Real Estate Market of Chennai

Chennai Properties market has witnessed a steady growth with the introduction many new projects in residential segment. The property market of Chennai has uniform expansion in terms of demand and supply of residential units. Even the pricing of housing units have witnessed steady growth. Chennai is the base of automobile and auto component parts industry has indirectly fuelled residential requirements. Post the economic recession, the real estate market of Chennai is buoyant.

The IT Sector and opening of various companies in the field has also raised the demand of residential units in the city. There is a continuous demand of residential units as more professionals are coming for work purposes and settling here. The job scenario of the IT sector is stable as the report by Knight Frank India says. The period of 2008-2010 saw a dip in jobs, but the present situation is stable.

The developers of residential apartments in Chennai are giving new projects to the homebuyers. The properties of Chennai will have several large-scale projects. The property developers have announced during 2012 about the various projects. For the FY 2012, the city will have about 14,900 units, which are expected to be completed in the coming 2-3 years. The developers are going ahead with new residential projects, as the real estate of Chennai is not much affected by global markets. The demand of this Cities realty is very much self-sustained.

For the financial year 2012, the pricing of these residential units fell within 14,900 units, which are scheduled to be completed in the next 2-3 years. The units are under various stage of construction. The realty reports of March 2012 hinted that the launched real estate projects in the city are under different stages of construction. The southern part of the city will have around 59 per cent while west Chennai will have approximately 33 per cent residential units. The northern part of the city has 5 per cent and central Chennai with about 3 per cent.

The Chennai Properties also witnessed a new change for FY 2012. The unit size of the residential projects launched has an increase in size of units. For the 3 bhk Flats, the size if units increased from 1250 sq ft to 1450 sq ft. The high in demand 2 bhk apartments in Chennai witnessed increase in size from 900 sq ft to 1150 sq ft.

The Chennai Properties market has been quite flexible even when there is threat to global economic turmoil. The corridor between Sholinganallur and Tiruporur in the southern part of the city is the next investment destination in the city. This section of the city, realty experts feel will be the next options for real estate buyers and investors. Another option, which is coming in the city, is the Sriperumbudur-Oragadam belt. Large manufacturing companies and numerous companies have opened offices in its vicinity.

Ravi Chauhan, he writes on behalf of Noida Real Estate, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. I recommended to check my last post Current Scenario of the Indian Real Estate.