Current Real Estate Scenario in Chennai
Posted on: 06/Mar/2018 2:40:35 PM
The Metropolitan Development
The Historical bird-eye view of Chennai and the landscape settlements all over the city clearly expresses the Coastal oriented life was the oldest origin. The native Fishermen Community followed by several thousand years of Kingdom settlements. Then the British Occupation remained the distinguished time period in which the place actually became the center for business and political importance.
Even this consideration of Chennai, then Madras, is due to the oceanic transportation of Goods to export from India to other foreign lands, as dine by the British rulers. After Independence the Madras Presidency retained the Chennai land as the hub of the whole state. The metropolitan development and the globalization made Chennai a place to arrive for when decided about financial exploration and development.
People all over from India settled here and also many foreign investments in all forms of Trade entirely changed the face of this coastal land. Real estate took a sudden spin off after 1990’s and the increasing population and demand made Real estate a flourishing business in the Capital of Tamil Nadu.
The Native origins and settlements are mostly eradicated in the name of slum clearance and the Government’s Housing Board facilities for the natives are still a questionable concern in terms of distance and quality. All those areas are re-constructed in the form of big commercial spaces and Housing Projects for the high income group
Unsold Houses
The current scenario shows that the city was unevenly distributed and openly favorable for upper middle class and rich community buying houses. Now this fact took a downhill, most of the houses are not filled in suburban areas. A recent study states there us a 20% unsold inventory in the areas like OMR and ECR in the Southern Suburbs. Whereas in the western suburbs connecting Tambaram and Chengalpet there are more than 30% of the fully completed houses unsold.
Marketers named this current phase of the Chennai’s real estate as Buyer’s Market. A total amount of 42,500 units were unsold in which 8000 units are in a completed state.
After effects of 2015 Flood
The main reason for this downfall of real estate was the flood that occurred during the month of December, 2015. People are in a frightened state that the suburban areas are prone to high amounts of flood, as the most of the buildings are constructed on the banks of the lakes suppressing the natural state of the environment.
Housing in Suburbs
GST, Demonetization and the natural calamities are the main factors that influenced the market in recent three to four years of Real estate. A report confirms that the 25 percent decrease in overall Real estate efficiency rate in the many metropolitan cities across India.
Suburbs in Chennai have an unsold pack of houses, as the basic facilities are still a question of concern and also the recent floods proved the safety perspectives of the entire metro’s bad infrastructure.
Flourishing Commercial Spaces
Many Real Estate Giants in Chennai mentioned the improvement of Commercial space acquirement in the recent two years which will l obviously improve the housing development sales also.
According to a famous real estate concern the housings will be easily filled after April 2018, as the situation is slowly getting stabilized in terms of economy and banking sectors providing loan.
