Real Estate Market in Chennai
The Chennai real estate market in the year 2017 began with a positive start in both sectors; residential property projects as well as the commercial properties. The sale of properties and launch of new projects started-off in 2017 after the long pause of demonetization in 2016. In the first haft of this year, only the real estate market in Chennai recorded the marginal increase in the launch of new projects when compared with other metropolitan cities like Mumbai, Kolkata and Delhi NCR region. Before the 2017 sessions, Chennai real estate market had gone through a catastrophic phase. The market went at a very slow pace due to floods, demonetization and political issues. A whole new lot of launches below 50 lacs range have taken place in this year. The affordable housing sector rose by 69% due to these launches in this very year whereas last year it was only 29%. Demand was created for newly furnished houses ready for sale.
The first half of this year, some localities of Chennai like Sholinganallur, Thalambur, Siruseri and Pallavaram showed the maximum development in the real estate sector. A study on the real estate status of Chennai showed that a bulk of residential development for the middle-class society has helped the micro-markets to grow. Property developers have consciously taken necessary steps to increase their revenue after the demonetization session.
Price trend of the prime locations with rates are listed below:
- Sholinganallur – The price of property ranges from 3600 to 57500 per sqft. The average property price over here is 36090 per sqft. This locality has witnessed a rise in the price range by 14.2% in the last quarter of this year.
- Thalambur – This area has a price range of 2800 to 37260 per sqft with an average price of 16670 per sqft. The price trend noted a rise of 20.5% in this locality in the past six
- Siruseri – The price ranges from 3333 to 5557 per sqft in this locality. The average price of property in this area is 4777 per sqft. Prices rose by 31.3% if we follow the price trend of the last two quarters.
- Pallavaram – This area of Chennai has noted the maximum rise in the prices, which is by 32.33%. The price ranges from 4000 to 59090 per sqft. The average price of property over here is 28335 per sqft.
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