Know more about Residential Market in Chennai
Source: HomeCapital
Chennai is often considered a good place for families and younger professionals to settle down, with its quiet neighborhoods and the proximity to the sea. Known as the Southern India Gateway, the city is known for its port-centered business, as well as for its engineering, manufacturing, IT-ITeS, and other flourishing industries. However, when you're looking for a place to call your own in any city, you would just need the background about what the residential market is like.
Prices of Chennai 's homes are higher than that of his fellow southern metropolises Bengaluru and Hyderabad. During the first half of 2019, the city reported a 25 percent rise during home sales. According to a study by ANAROCK titled Chennai: Driven by Diversified Economic Base, Chennai also has had the least-delayed housing stock among the top cities in the country. A survey conducted in major cities including Chennai found that 60 percent of buyers on the home market will still be buying their homes in a year. 31 percent of those surveyed also believe that their best investment option in real estate.
From January through March, the residential market in Chennai experienced a steady demand for affordable homes. These are homes cost below 40 lakh, according to RERA. They constitute 60 percent of the overall demand for housing. This segment of housing is the primary driver of residential real estate growth. The remaining 40% is made up of the mid-earnings and luxurious housing with a good market.
Chennai has all of the benefits of a cosmopolitan town with few downsides. The immediate effect on the residential market is seen with increasing commercial activity from the IT and ITeS sectors, and having more disposable income at hand. In comparison, the town has a broad infrastructure that supports the real estate industry. The Chennai Metro grants access to the city and the suburbs. With the Chennai-Bengaluru Industrial Corridor in the works, the connectivity from Chennai to the tech hub Bengaluru will also be increased.
Chennai also has a large healthcare network and a thriving medical tourism industry in operation. The emphasis placed on education and educational hubs also makes it appealing for someone who wants to buy a house and settle down in Chennai with a family. Madras Technology School, Stella Maris College, Madras Medical College, IIT Madras, and Loyola College are some of Chennai 's best prestigious educational institutions.
In Chennai, homebuyers are normally in the middle of their careers as young professionals. The age range is between 30-42 years. Their careers are mainly in the IT / ITeS sector. Chennai contributes approximately 14 percent of IT services in the country. That makes India the second-largest exporter of global IT and BPO.
Homebuyers are also working in the aerospace, health tourism, electronics engineering, and financial services industries. Some of the big companies employed by homebuyers include but are not limited to Atmel, Foxconn, IBM, Xerox, Siemens, etc.
Buying a home is considered the safest and wisest purchase, especially because property agreements are now favoring buyers. The lack of investment, however, hurts first-time homebuyers who are working professionals. Although a bank could give you a home loan for part of the sum you need to buy a house, you will also have to make up the money for that sum. If dipping into savings is not appealing, HomeCapital can help you buy the home you always wanted by providing up to 50 percent of the down payment with an unsecured personal loan. That can be repaid at no extra cost in 12 EMIs.
