While the entire Indian economy is handcuffed in the
chains of inflation, and when the realty market is is pushing back the
buyers instead of pulling them in, Chennai is also not left out. This
year has seen the city's property market go besotted under the influence
of rapidly increasing prices, inflation, and the financial crisis. The
result is all before us. The demand for the residential properties has
all sinked and sagged. Like other metros, the number of inventories
lying vacant is in thousands. Add to it, the high interest rates that
have marred the interest of a buyer into making a purchase.
Chennai real estate,
in light of the above scenario, is facing a bad phase. Under the
combined influence of all the above factors, the prices have now started
stumbling. Just as a bubble bursts on getting overfilled, the rates too
have started slumping down, though in bits and parts. About 3% fall in
prices has been witnessed in the prices of all type of residential
houses. The peripheral regions, i.e. ORR(Outer Ring Road), built to meet
the growing demand for property, had seen the rates gone almost triples
in previous months. But there too, a fall of 30-40% has been seen. The
developers, however, have started weaving false stories to bamboozle
their buyers. They are not willing to recognize that the rates have
indeed fallen, and it is high time that bubble should burst.
ORR, a transport corridor, built to provide connectivity among NH 45, NH 4, NH 205, and NH 5, has seen a hike in demand for flats for sale in Chennai.
This 62 km road is intended to offer better internetwork in localities
lying around like Vandalur, Nemilicherry, GWT Road, Nazarathpeth,
Minjur, Mudichur, and others. As the prices have rolled down, the demand
at ORR and other peripheral localities is faring better than in other
parts of the city.
Localities
where prices have appreciated in the current quarter include Adyar,
Ambathur, Chromepet, GST Road, Korathur, Kelabakkam, Madambakkam,
Pallavaram. Porur, Seliyur, Siuseri, Perumbakkam, and Mogappair. On the
other hand, the drop down has been witnessed at Navalur, Pallikaranai,
Oragadam, Thoraipakkam, RA Puram, and Guduvancheri, giving the end-users
an opportunity to make a buy. The time is also ripe for negotiating as
developers are trying their hands to get rid o the vacant inventories.
They have also come up with cash discount schemes and freebie offers for
apartments on sale; one of their many marketing strategies.
Makaan.com, the real estate portal
based in India, lets a user buy, sell, or rent properties across
different cities. The site lets you get informed about the ongoing price
trends for Chennai real estate and other cities in India.
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