New real estate trends in Chennai in 2012
Chennai is widely known for its conformist approach, which manifests itself notably in residential property market trends to boot. For example, home buyers in Chennai have long been driven by location above most other factors. This had placed unequivocal limits on the demand and potential for community life in the city. The Chennai market has been particularly volatile in the past three quarters. The recent budget will have its impact on pricing due to the increase in service taxes from 10.3% to 12%. The increase in excise duties on product categories has led to an increase in the initial cost of inputs, which unwaveringly influences the sale price in the market.
The good news, amid the negative impact of the tax increase, is that reasonable housing has found its place, especially since the increase in the number of people who choose housing in the segment of social interest and the National Board of Housing for its part, concentrating on consumer challenges by promoting the affordable housing segment. Homebuyers are specifically looking for units in the price range of Rs 35 to 60 lakhs, in locations that offer a satisfactory degree of social infrastructure. The NHB has set Rs 5000 crore to promote affordable housing and accordingly all the housing and finance corporations across the country have reduced the tax rates for homes that fall under the affordable housing slot.
Until now, there has been no scope for the growth of large municipal projects within the city. Chennaites had been showing a strong inclination to live within the city limits due to a dearth of good schools, convenience stores, entertainment, and restaurants outside the city limits. Developers had been openly content to build 12-30 unit projects with limited or no amenities, little or no green cover, and extremely restricted open space. In the imminent future, Chennai will see a major shift in this facet, with a number of municipal projects from nationally statured developers underway and nearing completion. These municipal projects have a symbolic plot exposure, which is superimposed on the road for a large green roof and a lung space contained by the project. This is an additional motivation to decide on community life, which was fundamentally unknown until the end of 2006.
The latest game changers in the Chennai residential real estate space are liberal landscaping, tranquil environment, on-campus schools, huge clubhouses, health club facilities for both indoor and outdoor sports, surrounding multiplexes, medical care, restaurants and considerable swimming. pools.
Consequently, community living in the true sense of the words will finally emerge in Chennai. We predict that once these mega-projects are fully implemented, we will see significant momentum forward in the notion of large, well-appointed residential communities in Chennai.
In general, Chennai’s virtually accurate residential housing uptake is anywhere between 28000-30000 per year, with most of the uptake taking place in the OMR and near the IT corridor.