Diverse Economic Base, Growth of Office and Manufacturing Spaces Drive Residential Demand in Chennai
Posted on: 03/Jul/2019 10:02:58 AM
Guindy - Mount Poonamallee Road and Pallikaranai- Medavakkam and PTR Road along with their vicinities have over the past year emerged as the strongest residential hotspots in Chennai, according to JLL’s latest report titled JLL’s Tour of India’s Top Residential Hotspots released today.
Good connectivity with other key locations in the city, robust road network and well-developed social infrastructure have made the two hotspots perform well over other regions, according to the report. Huge demand for residential units in these two regions is likely to support price appreciation.
JLL today also released its national report, Residential Market Update – H1 2019. According to the findings of the report, on a pan-India level, sales are expected to remain strong despite modest new launches in the country witnessed during the first half of the year (H1 2019).
According to the update, within the country’s top seven cities, residential real estate market witnessed an increase of 22% in sales at a pan-India level during the period, it said. Interestingly, the share of affordable and mid-income housing (ticket size of up to INR 10 million in Mumbai and INR 7.5 million across other cities) in new launches, has remained significant at 58% at the country level, the report added.
