developments taking place in TN and more so in the Chennai city.
There is now increased home buying sentiment among the people and availability of ready to move inventory etc were responsible for the more number of registrations. This was as per some real estate consultants. The demand for the properties around Parandur near Chennai has gone up many times now. There is also a huge demand for properties near the proposed metro train corridors etc. Truth is that the property in the Kilambakkam bus terminus locality has been selling very fast.
Post Covid, home buying sentiments have increased and this was mentioned by Mr. Sanjay Chugh, Chennai city head Anarock Group. He threw light on how about 6 months back the home loan rates were low. Despite an increase in the home loan rates now, the buyers are showing superb interest to purchase properties. The buyers are hoping that the home loan rates would reduce after infection subsides.
There has been a superb increase in the movement of commercial property now when compared to 2019 and this was according to Mr.S. Ramprabhu, committee chairman, municipal and DTCP, Builders Association of India.
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