Tuesday, 15 September 2015

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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