Demonetization and political situation had affected otherwise an aggressive Chennai real estate market. Last quarter (July, August, and September) 2500+ apartment unit launches. It’s a huge jump from what we had seen at the same time the previous year, almost three times. The demand is slowly picking up as the buys are seeing opportunities in the low-cost property acquisition.
The regulatory reforms specifically RERA is bringing back confidence for the buyers to invest in the real estate market as timelines now govern all the builders. Gone are the days when a delay in building construction was acceptable. Not any more!
This confidence has helped affordable and mid-income residential segment the most. Even the premium players in the market have come up with innovative strategies to target the mid-income segment.
Where are they buying?
The highest number of units got launched around the GST Road region around Porur, Tambaram, Pallavaram, etc. The commercial activities around this region have been high. For, eg, New showrooms like Saravana Stores near Porur, new restaurants on GST and theaters have contributed to the growth making GST the clear winner. Accessibility to OMR is another reason for these investments.
With OMR getting crowded Guduvanchery and Perungalathur have found interest amongst the buyers. Some of the latest projects that came up in this region include “Lancor Lumina 2020”, a new project from Lancor with 238 apartments very close to Guduvanchery bus stand and railway station.
Banks and Builders have come up with an innovative financing model to push the apartment sales. Deferred EMI payments, assured rental income during the construction phase, GST waiver, low booking amount or down payment, free interior, and interest-free EMI during the construction phase.
How is the OMR real estate market shaping up?
There has been a momentum in the real estate market around Sholinganallur. There was a spike in the growth primarily in the Gated Community projects in this region 50 L to 70 L properties. With many IT parks around Taramani, Perungudi, Thoraipakkam, Karappakkam and Sholinganallur, the interest for a new property is high around these regions. The commercial activity beyond Siruseri SIPCOT did not pick up as expected and the property sales in these regions have not seen the expected push.
Here is the review about Lancor -TCP Altura , Sholinganallur .