Tuesday, 15 September 2015

Mantri Developers Reviews- Chennai working professionals favour Madipakkam

Buoyed by its proximity to the OMR and Velachery, residential and commercial spaces in Madipakkam have changed significantly.

Many parts of the city saw major development when the realty boom happened in Chennai. R Ramkumar bought a plot in Madipakkam 20 years back and the scenario was drastically different then. “Madipakkam has developed a lot in the last six to seven years in a way that I had never imagined. Twenty years back, there were just a couple of houses around our plot but today, I can hardly see any vacant space,” he says.

Connectivity and social infrastructure have played a major role in changing the face of Madipakkam. R Sivakumar, CEO, Palace Homes says, “Residential and commercial spaces in Madipakkam have changed significantly in recent years due to its proximity to Velachery and affordability. The scenario here is quite similar to Anna Nagar and Mogappair. Its connectivity to OMR, Velachery and Alandur through the inner ring road, affordable pricing, the presence of schools, hospitals and other social amenities in and around Madipakkam have made the area a favoured location for working professionals in OMR and Velachery.”

The micro market has been seeing a lot of action from small scale builders as well. “As far as the residential market in Madipakkam is concerned, the area is dominated by small scale builders, who construct six to 12 homes in a project. Commercial space has seen a surge with a lot of well-known retail chains setting up outlets here. Prime spaces for commercial property are witnessing a huge demand in the locality,” says Nataraja S, chief manager, sales, Navin's.

Sivakumar feels that though there isn't much residential space left now towards the west of Madipakkam, a strong flow of residential and commercial activities can be seen in Ram Nagar and Kuberan Nagar. “Projects that cost around 30-50 lakh have been in huge demand in the locality.” he says.

While social infrastructure has seen only minimal changes in the past few mal changes in the past few years, physical infrastructure has undergone a massive change with the development of new roads, underground sewage and storm water drains.

Source from: http://content.magicbricks.com/industry-news/chennai-real-estate-news/chennai-working-professionals-favour-madipakkam/82821.html.

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Mantri Developers Reviews- Chennai's market witnessing noticeable growth

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Unlike the lukewarm real estate scenario of the country, Chennai's market witnessed noticeable growth during the first half of 2015.

Land acquisition issues, high cost of land, sundry approval delays and low margins, among other factors, have long created impediments for the growth of urban housing in the affordable segment across the country. Currently backed by a strong mandate from the government as well as by demand from end-users, this segment is expected to develop further in the long term. While premium and luxury housing segments continue to attract a lukewarm response from home buyers, the demand for affordable housing in our leading cities is on the rise.

According to CBRE's latest report on India's residential market, the southern markets of Chennai and Bangalore together led housing sales in the country, with more than 45 percent share of total sales among major cities, during the first half of this year. This demand for homes was primarily concentrated in the mid-end and affordable segments of these cities. While investors stayed away for the large part due to low return on investments, end-users in Chennai are probably making a gradual return as market sentiments revive amid an improving macro-economic climate in the country.

Although housing sales and new project launches saw a marginal dip in the first half of the year, the rate of decline slowed down substantially over the same period last year. As new project launches across leading cities declined marginally by about 3 percent in the first six months of 2015 over the last six months of 2014, Chennai noted an increase in new project launches during the same period. Most of these new housing projects were launched in the high-end mid-end segments, primarily concentrated in the secondary and peripheral regions of the city. Locations such as Old Mahabalipuram Road (OMR) and the Grand Southern Trunk (GST) Road in Chennai saw significant housing project launches during the January to June 2015 period.

Chennai's housing market saw a surge in the supply of fresh residential units across most micro-markets during the first half of the year. A substantial number of these new project launches were in the high-end mid-end segments, with nearly 70 percent being primarily concentrated in the city's southern micro-markets of OMR and GST Road. Due to its proximity to the IT Corridor and manufacturing hubs of Chennai, the southern region has been witnessing frenetic construction activity and accounted for a major share in all the new launch activity in the city.

Among other micro-markets in the city, Central and East Chennai noted the launch of a few high-end and luxury developments largely concentrated in locations such as Adyar, Kilpauk, Alwarpet, MRC Nagar and Gopalapuram. Meanwhile, a few projects in Central Chennai were repositioned in terms of pricing and sizing to garner interest from end users and investors alike.

Capital values in the high-end mid-end and premium luxury segments remained largely stable during the review period. Owing to limited demand for leasing properties, rental values also remained stable across most micro-markets in Chennai during the first half of 2015.

Source from: http://content.magicbricks.com/industry-news/chennai-real-estate-news/chennais-market-witnessing-noticeable-growth/82823.html

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