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Porur, Pallikaranai, Siruseri etc - What Chennai residents prefer now regarding housing properties?
Posted on: 22/Oct/2021 9:44:05 AM
The demand for high budget houses in Chennai is lower now than the supply. In the last quarter, the prices of properties had witnessed a marginal increase is known to us.
From July to September 2021, the average property rates witnessed a marginal jump of a percent in Chennai when compared to the previous quarter. In Q3 in 2021, southern Chennai witnessed the highest number of new launches and it was followed by northern Chennai. This was mentioned in a report.
Houses priced between Rs 40 lakhs to Rs 1 crore witnessed lower demand than the supply. It must be taken into note that there was a gap of 6% between demand and supply. Though the supply of houses for Rs 1crore and above was more, the demand was less from the people in Chennai. The gap between demand and supply was 4%.
Chennaites preferred housing properties below Rs 40 lakhs but the supply of these was lesser than demand. There has been a difference of 10%. It is learnt that important places in Chennai such as Porur, Pallikaranai, East Tambaram and Siruseri had maximum new supply and majority of new launches were reported in the affordable to mid segment. The housing units were available under Rs 60 lakhs. In Chennai, there has been an improved demand for residential properties with large carpet areas in the industrial hubs like Oragadam, Sriperumbudur, Guindy and Ambattur etc.
In the coming quarters, Chennai would add more than one lakh new affordable houses. This would be mostly in the sub Rs 45 lakh segment that had the highest demand from the people.
It was pointed out by the report that several proposed infrastructure projects like Chennai Metro Phase-2, Chennai Peripheral Road and redevelopment of George Town etc have got the potential to encourage real estate growth.
Reality market sentiment got improved due to the decision of GCC to approve all building plans on all non-high rise residential and commercial buildings with maximum floor space index or FSI of 464.50 sqm and up to a height of 12m inside 30 days. It is now said that this move would fast track the construction schedule and project deliveries in Chennai.
